EXHIBIT 99.2

# NEWS RELEASE

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|Contact:                |  |                               | 
|----------------------- |  | ----------------------------- | 
|Sam Reinkensmeyer       |  | Shawn Brumbaugh/Marian Briggs | 
|Chief Financial Officer |  | Padilla Speer Beardsley Inc.  | 
|CNS, Inc.               |  | (612) 455-1700                | 
|(952) 229-1500          |  | sbrumbaugh@psbpr.com          | 
|sreinkensmeyer@cns.com  |  | mbriggs@psbpr.com             | 
|Nasdaq Symbol: CNXS     | 

CNS, Inc. Reports Strong Fiscal 2005 Third-Quarter Results

| |  |  | Third-quarter net sales of $28.7 million and fully diluted
earnings per share of $0.30 exceed expectations
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| |  |  | Revenue growth of 9% driven by strong Breathe Right nasal strip
sales
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| |  |  | Company increases its estimate for fiscal 2005 earnings to $0.74
to $0.79 per fully diluted share versus $0.59 in the prior-year
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MINNEAPOLIS, January 20
 CNS, Inc. (Nasdaq: CNXS), the Breathe Right® company, today announced results for the fiscal 2005 third
quarter ended December 31, 2004.

Net sales for the fiscal
third quarter were $28.7 million, up 9 percent from $26.4 million in the prior-year period. Net income totaled $4.4 million, or
$0.30 per fully diluted share, exceeding the companys estimate of $0.13 to $0.16 per fully diluted share. For the same
period in the prior year, net income was $1.2 million, or $0.08 per fully diluted share.

For
the first nine months of fiscal 2005, CNS reported net sales of $65.3 million versus
$64.5 million in the same period last year. Net income year-to-date grew 17 percent to
$9.6 million, or $0.65 per fully diluted share, versus $8.2 million, or $0.57 per fully
diluted share, in the first nine months of the prior year.

Third-quarter
profitability well exceeded our expectations on sales that were stronger than anticipated
across all business units, said Marti Morfitt, CNS president and CEO. Growth
efforts initiated in the first six months of this fiscal year are beginning to deliver
sales and profit growth. Our team remains focused on generating continued strong consumer
demand for our growing range of products.

CNS initiatives to expand the
market penetration of Breathe Right nasal strips in the U.S. and abroad, and further grow the FiberChoice® brand,
include:

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CNS, Inc. Reports Fiscal 2005 Third-Quarter Results
Page 2

| |  |  | The successful relaunch of clear nasal strips, which began late in
the September 2004 quarter, targeting consumers with sensitive skin types;
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| |  |  | Marketing testing designed to drive significant long-term growth
in household penetration and consumer demand for Breathe Right nasal strips;
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| |  |  | Preparation of two new products for launch under the FiberChoice
brand, and the possible launch of new products under the Breathe Right brand. CNS is continuing to evaluate the benefit of
launching new Breathe Right products in fiscal 2006, and may decide based on the positive current trends and
market testing results achieved this year, to forego a new product introduction in favor of continued focus on Breathe Right nasal
strips. The company expects to announce its final decision with the fourth quarter
earnings release; and,
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| |  |  | Continued efforts in key international markets to build a
foundation for strong growth in fiscal 2006, most significantly Japan, where CNS is dramatically reducing inventories and has
reached a new distribution agreement to more closely align CNS revenues with consumer demand.
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The gross margin rate for the
third fiscal quarter was 75 percent, including a one-time benefit related to receipt of an import duty refund of $1.1 million.
Excluding the one-time import duty refund, fiscal year-to-date gross margin was approximately 70 percent, up one percentage point
versus the prior year, due primarily to lower product costs.

Advertising and promotion for
the quarter ended December 31, 2004, was $10.7 million, down 14 percent compared to the same period in the prior year. Consistent
with the companys earlier communications, advertising and promotion expense for fiscal 2005 was phased more evenly and
earlier in the fiscal year to support the increased allergy usage of nasal strips in the first half of the fiscal year and the
relaunch of clear nasal strips in the second quarter.

CNS generated $11.2 million
in cash from operations during the nine months ending December 31, 2004, and ended the period with $58.2 million in cash and
marketable securities. Yesterday, the company announced a quarterly dividend of $0.05 per share, payable on March 4, 2005, to
shareholders of record as of February 18, 2005.

# Third-Quarter Product Results

Domestic Breathe Right sales
in the 2005 third quarter totaled $21.8 million, up 12 percent versus $19.5 million in the year-ago period. Strong growth in
Breathe Right nasal strips resulted from the relaunch of clear nasal strips, underpinned by a strong new advertising message.

International sales of
Breathe Right products in the 2005 third quarter totaled $3.9 million compared to $4.6 million in the same period last year.
Growth in several European markets offset limited product

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CNS, Inc. Reports Fiscal 2005 Third-Quarter Results
Page 3

shipments to the companys distributor in Japan, which continues to work
through excess inventory. CNS expects stronger sales volumes in Japan during the fiscal fourth quarter and in fiscal 2006.

