<PAGE>



                                    UNITED STATES
                          SECURITIES AND EXCHANGE COMMISSION

                               WASHINGTON, D.C.  20549

                                      FORM 10-Q



/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
    EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
    EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ TO
    ______________.


COMMISSION FILE NO. 0-22233

ENDOCARDIAL SOLUTIONS, INC.
----------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

DELAWARE                                    41-1724963
--------                                    ----------
(STATE OR OTHER JURISDICTION OF             (IRS EMPLOYER IDENTIFICATION
INCORPORATION OR ORGANIZATION)               NUMBER)


1350 ENERGY LANE                            (612) 644-7890
SUITE 110                                        ---------------
SAINT PAUL, MINNESOTA  55108                (REGISTRANT'S TELEPHONE NUMBER
----------------------------                 INCLUDING AREA CODE)
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES
AND ZIP CODE)


INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
DURING THE PRECEDING TWELVE (12) MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE
REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS) AND (2) HAS BEEN SUBJECT TO
SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS.

         YES   X                            NO
            -------                            -------

INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE.


COMMON STOCK, $.01 PAR VALUE                8,898,047
----------------------------
(CLASS)                                (NUMBER OF SHARES OUTSTANDING AT
                                       SEPTEMBER 30, 1997)



                                          1

<PAGE>


                                        INDEX


                             ENDOCARDIAL SOLUTIONS, INC.
                            (A Development Stage Company)


                                                                       PAGE NO.
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements (Unaudited)

         Balance Sheets -September 30, 1997 and December 31, 1996         3

         Statements of Operations - Three and nine month periods ended
         September 30, 1997 and September 30, 1996 and the period from
         May 21, 1992 (inception) through September 30, 1997              4

         Statements of Cash Flows - Three and nine months ended
         September 30, 1997 and September 30, 1996 and the period from
         May 21, 1992 (inception) through September 30, 1997              5

         Notes to Financial Statements                                    6

Item 2.  Management's Discussion and Analysis
         of Financial Condition and Results of Operations                 7


PART II.  OTHER INFORMATION

Items 1 through 5 have been omitted since all items are inapplicable
or answers negative.

Item 6.  Exhibits and Reports on Form 8-K                                 9


                                          2

<PAGE>

PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                           ENDOCARDIAL SOLUTIONS, INC.
                          (A Development Stage Company)

                                 BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                         September 30,        December 31,
                                                                             1997                 1996
                                                                         -------------        ------------
                                                                          (Unaudited)            (Note)

<S>                                                                      <C>                  <C>
ASSETS
Current Assets:
   Cash and cash equivalents                                               $5,971,430          $6,157,491
   Short-term investments                                                  19,153,144                   0
   Inventories                                                                 88,613                   0
   Prepaid expenses and other current assets                                  232,948              75,053
                                                                         ------------         -----------
Total current assets                                                       25,446,135           6,232,544

Furniture and equipment                                                     2,320,145           1,496,404
Less accumulated depreciation                                                (973,955)           (656,695)
                                                                         ------------         -----------
                                                                            1,346,190             839,709

Deposits                                                                       81,709              81,709
Patents, net of accumulated amortization
  (1997 - $50,096; 1996 - $37,339)                                             36,886              46,164
                                                                         ------------         -----------
Total assets                                                              $26,910,920          $7,200,126
                                                                         ------------         -----------
                                                                         ------------         -----------

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
   Accounts payable                                                          $598,498            $265,856
   Accrued salaries and expenses                                              374,243             164,766
   Current portion of long-term debt and capital lease obligations            397,528             252,955
                                                                         ------------         -----------
Total current liabilities                                                   1,370,269             683,577

Long-term debt and capital lease obligations                                  482,690             302,291

