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 January 31, 2003

                                       or

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

     For the transition period from ____________________ to ___________________

                          Commission File Number 0-944

                              POSSIS MEDICAL, INC.
             (exact name of registrant as specified in its charter)

     Minneapolis, Minnesota                        41-0783184
(State or other jurisdiction of         (I.R.S. Employer Identification No.)
 incorporation organization)

     9055 Evergreen Blvd NW                          55433-8003
(Address of principal executive offices)             (Zip Code)

                                 783-780-4555
              (Registrant's telephone number, including area 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  12  months  (or for  such  short  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 by check mark whether the registrant is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act). Yes _X_ No ___

     The number of shares outstanding of the Registrant's Common Stock, $.40 par
value, as of March 11, 2003 was 17,531,988.

<PAGE>


                              POSSIS MEDICAL, INC.

                                      INDEX



PAGE


PART I.     FINANCIAL INFORMATION

  ITEM 1.   Financial Statements

            Consolidated Balance Sheets, January 31, 2003
            and July 31, 2002.............................................    3

            Consolidated Statements of Operations for the three and six
            months ended January 31, 2003 and 2002........................    4

            Consolidated Statements of Cash Flows for the
            six months ended January 31, 2003 and 2002 ...................    5

            Notes to Consolidated Financial Statements....................    6

  ITEM 2.   Management's Discussion and Analysis of Financial
            Condition and Results of Operations...........................    9

  ITEM 3.   Quantitative and Qualitative Disclosures about
            Market Risk ..................................................   16

  ITEM 4.   Controls and Procedures.......................................   16

PART II.    OTHER INFORMATION

  ITEM 4.   Submission of Matters to a Vote of Security Holders...........   18

  ITEM 6.   Exhibits and Reports on Form 8-K..............................   18

            SIGNATURES....................................................   20

<PAGE>

<TABLE>
<CAPTION>

PART 1   FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS


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

                                                                                 January 31, 2003           July 31, 2002
ASSETS

<S>                                                                                 <C>                      <C>
CURRENT ASSETS:
     Cash and cash equivalents.........................................             $26,329,054              $18,556,663
     Trade receivables (less allowance for doubtful
          accounts and returns of $519,000 and
          $582,000, respectively)......................................               6,818,087                5,873,358
     Inventories.......................................................               3,982,444                4,134,817
     Prepaid expenses and other assets.................................                 248,390                  762,615
     Deferred tax asset................................................                 646,000                  646,000

               Total current assets....................................              38,023,975               29,973,453
PROPERTY AND EQUIPMENT, net............................................               2,960,878                3,092,644

DEFERRED TAX ASSET.....................................................               9,584,950               11,623,000

TOTAL ASSETS...........................................................             $50,569,803              $44,689,097



LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
     Trade accounts payable............................................             $ 1,202,250              $ 1,262,711
     Accrued salaries, wages, and commissions..........................               2,036,053                2,471,557
     Other liabilities.................................................               1,375,879                1,200,763
               Total current liabilities...............................               4,614,182                4,935,031

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
     Common stock-authorized, 100,000,000 shares
          of $0.40 par value each; issued and outstanding,
          17,515,270 and 17,274,222 shares, respectively...............               7,006,108                6,909,689
     Additional paid-in capital........................................              80,844,389               78,385,073
     Unearned compensation.............................................                 (33,900)                 (18,900)
     Retained deficit..................................................             (41,860,976)             (45,521,796)
               Total shareholders' equity..............................              45,955,621               39,754,066

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.............................             $50,569,803              $44,689,097

<FN>
See notes to consolidated financial statements.

</FN>
</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                      POSSIS MEDICAL, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
          FOR THE THREE AND SIX MONTHS ENDED JANUARY 31, 2003 AND 2002
                                   (UNAUDITED)

                                                            Three Months Ended               Six Months Ended
                                                      Jan. 31, 2003   Jan. 31, 2002    Jan. 31, 2003   Jan. 31, 2002

<S>                                                   <C>              <C>              <C>             <C>
Product sales........................................  $14,321,660     $10,223,788      $27,003,563     $19,809,056

Cost of sales and other expenses:
     Cost of medical products........................    3,853,761       3,210,495        7,242,459       6,210,477
     Selling, general and administrative.............    5,571,717       4,458,549       11,339,419       9,148,014
     Research and development........................    1,539,385         990,719        2,691,581       2,022,039

           Total cost of sales and other expenses....   10,964,863       8,659,763       21,273,459      17,380,530
Operating income  ...................................    3,356,797       1,564,025        5,730,104       2,428,526
     Interest income.................................       61,369          61,324          127,716         135,351


Income before income taxes...........................    3,418,166       1,625,349        5,857,820       2,563,877
Provision for income taxes...........................    1,282,000            --          2,197,000            --


Net income  .........................................  $ 2,136,166     $ 1,625,349      $ 3,660,820     $ 2,563,877

Weighted average number of common
    shares outstanding:
         Basic.......................................   17,358,386      17,021,773       17,318,338      16,939,977
         Diluted.....................................   18,960,549      18,775,412       18,612,394      18,514,403

Net income per common share:
         Basic.......................................        $0.12           $0.10            $0.21           $0.15
         Diluted.....................................        $0.11           $0.09            $0.20           $0.14




<FN>
See notes to consolidated financial statements.

