ZEVEX Reports Record Net Income and Earnings Per Share of $0.36 on Revenue Growth of 77% for First Quarter 2006

ZEVEX International Inc. (NASDAQ: ZVXI) reported
financial results for the three months ended March 31, 2006.
   Revenue for the first quarter of 2006 increased 77% to $10.6
million, compared with revenue of $6.0 million for the first quarter
of 2005. Net income was a record $1.5 million, or $0.36 per share,
compared with net income of $45,000, or $0.01 per share, for the first
quarter of 2005. Notably, net income for the first quarter of 2006
reflects a $95,000 charge relating to outstanding stock options, as
newly required under the accounting rules.
   Total revenue from the company's Therapeutics division for the
first quarter of 2006 increased by 140% to $6.9 million, compared with
$2.9 million for the first quarter of 2005. Specifically, sales of
domestic enteral feeding pumps and disposable delivery sets increased
by 22%, or $531,000, compared with last year's first quarter, while
international sales of pumps and sets in the same period increased by
$3.5 million, or 841%. The increase in these international sales was
due primarily to increased revenue from Nutricia Clinical, a division
of Royal Numico and the company's largest strategic international
distribution partner. Sales from the company's Therapeutics division
in the first quarter of 2006 accounted for 65% of the company's total
revenue.
   Total revenue from the company's Applied Technology division for
the first quarter of 2006 increased by 19% to $3.7 million, compared
with $3.1 million for the first quarter of 2005. Revenue from sensors
and handpieces grew by $732,000, or 33%, over the first quarter of
2005, while revenue from medical systems declined by $278,000, or 34%.
Revenue from engineering services increased by 164%, or $143,000, over
the first quarter of 2005. Sales from the company's Applied Technology
division in the first quarter of 2006 accounted for 35% of the
company's total revenue.
   The increase in net income for the first quarter of 2006 was due
primarily to the substantial increase in revenue and the resulting
increase in gross profit. In addition, in the first quarter, the
company recorded a tax benefit of $446,000, which was related to the
partial reversal of a valuation allowance from a prior period.
Operating expenses increased to approximately $2.7 million during the
first quarter of 2006, compared with $2.1 million for the first
quarter of 2005. This increase in operating expenses was primarily due
to increased investments in sales and marketing, and to increased
general and administrative expenses, including recruiting expenses,
personnel and insurance costs, legal fees, stock option expenses and
bonus incentive accruals.
   David J. McNally, ZEVEX's president and CEO, said, "We are
delighted to report another quarter of record earnings, as well as
record revenue for the first quarter of 2006. Both our Applied
Technology and Therapeutics divisions are performing well. Our largest
Applied Technology customers contributed significantly to the 33%
growth in the sales of our surgical handpieces and sensors. Our
domestic Therapeutics sales team drove growth of 22%, based upon the
strength of our EnteraLite(R) Infinity(R) and EnteraLite(R) portable
feeding pumps. International sales revenue in our Therapeutics
division exceeded our expectations, based upon the accelerated
introduction of Flocare(R) Infinity(R) portable feeding pumps by
Nutricia Clinical in Europe. This was also the first full quarter that
we recognized service revenue associated with the servicing of these
pumps for Nutricia Clinical, which added over $800,000 in new service
revenue for the quarter.
   "Our current outlook for 2006 remains positive," continued
McNally. "Our Applied Technology customers are forecasting continuing
demand for our products at a level that is consistent with the level
that we achieved in the first quarter of 2006. Our domestic
Therapeutics sales force has been performing well, building upon last
year's successful market introduction of our EnteraLite Infinity
product line. Internationally, we expect that our business with
Nutricia Clinical -- both our sales revenue and our service
revenue -- will be strong during the next three quarters. During the
first quarter of 2006, we achieved $3.5 million in revenue from our
pump shipments and service to Nutricia Clinical. As a result, we are
increasing our Nutricia forecast from $8 million to $10 million for
the full year 2006. Based upon our current outlook, we are raising our
projection for overall year-over-year revenue growth in 2006 to 25%.
   "During the first quarter, we achieved record income," continued
McNally. "I would like to remind investors that we enjoyed a
substantial tax benefit of $446,000 during the first quarter, which
more than offset a stock option expense of approximately $95,000 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 $1,000,000, as we have
described in our SEC Form 8-K, which we filed earlier this month. This
$1,000,000 payment will be reflected as other income, offset by less
than $100,000 in legal fees, in our second quarter financials."

