<PAGE>
                                                                  Exhibit 99.2


                          BIOCIRCUITS CORPORATION
                       (A DEVELOPMENT STAGE COMPANY)

                      PROFORMA CONDENSED BALANCE SHEET
            (IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
                                 (UNAUDITED)  

<TABLE>
<CAPTION>
                                                                          MARCH 31, 1997   ADJUSTMENT     PROFORMA
                                                                          --------------   ----------     --------
<S>                                                                       <C>              <C>            <C>
ASSETS
Current assets:
  Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . .       $    593       $  1,535      $  2,128 
  Accounts receivable, net of allowance for doubtful accounts
    of $54, ($43 on December 31, 1996) . . . . . . . . . . . . . . . .            281            ---           281 
  Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          1,225            ---         1,225
  Prepaid inventory. . . . . . . . . . . . . . . . . . . . . . . . . .            263            ---           263 
  Prepaid expenses and other current assets. . . . . . . . . . . . . .            199            ---           199 
  Restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . .            813            ---           813 
                                                                             --------       --------      --------
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . .          3,374          1,535         4,909 

Property and equipment, net of accumulated depreciation and
  amortization of $1,763 ($1,671 in 1996). . . . . . . . . . . . . . .          1,441            ---         1,441 

Restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . .            263            ---           263 
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             44            ---            44 
                                                                             --------       --------      --------
                                                                             $  5,122       $  1,535      $  6,657 
                                                                             --------       --------      --------
                                                                             --------       --------      --------

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . .       $    957            ---      $    957 
  Accrued liabilities. . . . . . . . . . . . . . . . . . . . . . . . .            220            ---           220 
  Accrued compensation and related expenses. . . . . . . . . . . . . .            155            ---           155 
  Current portion of capital lease obligations . . . . . . . . . . . .            121            ---           121 
                                                                             --------       --------      --------
Total current liabilities. . . . . . . . . . . . . . . . . . . . . . .          1,453            ---         1,453 

Long-term portion of capital lease obligations . . . . . . . . . . . .             13            ---            13

Stockholders' equity:
  Preferred stock, $0.001 par value, 40,000,000 shares authorized, 
    issuable in series:  Series A convertible, 30,000,000 
    shares designated, 12,446,103 shares issued and 
    aggregate liquidation preference of $55 per share. . . . . . . . .          9,903            ---         9,903 
  Common stock, $0.001 par value, 70,000,000 shares authorized,
    8,592,584 shares issued and outstanding at March 31,
    1997, 10,281,322 proforma shares issued and
    outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . .         48,905          1,535        50,440 
  Deficit accumulated during the development stage . . . . . . . . . .        (55,096)           ---       (55,096)
  Notes receivable secured by common stock . . . . . . . . . . . . . .            (15)           ---           (15)
  Deferred compensation and other. . . . . . . . . . . . . . . . . . .            (41)           ---           (41)
                                                                             --------       --------      --------
Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . .          3,656          1,535         5,191 
                                                                             --------       --------      --------
                                                                             $  5,122       $  1,535      $  6,657 
                                                                             --------       --------      --------
                                                                             --------       --------      --------
</TABLE>


                                   See accompanying note 

<PAGE>

                                  BIOCIRCUITS CORPORATION
                               (A DEVELOPMENT STAGE COMPANY)
     
                       PROFORMA CONDENSED STATEMENT OF OPERATIONS
                           (IN THOUSANDS EXCEPT PER SHARE DATA)
                                        (UNAUDITED)
     
<TABLE>
<CAPTION>
                                                                               THREE MONTHS ENDED          PERIOD FROM
                                                                                    MARCH 31,             MARCH 7, 1989
                                                                           --------------------------   INCEPTION) THROUGH
                                                                              1997            1996        MARCH 31, 1997
                                                                           -----------     ----------  -------------------
<S>                                                                        <C>             <C>         <C> 
REVENUES:
  Product Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . .      $     234      $      45      $     655 
    