</FN>
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                      POSSIS MEDICAL, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE SIX MONTHS ENDED JANUARY 31, 2003 AND 2002
                                   (UNAUDITED)

                                                                                         2003                  2002
<S>                                                                                  <C>                   <C>
OPERATING ACTIVITIES:
Net income......................................................................     $ 3,660,820           $ 2,563,877
Adjustments to reconcile net income to net
  cash provided by (used in) operating activities:
Depreciation....................................................................       1,066,493             1,035,880
Loss (gain) on asset disposal...................................................           9,388                (5,661)
Stock compensation expense......................................................         142,050               153,440
Deferred taxes..................................................................       2,038,050                   --
Expense reimbursement from city government......................................             --                (83,866)
Writedown due to impairment of assets...........................................             --                 70,000
Increase in trade receivables...................................................        (944,729)             (863,317)
Increase in inventories.........................................................        (204,578)             (245,197)
Decrease in other assets........................................................         514,225               124,728
Decrease in trade accounts payable..............................................         (60,461)             (363,707)
(Decrease) increase in accrued and other liabilities............................        (260,388)              257,946
      Net cash provided by operating activities.................................       5,960,870             2,644,123

INVESTING ACTIVITIES:
Additions to property and equipment.............................................        (615,239)             (467,608)
Proceeds from the disposal of assets............................................          28,075                 5,661
Shares repurchased..............................................................        (140,978)                  --
      Net cash used in investing activities                                             (728,142)             (461,947)

FINANCING ACTIVITIES:
Proceeds from issuance and exercise of
 options and warrants...........................................................       2,539,663             1,873,106
Repayment of long-term debt.....................................................             --                (26,522)
      Net cash provided by financing activities.................................       2,539,663             1,846,584

INCREASE IN CASH AND CASH EQUIVALENTS ..........................................       7,772,391             4,028,760
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD................................      18,556,663             9,515,751
CASH AND CASH EQUIVALENTS AT END OF PERIOD......................................     $26,329,054           $13,544,511

SUPPLEMENTAL CASH FLOW DISCLOSURE:
Inventory transferred to property and equipment.................................     $    47,951           $       --
Issuance of restricted stock....................................................          36,000                36,000
Accrued payroll taxes related to restricted stock...............................             --                (12,600)


<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 2002 Annual Report.

     2. INTERIM FINANCIAL STATEMENTS

     Operating  results for the three and six month  periods  ended  January 31,
2003 are not necessarily  indicative of the results that may be expected for the
year ending July 31, 2003.

     3. ACCOUNTING PRONOUNCEMENTS

     In August 2001, the Financial  Accounting  Standards  Board ("FASB") issued
Statement  of  Financial  Accounting  Standards  No.  144,  "Accounting  for the
Impairment or Disposal of Long-Lived  Assets"  ("SFAS  144"),  which  supersedes
Statement  of  Financial  Accounting  Standards  No.  121,  "Accounting  for the
Impairment of  Long-Lived  Assets and for  Long-Lived  Assets to be Disposed Of"
("SFAS 121") and amends  Accounting  Principles Board Opinion No. 30, "Reporting
the Effects of Disposal of a Segment of a Business,  and Extraordinary,  Unusual
and  Infrequently  Occurring  Events and  Transactions."  SFAS 144 requires that
long-lived assets that are to be disposed of by sale be measured at the lower of
book value or fair value less costs to sell.  SFAS 144 retains  the  fundamental
provisions of SFAS 121 for (a)  recognition and measurement of the impairment of
long-lived  assets to be held and used, and (b) measurement of long-lived assets
to be disposed of by sale.  The Company was required to adopt SFAS 144 on August
1,  2002.  The  adoption  of SFAS  144 did not  have a  material  impact  on the
Company's consolidated balance sheet or results of operations.

     In April 2002, the FASB issued SFAS No. 145, "Rescission of FASB Statements
No.  4,  44,  and  64.  Amendment  of  FASB  Statement  No.  13,  and  Technical
Corrections"  ("SFAS 145"). SFAS 145 rescinds Statement of Financial  Accounting
Standards No. 4, "Reporting Gains and Losses from Extinguishment of Debt," which
required all gains and losses from extinguishment of debt to be classified as an
extraordinary  item.  SFAS 145 is effective for fiscal years beginning after May
15, 2002,  with early adoption  encouraged.  The Company  adopted SFAS 145 as of
August 1, 2002.  The adoption of SFAS 145 did not have a material  impact on the
Company's consolidated balance sheet or results of operations.

<PAGE>

     In June  2002,  the  FASB  issued  SFAS  No.  146,  "Accounting  for  Costs
Associated  with Exit or  Disposal  Activities."  SFAS 146  addresses  financial
accounting and reporting for costs  associated with exit or disposal  activities
and replaces Emerging Issues Task Force ("EITF") Issue No. 94-3. The Company was
required to apply SFAS 146  effective for any exit or disposal  activities  that
were initiated  after December 31, 2002. The adoption of SFAS 146 did not have a
material  impact on the  Company's  consolidated  balance  sheet or  results  of
operations.

     In November 2002, the FASB issued FASB  Interpretation No. 45, "Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantees,  Including  Indirect
Guarantees  of   Indebtedness   of  Others"  (FIN  45).  FIN  45  clarifies  the
requirements  for  a  guarantor's  accounting  for  and  disclosure  of  certain
guarantees  issued  and  outstanding.   The  initial   recognition  and  initial
measurement provisions of FIN 45 are applicable to guarantees issued or modified
after December 31, 2002. The disclosure requirements of FIN 45 are effective for
financial statements of interim or annual periods ending after December 15, 2002
(see Note 9).

