________________________


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                    FORM 10-Q


               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934.

                 For the quarterly period ended October 31, 2001


                          Commission File Number 0-944


                              POSSIS MEDICAL, INC.

                            9055 Evergreen Boulevard

                        Minneapolis, Minnesota 55433-8003

                                 (763) 780-4555

     A Minnesota Corporation              IRS Employer ID No. 41-0783184

                        _________________________________


     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  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___

     The number of shares outstanding of the Registrant's Common Stock, $.40 par
value, as of November 27, 2001 was 16,952,283.


                        ________________________________

<PAGE>


                              POSSIS MEDICAL, INC.

                                      INDEX


                                                                       PAGE


PART I.    FINANCIAL INFORMATION

  ITEM 1.  Financial Statements

             Consolidated Balance Sheets, October 31, 2001
             and July 31, 2001...................................          3

             Consolidated Statements of Operations for the three
             months ended October 31, 2001 and 2000..............          4

             Consolidated Statements of Cash Flows for the
             three months ended October 31, 2001 and 2000 .......          5

             Notes to Consolidated Financial Statements..........          6-7

  ITEM 2.  Management's Discussion and Analysis of Financial
             Condition and Results of Operations.................          8-12

  ITEM 3.  Quantitative and Qualitative Disclosure about
             Market Risks .......................................          12



PART II.   OTHER INFORMATION


  ITEM 6.  Exhibits and Reports on Form 8-K......................          13
             SIGNATURES..........................................          14

<PAGE>


     ITEM 1. FINANCIAL STATEMENTS


                      POSSIS MEDICAL, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                           October 31, 2001            July 31, 2001
ASSETS
<S>                                                                           <C>                      <C>
CURRENT ASSETS:
  Cash and cash equivalents..............................................     $11,368,075              $ 9,515,751
  Trade receivables (less allowance for doubtful
    accounts and returns of $648,000 and
    $659,000, respectively)..............................................       4,337,876                4,268,114
  Inventories............................................................       4,154,783                4,216,629
  Prepaid expenses and other assets......................................         200,658                  342,995
         Total current assets.............................................     20,061,392               18,343,489

PROPERTY AND EQUIPMENT, net..............................................       3,605,193                3,665,751

TOTAL ASSETS.............................................................     $23,666,585              $22,009,240

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
  Trade accounts payable.................................................     $ 1,168,974              $ 1,321,485
  Accrued salaries, wages, and commissions...............................       1,686,100                1,532,912
  Current portion of long-term debt......................................            --                     94,310
  Other liabilities......................................................       1,137,218                  989,556
        Total current liabilities........................................       3,992,292                3,938,263

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
  Common stock-authorized, 100,000,000 shares
    of $0.40 par value each; issued and outstanding,
    16,906,615 and 16,822,023 shares, respectively.......................       6,762,646                6,728,809
  Additional paid-in capital.............................................      76,033,038               75,411,387
  Unearned compensation..................................................         (13,400)                 (22,700)
  Retained deficit.......................................................     (63,107,991)             (64,046,519)
        Total shareholders' equity.......................................      19,674,293               18,070,977

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY...............................     $23,666,585              $22,009,240



<FN>
See notes to consolidated financial statements.
</FN>
</TABLE>

<PAGE>


                      POSSIS MEDICAL, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED OCTOBER 31, 2001 AND 2000
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                  2001                     2000
<S>                                                                           <C>                      <C>
Product sales............................................................     $ 9,585,268              $ 6,578,110
Cost of sales and other expenses:
   Cost of medical products..............................................       2,999,982                3,115,045
   Selling, general and administrative...................................       4,689,465                4,518,427
   Research and development..............................................       1,031,320                1,487,507
        Total cost of sales and other expenses...........................       8,720,767                9,120,979
Operating income (loss)..................................................         864,501               (2,542,869)
Interest income..........................................................          74,027                  170,911
Net income (loss)........................................................     $   938,528              $(2,371,958)

Weighted average number of common shares
  assumed outstanding:
   Basic.................................................................      16,858,181               16,700,527
   Diluted...............................................................      18,260,374               16,700,527

