UNITED STATES
                       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 April 30, 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)

                            763-780-4555
(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 May 23, 2003 was 17,798,759.

<PAGE>




                              POSSIS MEDICAL, INC.

                                      INDEX



PAGE


PART I.     FINANCIAL INFORMATION

   ITEM 1.  Financial Statements

             Consolidated Balance Sheets, April 30, 2003
             and July 31, 2002.............................................   3

             Consolidated Statements of Income and Comprehensive Income
             for the three and nine months ended April 30, 2003 and 2002...   4

             Consolidated Statements of Cash Flows for the
             nine months ended April 30, 2003 and 2002 ....................   5

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

   ITEM 2.  Management's Discussion and Analysis of Financial
             Condition and Results of Operations...........................  10

   ITEM 3.  Quantitative and Qualitative Disclosures about
             Market Risk ..................................................  17

   ITEM 4.  Controls and Procedures........................................  17

PART II.    OTHER INFORMATION

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

            SIGNATURES.....................................................  19

<PAGE>

PART 1   FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS


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

<TABLE>
<CAPTION>

                                                                                   April 30, 2003              July 31, 2002
ASSETS

<S>                                                                                 <C>                         <C>
CURRENT ASSETS:
     Cash and cash equivalents.........................................             $  6,926,374              $ 18,556,663
Marketable securities..................................................               23,142,658                     --
     Trade receivables (less allowance for doubtful
          accounts and returns of $476,000 and
          $582,000, respectively)......................................                7,149,480                 5,873,358
     Inventories.......................................................                4,369,441                 4,134,817
     Prepaid expenses and other assets.................................                  667,289                   762,615
     Deferred tax asset................................................                  646,000                   646,000
               Total current assets....................................               42,901,242                29,973,453

PROPERTY AND EQUIPMENT, net............................................                2,869,581                 3,092,644
DEFERRED TAX ASSET.....................................................                8,593,682                11,623,000
TOTAL ASSETS...........................................................             $ 54,364,505              $ 44,689,097

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
     Trade accounts payable............................................             $  1,346,521              $  1,262,711
     Accrued salaries, wages, and commissions..........................                2,685,760                 2,471,557
     Other liabilities.................................................                1,773,392                 1,200,763
               Total current liabilities...............................                5,805,673                 4,935,031

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
     Common stock-authorized, 100,000,000 shares
          of $0.40 par value each; issued and outstanding,
          17,762,803 and 17,274,222 shares, respectively...............                7,105,121                 6,909,689
     Additional paid-in capital........................................               81,450,987                78,385,073
     Unearned compensation.............................................                  (24,000)                  (18,900)
     Retained deficit..................................................              (40,036,446)              (45,521,796)
     Accumulated other comprehensive income............................                   63,170                     --
               Total shareholders' equity..............................               48,558,832                39,754,066

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.............................             $ 54,364,505                 $44,689,097

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

<PAGE>



                      POSSIS MEDICAL, INC. AND SUBSIDIARIES
           CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
           FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                    For Three Months Ended           For Nine Months Ended
                                                                April 30, 2003   April 30, 2002   April 30, 2003    April 30, 2002

<S>                                                             <C>              <C>              <C>               <C>
Product sales...............................................    $ 14,625,124     $ 10,755,468     $ 41,628,687      $ 30,564,524

Cost of sales and other expenses:
     Cost of medical products...............................       3,580,780        3,154,204       10,823,239         9,364,681
     Selling, general and administrative....................       5,986,002        4,946,690       17,325,421        14,094,704
     Research and development...............................       2,228,722        1,023,776        4,920,303         3,045,815
           Total cost of sales and other expenses...........      11,795,504        9,124,670       33,068,963        26,505,200

Operating income............................................       2,829,620        1,630,798        8,559,724         4,059,324
Interest income.............................................          91,910           56,124          219,626           191,475
Income before income taxes..................................       2,921,530        1,686,922        8,779,350         4,250,799
Provision for income taxes..................................       1,097,000            --           3,294,000              --

Net income..................................................       1,824,530        1,686,922        5,485,350         4,250,799

Other comprehensive income, net of tax
     Unrealized gains on securities........................          63,170              --             63,170              --

