ZEVEX Reports Record Results for Fourth Quarter and 12 Months Ended Dec. 31, 2005

ZEVEX International Inc. (NASDAQ: ZVXI) reported record
unaudited financial results for the three and 12 months ended Dec. 31,
2005.
   Revenue for the fourth quarter of 2005 increased 60% to $9.4
million, compared with $5.9 million for the fourth quarter of 2004.
For the year ended Dec. 31, 2005, revenue increased 28% to $30.3
million, compared with $23.6 million for the prior year.
   Net income for the fourth quarter of 2005 was $906,274, or $0.23
per fully diluted share, compared with a net loss of $285,929, or
($0.08) per share, for the fourth quarter of 2004. For 2005, net
income was $1,905,378, or $0.52 per fully diluted share, compared with
a net loss of $178,977, or ($0.05) per share, for the prior year.
   Gross profit for the fourth quarter of 2005 increased to
approximately 39% of sales, compared with 32% of sales for the fourth
quarter of 2004. Gross profit for 2005 was approximately 37% of sales,
compared with 36% of sales for the prior year. The increase in gross
profit for 2005 was due to a more favorable product sales mix.
   Therapeutics Division revenue for the fourth quarter of 2005
increased 80% to $5.7 million, compared with $3.1 million for the
fourth quarter of 2004. For 2005, Therapeutics Division revenue
increased 35% to $16.9 million, compared with $12.5 million for the
prior year. Sales of the company's domestic EnteraLite(R) and
EnteraLite(R) Infinity(R) enteral feeding pumps and disposable sets
grew 19% in 2005 over 2004. International sales of Therapeutics
products increased 165% over the prior year, primarily due to
increased sales of the company's Infinity enteral feeding pump through
its strategic distribution agreement with the Nutricia Clinical
division of Royal Numico. This growth more than offset the decline in
sales of the company's stationary pumps and disposable sets, which
decreased by 14% in 2005 compared with sales in 2004.
   Applied Technology Division revenue for the fourth quarter of 2005
increased 36% to $3.7 million, compared with $2.7 million for the
fourth quarter of 2004. For 2005, Applied Technology Division revenue
increased approximately 20% to $13.4 million, compared with $11.1
million for the prior year. Specifically, revenue from surgical
handpieces and sensors grew by 30%, and revenue from engineering
services grew by 21%. These increases more than offset lower revenue
from systems, which declined by approximately 8%.
   For 2005, operating expenses were $9.3 million, or 31% of sales,
compared with $8.6 million, or 36% of sales, for 2004. Selling,
general and administrative expenses for 2005 were $8.1 million, or 27%
of sales, compared with $7.1 million, or 30% of sales, for the prior
year. Research and development expenses for 2005 were $1.2 million, or
4% of sales, compared to $1.4 million, or 6% of sales, in the prior
year.
   Chief Executive Officer David J. McNally said, "We are pleased to
report record profit and substantial revenue growth in 2005. Sales of
pumps and disposable sets from our Therapeutics Division increased
significantly this past year due to the introduction of our EnteraLite
Infinity in the U.S. in January 2005, and due to sales of Flocare(R)
Infinity pumps and accessories to Nutricia Clinical, our distribution
partner in 32 countries. In addition, sales from our Applied
Technology Division continued to be strong through the fourth quarter
of 2005.
   "We are also pleased to report that we continued to strengthen our
balance sheet during 2005. Our cash and cash equivalents at the end of
2005 increased to $1.3 million from $213,000 at the end of 2004. Our
operations team held inventories steady during the year, even with
increased production of our Infinity pumps and disposables. Our
accounts receivable at the end of 2005 increased to $5.6 million from
$3.6 million in 2004, due to our revenue growth. In addition, our
funded debt at the end of 2005 was reduced by approximately $150,000
to $2.0 million, compared with the end of 2004, which is the lowest
level in over eight years," McNally continued.
   "The outlook for 2006 is encouraging. Our domestic Therapeutics
Division sales force has successfully launched the EnteraLite
Infinity, achieving record pump unit sales in 2005. Disposable set
sales are increasing based upon the growth of our installed base of
Infinity pumps. Nutricia Clinical has now launched the Flocare
Infinity product line in major European markets, and is continuing to
launch this product in other countries. Our expectations regarding
revenue growth in 2006 from sales to Nutricia Clinical remain
consistent with the levels we projected in our press release of Dec.
21, 2005. Furthermore, we expect that our Applied Technology sales
will remain strong during 2006, based upon current customer forecasts.
Based upon these early positive indications, we believe that our
revenue growth could again exceed 20 percent in 2006. During 2006, we
expect to increase our investment in research and development to
approximately 5% of sales. We will also increase our investment in
sales and marketing in order to develop revenue growth opportunities
for 2006 and beyond," McNally concluded.

