ZEVEX Reports Record Net Income and Earnings Per Share of $0.24 on Revenue Growth of 54% for Second Quarter 2006

ZEVEX International Inc. (NASDAQ: ZVXI) reported
financial results for the three and six months ended June 30, 2006.
   Net income for the second quarter of 2006 was $1.5 million, or
$0.24 per share, compared with net income of $168,000, or $0.03 per
share, for the same period of 2005. For the six-month period ended
June 30, 2006, net income was $3.0 million, or $0.48 per share,
compared with net income of $214,000, or $0.04 per share, for the same
period in 2005.
   Revenue for the second quarter of 2006 increased by 54% to $10.5
million, compared with revenue of $6.8 million for the second quarter
of 2005. For the six-month period ended June 30, 2006, revenue
increased by 65%, to $21.1 million, compared with $12.8 million for
the same period of 2005.
   Total revenue from the Therapeutics division for the second
quarter of 2006 increased by 78%, to $6.4 million, compared with $3.6
million for the same period of 2005. Domestic Therapeutics revenue,
which is primarily derived from the sale of enteral pumps and
disposable sets, increased by 10%, to $3.2 million, compared with $2.9
million for the second quarter of 2005. International Therapeutics
revenue from pumps, pump service and disposable products in the same
period increased more than four-fold, to $3.3 million, compared with
$748,000 for the second quarter of 2005. Revenue from the Therapeutics
division accounted for 61% of the company's total revenue in the
second quarter of 2006.
   For the first six months of 2006, total revenue from the
Therapeutics division increased by 105%, to $13.3 million, compared
with $6.5 million for the same period of 2005. Domestic Therapeutics
revenue increased by 17%, to $6.2 million, compared with $5.3 million
for the first six months of 2005. International Therapeutics revenue
in the same period increased more than six-fold, to $7.2 million,
compared with $1.2 million for the first six months of 2005. Revenue
from the Therapeutics division accounted for 63% of the company's
total revenue in the first six months of 2006.
   Total revenue from the Applied Technology division for the second
quarter of 2006 increased by 27%, to $4.0 million, compared with $3.2
million for the same period of 2005. Revenue from sensors and
handpieces increased by 43%, to $3.3 million, compared with $2.3
million for the second quarter of 2005, while revenue from medical
systems declined by 32%, to $529,000, compared with $778,000 for the
same period of 2005. Revenue from engineering services increased by
133%, to $210,000, compared with $90,000 for the second quarter of
2005. Revenue from the Applied Technology division accounted for 39%
of the company's total revenue in the second quarter of 2006.
   For the first six months of 2006, total revenue from the Applied
Technology division increased by 23%, to $7.8 million, compared with
$6.3 million for the same period of 2005. Revenue from sensors and
handpieces increased by 38%, to $6.2 million, compared with $4.5
million for the first six months of 2005, while revenue from medical
systems declined by 33%, to $1.1 million, compared with $1.6 million
for the same period of 2005. Revenue from engineering services
increased by 148%, to $440,000, compared with $177,000 for the first
six months of 2005. Revenue from the Applied Technology division
accounted for 37% of the company's total revenue in the first six
months of 2006.
   Operating income increased to $912,084, or 9% of revenue, in the
second quarter of 2006, compared with operating income of $213,223, or
3% of revenue, for the second quarter of 2005. Operating income
increased to $1,959,775, or 9% of revenue, for the first six months of
2006, compared with operating income of $287,693, or 2% of revenue,
for the first six months of 2005. These increases in operating income
and net income during the second quarter and first six months of 2006,
compared with the same periods of 2005, are primarily the result of
the increase in revenue in 2006 and the resulting increase in gross
profit, which was partially offset by increased selling, general and
administrative expenses. In addition to increases in operating income,
net income for the second quarter and first six months of 2006 also
includes $948,000 in pre-tax income (net of legal fees) from a patent
infringement settlement, as well as a benefit for income taxes from
the reversal of a valuation allowance from a prior period, that
resulted in a reduction in overall tax expense.
   David J. McNally, ZEVEX's president and CEO, said, "We are
delighted to report another quarter of record net income and strong
revenue growth. Both our Applied Technology and Therapeutics divisions
continued to perform well during the second quarter. Our largest
Applied Technology customers contributed significantly to the 43%
growth in the sales of our surgical handpieces and sensors. Our
domestic Therapeutics sales team drove sales growth of 10%, based upon
the continued strength of our EnteraLite(R) Infinity(R) and
EnteraLite(R) portable feeding pumps, as well as our stationary pumps.
The robust growth of the international revenue in our Therapeutics
division was primarily driven by strong sales of Flocare(R)
Infinity(R) portable feeding pumps and disposable set components to
our largest customer and international distribution partner, Nutricia
Clinical, as well as by revenue that we receive from providing
maintenance services on those pumps.
   "During the second quarter, we are again delighted to report
record net income," continued McNally. "I would like to remind
investors that we enjoyed a tax benefit of $302,000 during the second
quarter, which more than offset a stock option expense of
approximately $91,000 for the quarter under the new accounting rules.
Also, significantly, in the second quarter of 2006, we successfully
defended our patent rights for which we received a settlement payment
of $1 million, as we have previously described in our SEC Form 8-K.
This $1 million payment was reflected in this quarter's Statement of
Operations as other income, net of legal fees, for additional pre-tax
income of $948,000.
   "Based upon the outstanding performance from both of our divisions
during the first half of 2006," continued Mr. McNally, "we are raising
our projection for year-over-year revenue growth in 2006 to 30%. We
have achieved strong revenue growth through the first half of 2006,
and we believe that we can continue to grow during the second half of
the year. We note that for the rest of 2006 we will be comparing
revenue in the third and fourth quarters to strong revenue in the
third and fourth quarters of 2005. For this reason, we expect that
increases in revenue for the third and fourth quarters, expressed in
growth percentages over the same periods of 2005, will be less than
the percentage increases reported during the first and second quarters
of 2006. Also, due to the appreciation of our stock, our market
capitalization based upon non-affiliate shareholders exceeded $75
million on June 30, 2006. Therefore, we have met the qualification
requirements for Sarbanes-Oxley Section 404 compliance by year-end. As
a result, we expect to incur $200,000 to $300,000 in additional
consulting and auditing expenses related to compliance during the
second half of 2006."