Net income (loss) per common share:
   Basic.................................................................            $.06                    $(.14)
   Diluted...............................................................            $.05                    $(.14)



<FN>
See notes to consolidated financial statements.
</FN>
</TABLE>

<PAGE>


                      POSSIS MEDICAL, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE THREE MONTHS ENDED OCTOBER 31, 2001 AND 2000
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                   2001                    2000
<S>                                                                           <C>                      <C>
OPERATING ACTIVITIES:
Net income (loss)........................................................     $   938,528              $(2,371,958)
Adjustments to reconcile net income (loss) to net
  Cash provided by (used in) operating activities:
     Depreciation........................................................         508,159                  444,316
     Stock compensation expense..........................................          26,100                   26,309
     Expense reimbursement from city government..........................         (67,788)                    --
     Writedown due to impairment of asset................................          70,000                     --
     Increase in receivables.............................................         (69,762)                (551,457)
     (Increase) decrease in inventories..................................        (115,154)                 146,099
     Decrease in other current assets....................................         142,337                  107,107
     Decrease in trade accounts payable..................................        (152,511)              (1,052,227)
     Increase in accrued expenses and other current liabilities..........         300,850                  292,355
Net cash provided by (used in) operating activities......................       1,580,759               (2,959,456)

INVESTING ACTIVITIES:
Additions to property and equipment......................................        (340,601)                (643,398)
Proceeds from maturity of marketable securities..........................            --                  9,000,000
Purchase of marketable securities........................................            --                 (7,742,745)
Net cash (used in) provided by investing activities......................        (340,601)                 613,857

FINANCING ACTIVITIES:
Proceeds from issuance of stock and exercise of options and warrants.....         638,688                   22,659
Repayment of long-term debt..............................................         (26,522)                  (1,313)
Net cash provided by financing activities................................         612,166                   21,346

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS.........................       1,852,324               (2,324,253)
CASH AND CASH EQUIVALENTS AT BEGINNING OF QUARTER........................       9,515,751                4,053,429
CASH AND CASH EQUIVALENTS AT END OF QUARTER..............................     $11,368,075              $ 1,729,176

SUPPLEMENTAL CASH FLOW DISCLOSURE:
Accrued payroll taxes related to restricted stock........................     $      --                $    55,043


<FN>
See notes to consolidated financial statements.
</FN>
</TABLE>

<PAGE>


                      POSSIS MEDICAL, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

     1. BASIS OF PRESENTATION

     The  accompanying  unaudited  consolidated  financial  statements have been
prepared in accordance  with  accounting  principles  generally  accepted in the
United  States  of  America  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  of the  information  and  footnotes  required  by  accounting
principles  generally  accepted  in the United  States of America  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.  The  accompanying  consolidated  financial  statements and notes
should  be read  in  conjunction  with  the  audited  financial  statements  and
accompanying notes thereto included in the Company's 2001 Annual Report.

     2. INTERIM FINANCIAL STATEMENTS

     Operating results for the three month period ended October 31, 2001 are not
necessarily  indicative  of the results that may be expected for the year ending
July 31, 2002.

     3. INVENTORIES

     Inventories  are  stated at the lower of cost (on the  first-in,  first-out
basis) or market.  Inventory balances were as follows:

                                       October 31,        July 31,
                                          2001              2001
                 Finished goods        $1,971,868        $1,935,590
                 Work-in-process        1,219,206         1,432,536
                 Raw materials            963,709           848,503
                                       $4,154,783        $4,216,629

     4. PROPERTY AND EQUIPMENT

     Property is carried at cost and depreciated using the straight-line  method
over the estimated  useful lives of the various  assets.  Property and equipment
balances and corresponding lives were as follows:

                                      October 31,      July 31,
                                         2001            2001        Life
     Leasehold improvements           $1,454,833     $1,454,833    10 years
     Equipment                         6,965,896      6,814,596  3 to 10 years
     Assets in construction              444,801        255,502      N/A
                                       8,865,530      8,524,931
     Less accumulated depreciation     5,260,337      4,859,180
     Property and equipment - net     $3,605,193     $3,665,751

<PAGE>


     5. SEGMENT AND GEOGRAPHIC INFORMATION AND CONCENTRATION OF CREDIT RISK

     The  Company's   operations  are  in  one  business  segment,  the  design,
manufacture and distribution of cardiovascular medical devices.  Possis Medical,
Inc. evaluates revenue performance based on the worldwide revenues of each major
product line and profitability  based on an enterprise-wise  basis due to shared
infrastructures to make operating and strategic decisions.