Comprehensive income........................................    $ 1,887,700      $  1,686,922     $  5,548,520      $  4,250,799

Weighted average number of common shares
   outstanding:
     Basic................................................       17,598,413        17,175,755       17,409,645        17,016,921
     Diluted..............................................       19,159,942        19,025,729       18,807,439        18,697,652
Net income per common share:
     Basic.................................................           $ .10              $.10             $.32              $.25
     Diluted...............................................           $ .10              $.09             $.29              $.23



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

<PAGE>



                      POSSIS MEDICAL, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE NINE MONTHS ENDED APRIL 30, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>


                                                                                       2003               2002
<S>                                                                               <C>                 <C>
OPERATING ACTIVITIES:
Net income...................................................................     $  5,485,350        $  4,250,799
Adjustments to reconcile net income to net
  Cash provided by operating activities:
  Depreciation...............................................................        1,589,487           1,585,477
  Gain on asset disposal ....................................................             (343)             (3,626)
  Stock compensation expense.................................................          138,927             175,640
  Deferred taxes.............................................................        3,029,318                --
  Expense reimbursement from city government.................................             --               (83,866)
  Write-down due to impairment of assets.....................................             --                70,000
  Increase in receivables....................................................       (1,276,122)         (1,096,183)
  Increase in inventories....................................................         (745,575)           (580,591)
  Decrease (increase) in other assets........................................           95,326             (97,795)
  Increase (decrease) in trade accounts payable..............................           83,810            (143,089)
  Increase in accrued and other current liabilities..........................          786,832           1,197,949
     Net cash provided by operating activities...............................        9,187,010           5,274,715

INVESTING ACTIVITIES:
Purchase of marketable securities............................................      (23,079,488)               --
Additions to property and equipment..........................................         (896,487)           (667,946)
Proceeds from the disposal of assets.........................................           41,357               7,120
     Net cash used in investing activities...................................      (23,934,618)           (660,826)

FINANCING ACTIVITIES:
Proceeds from issuance of stock and exercise of options
   and warrants..............................................................        4,758,723           2,718,906
Common stock repurchased.....................................................       (1,641,404)               --
Repayment of long-term debt..................................................             --               (26,522)
     Net cash provided by financing activities...............................        3,117,319           2,692,384

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ............................      (11,630,289)          7,306,273
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD.............................       18,556,663           9,515,751
CASH AND CASH EQUIVALENTS AT END OF PERIOD...................................     $  6,926,374        $ 16,822,024
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. STOCK OPTIONS

     Pursuant to  Statement of Financial  Accounting  Standards  (SFAS) No. 123,
Accounting  for   Stock-Based   Compensation,   we  apply  the  recognition  and
measurement  principles  of  Accounting  Principles  Board (APB) Opinion No. 25,
Accounting  for  Stock  Issued to  Employees,  to our  stock  options  and other
stock-based compensation plans.

     In accordance with APB Opinion No. 25,  compensation cost for stock options
is recognized in income based on the excess,  if any, of the quoted market price
of the stock at the grant date of the award or other  measurement  date over the
amount an employee must pay to acquire the stock.  The exercise  price for stock
options granted to employees equals the fair market value of our common stock at
the date of grant, thereby resulting in no recognition of compensation expense.

     The following  table  illustrates the effect on net income and earnings per
share if we had applied the fair value recognition provisions of SFAS No. 123 to
stock-based employee compensation.


<TABLE>
<CAPTION>
                                                                 Three Months Ended                       Nine Months Ended
                                                                      April 30,                                April 30,

