Hycor Biomedical Inc. Reports Strong First-Quarter Results; Net Income Up 31% on Revenue Growth of 6.7% Business Editors & Health/Medical Writers GARDEN GROVE, Calif.--(BUSINESS WIRE)--April 22, 2003--Hycor Biomedical Inc. (Nasdaq:HYBD) today reported net income of $331,000, or $0.04 per share on sales of $4,878,000 for the first quarter ended March 31, 2003. The results compare with net income of $253,000, or $0.03 per share on revenue of $4,571,000 for the first quarter ended March 31, 2002. "One of our key goals is to continue to grow our core business," said J. David Tholen, president and chief executive officer of Hycor. "During the first quarter, we accomplished this goal through a 27% increase in allergy diagnostics sales when compared to the same quarter in 2002. "In addition, we strengthened our core business with the FDA approval of an additional autoimmune test. In the U.S., 29 products have now been approved representing the broadest portfolio of automated autoimmune diagnostic testing products available in the market. Internationally, we offer an even broader menu of 37 tests." "We also began to make the R&D investment in our significant strategic agreement with Bayer Diagnostics to adapt Hycor's autoimmune reagent portfolio to Bayer's ADVIA Centaur Immunoassay System. We continue to believe that the investments we are making with the Bayer program will lead to significant revenue opportunities in 2004 and beyond. "We also continue to explore other strategic agreements for our autoimmune and allergy diagnostics product lines, as well as product line acquisitions and strategic business combinations. In addition, our balance sheet remains extremely strong with no debt," Tholen concluded. Hycor will host a conference call and webcast today, Tuesday, April 22, 2003, at 8:30 a.m. PDT to discuss the company's first- quarter results, outlook for the remainder of the year and current corporate developments. The dial-in number for the conference call is 800/245-3043 for domestic participants and 785/832-0201 for international participants. A taped replay of the conference call will also be available beginning approximately one hour after the call's conclusion and will remain available through 9 p.m. EDT on Wednesday, April 23, 2003, and can be accessed by dialing 800/753-6120 for domestic callers and 402/220-0684 for international callers. To access the live webcast of the call, go to Hycor's Web site at www.hycorbiomedical.com and click on the Investors icon. An archived webcast will also be available at www.hycorbiomedical.com. Hycor Biomedical discovers, develops, manufactures and markets diagnostic products for a variety of human medical conditions. These products include high quality automated instrument and reagent systems that use blood samples to test for more than 1,000 different allergies and autoimmune disorders, and urinalysis controls and disposable products under the KOVA(R) brand, the market leader in standardized microscopic urinalysis. Hycor products are used by physicians and clinical laboratories all over the world to provide accurate, reliable test results for physicians and their patients. With headquarters in Garden Grove and facilities in Germany and Scotland, Hycor employs more than 140 people worldwide and serves customers in more than 50 countries. Visit Hycor Biomedical's Web site at http://wwwhycorbiomedical.com. The matters discussed in this report are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from the results anticipated in the forward-looking statements. These risks and uncertainties include, but are not limited to, economic, competitive, governmental and technological factors affecting the company's operations, markets, products, services and prices, and other factors discussed in the company's filings with the Securities and Exchange Commission. HYCOR BIOMEDICAL INC. CONSOLIDATED STATEMENTS Three Months Ended March 31, INCOME STATEMENT 2003 2002 Product Sales 4,878 4,571 Cost of Sales 2,333 2,225 Gross Profit on Sales 2,545 2,346 Expenses 2,251 2,068 Operating Income 294 278 Interest Expense 3 10 Interest Income 47 33 Foreign Exchange Gain (Loss) 37 (4) Net Income Before Taxes 375 297 Income Tax Provision 44 44 Net Income 331 253 Basic Earnings Per Share 0.04 0.03 Diluted Earnings Per Share 0.04 0.03 Weighted Average Shares - Basic 8,049 8,025 Weighted Average Shares - Diluted 8,161 8,230 March 31, Dec. 31, BALANCE SHEET 2003 2002 Cash and Equivalents 5,181 5,458 Other Current Assets 7,774 8,314 Net Property and Equipment 2,185 2,278 Other Assets, Net 243 245 15,383 16,295 Current Liabilities 1,732 2,032 Long-Term Debt -- 1,000 Stockholders' Equity 13,651 13,263 15,383 16,295 Note: Dollars in thousands, except earnings per share. CONTACT: Hycor Biomedical Inc., Garden Grove Reg Jones, 714/933-3000 or EVC Group Douglas M. Sherk, 415/659-2285 Jennifer Cohn, 415/659-2289