| July 22, 2002 Endocardial Solutions Reports Second Quarter Earnings Results; Total Sales Up 35% Over Q2 '01; Up 44% Year-to-Date Over 2001 MINNEAPOLIS / ST.PAUL -- Endocardial Solutions, Inc. (Nasdaq: ECSI) today reported net sales for the second quarter 2002 of $7,531,826, compared with $5,577,704 for the same period of 2001, an increase of 35%. The net loss for the second quarter ended June 30, 2002, is $1,929,875, or $.12 per share, compared with a net loss of $2,462,479, or $.17 per share, for the same period of 2001. Year-to-date sales are $14,640,122, compared to $10,179,870 for the same period last year, reflecting an increase of 44%. "EnSite catheter sales increased 52% for the quarter and 60% year-to-date," said Jim Bullock, President and Chief Executive Officer. "While the increase in percentage growth of our disposables business is encouraging, these results did not meet our expectations," said Bullock. "Within three years we have converted 19% of the U.S. electrophysiology laboratories with the EnSite 3000® System, and the demand for our system remains strong in all markets," stated Bullock. "With critical mass established, our attention is now focused on restructuring our field organization to improve catheter utilization. I am confident that our new structure will harness the resources necessary to improve productivity and consumption," said Bullock. "Additionally, the success of our research and development projects are imperative to attaining our consumption objectives. By early next year we expect to bring to market additional features designed to improve and expand the use of the EnSite system," concluded Bullock. Second Quarter 2002 Earnings Conference Call July 23, 2002 9:30am (CDT) US/Canada: 1-877-272-5391 International: 1-706-634-0654 Moderator: Jim Bullock Instant Replay through July 30, 2002 US/Canada: 1-800-642-1687 International: 1-706-6645-9291 Conference ID: 4924963 About Endocardial Solutions Based in St. Paul, Minnesota, Endocardial Solutions (www.endocardial.com) develops, manufactures and markets technology for diagnostic mapping of complex arrhythmias (abnormally rapid heartbeats caused by irregular electrical activity in the heart). The EnSite 3000® System provides a 3D graphical display of the heart’s electrical activity. The U.S. Food and Drug Administration cleared the EnSite 3000® System for use in diagnostic mapping of complex arrhythmias in the right atrium of the heart during the second quarter 1999. The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of factors should be considered in conjunction with these forward-looking statements. These factors are set forth in the cautionary statements included in Exhibit 99 to Endocardial Solutions’ Form 10-K/A for the year ended December 31, 2000, filed with the Securities and Exchange Commission. Endocardial Solutions cautions investors and others to review the statements set forth in that report and that other factors may prove to be important in affecting the business and results of operations of Endocardial Solutions. Contacts: Jim Bullock, President and CEO, Endocardial Solutions (651) 523-6928 jbullock@endocardial.com Brenda Gutzke, Investor Relations, Endocardial Solutions (651) 523-6959 bgutzke@endocardial.com |