OPERATING COSTS AND EXPENSES:
  Cost of sales. . . . . . . . . . . . . . . . . . . . . . . . . . . .          1,034            307          3,344 
  Research and development . . . . . . . . . . . . . . . . . . . . . .          1,480          2,353         35,837 
  Sales, general and administrative. . . . . . . . . . . . . . . . . .          1,316          1,250         17,594 
                                                                            ---------      ---------      ---------
                                                                                3,830          3,910         56,775 
     
Loss from operations . . . . . . . . . . . . . . . . . . . . . . . . .         (3,596)        (3,865)       (56,120)
    
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . .             64             92          2,412
Interest and other expense . . . . . . . . . . . . . . . . . . . . . .            (16)           (89)        (1,388)
                                                                            ---------      ---------      ---------
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      $  (3,548)      $ (3,862)      $(55,096)
                                                                            ---------      ---------      ---------
                                                                            ---------      ---------      ---------
    
Net loss per share . . . . . . . . . . . . . . . . . . . . . . . . . .      $   (0.41)      $  (0.99)
                                                                            ---------      --------- 
                                                                            ---------      --------- 
    
     
Shares used in computing net loss per share. . . . . . . . . . . . . .          8,592          3,902
                                                                            ---------      --------- 
                                                                            ---------      --------- 
    
    
Proforma net loss per share. . . . . . . . . . . . . . . . . . . . . .      $   (0.35)      $  (0.99)
                                                                            ---------      --------- 
                                                                            ---------      --------- 
    
     
Shares used in computing proforma net loss per share . . . . . . . . .         10,280          3,902
                                                                            ---------      --------- 
                                                                            ---------      --------- 
</TABLE>
                                     See accompanying note

<PAGE>

                                    BIOCIRCUITS CORPORATION
                                 (A DEVELOPMENT STAGE COMPANY)

                            NOTES TO PROFORMA FINANCIAL STATEMENTS 
                                   PROFORMA MARCH 31, 1997 
                                          (UNAUDITED)

     
1.   PRIVATE PLACEMENT AND PROFORMA IMPACT
     
     On April 15, 1997, the Company closed a private placement which consisted
     of the sale of 2,500,000 shares of its common stock (the "April 1997 Common
     Stock Financing") to be issued in three tranches. The first tranche
     resulted in gross proceeds of approximately $530,000 to the Company, the
     second tranche, conditional upon the Company's satisfaction of certain
     milestones for the second quarter of 1997 and stockholder approval of the
     issuance of the shares, will result in gross proceeds of approximately
     $1,190,000 to the Company and the third tranche, conditional upon the
     Company's satisfaction of certain milestones by the end of fiscal 1997 and
     stockholder approval of the issuance of the shares, will result in gross
     proceeds to the Company of approximately $780,000.  In addition, on April
     15, 1997, the Company closed a private placement which consisted of the
     sale of 5,447,000 units, consisting of one share of common stock and one
     warrant to purchase one share of common stock to be issued in two 
     tranches (the "April 1997 Unit Financing"). The first tranche resulted in
     gross proceeds to the Company of approximately $1,160,000, and the second
     tranche, conditional upon the Company's satisfaction of certain milestones
     for the second quarter 1997 and stockholder approval of the issuance of the
     shares, will result in gross proceeds of approximately $4,290,000 to the
     Company.  The warrants in the April 1997 Unit Financing (the "April 1997
     Warrants"), which expire eighteen months after they become exerciseable,
     have an exercise price of $0.75 per share and cannot be exercised until
     after stockholder approval which will not occur before the Company's 1997
     Annual Meeting to be held on June 5, 1997.  At the Company's option, the
     Company may shorten the exercise period of the April 1997 Warrants in which
     case the Warrants may become redeemable by the Company at $0.01 per share,
     if the closing price for the Company's common stock is greater than or
     equal to $2.00 per share for ten days. The April 1997 Common Stock
     Financing and the April 1997 Unit Financing are referred to herein
     collectively as the "April 1997 Financings."

     The proceeds from the first tranche of the April 1997 Financings are
     reflected on the proforma Balance Sheet and the private placements have no
     effect on the proforma Statement of Operations.  The proforma net loss per
     share calculations are based upon 1,688,738 additional shares of Common
     Stock from the private placement as though they were outstanding as of
     January 1, 1997.