     Total revenues by United States and outside the United States for the three
months ended October 31, 2001 and 2000 are as follows:

                                                 2001               2000

      United States.......................    $9,503,818         $6,443,400
      Outside the United States...........        81,450            134,710
      Total revenues......................    $9,585,268         $6,578,110

     6. NET INCOME (LOSS) PER COMMON SHARE

     Basic income (loss) per common share is computed by dividing net income for
the period by the weighted  average number of common shares  outstanding  during
the period.  Diluted  earnings per share is computed  using the  treasury  stock
method by dividing net income by the weighted  average  number of common  shares
plus the dilutive effect of outstanding stock options, stock warrants and shares
issuable under the employee  stock purchase plan.  Diluted (loss) per share does
not include outstanding stock options,  stock warrants and shares issuable under
the employee stock purchase plan in the computation  since the impact would have
been anti-dilutive because of the net loss.

     7. COMMON STOCK

     During the three months ended October 31, 2001,  stock options and warrants
for the purchase of 84,466 shares of the Company's  common stock were  exercised
at prices between $12.67 and $5.56 per share.

     During the three months  ended  October 31,  2001,  the Company  issued 126
shares in connection with its employee stock purchase plan.

<PAGE>


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

Forward-Looking Statements

     Management's  Discussion and Analysis of Financial Condition and Results of
Operations  and  certain  other  sections   contain   certain   "forward-looking
statements" as defined in the Private Securities  Litigation Reform Act of 1995.
Statements  regarding the Company's ability to increase utilization rates of the
AngioJet(R) System at existing customer accounts by increasing disposable sales;
its  ability  to obtain  additional  FDA-approvals;  customer  responses  to the
Company's  marketing  strategies,  the  ability  to  maintain  and grow sales by
effectively  managing a U.S. sales force,  its ability to introduce new catheter
models;  future revenue levels, gross margins,  expenses levels and earnings per
share;  its  ability to develop  new  products;  and  certain  other  statements
contained in  Management's  Discussion  and Analysis of Financial  Condition and
Results of Operations and other portions of this report on form 10-Q are forward
looking  statements  based on current  expectations  and  assumptions and entail
various  risks and  uncertainties  that  could  cause  actual  results to differ
materially  from those  expressed in such forward  looking  statements.  Certain
factors that may affect whether these  anticipated  results occur include market
acceptance of our products,  factors  affecting the health care industry such as
consolidation,   cost  containment  and  trends  toward  managed  care,  delays,
unanticipated  costs or other  difficulties  and  uncertainties  associated with
lengthy and costly new product development and regulatory  clearance  processes,
changes in governmental  laws and  regulations,  the development of new products
and  compounds  by  competitors  that may compete  with our products or make our
products  obsolete,   sudden   restrictions  in  supply  of  key  materials  and
deterioration  of general market and economic  conditions.  These and other risk
factors that may affect our results are included in the Company's  Form 10-K for
the year ended July 31, 2001 filed with the Securities and Exchange Commission.

<PAGE>


Results of Operations

Three Month Periods Ended October 31, 2001 and 2000

     Total product revenue for the three months ended October 31, 2001 increased
$3,007,000, or 46%, to $9,585,000 compared to $6,578,000 in the first quarter of
2000. The Company  recorded net income for the quarter ended October 31, 2001 of
$939,000,  or $.05 per diluted share. This compared to a net loss of $2,372,000,
or $.14 per share, for the quarter ended October 31, 2000.