-0-
*T
                      ZEVEX INTERNATIONAL INC.
                     CONSOLIDATED BALANCE SHEETS

                                              June 30,     Dec. 31,
                                                2006         2005
ASSETS                                      (unaudited)
                                            -------------------------

Current assets
Cash and cash equivalents                    $2,137,666   $1,284,218
Designated cash for sinking fund payment
 on industrial development bond                  48,388       89,037

Accounts receivable, net of allowance for
 doubtful accounts of $154,000 at June 30,
 2006, and $130,000 at Dec. 31, 2005          8,109,931    5,641,229

Inventories                                   5,085,130    4,586,418
Deferred income taxes                           528,661            -
Prepaid expenses and other current assets       365,699      213,612
                                            ------------ ------------
Total current assets                         16,275,475   11,814,514

Property and equipment, net                   4,898,012    4,639,136
Patents, trademarks and other 
 intangibles, net                               344,540      348,467
Goodwill, net                                 4,048,264    4,048,264
Deferred income taxes, non-current              241,648            -
                                            ------------ ------------
Total assets                                $25,807,939  $20,850,381
                                            ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Accounts payable                             $2,611,542   $2,462,071
Other accrued liabilities                     1,695,576    1,293,876
Deferred revenue                                      -       52,081
Current portion of industrial development
 bond                                           100,000      100,000
Current portion of other long-term debt          57,767       56,219
                                            ------------ ------------
Total current liabilities                     4,464,885    3,964,247

Industrial development bond                   1,000,000    1,100,000
Other long-term debt                            680,868      710,143

Stockholders' equity
Common stock; $.001 par value, 22,000,000
  authorized shares, 5,689,207 issued and
 5,630,505 outstanding at June 30, 2006,
 and 5,349,890 issued and 5,291,040
 outstanding at Dec. 31, 2005                     5,689        5,350
Additional paid in capital                   18,353,263   16,719,396
Unrealized loss on marketable securities         (7,650)           -
Treasury stock, 58,702 shares (at cost) at
 June 30, 2006, and 58,850 shares (at
 cost) at Dec. 31, 2005                         (89,085)     (89,422)

Retained earnings (accumulated deficit)       1,399,969   (1,559,333)
                                            ------------ ------------
Total stockholders' equity                   19,662,186   15,075,991
                                            ------------ ------------
Total liabilities and stockholders' equity  $25,807,939  $20,850,381
                                            ============ ============


