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Subject: Synovis_--Financial Statements Date: 1/23/2004 10:12 PM
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Income Statement

(in thousands, except per share data)
                                              2002         2001         2000

Net revenue $39,962 $28,535 $22,098
Cost of revenue 20,958 14,560 10,889
----------------------------------
Gross margin 19,004 13,975 11,209

Operating expenses:
Selling, general and administrative 12,182 9,711 8,224
Research and development 2,272 1,638 2,106
----------------------------------
Operating income 4,550 2,626 879
Other income, net, primarily interest 35 157 162
----------------------------------
Income before provision for income taxes 4,585 2,783 1,041
Provision for income taxes 1,544 1,028 452
----------------------------------
Net income $ 3,041 $ 1,755 $ 589

Basic earnings per share $ 0.32 $ 0.19 $ 0.07
Diluted earnings per share $ 0.31 $ 0.19 $ 0.07

                                     2003      2002      2001      2000     1999 
Gross Profit --- 52% 55% 58% 59%
Operating Margin 33% 16% 15% 11% 4%
Net Margin 9% 8% 6% 3% -3%
Growth in Revenue 45% 40% 30% 16% --
Growth in Net Income 67% 67% 200% -220% --
Growth in COGS --- 51% 40% 17% --
Change in Marketing Costs -1.00 0.27 0.10 0.01 --


TTM
Revenue (ttm): 57.99M
Revenue Per Share (ttm):5.512
Revenue Growth (lfy): 40.00%
Gross Profit (ttm):19.00M
EBITDA (ttm): 8.74M
Net Income Avl to Common (ttm):4.97M
Diluted EPS (ttm):0.47
Earnings Growth (lfy):73.30%


Balance Sheet
(in thousands, except share and per share data)

2002 2001

ASSETS
Current assets:
Cash and cash equivalents $ 7,866 $ 7,090
Accounts receivable, net 4,815 3,835
Inventories 7,368 4,898
Deferred income taxes 388 223
Other 583 446
----------------------
Total current assets 21,020 16,492

Equipment and leasehold improvements, net 8,408 4,994
Goodwill, net 4,813 4,790
Other intangible assets, net 2,314 2,411
Deferred income taxes and other 58 221
----------------------
Total assets $36,613 $28,908

Current liabilities
Accounts payable $ 2,529 $ 1,387
Accrued expenses 2,942 2,010
Current maturities of long-term obligations 362 182
----------------------
Total current liabilities 5,833 3,579
Capital lease obligations 219 --
Deferred tax liability 160 --
Other liabilities 103 210
----------------------
Total liabilities 6,315 3,789
----------------------
Issued Stock 96 92
Additional paid-in capital 31,190 29,163
----------------------
Total shareholders' equity 30,298 25,119
----------------------
Total liabilities and shareholders' equity $ 36,613 $ 28,908




                             2002      2001      2000      1999
Current ratio 3.62 4.58 4.89 4.62
Quick Ratio 1.36 1.97 1.96 2.15
Invenory growth 51.02% 25.6% 50.0% ---
Accounts receivable growth 26.32% 5.56% 16.13% ---
DSO 80.65 138.01 336.02 36.74
Days Inventory on hand 140.68 140.83 156.43 121.67
Day Payable Outstanding 47.53 40.24 28.08 32.76

ROA 8.20% 6.23% 2.42% -2.07
ROE 9.90% 7.17% 2.78% -2.40%
ROIC 14.56% 10.28% 3.20% 4.21%

Fixed asset turnover 4.76 5.70 4.76
Debt to equity 1.98% 0.80% 1.39% 2.88%
Debt to capitalization 1.94% 0.79% 1.37% 2.80%
Book value 3.16 2.73 2.40 2.31
Cash per share 0.82 0.77 0.61 0.62
Working capital 15.2 12.9 10.9 9.4
Non Cash Working Capital 7.7 6 5.7 4.2
Cash Conversion Cycle 173.80 238.60 464.37 125.65

TTM
AR--$6.2M ($4.8M 2002)
Cash--$6.7M ($7.7M 2002)
Inventory--$11.3M($7.4M 2002)
Debt--$0.3M ($0.36M 2002)

Cash Flow Statement
(in thousands)


                                                2002           2001         2000


Net income $ 3,041 $ 1,755 $ 589
Depreciation and amortization 1,508 1,134 1,040
Amortization of goodwill 286 682 622
Provision for uncollectible accounts 78 29 48
Non-cash compensation 205 239 166
Deferred income taxes 3 189 214

Net cash provided by operating activities 3,349 3,640 1,042


Purchase of equipment and leasehold improvements (2,253) (1,365) (714)
Purchase of Synovis PE, net of cash acquired (620) -- --
Purchase of Synovis MCA, net of cash acquired -- (502) --
Investments in patents and trademarks (189) (89) (52)

Net cash used in investing activities (3,082) (1,861) (872)
-----------------------------------

Repayment of other long-term obligations (167) (150) (135)
Repayment of debt in
conjunction with the acquisition of Synovis MCA -- (177) --

Net cash provided by (used in) financing activities 509 (169) (286)

-----------------------------------
Cash and cash equivalents at end of year $ 7,866 $ 7,090 $ 5,480

Ratios and Discussion
                       2003     2002     2001     2000     1999                                                                          

Total shares 11.4 9.6 9.2 9 9
Growth in Capex NA 52.63% 171.43% -50.00% ---
Capex/operating cash flow NA 87.88% 52.78% 70.00% 200.00%
Free cash flow NA 0.4 1.7 0.3 -0.7
Free cash flow per share NA 0.04 0.18 0.03 -0.08
Operating cash/Revenue NA 0.00 0.08 0.13 0.05
Growth in Cash Flow NA 76.47% 466.67% 142.86% ---

>^..^<
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