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Enpath Medical Reports Third Quarter Results.

Article Excerpt
-- Delivery Systems Division Achieves Record Sales With 30% Increase

-- Conference Call Scheduled for 1:30 PM CDT Today

Enpath Medical, Inc. reported sales in the third quarter grew 75% to $7.1 million compared to $4.0 million in the third quarter of 2003. For the nine months ended September 30, 2004, the Company reported sales of $21.7 million, compared to $13.0 million in the same period of 2003, a 66% increase. Last year's third quarter and nine month comparative results do not include sales or expenses from the BIOMEC Cardiovascular business, now the Lead Technologies Division, which the Company acquired in October 2003.

For the third quarter of 2004, the Company reported net income of $209,480, or $.03 per diluted share, compared to net income of $381,265 or $.08 per diluted share in 2003. For the nine months ended September 30, 2004, the Company reported a net loss of $1.3 million, or $.23 per share, which included the $1.9 million after tax safety needle impairment adjustment reported in the second quarter, compared to net income of $1.5 million, or $.30 per diluted share, for the first nine months of 2003.

"Our sales results were slightly better than our revised guidance for the third quarter provided on September 21, 2004," said James D. Hartman, Chairman and CEO. "Our profitability for the quarter was consistent with our expectations with gross margins just slightly less than 40%. Research and development expenses totaled 15.7% of sales as we continued to work on gaining regulatory approval for our new Myopore Rx(TM) steroid...

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