     In  December  2002,  the FASB  issued  Statement  of  Financial  Accounting
Standards No. 148,  "Accounting  for  Stock-Based  Compensation - Transition and
Disclosure"  ("SFAS  148"),  which  amends  Statement  of  Financial  Accounting
Standards No. 123, "Accounting for Stock-Based  Compensation" ("SFAS 123"). SFAS
148 provides  alternative  methods of transition  for a voluntary  change to the
fair value based method of accounting for stock-based employee compensation.  In
addition,  SFAS 148 amends the  disclosure  requirements  of SFAS 123 to require
more  prominent and more  frequent  disclosures  in financial  statements of the
effects  of  stock-based  compensation.   The  transition  guidance  and  annual
disclosure  provisions  of SFAS 148 are  effective for fiscal years ending after
December 15, 2002. The interim disclosure provisions are effective for financial
reports containing  condensed financial statements for interim periods beginning
after  December  15,  2002.  The  adoption of SFAS 148 is not expected to have a
material  impact on the  Company's  consolidated  balance  sheet or  results  of
operations.  The Company will provide the interim  disclosures  required by SFAS
148 beginning in the third quarter of 2003.

     4. INVENTORIES

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

                                          January 31,         July 31,
                                             2003              2002
        Finished  goods.................  $1,721,974        $1,883,933
        Work-in-process.................   1,071,017           805,911
        Raw materials...................   1,189,453         1,444,973

                                          $3,982,444        $4,134,817

<PAGE>


     5. 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:

                                       January 31,     July 31,
                                          2003           2002      Life
     Leasehold improvements........... $1,501,358    $1,454,833    10 years
     Equipment........................  6,831,657     7,536,959    3 to 10 years
     Assets in construction...........    135,120       138,271    N/A
                                        8,468,135     9,130,063
     Less accumulated depreciation....  5,507,257     6,037,419

     Property and equipment - net..... $2,960,878    $3,092,644

     6. 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-wide  basis due to shared
infrastructures to make operating and strategic decisions.

     Total  revenues  by United  States and  outside  the  United  States are as
follows:

                               Three Months Ended            Six Months Ended
                              Jan. 31       Jan. 31       Jan. 31       Jan. 31
                               2003          2002          2003          2002

     United States.......  $14,082,151   $10,069,238   $26,481,572   $19,573,056
     Non-United States...      239,509       154,550       521,991       236,000
     Total revenues......  $14,321,660   $10,223,788   $27,003,563   $19,809,056

     7. NET INCOME PER COMMON SHARE

     Basic  income 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 income 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.

     8. COMMON STOCK

     During the six months ended  January 31, 2003,  stock  options and warrants
for the purchase of 225,224 shares of the Company's  common stock were exercised
at prices between $2.22 and $13.13 per share.

     During the six months ended  January 31, 2003,  the Company  issued  23,814
shares in connection with its employee stock purchase plan.

<PAGE>

     During the six months  ended  January 31,  2003,  the Company  issued 2,010
shares of restricted stock to the outside members of the Board of Directors.

     During the six months  ending  January 31,  2003,  the Company  repurchased
10,000 shares in the public market at stock prices between $14.02 and $14.29 per
share.

     9. ACCRUED WARRANTY COSTS

     The Company  estimates  the amount of warranty  claims on sold product that
may be  incurred  based on current  and  historical  data.  The actual  warranty
expense  could differ from the  estimates  made by the Company  based on product
performance.  The following table presents the changes in the Company's  product
warranty liability:


      Accrued warranty costs at July 31, 2002.............          $123,000
      Payments made for warranty costs....................           (94,200)
      Accrual for product costs...........................           157,700
      Accrued warranty costs at January 31, 2003..........          $186,500


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

Forward-Looking Statements

     Certain  statements  made  in  Management's   Discussion  and  Analysis  of
Financial  Condition and Results of  Operations  and elsewhere in this Form 10-Q
are "forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995.  Such statements can be identified by the use of terminology
such as "anticipate,"  "believe,"  "could,"  "estimate,"  "expect,"  "forecast,"
"intend," "may," "plan,"  "possible,"  "project,"  "should," "will," and similar
words or expressions.  Our  forward-looking  statements  relate to the Company's
ability to increase  sales of  disposable  product and  capital  equipment;  its
ability to obtain  additional FDA approvals;  the ability to open up new foreign
markets,   such  as  Japan;   customer  responses  to  the  Company's  marketing
strategies;  future revenue levels,  gross margins,  expense levels;  ability to
retain and motivate skilled  employees  especially  sales positions;  ability to
expand the sales force;  deferred  tax asset  valuation  allowance;  its outlook
including  earnings per share;  future equity  financing needs and the Company's
ability to develop new products and enhance existing ones. These forward-looking
statements are 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 clinical and market
acceptance of our products;  factors  affecting the health care industry such as
restricting sales time at interventional labs;  consolidation,  cost containment
and trends  toward  managed  care;  changes in  supplier  requirements  by group
purchasing organizations;  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;
changes in  reimbursement;  the  development  of new  competitive  products  and
compounds that may make our products obsolete;  sudden restrictions in supply of
key materials and  deterioration of general market and economic  conditions.  We
also  caution you not to place undue  reliance  on  forward-looking  statements,
which speak only as of the date made. Any or all  forward-looking  statements in
this  report  and in any  other  public  statements  we make  may turn out to be
inaccurate  or false.  They can be affected by inaccurate  assumptions  we might
make or by known or  unknown  risks and  uncertainties.  Except as  required  by
federal   securities   laws,   we   undertake  no   obligation   to  update  any
forward-looking  statement.  A discussion  of these and other factors that could
impact the Company's  future results are set forth in the risk factors  included
in Exhibit 99.1 to the  Company's  Form 10-K for the year ended July 31, 2002 as
filed with the Securities and Exchange Commission.