                                                               2003              2002                   2003             2002
  <S>                                                      <C>               <C>                    <C>              <C>
  Net income:
      Net income - as reported........................     $ 1,824,530       $ 1,686,922            $ 5,485,350      $ 4,250,799
      Less estimated stock-based employee
          compensation determined under fair
          value based method, net of tax..............        (733,000)         (927,000)            (2,309,000)      (3,053,000)
      Net income - pro forma..........................     $ 1,091,530       $   759,922            $ 3,176,350       $1,197,799
  Earnings per common share:
      Basic - as reported.............................           $0.10             $0.10                  $0.32            $0.25
      Less estimated stock-based employee
          compensation determined under
          fair value based method, net of tax.........           (0.04)            (0.06)                 (0.14)           (0.18)
      Basic - pro forma...............................           $0.06             $0.04                  $0.18            $0.07
      Diluted - as reported...........................           $0.10             $0.09                  $0.29            $0.23
      Less estimated stock-based employee
          compensation determined under fair
          value based method, net of tax..............           (0.04)            (0.05)                 (0.12)           (0.17)
      Diluted - pro forma.............................           $0.06             $0.04                  $0.17            $0.06
      Weighted average common shares
          outstanding
      Basic ..........................................      17,598,413        17,175,755             17,409,645       17,016,921
      Diluted.........................................      19,159,942        19,025,729             18,807,439       18,697,652

</TABLE>

<PAGE>


     We estimated the fair values using the Black-Scholes  option-pricing model,
modified for dividends and using the following assumptions:


                                                      2003              2002
      Risk-free rate.......................         3.6-4.3%             5.4%
      Expected dividend yield..............               0%               0%
      Expected stock price volatility......           70-80%           79-86%
      Expected option term.................         10 years         10 years
      Fair value per option................      $7.52-15.75      $8.20-17.53

     For  purposes  of  determining  the pro forma  amounts,  the fair  value of
options is amortized to expense over the  option-vesting  period in  determining
the pro forma impact. The option-vesting period is six months to four years (see
Note 4).

     3. INTERIM FINANCIAL STATEMENTS

     Operating results for the three and nine month periods ended April 30, 2003
are not necessarily  indicative of the results that may be expected for the year
ending July 31, 2003.

     4. ACCOUNTING PRONOUNCEMENTS

     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 11).

     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, and such  disclosures have been provided in Note 2. The
adoption  of  SFAS  148  did  not  have  a  material  impact  on  the  Company's
consolidated balance sheet, results of operations, or cash flows.

     5. MARKETABLE SECURITIES

     During the quarter  ended April 30,  2003 the Company  invested  its excess
cash and cash  equivalents in a professionally  managed  portfolio of marketable
securities.  All Company  securities in this  portfolio as of April 30, 2003 are
classified  as  available-for-sale  and  consist  primarily  of U.S.  government
securities and corporate  bonds.  These  investments  are reported at fair value
with  a  net  unrealized  gain  of  approximately   $63,000  included  in  other
comprehensive income as of April 30, 2003.

     6. INVENTORIES

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

                                             April 30,            July 31,
                                               2003                 2002

         Finished  goods.................  $ 1,757,657          $ 1,883,933
         Work-in-process.................    1,057,195              805,911
         Raw materials...................    1,554,589            1,444,973
                                           $ 4,369,441          $ 4,134,817

     7. 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:

                                        April 30,     July 31,
                                          2003          2002      Life
    Leasehold improvements..........  $ 1,519,438   $ 1,454,833   10 years
    Equipment.......................    7,018,807     7,536,959   3 to 10 years
    Assets in construction..........      159,804       138,271   N/A
                                        8,698,049     9,130,063
    Less accumulated depreciation...    5,828,468     6,037,419

    Property and equipment - net....  $ 2,869,581   $ 3,092,644

     8. 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.

<PAGE>


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

<TABLE>
<CAPTION>
                                                   Three Months Ended                       Nine Months Ended
                                                 April 30       April 30                  April 30     April 30
                                                   2003           2002                      2003         2002

         <S>                                <C>               <C>                   <C>               <C>
         United States..................    $ 14,306,525      $ 10,639,218          $ 40,788,097      $ 30,212,274
         Outside United States..........         318,599           116,250               840,590           352,250
         Total revenues.................    $ 14,625,124      $ 10,755,468          $ 41,628,687      $ 30,564,524

</TABLE>

     9. 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.

     10. COMMON STOCK

     During the nine months ended April 30, 2003, stock options and warrants for
the purchase of 568,955  shares of the Company's  common stock were exercised at
prices between $2.22 and $18.00 per share.

     During the nine months  ended April 30,  2003,  the Company  issued  24,077
shares in connection with its employee stock purchase plan.

