Highlights
    -  Q1 revenues increase 52% to $2.3 million vs. Q1 1996
    -  Net loss for Q1 1997 narrows to $478,000 or $0.07 per share vs.
       $1.1 million or $0.17 per share last year.
    -  Sales of CVDI's TAS(TM) analyzer and test cards rise to $1.3 million
       due to initial stocking orders by CVDI's principal North American
       distributor, DADE International.
    -  Company signs development agreement with Eli Lilly and distribution
       agreement with Avecor Cardiovascular

                           Financial Summary Table
                              Three Months Ended
                          3/31/97           3/31/96

    Net revenue            $2,284,238       $1,503,195
    Net loss                 (477,631)      (1,112,839)
    Net loss per share         ($0.07)          ($0.17)
    Weighted Average common
     shares outstanding     6,714,496        6,537,556

    RALEIGH, N.C., April 29 /PRNewswire/ -- Cardiovascular Diagnostics, Inc.
(Nasdaq: CVDI) ("CVDI") announced today results for the first quarter of 1997,
ended March 31, 1997.
    Net revenues for the three months ended March 31, 1997 rose approximately
52% to $2.3 million compared to $1.5 million for the first quarter of 1996.
Impacting revenues for the quarter were sales of the Company's Thrombolytic
Assessment System (TAS) analyzer and test cards, which rose approximately 228%
to $1.3 million, compared to $400,000 for the first quarter of 1996.  The
increase in TAS analyzer and card sales is primarily a result of initial
stocking orders by CVDI's principal North American distributor, DADE
International.  DADE's orders are in anticipation of hospital sales which are
expected after the calibration of CVDI test card results to DADE reagent
results.  It is projected that these calibrations should be fully verified
by the end of the second quarter of this year.
    During the first quarter, sales from the Company's Coeur Labs subsidiary
were $1.0 million, an approximate 10% decline compared to the same period last
year, due primarily to lower manifold sales and an unfavorable syringe sales
mix versus the comparable 1996 quarter.
    Operating expenses for the three months ended March 31, 1997 were
essentially flat year-to-year at $1.6 million.  While expenses associated with
a direct sales force have been eliminated, there has been an increase in
scientific and operational expenses associated with new products as well as
with the improvement and validation of certain manufacturing processes.
    Net other income for the 1997 quarter increased to $355,000 from $193,000
in the first quarter 1996 as CVDI received $250,000 in product development
collaboration pay-outs.  While the Company's sources of capital for
development projects have changed during the year, CVDI continues to be funded
through NIH grants for research and development, and through strategic
partners which sponsor new test development efforts.  Attaining development
funding for CVDI's pipeline of new products continues to be a priority,
particularly collaborations with pharmaceutical companies which allow CVDI to
monitor certain next generation cardiovascular therapeutics.
    The Company reported a net loss for the first quarter of 1997 of $478,000,
or $0.07 per share, a significant improvement compared to the net loss of
$1.1 million, or $0.17 per share reported in the first quarter of 1996.
    Commenting on the Company's  1997 first quarter results, John Funkhouser,
President of CVDI said, "In the first quarter, CVDI received its first
significant orders for TAS analyzers and test cards.  Specifically, during
this period, CVDI sold 327 analyzers and 244,000 test cards, which was over
80% of the Company's total sales in 1996.  While these orders primarily
represent "filling of DADE pipeline," they are also reflective of CVDI's
significant revenue potential.  The standardization that will be achieved by
closely calibrating DADE's and CVDI's test results, provides a compelling
reason for hospital groups and healthcare networks to purchase TAS as part
of DADE's instrumentation and reagent product line."
    Mr. Funkhouser continued, "For the first time, CVDI's TAS will provide
various hospital critical care areas, outpatient surgical centers, coagulation
clinics and visiting nurse home healthcare, the same coagulation test results
as provided by the central laboratory.  Together, DADE and CVDI will provide a
total solution to coagulation testing throughout the healthcare system."

