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Trimedyne, Inc. (TMED) Reports Its Financial Results for the Quarter Ended December 31, 2011


2/23/2012 8:35:57 AM

LAKE FOREST, CA--(Marketwire - February 23, 2012) - TRIMEDYNE, INC. (OTCBB: TMED) today reported its financial results for the first quarter of its fiscal year.

Revenues for the quarter ended December 31, 2011, were $1,390,000, a 15.0% decrease from revenues of $1,635,000 for the prior year's quarter. The Company had a net loss of $285,000 or $0.02 per share for the current quarter, compared to a loss of $293,000 or $0.02 per share for the same quarter of the prior year.

The current economic conditions have made business difficult for large and small companies in the medical field. As a result, we are concentrating on less developed countries in South America and Southeast Asia, where mortgage problems have not as severely impacted their economies.

Trimedyne recently introduced a line of 200, 365, 500 and 1000 micron diameter Single Use Optical Fibers for use with our Holmium Lasers, as well as Holmium Lasers with a compatible connector made by others, for the fragmentation of urinary stones in the kidney, ureter or bladder, biliary stones in the gall bladder and for other applications in surgery. Many hospitals and surgery centers want the convenience and safety of using a new optical fiber, with a factory polished tip and confirmed sterility for each case, rather than depending on their busy nurses to clean, clip and re-sterilize reusable optical fibers.

Trimedyne manufactures proprietary Holmium lasers and patented fiber optic laser devices for vaporizing the prostate to treat BPH, vaporizing spinal disc tissue to treat herniated or ruptured discs and in a variety of other, minimally invasive procedures, many of which are performed on an outpatient basis at substantially less cost than conventional surgery. For product, press release, financial, SEC Reports and other information, please visit Trimedyne's website, http://www.trimedyne.com.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act:

Statements in this news release may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, including words like "expect", "may", "could" and others. Such statements may involve various risks and uncertainties, some of which may be discussed in the Company's current Form 10-K Report and subsequently filed SEC reports. There is no assurance such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

                              TRIMEDYNE, INC.                               
                   CONDENSED CONSOLIDATED BALANCE SHEETS                    
                                (UNAUDITED)                                 
                                                                            
                    ASSETS                                                  
                                                December 31,  September 30, 
                                                    2011           2011     
                                               -------------  ------------- 
                                                                            
Current assets:                                                             
  Cash and cash equivalents                    $     706,000  $   1,151,000 
  Trade accounts receivable, net of allowance                               
   for doubtful accounts of $12,000 at                                      
   December 31, 2011 and September 30, 2010          504,000        598,000 
  Inventories                                      2,320,000      2,162,000 
  Other current assets                               152,000        143,000 
                                               -------------  ------------- 
    Total current assets                           3,682,000      4,054,000 
                                                                            
Property and equipment, net                          951,000      1,027,000 
Other                                                 84,000         92,000 
Goodwill                                             544,000        544,000 
                                               -------------  ------------- 
    Total Assets                               $   5,261,000  $   5,717,000 
                                               =============  ============= 
                                                                            
     LIABILITIES AND STOCKHOLDERS' EQUITY                                   
                                                                            
Current liabilities:                                                        
  Accounts payable                             $     211,000  $     270,000 
  Accrued expenses                                   444,000        428,000 
  Deferred revenue                                    74,000         93,000 
  Accrued warranty                                    25,000         38,000 
  Current portion of note payable and capital                               
   leases                                             78,000        133,000 
  Notes payable to related party                     156.000        187,000 
  Accrued interest due to related party                   --          1,000 
                                               -------------  ------------- 
    Total current liabilities                        988,000      1,150,000 
                                                                            
Note payable and capital leases, net of                                     
 current portion                                       6,000         13,000 
Deferred rent                                         86,000        100,000 
                                               -------------  ------------- 
                                                                            
    Total liabilities                              1,080,000      1,263,000 
                                               -------------  ------------- 
Commitments and contingencies                                               
                                                                            
Stockholders' equity:                                                       
  Preferred stock - $0.01 par value, 1,000,000                              
   shares authorized, none issued and                                       
   outstanding                                            --             -- 
  Common stock - $0.01 par value, 30,000,000                                
   shares authorized,18,467,569 shares issued                               
   at December 31, 2011 and September 30,                                   
   2010, 18,365,960 shares outstanding at                                   
   December 31, 2011 and September 30, 2010          186,000        186,000 
  Additional paid-in capital                      51,280,000     51,268,000 
  Accumulated deficit                            (46,572,000)   (46,287,000)
                                               -------------  ------------- 
                                                   4,894,000      5,167,000 
  Treasury stock, at cost (101,609 shares)          (713,000)      (713,000)
                                               -------------  ------------- 
                                                                            
  Total stockholders' equity                       4,081,000      4,454,000 
                                               -------------  ------------- 
                                                                            
  Total liabilities and stockholder's equity   $   5,261,000  $   5,717,000 
                                               =============  ============= 



                              TRIMEDYNE, INC.                               
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                                (UNAUDITED)                                 
                                                                            
                                                 For the Three Months Ended 
                                                        December 31,        
                                                                            
                                                     2011          2010     
                                                 ------------  ------------ 
Net revenues                                     $  1,390,000  $  1,635,000 
Cost of revenues                                      870,000     1,026,000 
                                                 ------------  ------------ 
  Gross profit                                        520,000       609,000 
                                                                            
Operating expenses:                                                         
  Selling, general and administrative                 658,000       707,000 
  Research and development                            210,000       210,000 
                                                 ------------  ------------ 
    Total operating expenses                          868,000       917,000 
                                                 ------------  ------------ 
                                                                            
(Loss) from operations                               (348,000)     (308,000)
                                                                            
Other income, net                                      63,000        17,000 
                                                 ------------  ------------ 
                                                                            
(Loss) before income taxes                           (285,000)     (291,000)
                                                                            
Provision for income taxes                                 --         2,000 
                                                 ------------  ------------ 
                                                                            
Net (loss)                                       $   (285,000) $   (293,000)
                                                 ============  ============ 
                                                                            
Net (loss) per share:                                                       
                                                                            
  Basic                                          $      (0.02) $      (0.02)
                                                 ============  ============ 
  Diluted                                        $      (0.02) $      (0.02)
                                                 ============  ============ 
                                                                            
Weighted average number of shares outstanding:                              
                                                                            
  Basic                                            18,395,960    18,365,960 
                                                 ============  ============ 
  Diluted                                          18,395,960    18,365,960 
                                                 ============  ============ 

CONTACT:
Jeffrey Rudner
(949) 951-3800, Ext. 285
jrudner@trimedyne.com


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