     During the nine months  ended April 30,  2003,  the  Company  issued  2,010
shares of restricted stock to the outside members of the Board of Directors.

     During the nine months  ending  April 30,  2003,  the  Company  repurchased
105,400  shares in the public market at stock prices  between  $14.02 and $16.48
per share.

     11. 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.....................     (161,600)
      Accrual for product costs............................      185,100
      Accrued warranty costs at April 30, 2003.............     $146,500

<PAGE>


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 in the
face of new  product  introductions  from  competitors;  its  ability  to obtain
additional  regulatory  approvals  on a timely  basis;  the  ability  to  obtain
regulatory clearance in 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 future revenue,  earnings,  earnings per share
and expense levels;  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 due to rising
expenditures on drug-eluting  stents and trends toward managed care;  changes in
supplier requirements by group purchasing organizations;  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  such as  filterwires,  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.


     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.  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.

<PAGE>

     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.

     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,  given our historical experience;  however,  actual claims incurred
could differ from the original estimate, requiring adjustments to the reserve.

<PAGE>


     Deferred Tax Asset Valuation Allowance

     The Company became profitable starting in the third quarter of fiscal 2001.
It has maintained  profitability for nine quarters,  including the third 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.  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 Nine Month Periods Ended April 30, 2003 and 2002

     Total  product  sales for the three months  ended April 30, 2003  increased
$3,869,000,  or 36%, to $14,625,000  compared to $10,756,000  for the comparable
period in fiscal 2002.  Total  product sales for the nine months ended April 30,
2003 increased  $11,064,000,  or 36%, to $41,629,000 compared to $30,565,000 for
the comparable  period in fiscal 2002. The Company  recorded  pre-tax income for
the quarter ended April 30, 2003 of $2,922,000, or $0.15 per diluted share. This
compared to pre-tax income in the same period in fiscal 2002 of  $1,687,000,  or
$0.09 per diluted  share.  For the nine months  ended April 30, 2003 the Company
recorded pre-tax income of $8,779,000, or $0.47 per diluted share. This compared
to pre-tax income in the same period in fiscal 2002 of $4,251,000,  or $0.23 per
diluted share.  The Company  recorded net income for the quarter ended April 30,
2003 of  $1,825,000,  or $0.10 per  diluted  share,  compared  to net  income of
$1,687,000,  or $0.09 per diluted share in the same period in 2002. For the nine
months ended April 30, 2003,  the Company  recorded net income of  $5,485,000 or
$0.29 per  diluted  share,  compared to net income of  $4,251,000,  or $0.23 per
diluted share, in the same period in 2002.

     Revenue - AngioJet System

     U.S.  AngioJet  System  revenue for the three  months  ended April 30, 2003
increased 35% to $14,307,000  from $10,639,000 for the same period in 2002. U.S.
AngioJet  System  revenue for the nine months ended April 30, 2003 increased 35%
to $40,788,000  from  $30,212,000 in 2002. The Company  markets the  AngioJet(R)
Rheolytic(TM)Trombectomy 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)atheter in April 2002 for the removal of blood
clots in peripheral  arteries and the Xpeedior(R)lus 120 catheter in August 2002
to remove  blood  clots in  peripheral  arteries.  In  addition,  the  Company's
Xpeedior  and  XMI(R)  catheters  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.  The XVG and XMI
catheters also incorporate  Cross-Stream  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.

<PAGE>

     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 and  additional  features will allow the physician to
treat more distal vessels.

     As of April 30, 2003, the Company had a total of 1,022 domestic drive units
in the field, compared to 824 drive units at April 30, 2002, and 953 units as of
January 31,  2003.  During the three month  period  ended  April 30,  2003,  the
Company's  catheter sales increased  approximately  27% to approximately  10,700
catheters  versus  approximately  8,400 catheters in the same prior year period.
During the nine month period ended April 30, 2003, the Company's  catheter sales
increased   approximately   28%  to   approximately   30,600   catheters  versus
approximately  24,000  catheters  in the same prior  year  period.  The  average
catheter  utilization  rate per  installed  domestic  drive unit was 10.4 in the
third quarter of fiscal 2003,  compared to a rate of 10.2 in the same prior year
period,  and 10.9 in the second  quarter of fiscal 2003. The Company sold 45 and
162 drive units worldwide during the three and nine months ended April 30, 2003,
respectively,  compared  to 40 and 127 drive  units in the same  periods  in the
prior year, respectively.