Revenue - AngioJet System

     U.S.  AngioJet  System  revenue for the three months ended October 31, 2001
increased $3,136,000,  or 49%, to $9,504,000 compared to $6,368,000 in the first
quarter of 2000. The Company markets the AngioJet(R) Rheolytic(tm)  Thrombectomy
System (AngioJet System) worldwide. The AngioJet System consists of a drive unit
(capital  equipment),  which powers a disposable pump and a family of disposable
catheters, each aimed at a specific indication.  The main factors in the revenue
increase  were  increased  sales  resulting  from the  Company  commencing  U.S.
marketing  of the  AngioJet  System with an  additional  labeling  claim for the
removal of blood clots in leg  (peripheral)  arteries for the  XMI(tm)135  (XMI)
catheter in March 2001 and the  increased  acceptance  of the Company'  Xpeedior
catheters by physicians. The Xpeedior catheters are the first catheters marketed
by the  Company  based upon its  proprietary  Cross-Stream(R)  Technology.  This
exclusive technology platform intensifies the action at the tip of the catheter,
which  doubles  the clot  removal  rate and triples  the  treatable  vessel size
compared to other available mechanical thrombectomy devices on the market today.
In addition, Cross-Stream Technology has been able to deal more effectively with
"mural  thrombus,"  the older,  more  organized  material that adheres to vessel
walls and can complicate patient results.

     As of October 31, 2001, the Company had a total of 726 domestic drive units
in the field,  compared to 541 drive units at October 31, 2000, and 669 units as
of July 31, 2001.  During the  three-month  periods  ended  October 31, 2001 and
2000, the Company sold  approximately  7,500 and 5,400 catheters,  respectively.
This was a 39% increase in unit catheter  sales from the same prior year period.
The average catheter utilization rate per installed domestic drive unit was 10.5
in the first quarter,  compared to a rate of 10.1 in the same prior year period,
and compared to a rate of 11.2 in the fourth  quarter of fiscal 2001.  The first
quarter  utilization  rate was  negatively  impacted  by the timing of  customer
returns of older products  replaced by the XMI. The Company sold 45 and 42 drive
units during the three months ended October 31, 2001 and 2000, respectively.

     The Company employs a variety of flexible drive unit  acquisition  programs
including  outright  purchase and various  evaluation  programs.  The purchasing
cycle for the  AngioJet  System drive unit varies  depending  on the  customer's
budget cycle.  The Company has signed  contracts with five purchasing  groups in
order to accelerate orders and increase marketing penetration.  These purchasing
groups negotiate  pre-determined  discounts on the drive units and catheters for
their member hospitals.  Member hospitals are required, with some exceptions, to
purchase  products from approved  vendors,  such as the Company.  The purchasing
groups  receive a  marketing  fee on their  purchases  from the  Company.  These
discounts  and  marketing  fees have been offset by the increase in sales to the
member hospitals of the purchasing  group.  There has been no material  negative
effect on the Company's  margins due to these  discounts and marketing fees.

<PAGE>


     The  Company  expects  U.S.  AngioJet  System  sales  to  continue  to grow
primarily through obtaining additional  FDA-approved product uses,  introduction
of new  catheter  models for  existing  indications,  more face time  selling to
existing  accounts,  peer-to-peer  selling,  and  the  publication  of  clinical
performance and cost-effectiveness data.

     Foreign sales of the AngioJet System for the three months ended October 31,
2001 and 2000 were $81,000 and $135,000, respectively. The limited foreign sales
are due to cost  constraints  in overseas  markets that result in lower margins.
Due to the lower  margins  the  Company  is not  actively  seeking to expand its
distribution  network in Europe. In Japan, the coronary AngioJet System clinical
study was  completed  in April 1998 and a  regulatory  filing was  completed  in
November  1999 with the  Japanese  Ministry  of Health and  Welfare  (MHW).  The
Company is actively  responding to MHW  regulatory  issues and expects  Japanese
approval for coronary use of the AngioJet System in fiscal 2002.