Stockholders' equity:
  Undesignated Preferred Stock, par value $.01 per share:
    Authorized shares--10,000,000
    Issued and outstanding shares--none                                             0                   0
  Convertible Preferred Stock, Series A through D,
      par value $.01 per share
    Authorized shares--September 30, 1997--none;
      December 31, 1996--9,527,796
    Issued and outstanding shares--September 30, 1997--none;
      December 31, 1996--9,411,206                                                  0              94,112
  Common Stock, $.01 par value
    Authorized shares--September 30, 1997--40,000,000;
      December 31, 1996--17,000,000
    Issued and outstanding shares--September 30, 1997--8,898,047;
      December 31, 1996--1,053,428                                             88,980              10,534
  Additional paid-in capital                                               48,131,838          23,444,359
  Deficit accumulated during the development stage                        (22,754,145)        (16,623,338)
  Deferred compensation                                                      (408,712)           (711,409)
                                                                         ------------         -----------
Total stockholders' equity                                                 25,057,961           6,214,258
                                                                         ------------         -----------
Total liabilities and stockholders' equity                                $26,910,920          $7,200,126
                                                                         ------------         -----------
                                                                         ------------         -----------
</TABLE>

Note: The balance sheet at December 31, 1996 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.

SEE ACCOMPANYING NOTES.

<PAGE>

                           ENDOCARDIAL SOLUTIONS, INC.
                          (A Development Stage Company)

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                                                    Period from
                                                  For the Three Months Ended         For the Nine Months Ended      May 21, 1992
                                                 ------------------------------    ------------------------------  (inception) to
                                                 September 30,    September 30,    September 30,    September 30,   September 30,
                                                     1997             1996             1997              1996           1997
                                                 -------------    -------------    -------------    -------------  --------------

<S>                                              <C>              <C>              <C>              <C>            <C>
Operating expenses:

  Research and development                        $1,665,674       $1,036,260       $4,404,723       $3,037,002      $16,523,045
  General and administrative                         760,295          434,242        1,991,554        1,179,084        6,189,111
  Sales and marketing                                113,509           65,525          517,134          136,508        1,334,112
                                                 -----------      -----------      -----------      -----------    -------------
Operating loss                                    (2,539,478)      (1,536,027)      (6,913,411)      (4,352,594)     (24,046,268)

Other income (expense):
  Interest income                                    380,447          125,607          845,917          210,607        1,436,233
  Interest expense                                   (23,943)         (11,245)         (63,313)         (40,682)        (220,341)
                                                 -----------      -----------      -----------      -----------    -------------
                                                     356,504          114,362          782,604          169,925        1,215,892
                                                 -----------      -----------      -----------      -----------    -------------
Net loss for the period and deficit
  accumulated during development stage           ($2,182,974)     ($1,421,665)     ($6,130,807)     ($4,182,669)    ($22,830,376)
                                                 -----------      -----------      -----------      -----------    -------------
                                                 -----------      -----------      -----------      -----------    -------------

Net loss per share                                    ($0.25)          ($0.23)          ($0.78)          ($0.74)          ($5.60)
                                                 -----------      -----------      -----------      -----------    -------------
                                                 -----------      -----------      -----------      -----------    -------------

Weighted average number of shares outstanding      8,851,832        6,145,957        7,890,739        5,623,156        4,077,520
                                                 -----------      -----------      -----------      -----------    -------------
                                                 -----------      -----------      -----------      -----------    -------------
</TABLE>

SEE ACCOMPANYING NOTES.

<PAGE>

                           ENDOCARDIAL SOLUTIONS, INC.
                          (A Development Stage Company)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                                                  Period from
                                                     For the Three Months Ended      For the Nine Months Ended    May 21, 1992
                                                   ------------------------------  ----------------------------  (inception) to
                                                     September 30,  September 30,  September 30,  September 30,   September 30,
                                                          1997          1996            1997           1996           1997
                                                   ---------------  -------------  -------------  -------------  --------------
<S>                                                <C>              <C>            <C>            <C>            <C>

OPERATING ACTIVITIES
Net loss                                              ($2,182,974)   ($1,421,665)   ($6,130,807)   ($4,182,669)  ($22,830,376)
Adjustments to reconcile net loss to net
 cash used in operating activities:
  Depreciation and amortization                           126,351         66,937        339,145        195,581      1,034,506
  Amortization of deferred compensation                    99,404              0        302,697              0      1,075,968
  Value of warrants granted in connection
   with lease agreements                                        0              0              0              0         23,526
  Loss on disposal of equipment                             1,726              0          1,726            784         11,199
  Changes in operating assets and liabilities:
    Inventory                                             (88,613)             0        (88,613)             0        (88,613)
    Prepaid expenses and other assets                     (69,981)        (3,545)      (157,894)       (22,879)      (314,657)
    Accounts payable                                      131,525       (127,757)       332,642        108,864        598,498
    Accrued salaries and expenses                          55,983        (80,824)       209,477         (3,578)       374,243
                                                   --------------   ------------   ------------   ------------   ------------
Net cash used in operating activities                  (1,926,579)    (1,566,854)    (5,191,627)    (3,903,897)   (20,115,706)