     The Company employs a variety of flexible drive unit  acquisition  programs
including outright purchase and various evaluation programs.  The Company has no
leasing  programs  for its  capital  equipment.  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.

<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 and nine month periods
ended April 30, 2003 were $319,000 and $841,000,  respectively. This compared to
foreign sales of the AngioJet System of $116,000 and $352,000, 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 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 which is expected
to result in 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  $427,000 to  $3,581,000  in the three
month period ended April 30, 2003 over the same period in the previous year, and
increased  $1,458,000 to  $10,823,000  for the nine month period ended April 30,
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 April 30,  2003,  gross  profit  improved by  $3,443,000  to
$11,044,000  over the same period in the previous year. This resulted in a gross
profit margin of 76% as a percentage of product  sales.  Gross margins  improved
$9,605,000 to $30,805,000, or 74% as a percentage of product sales, for the nine
month  period  ended April 30, 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 nine month periods  ended April 30, 2002.  The  improvement  in
gross  margins  was  driven  by  higher  volumes  of the XMI,  XVG and  Xpeedior
catheters, an improvement in the higher margin, long and middle catheter product
mix in the three and nine months ended April 30, 2003 as compared to same period
in the previous fiscal year.  This was partially  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 of sales,  for
the remainder of calendar 2003.

     Selling, General and Administrative Expense

     Selling,   general  and  administrative  expense  increased  $1,039,000  to
$5,986,000 for the three months ended April 30, 2003 and increased $3,230,000 to
$17,325,000  for the nine  months  ended  April 30,  2003,  compared to the same
periods in the previous  year. The primary  factors in the expense  increase for
the three  months  ended April 30, 2003 were the  $450,000  additional  expenses
associated  with the  growth in the  sales  force  versus a year ago,  increased
expenses  associated  with  marketing  studies of  $183,000,  increased  outside
services of $110,000, increased sales demos and sales materials of $109,000, and
higher medical insurance expense of $94,000. The primary factors for the expense
increase for the nine months ended April 30, 2003 were the $1,275,000 additional
expenses  associated  with the  growth  in the  sales  force  versus a year ago,
increased  contract labor of $121,000,  increased  outside services of $242,000,
increased  sales demos and sales  materials  of  $245,000,  sales  meetings  and
conventions of $269,000, increased expenses associated with marketing studies of
$438,000 and higher medical insurance  expense of $424,000.  The Company expects
selling,  general and  administrative  expense to increase for the  remainder of
fiscal 2003 as a result of the Company's expansion of its sales force to enhance
marketing  penetration and due to the anticipated growth in U.S. AngioJet System
revenue.

<PAGE>


     Research and Development Expense

     Research and development expense increased $1,205,000 to $2,229,000, in the
three months ended April 30, 2003, when compared to the same period in the prior
year. Research and development expense increased $1,874,000 to $4,920,000 in the
nine months ended April 30, 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 $92,000 and $56,000 in the three months ended April 30,
2003 and 2002,  respectively.  Interest  income  increased  $28,000  in the nine
months ended April 30, 2003 to $92,000,  when compared to the same period in the
prior  year.  The  increases  are due to the  investing  of excess cash and cash
equivalents in an enhanced cash management  portfolio of marketable  securities.
The Company expects  interest  income on a quarterly basis to increase  slightly
during the fourth quarter of fiscal 2003 as cash is generated from operations.

     Provision For Income Taxes

     The  Company  recorded a  provision  for  income  taxes of  $1,097,000  and
$3,294,000  or 37.5% of income before income taxes for the three and nine months
ended April 30,  2003.  The tax  provision  for the three and nine months  ended
April  30,  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 nine quarters,  including the third 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 was recorded as a tax benefit in
fiscal 2002, and the remaining  $743,000  relates to disqualified  stock options
that are recorded directly 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.