     The Company  believes  that the  treatment  of blood clots in the  coronary
vessels,  peripheral  arteries,  and neuro  vessels  are  significant  worldwide
marketing opportunities for the AngioJet System.

Revenue - Vascular Grafts

     Vascular graft sales were $0 and $75,000 for the three months ended October
31,  2001  and  2000  respectively.   All  of  the  vascular  graft  sales  were
Perma-Seal(R) Dialysis Access Grafts. No additional sales of Perma-Seal Dialysis
Access Grafts are expected.  Currently the Company has put all graft  activities
on hold as it concentrates its efforts on the development on new AngioJet System
applications.

Cost of Medical Products

     Cost of medical products decreased $115,000 in the three month period ended
October 31,  2001 over the same period in the  previous  year.  The  decrease is
primarily  driven by higher  volumes of XMI and Xpeedior  catheters  that have a
lower per unit cost compared to the catheters  they replaced and an  improvement
in the in the coronary product  catheter mix in the quarter.  This per unit cost
decrease  was  offset  by the  significant  growth in the U.S.  AngioJet  System
product  sales.  Medical  product gross margins  improved by $3,122,000  for the
three months ended  October 31, 2001 over the same period in the previous  year.
This  resulted  in gross  margins  of 69% and 53%,  respectively,  for the three
months ended October 31, 2001 and 2000, respectively.  The Company believes that
gross  margins  will be in the high  sixties to low  seventies,  as a percent to
sales, for the remainder of fiscal 2002.

Selling, General and Administrative Expense

     Selling,  general and  administrative  expense  increased  $171,000 for the
three months ended October 31, 2001,  compared to the same year-ago period.  The
primary  factors in the expense  increase for the three months ended October 31,
2001 were the higher  commissions on increased sales,  increased  marketing fees
paid to  group  purchasing  organizations,  and  higher  management  incentives,
partially  offset  by an  earlier  workforce  reduction  and  other one time and
ongoing cost saving  measures in fiscal 2001. The Company  expects that selling,
general  and  administrative  expense  to  increase  in  fiscal  2002 due to the
anticipated growth in U.S. AngioJet System revenue.

<PAGE>


Research and Development Expense

     Research and  development  expense  decreased 31% in the three months ended
October 31, 2001,  respectively,  when  compared to the same period in the prior
year.  This decline was  primarily  due the  completion  of certain  development
projects and the timing of expenses  incurred for clinical  trials.  The Company
believes that research and development  expense for AngioJet System applications
will  increase in fiscal 2002 as the Company  completes the  development  of its
current  products  and  invests  in  the  development  of  new  AngioJet  System
thrombectomy applications and related products.

     In  October  1999,   the  Company   received  full  FDA  approval  for  its
Investigational  Device Exemption (IDE) application for the clinical trial (TIME
1) of the AngioJet System in the treatment of acute ischemic  stroke.  The first
patient was enrolled in May 2000. After the first five patients had been treated
in the  TIME 1  clinical  trial  for  ischemic  stroke,  a  planned  review  was
conducted.  This review  concluded that the AngioJet NV150  neurocatheter  could
access the middle  cerebral artery where most ischemic  strokes occur,  and that
the device can effectively remove clot from this territory. The review suggested
changes  to  the  protocol  covering  a  variety  of  areas,  including  patient
selection,  exclusion  criteria,  and specifications for physician  technique in
deploying and moving the device in the cerebral vasculature. Physician reviewers
also suggested changes to the device,  to improve the trackability,  flexibility
and  efficacy  profile.  In May 2001,  the FDA  approved the re-start of patient
enrollment in the TIME 1 clinical trial. TIME 1 will enroll up to 30 patients at
up to eight  centers  in the U.S.  to  determine  safety of the  device for this
indication.  Three patients have been enrolled to date under the re-opened trial
and a summary of results is expected after five to ten patients are treated.

Interest Income

     Interest  income  decreased  $97,000 in the three months ended  October 31,
2001, when compared to the same period in the prior year. The decrease is due to
the declining  market interest rates.  The Company expects  interest income on a
quarterly basis to increase slightly during the remainder of fiscal 2002 as cash
is generated from operations.