INVESTING ACTIVITIES
Purchases of short-term investments                   (26,898,144)             0    (26,898,144)             0    (26,898,144)
Maturities of short-term investments                    7,745,000              0      7,745,000              0      7,745,000
Purchases of furniture and equipment                      (62,871)       (17,073)      (224,425)      (122,853)    (1,231,882)
Patent expenditures                                             0              0         (3,479)        (4,519)       (86,982)
Proceeds from sale of equipment                             1,958              0          1,958              0          5,570
                                                   --------------   ------------   ------------   ------------   ------------
Net cash used in investing activities                 (19,214,057)       (17,073)   (19,379,090)      (127,372)   (20,466,438)

FINANCING ACTIVITIES
Proceeds from notes payable                                     0              0              0              0        706,974
Principal payments on notes payable and capital
 lease obligations                                        (96,805)       (51,824)      (287,156)      (153,918)      (692,241)
Proceeds from issuance of common stock                     10,467          2,444     24,671,812          4,813     24,718,558
Proceeds from issuance of preferred stock                       0              0              0      9,991,542     21,820,283
                                                   --------------   ------------   ------------   ------------   ------------
Net cash provided by (used in) financing activities       (86,338)       (49,380)    24,384,656      9,842,437     46,553,574

Increase (decrease) in cash and cash equivalents      (21,226,974)    (1,633,307)      (186,061)     5,811,168      5,971,430
Cash and cash equivalents at beginning of period       27,198,404      9,308,263      6,157,491      1,863,788              0
                                                   --------------   ------------   ------------   ------------   ------------
Cash and cash equivalents at end of period              5,971,430      7,674,956      5,971,430      7,674,956     $5,971,430
                                                   --------------   ------------   ------------   ------------   ------------
                                                   --------------   ------------   ------------   ------------   ------------

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
 AND FINANCING ACTIVITIES
Purchase of equipment through capital
 lease obligations                                       $190,119             $0       $612,128             $0    $1,068,907
</TABLE>

SEE ACCOMPANYING NOTES.

<PAGE>


                             ENDOCARDIAL SOLUTIONS, INC.
                            (A Development Stage Company)

                            NOTES TO FINANCIAL STATEMENTS
                                     (Unaudited)

1.  BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all the information and footnotes required by
generally accepted accounting principles for complete financial statements.  In
the opinion of management all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three and nine months ended September 30, 1997 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 1997.  These financial statements should be read in conjunction
with the audited financial statements and accompanying notes for the fiscal year
ended December 31, 1996, contained in the Company's Prospectus dated March 19,
1997.

2.  REVERSE STOCK SPLIT

On January 27, 1997, the Board approved a reverse stock split of 1 for 2 for the
Company's outstanding common stock.  The Company's stockholders approved this
reverse stock split February 4, 1997.  All information in the financial
statements with respect to the common stock and to the conversion prices and
ratios of the preferred stock have been adjusted to reflect this change.  The
reverse stock split had no effect on the number of shares of preferred stock
issued and outstanding (as opposed to the conversion prices of the preferred
stock and the numbers of shares of common stock into which the preferred stock
will convert).

3.  INVENTORIES

Inventories are carried at the lower of cost (first-in, first-out basis) or
market.  The majority of inventory consists of purchased compenents

4.  INITIAL PUBLIC OFFERING

On March 24, 1997, the Company received net proceeds of $18,832,500 from an
initial public offering of 2,250,000 shares of its common stock and $6,277,500
from a concurrent private placement to Medtronic, Inc. of 750,000 shares of its
common stock at $9.00 per share.  Also on March 24, 1997, all outstanding shares
of the Company's preferred stock were automatically converted into an aggregate
of 4,705,603 shares of common stock following the 1 for 2 reverse stock split.