<PAGE>

     Liquidity and Capital Resources

     The Company's cash,  cash  equivalents  and marketable  securities  totaled
approximately $30,069,000 at April 30, 2003 versus $18,557,000 at July 31, 2002.

     The  $11,512,000  net increase in cash,  cash  equivalents  and  marketable
securities  in the most recent  nine-month  period was  primarily due to the net
cash  provided by  operating  activities  of  $9,187,000.  Net cash  provided by
operating  activities  was  primarily  due  to the  net  income  of  $5,485,000,
depreciation of $1,589,000,  stock compensation  expense of $139,000, a decrease
in deferred tax asset of $3,029,000,  and an increase in accrued  liabilities of
$787,000. This net cash provided by operating activities was partially offset by
an increase in trade  receivables  of $1,276,000 and an increase in inventory of
$746,000. Depreciation includes company-owned drive units at customer locations,
as well as  company-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.  Trade  receivables  increased  due to the  increase in
revenue for the three-month  period ending April 30, 2003 as compared to revenue
for the last three  months'  fiscal 2002.  Inventory  was  increased to meet the
increase in demand of the AngioJet System.  The increase in accrued  liabilities
was due to the timing of the payments for payroll and other accrued liabilities.
This  increase  was  partially  offset by the payment of fiscal  2002  corporate
incentives in September 2002. Cash used in investing activities was $23,935,000.
This  includes the purchase of  $23,079,000  of  marketable  securities  and the
purchase of $896,000 of property and  equipment.  Net cash provided by financing
activities was  $3,117,000,  which resulted from the cash received in connection
with the exercise of stock  options and warrants for  $4,759,000,  offset by the
repurchase of 105,400 shares for  $1,641,000 of the Company's  stock in the open
market transactions.


     Outlook

     The  Company  expects  that  overall  revenue  from  the  AngioJet  System,
primarily  in the United  States,  will be  approximately  $57 million in fiscal
2003. Gross margin for fiscal 2003 is expected to be in the mid seventies,  as a
percent of sales.  The  Company  expects  selling,  general  and  administrative
expenses to continue  increasing  throughout  the  remainder of fiscal 2003 as a
result  of the  Company's  expansion  of  its  sales  force  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 for a new distal
occlusion product.  The Company expects pre-tax,  diluted earnings per share for
the full year in the range of $0.62 to $0.64.  After tax  diluted  earnings  per
share are  estimated  to be in the range of $0.39 to $0.40,  not  including  any
potential tax benefit  related to a further  reduction of the deferred tax asset
valuation allowance.  For fiscal 2004, the Company's  preliminary guidance is to
expect  revenue  in the  range  of  $72-$75  million,  with  slightly  expanding
full-year margins, as a  percent-of-sales.  The Company expects diluted earnings
per share for the full year in the  range of $0.54 to $0.64.  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.  Cash is sufficient  for the
Company's  needs  into  the  foreseeable   future.   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.

<PAGE>


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     The  Company  invests  its  excess  cash  in  a   professionally   managed,
institutional  fixed income  portfolio of short  duration.  The market risk on a
diversified  portfolio of related,  short duration is minimal,  while  enhancing
returns above money market levels.

     The product sales for the Company's foreign  subsidiary are in U.S. Dollars
("USD").  At the end of April  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 April 30, 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. The Company is in the process of evaluating methods for facilitating an
outside  review of its  internal  controls,  in keeping  with recent  directives
issued by the SEC  following  the  Sarbanes-Oxley  Act;  this would  prepare the
Company for the review of  controls  and July 31,  2004  attestation  by outside
auditors, mandated by the Sarbanes-Oxley Act.

     (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 April 30,
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 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 reference 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     Certifications 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

     During the quarter ended April 30, 2003, the Company filed a Report on Form
8-K on February 11, 2003 under Item 5 reporting second quarter earnings.

<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:  June 16, 2003    BY:      /s/
                           ROBERT G. DUTCHER
                           Chairman, President and Chief Executive Officer



DATE:  June 16, 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;

     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: June 16, 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 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;

     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: June 16, 2003                    /s/
                                  Eapen Chacko
                                  Chief Financial Officer
                                  Vice President of Finance