Possis Medical, Inc. (POSS: Nasdaq)
July 14, 2005 Interview with: Jules L. Fisher, Vice President, Finance and CFO
Business News, Financial News, Stocks, Money & Investment Ideas, CEO Interview
and Information on their
Thrombectomy System the AngioJet(R) for removing blood clots.

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Possis Medical is profitable with a strong balance sheet and now approaching 300,000 AngioJet patient treatments - poised for growth

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Healthcare
Medical Equipment & Supplies
(POSS: Nasdaq)

Possis Medical, Inc.

9055 Evergreen Blvd.
Minneapolis, MN 55433
Phone: 763-780-4555

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Jules L. Fisher
Vice President, Finance and CFO

Interview conducted by:
Walter Banks, Publisher
CEOCFOinterviews.com
July 14, 2005

BIO:
Jules L. Fisher
Vice President, Finance and CFO

Jules L. Fisher comes to Possis Medical with over 25 years of experience in financial management with medical device, pharmaceutical and consumer products businesses. He has been Chief Financial Officer for Minntech Corporation and has held senior financial positions with companies such as American Medical Systems, MedicalCV, U.S. Surgical Corporation, Bristol-Myers Squibb Company and Johnson & Johnson. He received a Bachelor’s Degree in Accounting from Valparaiso University and an MBA in Finance from Loyola University Chicago.  Fisher is also a Certified Management Accountant (CMA).

Company Profile:
Possis Medical, Inc. (POSS: NASDAQ) develops, manufactures and markets pioneering medical devices for the large and growing cardiovascular and vascular treatment markets. Its primary product, the AngioJet® Rheolytic ™ Thrombectomy System, removes intravascular thrombus (blood clots) that can cause serious, often life threatening events such as heart attacks. The AngioJet® Thrombectomy system is the most advanced catheter-based thrombectomy system available today. The intricately designed components of the system are designed to offer safety, power, performance and versatility. The AngioJet System offers many advantages over alternative treatments, including safety monitoring and balanced, isovolumetric flow. The company has a portfolio of three FDA approvals and clearances for the AngioJet System: for native coronary arteries and bypass grafts, peripheral arteries in the legs, and kidney dialysis access grafts.

Coronary artery disease remains the number one killer in the United States, and blood clots in the diseased vessel makes successful treatment even more difficult. The AngioJet System has been proven safe and effective in removing such blood clots from coronary arteries and bypass grafts, including heart attack victims receiving emergency treatment.   In addition, the AngioJet System is cost-effective for the hospital, lowering overall patient treatment costs. Peripheral vascular disease (PVD) can lead to catastrophic thrombosis of the limbs, leading to surgery or amputation. The AngioJet System has been shown to provide rapid, safe and effective removal of thrombus from the arteries of the legs. The AngioJet is also FDA-cleared for removing thrombus from dialysis access grafts, which clot over because of the demands of repeated access for routine dialysis.

CEOCFO: Mr. Fisher, please tell us how long you’ve been with Possis and what attracted you?
Mr. Fisher: “I joined Possis in mid-May. What intrigued me about Possis is the growth prospects for the company and its position as the leader in mechanical thrombectomy. Mechanical thrombectomy is a procedure to remove blood clots from coronary arteries, leg arteries, coronary bypass grafts and AV dialysis access grafts.”

CEOCFO: It has been two years since we’ve spoken with an officer from Possis; could you tell us if the AngioJet is still your flagship product and about your new product releases?
Mr. Fisher: “The AngioJet represents essentially all our sales at this time. We have a number of exciting new products in the pipeline – and several are nearing market release. We expect to move to a full market release of the XMI-RX Plus and DVX™ catheters in July. In addition, we have the XVG-RX catheter, the GuardDOG® occlusion system, which works with the AngioJet System, plus a next generation AngioJet Ultra console combined with new integrated catheter, and pump sets planned for fiscal 2006 launch.”

CEOCFO: Are there any new clinical studies planned?
Mr. Fisher: “We have a number of key product trials planned – the most significant of which is in the late planning stages and involves a multi-center, prospective, randomized European study in heart attack patients with visible thrombus (blood clots). The lead investigators will be Dr. David Antoniucci of Florence, Italy, and Dr. Antonio Columbo of Milan, Italy. This study will focus on patients with visible thrombus, which is a key difference from the AiMI study. We are also working with key U.S. interventional cardiologists to define additional studies to look at AngioJet thrombectomy in coronary vessels including saphenous vein grafts. We continue our efforts to capture and present real world registry experience for AngioJet use in coronary patients. Registries give us longer-term patient follow-up data. In the peripheral area, we continue to work with key clinical researchers to define future studies of AngioJet treating deep vein thrombosis (DVT) and pulmonary embolism (PE). As you can see, we are investing heavily in clinical studies and we are very excited about the future.”

CEOCFO: Can you give us a picture of the financial situation of the company, revenue growth over the past few years and if you currently have everything in place to continue to grow your business?
Mr. Fisher: “We have been profitable for seventeen consecutive quarters now. Our revenue is down roughly 7 percent from last year through 9 months of this fiscal year due to a decline in our coronary business. We have provided revenue guidance for next fiscal year, which puts us back in a growth mode – up 7 to 14 percent over the current year. Our balance sheet is straightforward and strong - and we have over $42 million in cash and no debt.”

CEOCFO: I also noticed that the peripheral side of your business has been growing, how do you account for that?
Mr. Fisher: “Our peripheral business is showing significant growth – up 30 percent this year, but unfortunately, the peripheral growth is masked by the decline in our coronary business. Physicians are treating peripheral vascular disease more aggressively and the AngioJet is an important tool in their portfolio.”

CEOCFO: About a year ago, you had some complications due to the results of the AiMI study; has the coronary business stabilized and is it beginning to show signs of growth again?
Mr. Fisher: “There is no question that the AiMI results were negative – and very disappointing. As I described earlier in this interview, we are being aggressive in taking steps to get Possis back in a growth mode – primarily through new product introductions starting this month and extending over the next 15 months; combined with new clinical studies.”

CEOCFO: In closing, what would you like potential investors to remember about Possis?
Mr. Fisher: “The AngioJet System is a proven proprietary technology. We are now approaching 300,000 AngioJet patient treatments! Our business model is proven – we are solidly profitable, and our balance sheet is strong. We are poised for growth!”


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“We have a number of key product trials planned – the most significant of which is in the late planning stages and involves a multi-center, prospective, randomized European study in heart attack patients with visible thrombus (blood clots). The lead investigators will be Dr. David Antoniucci of Florence, Italy, and Dr. Antonio Columbo of Milan, Italy. This study will focus on patients with visible thrombus, which is a key difference from the AiMI study. We are also working with key U.S. interventional cardiologists to define additional studies to look at AngioJet thrombectomy in coronary vessels including saphenous vein grafts. We continue our efforts to capture and present real world registry experience for AngioJet use in coronary patients. Registries give us longer-term patient follow-up data. In the peripheral area, we continue to work with key clinical researchers to define future studies of AngioJet treating deep vein thrombosis (DVT) and pulmonary embolism (PE). As you can see, we are investing heavily in clinical studies and we are very excited about the future.” - Jules L. Fisher

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