5.  NET LOSS PER SHARE

Net loss per share is computed using the weighted average number of shares of
common stock outstanding during the period presented.  Pursuant to Securities
and Exchange Commission Staff Accounting Bulletin No. 83 ("SAB No. 83"), shares
convertible into common stock issued by the Company at prices less than the
initial offering price during the 12 months immediately preceding the initial
public offering, plus stock options and warrants granted at exercise prices less
than the initial public offering price during the same period, have been
included in the determination of shares used in calculating the net loss per
share, using the treasury method, as if they were outstanding for all periods up
to and including December 31, 1996.  The net loss per share also assumes
conversion of all previously outstanding preferred stock into common stock
during the entirety of each respective reporting period.


                                          6
<PAGE>


In February 1997, the Financial Accounting Standards Board ("FASB") issued FASB
Statement No. 128, "Earnings Per Share" ("Statement").  This Statement replaces
the presentation of primary earnings per share ("EPS") with basic EPS and also
requires dual presentation of basic and diluted EPS for entities with complex
capital structures.  This Statement is effective for financial statements for
periods ending after December 15, 1997.  For the three and nine months ended
September 30, 1997, there is no difference between basic loss per share under
Statement No. 128 and loss per share as reported.



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

GENERAL

Endocardial Solutions Inc. (the "Company"), a development stage company, was
incorporated in May 1992.  The Company is engaged in the development of the
EnSite diagnostic catheter and clinical workstation for use by
electrophysiologists in diagnosing and mapping abnormal heart rhythms known as
tachycardias.

RESULTS OF OPERATIONS

GENERAL.  From inception through September 30, 1997, the Company has incurred
losses totaling $22,830,376.  Net losses increased to $2,182,974 for the three
months ended September 30, 1997, from $1,421,665 for the same period in 1996.
The net loss for the nine months ended September 30, 1997 and 1996 was
$6,130,807 and $4,182,669, respectively.  The Company expects losses to continue
through at least 1999.  The Company is entering a period of growth in clinical
trial activity, product development activity, including increases in costs
relating to personnel, and marketing expenses related to market introduction.

RESEARCH AND DEVELOPMENT EXPENSES.  Research and development expenses increased
to $1,665,674 or 61% for the three month period ended September 30, 1997, from
$1,036,260 during the same period in 1996.  For the nine months ended September
30, 1997, research and development expenses were $4,404,723, an increase of
$1,367,721 or 45%, from $3,037,002 for the nine months ended September 30, 1996.
The increase in each period is attributable to increases in clinical trial
expenses, personnel costs related to hiring additional engineering staff and
amortization of deferred compensation.  The Company believes that research and
development expenditures will increase in the future as the Company expands
clinical research activity and increases personnel to support product
development.

GENERAL AND ADMINISTRATIVE EXPENSES.  General and administrative expenses were
$758,569 and $434,242 for the three months ended September 30, 1997 and 1996,
respectively.  For the nine months ended September 30, 1997 and 1996, general
and administrative expenses were $1,989,828 and $1,179,084, respectively, an
increase of $810,744 or 69%.  The increase in both periods was due to increases
in personnel, regulatory activities and expenses in quality assurance associated
with attaining ISO certification. In addition, the Company incurred expenses
related to expansion of the Company's facility and amortization of deferred
compensation.  Administrative costs associated with being a publicly held
company, such as costs attributable to certain insurance policies and investor
relations material contributed to the increase for the three months ended
September 30, 1997, from the same period in 1996.

SALES AND MARKETING EXPENSES.  Sales and marketing expenses increased to
$113,509 during the three months ended September 30, 1997, from $65,525 during
the same period in 1996.  Total sales and marketing expenses for the nine months
ended September 30, 1997 and 1996, were $517,134 and $136,508, respectively.
This increase is due to the establishment of a marketing department.  The
Company expects continued increases in sales and marketing expenses due to
expanded marketing activity


                                          7
<PAGE>

including market release in Europe, participation at medical industry
conferences and seminars and market research activities.