<PAGE>


Critical Accounting Policies

     The consolidated  financial  statements include accounts of the Company and
all  wholly-owned  subsidiaries.  The  preparation  of financial  statements  in
conformity with accounting principles generally accepted in the United States of
America  requires  management  to make  estimates  and  assumptions  in  certain
circumstances  that affect  amounts  reported in the  accompanying  consolidated
financial  statements  and  related  footnotes.  In  preparing  these  financial
statements,  management  has made its best  estimates  and  judgments of certain
amounts  included  in the  financial  statements,  giving due  consideration  to
materiality. The Company's most critical accounting policies are those described
below.  The  Company  believes  that the  amounts  reported  will be  materially
accurate due to the accounting policies described below. However, application of
these  accounting  policies  involves  the  exercise  of  judgment  and  use  of
assumptions as to future  uncertainties  and, as a result,  actual results could
differ from these estimates.

Revenue Recognition

     Revenues  associated with products that are already  maintained at customer
locations are recognized  and ownership and risk of loss are  transferred to the
customer  when the Company  receives a valid  purchase  order from the customer.
Revenues  associated  with  products  that are not  maintained  at the  customer
locations  are  recognized  and  title and risk of loss are  transferred  to the
customer when a valid  purchase  order is received and the products are received
at the  customer's  location.  Provisions  for returns are  recorded in the same
period the related revenues are recognized.

Allowance for Returns

     Accounts  receivable  are  reduced  by an  allowance  for items that may be
returned in the future.  The allowance requires us to make estimates at the time
the account receivable is recorded  concerning the likelihood for returns in the
future. The estimate is based upon historical  experience,  information received
from our customers and on assumptions  that are believed to be reasonable  under
the circumstances.  Management,  on a quarterly basis, evaluates the adequacy of
the allowance for returns.  Management  believes the amount of the allowance for
returns is appropriate;  however,  actual returns incurred could differ from the
original estimate, requiring adjustments to the allowance.

<PAGE>

Allowance for Doubtful Accounts

     At the time  accounts  receivable  are  recorded,  they are  reduced  by an
allowance for amounts that may become uncollectible in the future. Substantially
all of the Company's  receivables are due from health care facilities located in
the United States.  The estimated  allowance for doubtful accounts is based upon
the  age  of  the   outstanding   receivables   and  the  payment   history  and
creditworthiness of each customer.  Management,  on a quarterly basis, evaluates
the adequacy of the allowance  for doubtful  accounts.  Management  believes the
amount  of  the  allowance  for  doubtful  accounts  is  appropriate;   however,
nonpayment  of accounts  could  differ  from the  original  estimate,  requiring
adjustments to the allowance.

Inventories

     Inventories  are  valued  at the  lower  of cost or  market.  In  order  to
determine  the  market  value of  inventory  on a  quarterly  basis,  management
assesses the inventory  quantities  on hand to estimated  future usage and sales
and, if necessary,  writes down inventory deemed excess or obsolete to estimated
market value.

Warranty Reserve

     The Company provides a one-year limited warranty on its AngioJet(R)  System
drive unit and a limited warranty on AngioJet System  disposable  products.  The
Company  establishes  a warranty  reserve at the time  products  are sold and is
based upon historical frequency of claims relating to the Company's products and
the  cost to  replace  disposable  products  and to  repair  drive  units  under
warranty.  Management,  on a  quarterly  basis,  evaluates  the  adequacy of the
warranty  reserve.  Management  believes the amount of the  warranty  reserve is
appropriate;  however,  actual  claims  incurred  could differ from the original
estimate, requiring adjustments to the reserve.

Deferred Tax Asset Valuation Allowance

     The Company became profitable starting in the third quarter of fiscal 2001.
It has maintained profitability for eight quarters, including the second quarter
of fiscal  2003.  Prior to the fourth  quarter of fiscal  2002,  the Company had
reduced its net deferred tax asset to zero through a valuation  allowance due to
the  uncertainty of realizing such asset.  In the fourth quarter of fiscal 2002,
the  Company  reassessed  the  likelihood  that the  deferred  tax asset will be
recovered  from  future  taxable  income.  Due to the  previous  two full years'
operating results projected forward, the Company reduced its valuation allowance
on the deferred tax asset by $12,269,000. Management will continue to assess the
likelihood that the balance of the deferred tax asset will be realizable and the
valuation allowance will be adjusted accordingly.


Results of Operations

Three and Six Month Periods Ended January 31, 2003 and 2002

     Total product  sales for the three months ended January 31, 2003  increased
$4,098,000,  or 40%, to $14,322,000  compared to $10,224,000  for the comparable
period in fiscal 2002.  Total product sales for the six months ended January 31,
2003 increased  $7,195,000,  or 36%, to $27,004,000  compared to $19,809,000 for
the comparable  period in fiscal 2002. The Company  recorded  pre-tax income for
the quarter ended January 31, 2003 of  $3,418,000,  or $0.18 per diluted  share.
This  compared  to pre-tax  income in fiscal  2002 of  $1,625,000,  or $0.09 per
diluted share.  For the six months ended January 31, 2003, the Company  recorded
pre-tax  income of  $5,858,000,  or $0.31 per diluted  share.  This  compared to
pre-tax  income in fiscal 2002 of $2,564,000,  or $0.14 per diluted  share.  The
Company  recorded after tax net income for the quarter ended January 31, 2003 of
$2,136,000, or $0.11 per diluted share, compared to net income of $1,625,000, or
$0.09 per diluted share,  in the comparable  quarter in 2002. For the six months
ended January 31, 2003,  the Company  recorded net income of $3,661,000 or $0.20
per diluted share,  compared to net income of  $2,564,000,  or $0.14 per diluted
share, in the same period in 2002.

