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Gish Biomedical

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Researched by DALLAS M. JACKSON / Los Angeles Times

Nature of business: Develops and markets specialized medical devices.

Total employees: 250

In Orange County: 244

Stock listing in The Times: On NASDAQ as “GishBi”

Ticker symbol: “GISH”

Friday’s Close: $9.25

One-week change: Down $0.13

Analyst review: “Gish is a very innovative medical company. It is successful because it goes after markets in which no one else has an interest and fills those niches. Management is top quality. This company is so well run that it would be difficult to do a leveraged buyout. There’s no fat. (Chairman) Jack Brown will buy his furniture at bank auctions--but the company is aggressive when it comes to research and development. Its new product, the Orthofuser--it recycles the patient’s blood for postoperative use--was responsible for increased sales during the fourth quarter. I think it has the ability to grow at an average of 20% a year over the next five years. Gish is a first-class little company that no one knows about...yet.”

--Jennifer Black Groves, vice president Black & Company Inc., Portland

Revenue and Profits

Dollar amounts in millions Revenue: ‘88: 12.5 ‘89: 14.9 ‘90: 18.3 ‘91: 20.1 ‘92: 21.1 ‘88: 12.5 Profits: ‘88: 1.2 ‘89: .983 ‘90: 1.5 ‘91: 1.9 ‘92: 1.7 Corporate outlook: “Gish values its work force very highly, and is committed to staying in Orange County. Last quarter it looked as if we had great sales and no earnings, but eight cents a share was eaten up by the cost of moving to Irvine. Our existing business has been primarily cardiovascular, but this year we expanded into blood salvage and reinfusion devices for orthopedic surgery. We don’t know what the next great medical product will be, but when it walks in the door, we will make it happen.”

--Jeanne Miller, chief financial officer

5-YEAR SUMMARY: RETURN ON STOCKHOLDER INVESTMENT

FISCAL YEAR ENDING JUNE 30, ’88 JUNE 30 ’89 JUNE 30 ’90 52-Week High $6.36 $9.00 $18.38 52-Week Low $2.88 $5.00 $6.00 Book Value $2.15 $2.53 $3.17 Price per Share $5.13 $6.75 Net Earnings (Loss) per Share $0.45 $0.35 $0.48 Price-to-Earnings Ratio 4:5 5:1 6:1 Average Return to Investor 25% 16% 20%

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FISCAL YEAR ENDING JUNE 30 ’91 JUNE 30 ’92 52-Week High $21.00 $12.25 52-Week Low $7.75 $7.88 Book Value $3.85 $4.47 Price per Share $8.00 $10.00 Net Earnings (Loss) per Share $0.58 $0.52 Price-to-Earnings Ratio 8:1 7:1 Average Return to Investor 19% 14%

For information, write Gish Biomedical Inc.: 2350 Pullman Ave., Santa Ana, Calif., 92705. (714) 261-1330 Source: Gish Biomedical Inc

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