INTEREST INCOME.  Interest income was $380,447 and $125,607 for the three months
ended September 30, 1997 and 1996, respectively.  Interest income for the nine
months ended September 30, 1997 and 1996 was $845,917 and $210,607,
respectively.  The increase was due to the higher cash, cash equivalents and
short-term investment balances from the Company's equity offerings completed
during the quarter ended March 31, 1997.

LIQUIDITY AND CAPITAL RESOURCES.

On March 24, 1997, the Company received net proceeds of approximately
$18,833,000 from an initial public offering of  2,250,000 shares of its common
stock and approximately $6,278,000 from a concurrent private placement to
Medtronic, Inc. of 750,000 shares of its common stock (together, the "equity
offerings").  The Company's common stock is listed on the NASDAQ National Market
under the symbol "ECSI."

The Company's operations since inception have been funded by net proceeds from
the sales of common and preferred stock totaling approximately $46,539,000
through September 30, 1997.  As of September 30, 1997 and December 31, 1996, the
Company had cash, cash equivalents and short-term investments of approximately
$25,125,000 million and $6,157,000, respectively.

For the three months ended September 30, 1997, the Company used cash and cash
equivalents of $1,927,000 for operations and $253,000 for capital expenditures.
For the nine months ended September 30, 1997, the Company used $5,191,000 for
operations and $837,000 for capital expenditures.  The capital expenditures were
financed primarily through capital leases.

The Company believes that its existing cash, cash equivalents and short-term
investments will be sufficient to fund the operations of the Company through the
next two years.  The Company's future liquidity and capital requirements will
depend on numerous factors, including the timing of regulatory actions regarding
the Company's products, the results of clinical trials and competition, the
extent to which the Company's EnSite System gains market acceptance and the
costs and timing of expansion of sales, marketing and manufacturing activities.

CAUTIONARY STATEMENT

Except of the historical information contained herein, this Quarterly Report on
Form 10-Q contains forward-looking statements with in the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended.  When used in this Form 10-Q and in future
filings by the Company with the Securities and Exchange Commission, in the
Company's press releases and in oral statements made with the approval of an
authorized executive officer, the word or phrases "believes," "anticipates,"
"expects," "intends," "will likely result," "estimates," "projects" or similar
expressions are intended to identify such forward-looking statements, but are
not the exclusive means of identifying such statements.  These forward-looking
statements involve risks and uncertainties that may cause the Company's actual
results to differ materially from the results discussed in the forward-looking
statements.  Factors that might cause such differences include, but are not
limited to, the following:  risks associated with the successful development and
commercialization of a new technology:  limited clinical testing experience;
uncertainty of obtaining Food and Drug Administration and international
regulatory clearances; uncertainty of availability of treatments employing the
Company's diagnostic system (the "EnSite System"); uncertainty of market
acceptance of the EnSite System; training requirements for electrophysiologists;
the uncertainty of the ability to diagnose and treat atrial fibrillation; the
expectation of future losses; significant competition and rapid technological
change in the tachycardia diagnostic market; risks associated with the company's
dependence on patents and proprietary technology; risks associated with the
Company's limited manufacturing experience and dependence on suppliers; and


                                          8
<PAGE>

the uncertainty of third-party reimbursement for diagnostic medical procedures
employing the EnSite System.  These factors are discussed in the cautionary
statements included in Exhibit 99 to this Form 10-Q for the quarter ended
September 30, 1997.  The Company cautions investors and others to review the
statements set forth in Exhibit 99 and in the Company's other reports filed with
the Securities and Exchange Commission and that other factors may prove to be
important in affecting the Company's business and results of operations.



PART II.  OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits

Exhibit       Description
-------       -----------

27            Financial Data Schedule (EDGAR filing only)

99            Cautionary Statement

(b)           Reports

The Company filed no reports on Form 8-K during the quarter ended September 30,
1997.


                                          9
<PAGE>

                                      SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                  ENDOCARDIAL SOLUTIONS, INC.



Dated:   October 29, 1997         By:  ________________________
                                  James W. Bullock
                                  President and Chief Executive Officer
                                  (Principal Executive Officer)


Dated:   October 29, 1997         By:  ________________________
                                  Dennis J. McFadden
                                  Chief Financial Officer
                                  (Principal Financial and Accounting Officer)


                                          10