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                       ZEVEX INTERNATIONAL INC.
                 CONSOLIDATED STATEMENTS OF OPERATIONS

                                          Three months ended March 31,
                                               2006           2005
                                           (unaudited)    (unaudited)
                                          ----------------------------
Revenue:
     Product sales                         $10,330,555     $5,881,454
     Engineering services                      262,602        102,710
                                          -------------   ------------
     Total revenue                          10,593,157      5,984,164

     Cost of sales                           6,844,472      3,797,659
                                          -------------   ------------
Gross profit                                 3,748,685      2,186,505

Operating expenses:
     General and administrative              1,365,267        974,679
     Selling and marketing                   1,026,616        815,700
     Research and development                  309,111        321,656
                                          -------------   ------------
Total operating expenses                     2,700,994      2,112,035

Operating income                             1,047,691         74,470

Other income (expense):
     Interest and other income                  12,450          3,129
     Interest expense                          (29,061)       (29,811)
                                          -------------   ------------
Income before income taxes                   1,031,080         47,788

Benefit (provision) for income taxes           446,307         (2,635)
                                          -------------   ------------

Net income                                  $1,477,387        $45,153
                                          =============   ============


Basic net income per share                       $0.42          $0.01
                                          =============   ============

Weighted average shares outstanding          3,555,870      3,400,964
                                          =============   ============

Diluted net income per share                     $0.36          $0.01
                                          =============   ============

Diluted weighted average shares
 outstanding                                 4,073,315      3,512,433
                                          =============   ============


                       ZEVEX INTERNATIONAL INC.
                      CONSOLIDATED BALANCE SHEETS

                                             March 31,      Dec. 31,
                                               2006           2005
                       ASSETS               (unaudited)
                                            --------------------------
Current assets
     Cash and cash equivalents                 $926,567    $1,284,218
     Designated cash for sinking fund
      payment on industrial development
      bond                                      123,126        89,037
     Accounts receivable, net of allowance
      for doubtful accounts of $130,000       7,806,475     5,641,229
     Inventories                              4,962,231     4,586,418
     Marketable securities                       19,350        20,250
     Deferred income taxes                      449,902             0
     Prepaid expenses and other current
      assets                                    216,026       193,362
                                            ------------ -------------
     Total current assets                    14,503,677    11,814,514

     Property and equipment, net              4,890,240     4,639,136
     Patents, trademarks and other
      intangibles, net                          341,367       348,467
     Goodwill, net                            4,048,264     4,048,264
                                            ------------ -------------
     Total assets                           $23,783,548   $20,850,381
                                            ============ =============

   LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
     Accounts payable                        $3,583,287    $2,462,071
     Other accrued liabilities                1,297,287     1,290,911
     Deferred revenue                            20,830        52,081
     Current portion of industrial
      development bond                          100,000       100,000
     Income taxes payable                         6,560         2,965
     Current portion of other long-term
      debt                                       56,988        56,219
                                            ------------ -------------
     Total current liabilities                5,064,952     3,964,247

     Industrial development bond              1,100,000     1,100,000
     Other long-term debt                       695,605       710,143

Stockholders' equity
     Common stock; $.001 par value,
      10,000,000 authorized shares,
      3,656,145 issued and 3,616,912
      outstanding at March 31, 2006, and
      3,566,593 issued and 3,527,360
      outstanding at Dec. 31, 2005                3,656         3,567
     Additional paid in capital              17,089,820    16,719,396
     Unrealized loss on marketable
      securities                                   (900)            -
     Treasury stock, 39,233 shares 
      (at cost) at March 31, 2006, and 
      Dec. 31, 2005                             (89,422)      (89,422)
     Accumulated deficit                        (80,163)   (1,557,550)
                                            ------------ -------------
     Total stockholders' equity              16,922,991    15,075,991
                                            ------------ -------------
     Total liabilities and stockholders'
      equity                                $23,783,548   $20,850,381
                                            ============ =============
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   CONFERENCE CALL

   ZEVEX International Inc. invites all those interested to join the
ZEVEX management team for its earnings conference call for the first
quarter ended March 31, 2006. The call will be held Wednesday, April
26, 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: 800-240-5318

   International: 303-262-2141

   A live webcast and a rebroadcast of the conference call will be
available on the company's Web site at www.zevex.com and
www.streetevents.com. To listen to the live broadcast, please enter
the site 10-15 minutes prior to the call in order to download any
necessary software, and then click on the "Live Webcast" link on the
ZEVEX home page to access the call. The webcast will be archived on
both sites. There is no other replay access to the call.

   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 contract manufacturing 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.