<PAGE>

Revenue - AngioJet System

     U.S.  AngioJet  System  revenue for the three months ended January 31, 2003
increased 40% to $14,082,000  from $10,069,000 for the same period in 2002. U.S.
AngioJet  System revenue for the six months ended January 31, 2003 increased 35%
to $26,482,000  from  $19,573,000 in 2002. 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
continuing  customer  acceptance of our improved coronary and peripheral product
lines.  The Company began  marketing  the XVG(R)  catheter in April 2002 for the
removal of blood  clots in  peripheral  arteries  and the  Xpeedior(R)  Plus 120
catheter  in August  2002 to  remove  blood  clots in  peripheral  arteries.  In
addition, the Company's Xpeedior catheters,  including the XMI(R) (XMI) catheter
continue to have increased acceptance 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.

     In April 2002, the Company released to the U.S. market its new 5 French XVG
catheter for use in removing blood clots from peripheral  arteries  greater than
or equal to 3mm in diameter.  The 140cm XVG catheter  becomes the highest power,
long  catheter in the Possis  product  line,  which  includes  the XMI.  The XVG
incorporates  the  proprietary  Cross-Stream  technology  platform,  and  it  is
optimized  for vessels  3-8mm in diameter.  The  combination  of longer  length,
Cross-Stream technology,  higher clot removal rate, and improved pushability and
tractability  should make this a  versatile  catheter  for  dealing  with larger
vessels, more distal vessels, and older, more problematic clot burdens.

     In August 2002,  the Company  released to the U.S.  market the new Xpeedior
Plus 120  catheter  for use in  removing  blood clots from  peripheral  arteries
greater than or equal to 3mm in diameter.  The Xpeedior  Plus 120 catheter is an
improved  version of our Xpeedior  100.  Compared to the  Xpeedior  100, the new
catheter's  longer length will allow the physician to treat more distal vessels.
The Xpeedior Plus 120 also has the added  features of dual marker bands, a braid
shaft and a sleek tapered tip for greater ease of use.

     As of January 31, 2003, the Company had a total of 932 domestic drive units
in the field,  compared to 771 drive units at January 31, 2002, and 898 units as
of October 31, 2002.  During the three month period ended January 31, 2003,  the
Company's  catheter sales increased  approximately  29% to approximately  10,400
catheters  versus  approximately  8,100 catheters in the same prior year period.
During the six month period ended January 31, 2003, the Company's catheter sales
increased   approximately   28%  to   approximately   19,900   catheters  versus
approximately  15,600  catheters  in the same prior  year  period.  The  average
catheter  utilization  rate per  installed  domestic  drive unit was 11.0 in the
second quarter of fiscal 2003, compared to a rate of 10.6 in the same prior year
period,  and compared to a rate of 10.6 in the first quarter of fiscal 2003. The
Company  sold 63 and 117 drive  units  during  the three  and six  months  ended
January 31,  2003,  respectively,  compared to 42 and 87 drive units in the same
periods in the prior year, respectively.

<PAGE>

     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 six  purchasing  groups in
order to accelerate  orders and increase market  penetration.  These  purchasing
groups evaluate and screen new medical  technologies on behalf of their members,
and  once  they  recommend  a  technology,  such as the  AngioJet  System,  they
negotiate  pre-determined  discounts on behalf of their members. The benefit for
the  Company is access to the  recommended  vendor  list,  along with  marketing
support  provided by the  purchasing  group.  The  purchasing  groups  receive a
marketing fee on their member  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.  The discounts
reduce gross revenue on the income statement,  while marketing fees are included
in selling, general and administrative expense on the income statement.

     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 and six month  periods
ended January 31, 2003 were $240,000 and $522,000,  respectively.  This compared
to foreign sales of the AngioJet System of $155,000 and $236,000,  respectively,
for the same periods the previous  year.  The increase in sales is primarily due
to the  introduction of the XMI and XVG catheters and the increase in drive unit
sales in the  European  market.  The Company  has  recently  expanded  the sales
territory  of  one of its  existing  European  distributors  to  expand  product
penetration in Europe. In Japan, the Company has discontinued  negotiations with
its prospective Japanese  distributor.  The Company has decided to independently
pursue an alternative  regulatory  strategy that will utilize our U.S.  coronary
clinical  trial  results and  extensive  body of published  clinical  studies to
secure  regulatory  approval  and  satisfactory  reimbursement  for the AngioJet
System with the XMI catheter by the second quarter of fiscal 2004.

     The Company believes that the treatment of blood clots in coronary vessels,
peripheral  vessels,   vessels  in  the  brain  and  vascular  grafts,   provide
significant worldwide marketing opportunities for the AngioJet System.