Sales of FiberChoice chewable
fiber tablets grew 28 percent to $3.0 million in the third quarter versus $2.3 million in the prior-year period, continuing a
strong growth trend behind its proven advertising message and growing consumer loyalty.

# CNS Introduces Two New FiberChoice Fiber Products

In November 2004, CNS
announced the introduction of two new, innovative products under its FiberChoice® brand. The products, which will
begin shipping to retailers in March 2005, are:

| |  |  | FiberChoice tropical orange Fiber Drops  a low-sugar, hard candy
fiber drop; and
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| |  |  | FiberChoice sugar-free chewable fiber tablets in Assorted Fruit
Flavors.
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We are pleased to
further extend our successful FiberChoice brand with these two new product offerings, said Morfitt. Both are expected
to add incremental sales to our rapidly growing FiberChoice brand.

# Company Raises Outlook for Remainder of Fiscal 2005

CNS has raised its estimated
range of sales and earnings per share for the current fiscal year. For the 2005 fiscal year ending March 31, 2005, CNS anticipates
that sales will be between $88 million and $91 million, a 1 percent to 5 percent increase versus the prior year. CNS estimates
fully diluted earnings per share to be between $0.74 and $0.79, an increase of 25 percent to 34 percent over fiscal 2004.

CNS anticipates net sales in
the range of $23 million to $25.5 million for the fiscal fourth quarter ending March 31, 2005, compared to net sales of $22.5
million in the fourth quarter of last year. Fourth-quarter earnings are estimated to grow to between $0.09 and $0.14 per fully
diluted share, versus earnings of $0.02 per fully diluted share in the prior-year period.

# Conference Call Webcast

A conference call to review
the third-quarter results is scheduled today at 4 p.m. CT (5 p.m. ET). Interested participants may listen to the live conference
call or replay over the Internet by logging onto CNS Web site at www.cns.com. A replay of the third-quarter
conference call may also be

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CNS, Inc. Reports Fiscal 2005 Third-Quarter Results
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accessed by dialing toll-free 800-405-2236, conference call ID 11021014,
between 6 p.m. CT on Thursday, January 20, until 6 p.m. CT on Thursday, January 27.

# About CNS, Inc.

CNS, based in Minneapolis,
designs and markets consumer health care products, including Breathe Right® nasal strips, Breathe Right Snore
Relief throat spray, Breathe Right Vapor Shot! personal vaporizer and FiberChoice® chewable fiber
tablets. The Company focuses on products that address important consumer needs within the aging well/self care market, including
better breathing and digestive health. Its common stock is listed on the Nasdaq National Market under the ticker symbol
CNXS. More information about CNS and its products is available at www.cns.com.

Some of the information
contained in this news release is forward-looking and subject to certain business risks as described in the Companys filings
with the Securities and Exchange Commission, including those referred to in its Annual Report on Form 10-K for the year ended
March 31, 2004. This news release contains forward-looking statements, which involve risks and uncertainties.

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CNS, Inc. Reports Fiscal 2005 Third-Quarter Results
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CNS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts) (unaudtied)

|                                      | Three Months EndedDecember 31, |  | Nine Months EndedDecember 31,
|------------------------------------- | ------------------------------ |  | -----------------------------
|                                      |                                |  |                              
|
|                                      |                                |  |                              
|Net sales                             |                                |  | $                            
|Cost of goods sold                    |                                |  |                              
|                                      |                                |  |                              
|Gross profit                          |                                |  |                              
|                                      |                                |  |                              
|Operating expenses:                   |                                | 
|Advertising and promotion             |                                |  |                              
|Selling, general and administrative   |                                |  |                              
|                                      |                                |  |                              
|Total operating expenses              |                                |  |                              
|                                      |                                |  |                              
|Operating income                      |                                |  |                              
|Investment income                     |                                |  |                              
|                                      |                                |  |                              
|Income before income taxes            |                                |  |                              
|Income tax expense                    |                                |  |                              
|                                      |                                |  |                              
|Net income                            |                                |  | $                            
|                                      |                                |  |                              
|                                      |                                | 
|Diluted net income per share          |                                |  | $                            
|                                      |                                |  |                              
|                                      |                                | 
|Weighted average number of common and |                                | 
|potential common shares outstanding   |                                |  |                              
|                                      |                                |  |                              

CNS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands) (unaudited)

|                                           | December 31,2004 |  | March 31,2004
|------------------------------------------ | ---------------- |  | -------------
|                                           |                  |  |              
|Current assets:                            |                  |  |              
|Cash and marketable securities             |                  |  | $            
|Accounts receivable, net                   |                  |  |              
|Inventories                                |                  |  |              
|Other current assets                       |                  |  |              
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|Total current assets                       |                  |  |              
|Long-term assets                           |                  |  |              
|                                           |                  |  |              
|Total assets                               |                  |  | $            
|                                           |                  |  |              
|                                           |                  | 
|Current liabilities                        |                  |  |              
|Stockholders' equity                       |                  |  |              
|                                           |                  |  |              
|Total liabilities and stockholders' equity |                  |  | $            
|                                           |                  |  |              

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