    Recent Company Events
    Last week, CVDI announced a collaboration agreement with Eli Lilly and
Company ("Lilly") for the development of a test card to monitor a therapeutic
anticoagulant under development by Lilly for the treatment of sepsis -- a
condition of the blood which affects more than 1.5 million patients in the
U.S. and Western Europe each year.  This represents the third pharmaceutical
collaboration agreement entered into by CVDI (including those with Bayer AG
and Knoll AG) for the development of a rapid diagnostic test to monitor a next
generation cardiovascular therapeutic.  Such collaborations are part of CVDI's
strategy to expand its TAS test menu through pharmaceutical development
funding, while keeping sales and marketing rights for each test.
    Earlier this month, CVDI announced that it would distribute its heparin
management test panel, including the HMT, through Avecor Cardiovascular Inc.
(Nasdaq: AVEC), a leading supplier to the cardiosurgical market of specialty
products, including oxygenators, heart pumps, blood reservoirs and other
devices used in heart/lung bypass procedures.  The HMT, developed by CVDI, is
a more accurate and reliable alternative to the Activated Clotting Time
("ACT") Test, which has proven to have severe limitations, especially in
cardio-pulmonary bypass procedures.  As a result of extensive clinical
evaluation, CVDI's HMT has been modified to meet both the needs of the central
laboratory and surgical staff.  Additionally, in conjunction with newly
developed TAS software, CVDI is now able to provide a test capable of being
performed on either a citrated or non-citrated blood sample.  The Company
believes this will give it a significant competitive advantage over the
existing ACT test.

    A Look Ahead
    In previewing the second quarter of 1997 and the impact of the Company's
continuing work with DADE, Mr. Funkhouser stated, "While there have been more
technical issues involved in the calibration of our test cards to DADE's
reagents than originally anticipated, significant progress has been made, and
calibrated PT (prothrombin time) and aPTT (activated partial thromboplastin
time) cards -- the two most common coagulation tests -- should be ready for
sale by the end of the second quarter.  This will represent a significant
technical milestone for our Company and should help to facilitate hospital
purchase decisions."
    Mr. Funkhouser went on to say that the Company's current priorities
include completing the verification of calibration to DADE's reagents;
expanding its current test menu; marketing to integrated health networks; and
expanding its distribution channels, both domestically and internationally.

    Cardiovascular Diagnostics, Inc. develops, manufactures and markets
systems designed to deliver rapidly and accurately, blood test results at the
point-of-care ("POC").  CVDI's novel technology platform has allowed the
Company to develop a menu of diagnostic tests, including new specialty tests.
The Company believes that its Thrombolytic Assessment System ("TAS")
technology is the only POC system capable of monitoring both the formation and
dissolution of blood clots -- a critical factor in treating heart attacks,
strokes and a variety of other medical conditions.

    To receive CVDI's latest news release and other corporate documents via
FAX-- no cost--- please dial 1-800-PRO-INFO.  Use company code "011
     This press release contains forward-looking statements regarding future
events and the future performance of Cardiovascular Diagnostics that involve
risks and uncertainties that could cause actual results to differ materially
from those projected in the forward-looking statements.  Information
concerning factors that could cause actual results to materially differ from
those in the forward-looking statements is contained in the Company's SEC
filings, including Form 10-K, Form 10-Q and Form 8-K reports.

                       Cardiovascular Diagnostics, Inc.
                          Selected Financial Summary

    CONSOLIDATED INCOME STATEMENTS

                                           Three Months Ended
                                        March 31,       March 31,
                                          1997            1996
    Total Sales                       $2,284,238      $1,503,195
    Cost of Goods Sold                 1,523,115       1,187,853
    Gross Profit                         761,123         315,342
                                           33.32%          20.98%

    Operating Expenses                 1,579,184       1,601,713

    Operating Loss                      (818,061)     (1,286,371)

    Other Income (Expense)               354,704         192,713

    Net Loss Before Taxes               (463,357)     (1,093,658)
    Provision for Income Taxes           (14,274)        (19,181)
    Net (Loss)                         ($477,631)    ($1,112,839)

    Net Loss Per Share                    ($0.07)         ($0.17)

    Average Weighted Shares            6,714,496       6,537,556

                         CONSOLIDATED BALANCE SHEETS

                                       March 31,      December 31,
                                         1997             1996
    Cash and Investments              $ 7,966,832     $ 8,689,647

    Current Assets                     11,720,270      12,198,120

    Total Assets                      $17,787,069     $18,351,355

    Current Liabilities                  $596,790        $616,030
    Total Liabilities                     663,777         683,017

    Total Shareholders' Equity         17,123,292      17,668,338

    Total Liabilities and Equity     $ 17,787,069     $18,351,355

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