Cost of Medical Products

     Cost of medical  products  increased  $643,000 to  $3,854,000  in the three
month period ended  January 31, 2003 over the same period in the previous  year,
and increased  $1,032,000  to $7,242,000  for the six month period ended January
31,  2003  over the same  period  in the  previous  year.  These  increases  are
primarily due to the  significant  growth in the U.S.  AngioJet  System  product
sales.  For the three months ended  January 31, 2003,  gross profit  improved by
$3,455,000  to  $10,468,000  over the same  period in the  previous  year.  This
resulted in a gross profit margin of 73% as a percentage of product  sales.  The
gross margin rate in the second quarter of fiscal 2003 was  negatively  impacted
by approximately  1% by  manufacturing  issues that resulted in higher scrap and
rework rates.  Gross margins  improved  $6,163,000 to  $19,761,000,  or 73% as a
percentage  of product  sales,  for the six month period ended  January 31, 2003
over the same period in the previous  year.  This compares to gross margins as a
percentage  of product  sales of 69% for each of the three and six month periods
ended January 31, 2002.  The  improvement  in gross margins was driven by higher
volumes of the XMI, XVG and Xpeedior  catheters,  an improvement in the long and
middle  catheter  product mix in the three and six months ended January 31, 2003
as compared to same period in the previous  fiscal year.  This was offset by the
impact of higher  international  sales versus the prior year period. The Company
believes that gross margins will be in the low to mid seventies, as a percent to
sales, for the remainder of fiscal 2003.

<PAGE>

Selling, General and Administrative Expense

     Selling,   general  and  administrative  expense  increased  $1,113,000  to
$5,572,000 for the three months ended January 31, 2003 and increased  $2,191,000
to $11,339,000  for the six months ended January 31, 2003,  compared to the same
periods in the previous  year. The primary  factors in the expense  increase for
the three months ended  January 31, 2003 were the $450,000  additional  expenses
associated  with the growth in the sales force versus a year ago, sales meetings
and  conventions  of $141,000,  increased  expenses  associated  with  marketing
studies of  $172,000  and higher  medical  insurance  expense of  $160,000.  The
primary  factors for the expense  increase for the six months ended  January 31,
2003 were the $825,000  additional  expenses  associated  with the growth in the
sales force  versus a year ago,  sales  meetings  and  conventions  of $276,000,
increased  expenses  associated  with  marketing  studies of $255,000 and higher
medical insurance expense of $330,000. The Company expects selling,  general and
administrative  expense to increase for the remainder of fiscal 2003 as a result
of the Company's plan to hire an additional twelve sales clinical specialists to
enhance marketing penetration and due to the anticipated growth in U.S. AngioJet
System revenue.

Research and Development Expense

     Research and development  expense increased $549,000 to $1,539,000,  in the
three months ended  January 31,  2003,  when  compared to the same period in the
prior year. Research and development expense increased $670,000 to $2,692,000 in
the six months ended January 31, 2003. These increases were primarily due to the
shifting  of  priorities  between  various  development  projects.  The  Company
believes that research and development  expense for AngioJet System applications
will  increase  for the  remainder of fiscal 2003 as the Company  completes  the
development  of its  current  products  and  invests in the  development  of new
AngioJet System  thrombectomy  applications and related products,  including its
distal protection device.

Interest Income

     Interest  income was $61,000 in the three months ended January 31, 2003 and
2002. Interest income decreased $8,000 in the six months ended January 31, 2003,
when  compared to the same period in the prior year.  The decrease is due to the
declining  market interest rates which was only partially offset by the increase
in cash and cash equivalents. The Company expects interest income on a quarterly
basis to  increase  slightly  during  the  remainder  of fiscal  2003 as cash is
generated from operations.

<PAGE>

Provision For Income Taxes

     The  Company  recorded a  provision  for  income  taxes of  $1,282,000  and
$2,197,000  or 37.5% of income  before income taxes for the three and six months
ended  January 31, 2003.  The tax  provision  for the three and six months ended
January  31,  2002 was  reduced to zero due to the  reduction  of the  Company's
deferred tax asset valuation allowance.

     The Company became profitable starting in the third quarter of fiscal 2001.
It has maintained profitability for eight quarters, including the second quarter
of fiscal 2003.  Prior to the fourth quarter of fiscal 2002, the Company reduced
its net  deferred  tax asset to zero  through a valuation  allowance  due to the
uncertainty of realizing  such asset.  In the fourth quarter of fiscal 2002, the
Company  reassessed the likelihood that the deferred tax asset will be recovered
from future  taxable  income.  Due to the  previous  two full  years'  operating
results projected  forward,  the Company reduced its valuation  allowance on the
deferred tax asset by  $12,269,000.  $11,526,000 is recorded as a tax benefit in
fiscal 2002. The remaining  $743,000 relates to disqualified  stock options that
are recorded in the Consolidated  Statement of Changes in Shareholders'  Equity.
Management  will  continue  to assess  the  likelihood  that the  balance of the
deferred  tax asset  will be  realizable  and the  valuation  allowance  will be
adjusted accordingly. The Company expects that if operations continue to improve
in fiscal 2003, the remaining valuation allowance will be reduced to zero by the
end of fiscal 2003.


Liquidity and Capital Resources

     The Company's cash and cash equivalents totaled approximately $26.3 million
at January 31, 2003 versus $18.6 million at July 31, 2002.

