United States Surgical Corporation

nited States Surgical Corporation (USSC) is a diversified surgical products company whose technologies are targeted at improving patient care while lowering health care costs. The company is the market leader in surgical stapling, laparoscopic products and instrumentation for minimally invasive breast biopsy, and is rapidly penetrating the worldwide market for sutures. USSC is expanding into other specialty areas with innovative new products that can provide unique solutions to surgical problems. USSC markets its products to hospitals in the United States and approximately 90 other countries throughout the world.
1996 Highlights
In thousands, except per share, stock price, return and employee data 1996 1995 % Increase
Net Sales

$1,112,700

$1,022,300

9%
Income Before Income Taxes

141,700

89,800

58%
Net Income

109,100

79,200

38%
Net Income Per Common Share (Primary and Fully Diluted)

1.48

1.05

41%
Dividends Paid Per Common Share

.08

.08

_*
Total Assets

1,514,800

1,265,500

20%
Stockholders' Equity

1,053,800

741,100

42%
Common Stock Price at December 31

393/8

213/8

84%
Average Number of Common Shares Outstanding

60,500

57,000

6%
Return on Net Sales

10%

8%

25%
Number of Employees

6,133

6,000

2%
*Common stock dividends were increased effective February 4, 1997 to $.16 per annum.

Corporate Information

Officers   Directors
Leon C. Hirsch
Chairman of the Board and Chief Executive Officer
Howard M. Rosenkrantz
President and Chief Operating Officer
Turi Josefsen
Executive Vice President and President, International Operations
Robert A. Knarr
Executive Vice President, Sales and Marketing, North America
Thomas R. Bremer
Senior Vice President and General Counsel
Richard A. Douville
Senior Vice President and Chief Financial Officer
Thomas D. Guy
Senior Vice President, Operations
Peter Burtscher
Group Vice President
Richard N. Granger
Vice President, Research and Development
Charles E. Johnson
Vice President, Education
Louis J. Mazzarese
Vice President, Quality and Regulatory Affairs
Eitan Nahum
Vice President, Strategic Planning and Business Development
Joseph C. Scherpf
Vice President and Controller
Jeffrey B. Sciallo
Vice President, Information Services and Treasurer
Marianne Scipione
Vice President, Corporate Communications
Charles Tribié
Vice President, Manufacturing
Pamela Komenda
Corporate Secretary
Julie K. Blake
Former Vice President,
JP Morgan & Co., Incorporated
John A. Bogardus, Jr.
Retired Chairman of the Board and Chief Executive Officer, Alexander & Alexander Services Inc.
Thomas R. Bremer
Senior Vice President and General Counsel, United States Surgical Corporation
Leon C. Hirsch
Chairman and Chief Executive Officer, United States Surgical Corporation
Turi Josefsen
Executive Vice President and President, International Operations, United States Surgical Corporation
Douglas L. King
President, Smyth, Sanford & Gerard Reinsurance Intermediaries, Inc.
William F. May
Chairman of the Board, Statue of Liberty-Ellis Island Foundation, Inc.
James R. Mellor
Chairman and Chief Executive Officer, General Dynamics Corporation
Barry D. Romeril
Executive Vice President and Chief Financial Officer, Xerox Corporation
Howard M. Rosenkrantz
President and Chief Operating Officer, United States Surgical Corporation
Marianne Scipione
Vice President, Corporate Communications, United States Surgical Corporation
John R. Silber
Chancellor, Boston University

In Memoriam
The company was deeply saddened by the death of Wilson F. Smith, Jr., Vice President, Corporate Accounts and Distribution, who was killed in an automobile accident on February 7, 1997 at the age of 51. Wilson, a 21-year veteran of USSC, was a well respected member of the management team and a man of great warmth and humor. He will be missed by all of us.

Exchange Listings
Common Stock (Ticker Symbol: USS)
  New York Stock Exchange
Options
  American Stock Exchange

Cautionary Statement
Except for historical information, the statements contained in this letter are forward looking statements which may or may not be realized by the company. The company undertakes no duty to update such forward looking statements. Many factors could cause actual results to differ from these forward looking statements, including loss of market share through competition, introduction of competing products by other firms, pressure on prices from competition or purchasers of the company's products, regulatory obstacles to development of new products which are important to the company's growth, lack of acceptance of new products by the health care market, slow rates of conversion by surgeons to procedures which utilize the company's products, and interest rate and foreign exchange fluctuations. Such factors are discussed in detail in the company's filings with the Securities and Exchange Commission.


Trademarks of United States Surgical Corporation and its subsidiaries are italicized.
Copyright © 1997 United States Surgical Corporation. All Rights Reserved.
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