Liquidity and Capital Resources

     The Company's cash and cash equivalents totaled approximately $11.4 million
at October 31, 2001 versus $9.5 million at July 31, 2001.

     The $1,852,000 net increase in cash and cash equivalents in the most recent
three-month  period was  primarily  due to the net cash  provided  by  operating
activities  of  $1,581,000.  Net  cash  provided  by  operating  activities  was
primarily  due to the net  income  of  $939,000,  depreciation  of  $508,000,  a
decrease in other current assets of $142,000 and an increase in accrued expenses
and other current  liabilities of $301,000.  This net cash provided by operating
activities  was  partially  offset by an increase in inventory of $115,000 and a
decrease in accounts payables of $153,000.  The decrease in other current assets
was due to the expensing of prepaid assets, primarily insurance. The increase in
accrued   liabilities  was  due  to  the  timing  of  the  payments  of  accrued
liabilities.  Inventory  was  increased  due to the  increase  in  demand of the
AngioJet  System.  The decrease in accounts payable was due to the timing of the
payment of accounts payables.  Cash used in investing activities of $341,000 was
for the  purchase of property  and  equipment.  Net cash  provided by  financing
activities  was  $612,000,  which  resulted from the cash received in connection
with the  exercise of stock  options and  warrants  of  $639,000,  offset by the
repayment of debt of $27,000.

<PAGE>


     The Company  expects that fiscal 2002  revenue  from the  AngioJet  System,
primarily  in the  United  States,  will  be in  the  middle  of the  previously
estimated  range of $39 million to $44 million.  Gross margin for fiscal 2002 is
expected to be in the high sixties and low seventies as a percent-of-sales.  The
Company  expects  selling,  general and  administrative  expenses to increase in
fiscal 2002 due to  anticipated  growth in  revenue.  Research  and  development
expenditures  are expected to increase from the fiscal 2001 level as the Company
completes  development  of projects and invests in  development  of new AngioJet
System thrombectomy applications and related products. The Company is increasing
its expected  diluted earnings per share for fiscal 2002 to be at the top of the
previously  estimated  range of $0.18-0.23.  The quarterly  revenue  progression
should  build  steadily  through  the  year,  from a  seasonal  low in the first
quarter,  with  the  profile  being  affected  by  the  timing  of  new  product
introductions  as well as the  timing  of  expenses  related  to  marketing  and
clinical  trials.  In  addition,  the Company  expects that  increasing  working
capital  investments  in trade  receivables  and  inventory  will be required to
support  growing  product sales.  Possis Medical expects its business to be cash
flow positive for the balance of the year, given current plans.


     ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     The Company  invests  its excess cash in money  market  mutual  funds.  The
market risk on such investments is minimal.

     The product sales for the Company's foreign  subsidiary are in U.S. Dollars
("USD").  At the end of October  2001,  the amount of  currency  held in foreign
exchange was approximately  $1,000 USD. The market risk on the Company's foreign
subsidiary operations is minimal.

<PAGE>




                           PART II. OTHER INFORMATION


     ITEM 6. Exhibits and Reports on Form 8-K

     (a)  Exhibits

     Certain of the following  exhibits are incorporated by reference from prior
filings.  The form with which each  exhibit was filed and the date of filing are
indicated below.

Exhibit   Form      Date Filed                        Description


 3.1      10-K   Fiscal year ended         Articles of incorporation as amended
                 July 31, 1994             and restated to date.

 3.2      10-K   Fiscal year ended         Bylaws as amended and restated
                 July 31, 1999             to date.








     (b) Reports on Form 8-K

     Possis Medical,  Inc. filed no reports on Form 8-K during the quarter ended
October 31, 2001.

<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.



                                    POSSIS MEDICAL, INC.


DATE:  December 3, 2001             BY:      /s/
                                         ROBERT G. DUTCHER
                                         President and Chief Executive Officer



DATE:  December 3, 2001             BY:      /s/
                                         EAPEN CHACKO
                                         Vice President of Finance and
                                         Chief Financial Officer