     The $7,772,000 net increase in cash and cash equivalents in the most recent
six-month  period  was  primarily  due to the net  cash  provided  by  operating
activities  of  $5,961,000.  Net  cash  provided  by  operating  activities  was
primarily due to the net income of $3,661,000, depreciation of $1,066,000, stock
compensation   expense  of  $142,000,  a  decrease  in  deferred  tax  asset  of
$2,038,000,  and a decrease in other assets of $514,000.  This net cash provided
by operating activities was partially offset by an increase in trade receivables
of  $945,000,  an increase in  inventory  of $205,000 and a decrease in accounts
payable and accrued liabilities of $321,000. Depreciation includes company-owned
drive units at  customer  locations,  as well as  corporate-owned  property  and
equipment.  The decrease in deferred tax asset was due to the utilization of the
net operating loss  carryovers to offset current taxes payable.  The decrease in
other assets was due to the  collection of a grant  receivable and the reduction
of prepaid  insurance.  The Company received a grant from the National Institute
of Neurological Disorders and Stroke in the amount of $248,000. The grant helped
fund  development  of the AngioJet  NV150  catheter for ischemic  stroke.  Trade
receivables  increased due to the increase in revenue for the three-month period
ending  January 31,  2003 as  compared  to revenue for the last three  months of
fiscal  2002.  Inventory  was  increased  to meet the  increase in demand of the
AngioJet  System.  The decrease in accounts payable was due to the timing of the
payment of accounts payables. The decrease in accrued liabilities was due to the
timing of the  payments  of accrued  liabilities  and the payment of fiscal 2002
corporate  incentives in September 2002.  Cash used in investing  activities was
$728,000.  This  includes the purchase of $615,000 of property and equipment and
the  repurchase  of 10,000  shares for  $141,000 of the  Company's  stock in the
public stock market.  Net cash provided by financing  activities was $2,540,000,
which  resulted from the cash received in connection  with the exercise of stock
options and warrants.

<PAGE>

Outlook

     The  Company  expects  that  overall  revenue  from  the  AngioJet  System,
primarily  in the  United  States,  will be in the range of $55  million  to $58
million in fiscal  2003.  Gross  margin for fiscal 2003 is expected to be in the
low to mid  seventies,  as a percent  of sales.  The  Company  expects  selling,
general and  administrative  expenses  to  increase  further in fiscal 2003 as a
result  of the  Company's  plans to hire an  additional  twelve  sales  clinical
specialists during the fiscal 2003 third quarter to enhance market  penetration.
Research and development  expenditures are expected to continue to increase from
the fiscal  2002 level as the Company  completes  development  of  projects  and
invests in  development of new AngioJet  System  thrombectomy  applications  and
related products including clinical trials. The Company expects pre-tax, diluted
earnings  per share  for the full  year in the  range of $0.62 to $0.68.  Income
after tax diluted earnings per share is estimated to be in the range of $0.39 to
$0.43, not including any potential tax benefit related to a further reduction of
the deferred  tax asset  valuation  allowance.  The  quarterly  earnings for the
balance  of the  fiscal  year  will  depend on the  timing of the  hiring of the
additional twelve sales clinical  specialists and various R&D expenses including
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. The Company's  primary source of cash is from its
product sales.  Collections of the trade receivables  resulting from the product
sales are reviewed  monthly to ensure that the  customers are paying in a timely
manner.  The  Company's  use of cash is for  payment  of normal  trade  accounts
payable, capital equipment purchases,  employee compensation,  stock repurchases
and other  normal  business  expenses,  all on terms that are  customary  in the
industry. The Company is current with its vendors.



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 January  2003,  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.

     The Company does not have any debt or off balance sheet liabilities.


ITEM 4.  CONTROLS AND PROCEDURES

     (a) Evaluation of disclosure controls and procedures.  The term "disclosure
controls and  procedures"  is defined in Rules  13a-14(c)  and  15d-14(c) of the
Securities and Exchange Act of 1934 ("Exchange  Act").  These rules refer to the
controls  and other  procedures  of a company  that are  designed to ensure that
information  required to be  disclosed by a company in the reports that it files
under the Exchange Act is recorded,  processed,  summarized and reported  within
required  time  periods.  Our chief  executive  officer and our chief  financial
officer have evaluated the  effectiveness of the Company's  disclosure  controls
and procedures as of January 31, 2003, (the  "Evaluation  Date"),  and they have
concluded  that, as of the Evaluation  Date,  such controls and procedures  were
effective at ensuring  that required  information  will be disclosed on a timely
basis in our  reports  filed  under  the  Securities  Exchange  Act of 1934,  as
amended.

     (b)  Changes  in  internal  controls.  We  maintain  a system  of  internal
accounting  controls that are designed to provide reasonable  assurance that our
books and records  accurately  reflect our transactions and that our established
policies and  procedures are carefully  followed.  For the quarter ended January
31, 2003, there were no significant changes to our internal controls or in other
factors that could significantly  affect our internal controls,  and we have not
identified any significant  deficiencies or material  weaknesses in our internal
controls.

<PAGE>


PART II.  OTHER INFORMATION

ITEM 4.   Submission of Matters to a Vote of Security Holders

     a. The 2002 annual meeting of shareholders of Possis Medical, Inc. was held
on December 11, 2002.

     b. By the following vote,  management's  nominees were elected as directors
of the  Corporation  for one year or until  their  successors  are  elected  and
qualified:

                                                 FOR               WITHHELD

   Robert G. Dutcher .................        15,478,061            991,524
   Mary K. Brainerd...................        15,861,784            607,801
   Seymour J. Mansfield...............        15,910,504            559,081
   William C. Mattison, Jr............        15,916,106            553,479
   Whitney A. McFarlin................        15,873,844            595,741
   Donald C. Wegmiller................        15,963,432            506,153
   Rodney A. Young....................        14,455,659          2,013,926

     The names of each  Director  whose term of office as a  Director  continued
after the meeting are as follows:  Robert G. Dutcher, Mary K, Brainerd,  Seymour
J.  Mansfield,  William  C.  Mattison,  Jr.,  Whitney  A.  McFarlin,  Donald  C.
Wegmiller, and Rodney A. Young.

     c. By a vote of 15,899,572 in the affirmative,  464,122 in the negative and
105,891   abstaining,   the   appointment  of  Deloitte  &  Touche  LLP  as  the
Corporation's certified public accountants was ratified.


