Hycor Biomedical : GARDEN GROVE

Nature of Business: Develops, manufactures, markets medical and diagnostic products

Total employees: 250; In Orange County: 120

Stock listing in The Times: On NASDAQ as “Hycor”; Ticker Symbol: “HYBD”

Thursday’s Stock Close: $7; One-week-change: Up $0.38

Analyst Review: “Last year, Hycor acquired Ventrex Labs, which does in-vitro allergy tests. Hycor really turned that company around. It cleaned it up and got rid of all the top management and unproductive product lines. It was a good match. Ventrex knew how to raise capital and develop products, but didn’t know how to to be profitable; Hycor has proven it can manage. At this point there’s more money in the biotech industry chasing ideas, but not a lot of good managers to see a company through once a product has been developed. In the next two to five years, Hycor is going to find its niche acquiring companies in the initial marketing stages. The company should do $28 million in sales this year, and $35 million in 1993. I have a strong buy on it--it’s a bargain at $6.75 a share.”

--Robert Wasserman, analyst

L.H. Alton & Company, Phoenix

Sales and Profits

Dollar amounts in millions.

1st Qtr. 1st Qtr. ’89 ’90 ’91 ’91 ’92 Sales 9.7 10.6 17.5 2.8 6.9 Net Profit (Loss) 1.1 .944 .097 .260 .797

Corporate Outlook: “Hycor’s growth strategy includes both internal product development and acquisitions. Having just completed our second acquisition, the company is enjoying record sales and earnings. Additionally, our R&D; program is focused on infectious diseases and a revolutionary new method of diagnosing allergies. Our strong balance sheet with exellent cash flow and liquidity offers us the ability to take advantage of additional acquisition opportunities.”

--Reg Jones, chief financial officer

RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE

FISCAL YEAR ENDING DEC. 31 DEC. 31 DEC. 31 1ST QTR. ’89 ’90 ’91 ’91 52-Week High $5.13 $8.63 $6.50 $5.75 52-Week Low $1.81 $3.25 $3.75 $3.75 Book Value Per Share $1.83 $1.94 $2.65 $3.61 Price Per Share $5.06 $4.00 $6.13 $4.75 Net Earnings Per Share $0.19 $0.15 $0.01 $0.04 Price-to-Earnings Ratio 27:1 27:1 613:1 30:1 Avg. Return on Investor Equity 11% 9% 1% 5%

FISCAL YEAR ENDING 1ST QTR. ’92 52-Week High $8.63 52-Week Low $5.88 Book Value Per Share $2.87 Price Per Share $6.63 Net Earnings Per Share $0.09 Price-to-Earnings Ratio 18:1 Avg. Return on Investor Equity 14%

For more information call or write, Hycor Biomedical Inc.: 7272 Chapman Ave., Garden Grove, Calif. 92641. (714) 895-9558

Source: Hycor Biomedical Inc.