                      ZEVEX INTERNATIONAL INC.
                CONSOLIDATED STATEMENTS OF OPERATIONS

                      Three months ended        Six months ended
                           June 30                  June 30,
                       2006        2005        2006         2005
                   (unaudited)  (unaudited) (unaudited)  (unaudited)
                   ------------ ----------- ------------ ------------
Revenue:
Product sales      $10,265,661  $6,645,727  $20,596,216  $12,527,181
Engineering
 services              210,155     151,926      472,757      254,636
                   ------------ ----------- ------------ ------------
Total revenue       10,475,816   6,797,653   21,068,973   12,781,817

Cost of sales        6,785,085   4,329,168   13,629,557    8,126,827
                   ------------ ----------- ------------ ------------
Gross profit         3,690,731   2,468,485    7,439,416    4,654,990

Operating
 expenses:
General and
 administrative      1,360,955   1,153,933    2,726,222    2,128,612
Selling and
 marketing           1,002,557     857,357    2,029,173    1,673,057
Research and
 development           415,135     243,972      724,246      565,628
                   ------------ ----------- ------------ ------------
Total operating
 expenses            2,778,647   2,255,262    5,479,641    4,367,297

Operating income       912,084     213,223    1,959,775      287,693

Other income
 (expense):
Interest and
 other income           11,618      13,426       24,068       16,555
Patent
 infringement
 settlement            947,760           -      947,760            -
Interest expense       (41,057)    (58,181)     (70,118)     (87,992)
                   ------------ ----------- ------------ ------------
Income before
 income taxes        1,830,405     168,468    2,861,485      216,256

(Provision)
 benefit for
 income taxes         (346,418)          -       99,889       (2,635)
                   ------------ ----------- ------------ ------------

Net income          $1,483,987    $168,468   $2,961,374     $213,621
                   ============ =========== ============ ============


Basic net income
 per share               $0.27       $0.03        $0.54        $0.04
                   ============ =========== ============ ============

Weighted average
 shares
 outstanding         5,539,550   5,107,984    5,436,555    5,104,733
                   ============ =========== ============ ============

Diluted net
 income per share        $0.24       $0.03        $0.48        $0.04
                   ============ =========== ============ ============

Diluted weighted
 average shares
 outstanding         6,283,047   5,259,914    6,123,246    5,265,177
                   ============ =========== ============ ============
*T

   CONFERENCE CALL

   ZEVEX International Inc. invites all those interested to join the
ZEVEX management team for its earnings conference call for the second
quarter ended June 30, 2006. The call will be held Monday, July 31,
2006, at 2:30 p.m. Mountain time (4:30 p.m. Eastern, 3:30 p.m.
Central, and 1:30 p.m. Pacific). The telephone numbers for the call
are as follows:

   Domestic: 1-800-240-2134
   International: 1-303-262-2137

   A live webcast and a rebroadcast of the conference call will be
available at http://events.acttel.com/zevexq2. To listen to the live
broadcast, please enter the site 10-15 minutes prior to the call in
order to download any necessary software. The webcast will be archived
for replay.

   ABOUT ZEVEX

   ZEVEX International Inc. (www.zevex.com), founded in 1986, is a
diversified medical device company committed to creating products that
transform life with patented and proprietary medical device
technologies - from sensors and surgical tools to medical electronic
systems.

   Forward-Looking Statements

   Statements made in this press release, including those relating to
anticipated growth and other statements regarding future performance,
are forward-looking and are made pursuant to the safe harbor
provisions of the Securities Litigation Reform Act of 1995. Such
statements involve risks and uncertainties that may cause actual
results to differ materially from those set forth in these statements.
Among other things, the company's efforts to improve its sales and
margins in its core businesses may not be effective or such efforts
could be more difficult or expensive than the company currently
anticipates. Moreover, the company could experience delays in orders
for its Applied Technology division products or in the launch of
planned new products that could delay the receipt of anticipated
revenue. In addition to the foregoing, the economic, competitive,
governmental, technological and other factors identified in the
company's filings with the Securities and Exchange Commission,
including the Form 10-K for the year ended Dec. 31, 2005, may cause
actual results or events to differ materially from those described in
the forward-looking statements in this press release.