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                                 Description

   3.1    Articles of incorporation as amended and restated to date
            (incorporated by referenace to Exhibit [3.1] of the Company's
            Annual Report on Form 10-K for the fiscal year ended July 31, 1994).

   3.2    Bylaws as amended and restated to date (incorporated by reference to
            Exhibit [3.2] of the Company's Annual Report on Form 10-K for the
            fiscal year ended July 31, 1999)

  99.1    Certification pursuant to 18 U.S.C. Section 1350, as Adopted pursuant
            to Section 906 of the Sarbanes-Oxley Act of 2002.


     (b) Reports on Form 8-K

     Possis Medical,  Inc. filed no reports on Form 8-K during the quarter ended
January 31, 2003.

<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:  March 17, 2003     BY:      /s/
                          ROBERT G. DUTCHER
                          Chairman, President and Chief Executive Officer



DATE:  March 17, 2003     BY:     /s/
                          EAPEN CHACKO
                          Vice President of Finance and Chief Financial Officer

<PAGE>



     Certification  of Chief Executive  Officer,  Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002




I, Robert G. Dutcher, certify that:

     1. I have reviewed this  quarterly  report on Form 10-Q of Possis  Medical,
Inc. (Possis Medical);

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial condition, results of operations and cash flows of Possis
Medical as of, and for, the periods presented in this quarterly report;

     4. Possis  Medical's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a. designed such disclosure controls and procedures to ensure that material
information relating to Possis Medical, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

     b. evaluated the effectiveness of Possis Medical's  disclosure controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

     c.  presented  in  this  quarterly   report  our   conclusions   about  the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

<PAGE>

     5. Possis Medical's other certifying officer and I have disclosed, based on
our most recent evaluation, to Possis Medical's auditors and the audit committee
of Possis  Medical's  board of directors (or persons  performing  the equivalent
function):

     a. all  significant  deficiencies  in the design or  operation  of internal
controls  which  could  adversely  affect  Possis  Medical's  ability to record,
process,  summarize and report  financial  data and have  identified  for Possis
Medical's auditors any material weaknesses in internal controls; and

     b. any fraud,  whether or not material,  that involves  management or other
employees who have a significant role in Possis Medical's internal controls; and

     6. Possis Medical's other  certifying  officer and I have indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.



Date: March 17, 2003                      /s/
                                          Robert G. Dutcher
                                          Chairman, President and
                                          Chief Executive Officer

<PAGE>


     Certification  of Chief Financial  Officer,  Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002

     I, Eapen Chacko, certify that:

     1. I have reviewed this  quarterly  report on Form 10-Q of Possis  Medical,
Inc. (Possis Medical);

     2. Based on ading with  respect  to the  period  covered by this  quarterly
report;


     3. Based on meriods presented in this quarterly report;

     4. Possis  Medical's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a. designed such disclosure controls and procedures to ensure that material
information relating to Possis Medical, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

     b. evaluated the effectiveness of Possis Medical's  disclosure controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

     c.  presented  in  this  quarterly   report  our   conclusions   about  the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

<PAGE>

     5. Possis Medical's other certifying officer and I have disclosed, based on
our most recent evaluation, to Possis Medical's auditors and the audit committee
of Possis  Medical's  board of directors (or persons  performing  the equivalent
function):

     a. all  significant  deficiencies  in the design or  operation  of internal
controls  which  could  adversely  affect  Possis  Medical's  ability to record,
process,  summarize and report  financial  data and have  identified  for Possis
Medical's auditors any material weaknesses in internal controls; and

     b. any fraud,  whether or not material,  that involves  management or other
employees who have a significant role in Possis Medical's internal controls; and

     6. Possis Medical's other  certifying  officer and I have indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.



Date: March 17, 2003                      /s/
                                          Eapen Chacko
                                          Chief Financial Officer
                                          Vice President of Finance

<PAGE>

                                                                   EXHIBIT 99.1


     CERTIFICATION  PURSUANT TO 18 U.S.C.  SECTION 1350, AS ADOPTED  PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


     In connection with this quarterly  report of Possis  Medical,  Inc. on Form
10Q for the period  ended  January  31,  2003 as filed with the  Securities  and
Exchange  Commission  on the date hereof ("the  Report"),  I, Robert G. Dutcher,
Chief Executive Officer of Possis Medical, Inc., certify,  pursuant to 18 U.S.C.
Section 1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley  Act of
2002, that:

     1. The report fully  complies  with the  requirements  of Section  13(a) or
15(d) of the Securities Exchange Act of 1934; and

     2.  The  information  contained  in this  report  fairly  presents,  in all
material respects,  the financial  condition and results of operations of Possis
Medical, Inc.




March 17, 2003                            /s/
                                          Robert G. Dutcher
                                          Chief Executive Officer

<PAGE>


     CERTIFICATION  PURSUANT TO 18 U.S.C.  SECTION 1350, AS ADOPTED  PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


     In connection with this quarterly  report of Possis  Medical,  Inc. on Form
10Q for the period  ended  January  31,  2003 as filed with the  Securities  and
Exchange  Commission on the date hereof ("the Report"),  I, Eapen Chacko,  Chief
Financial  Officer  of Possis  Medical,  Inc.,  certify,  pursuant  to 18 U.S.C.
Section 1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley  Act of
2002, that:

     1. The report fully  complies  with the  requirements  of Section  13(a) or
15(d) of the Securities Exchange Act of 1934; and

     2.  The  information  contained  in this  report  fairly  presents,  in all
material respects,  the financial  condition and results of operations of Possis
Medical, Inc.




March 17, 2003                            /s/
                                          Eapen Chacko
                                          Chief Financial Officer