   Conference Call

   ZEVEX International Inc. invites all those interested to join the
ZEVEX management team for its earnings conference call for the fourth
quarter and year ended Dec. 31, 2005. The call will be held Thursday,
Feb. 16, 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: 866-250-3615
   International: 303-262-2175

   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
either 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., 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. For more
information concerning ZEVEX and its products, please visit the ZEVEX
Web site at www.zevex.com.

   Forward-Looking Statements

   Statements made in this press release, including those relating to
anticipated revenue 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 further 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, 2004, may cause
actual results or events to differ materially from those described in
the forward-looking statements in this press release.

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                       ZEVEX INTERNATIONAL INC.
                 CONSOLIDATED STATEMENT OF OPERATIONS

                       Three Months Ended       Twelve Months Ended
                            Dec. 31,                 Dec. 31,
                        2005        2004         2005         2004
                     (Unaudited)             (Unaudited)
Revenue:
  Product sales      $9,209,165  $5,787,653  $29,721,595  $22,968,163
  Engineering
   services             145,717      74,595      552,327      666,192
                     ----------- ----------- ------------ ------------
  Total revenue      $9,354,882  $5,862,248   30,273,922  $23,634,355

  Cost of sales       5,740,682   3,983,910   18,924,370   15,177,377
                     ----------- ----------- ------------ ------------
Gross profit          3,614,200   1,878,338   11,349,552    8,456,978

Operating expenses:
  Selling, general
   and
   administrative     2,345,127   1,733,768    8,091,996    7,142,513
  Research and
   development          312,596     437,338    1,208,466    1,430,692
                     ----------- ----------- ------------ ------------
Total operating
 expenses             2,657,723   2,171,106    9,300,462    8,573,205

Operating income
 (loss)                 956,477    (292,768)   2,049,090     (116,227)

Other income
 (expense):
  Interest and other
   income                10,867       7,233       39,759       22,209
  Interest and other
   expense              (59,596)    (27,235)    (179,362)    (142,042)
  Gain (Loss) on
   sale of assets          (514)     25,861         (514)      25,861
                     ----------- ----------- ------------ ------------

Income (loss) before
 income taxes           907,234    (286,909)   1,908,973     (210,199)

(Provision) benefit
 for income taxes          (960)        980       (3,595)      31,222
                     ----------- ----------- ------------ ------------

Net income (loss)      $906,274   ($285,929)  $1,905,378    ($178,977)
                     =========== =========== ============ ============

Basic net income
 (loss) per share         $0.26      ($0.08)       $0.56       ($0.05)
                     =========== =========== ============ ============
Weighted average
 shares outstanding   3,453,266   3,400,964    3,416,828    3,400,964
                     =========== =========== ============ ============

Diluted net income
 (loss) per share:        $0.23      ($0.08)       $0.52       ($0.05)
                     =========== =========== ============ ============
Diluted weighted
 average shares
 outstanding          3,963,569   3,400,964    3,675,204    3,400,964
                     =========== =========== ============ ============
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                       ZEVEX INTERNATIONAL INC.
                      CONSOLIDATED BALANCE SHEET

                                              Dec. 31,     Dec. 31,
                                                2005         2004
                                             (Unaudited)
                                             ------------ ------------
                   ASSETS
Current Assets
  Cash and cash equivalents                   $1,284,218     $212,859
  Designated cash for sinking fund payment
   on industrial development bond                 89,037       96,042
  Accounts receivable, net of allowances for
   doubtful accounts of $130,000 and $192,000  5,641,229    3,563,436
  Other receivable                                    --       35,500
  Inventories                                  4,586,418    4,584,755
  Marketable securities                           20,250       29,250
  Prepaid expenses and other current assets      193,362      149,690
                                             ------------ ------------
  Total current assets                        11,814,514    8,671,532

  Property and equipment, net                  4,639,136    4,345,942
  Patents, trademarks and other intangibles,
   net                                           348,467      335,244
  Goodwill, net                                4,048,264    4,048,264
                                             ------------ ------------
  Total assets                               $20,850,381  $17,400,982
                                             ============ ============

    LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Accounts payable                            $2,462,071   $1,949,618
  Other accrued liabilities                    1,290,911      606,734
  Deferred revenue                                52,081           --
  Income taxes payable                             2,965        2,005
  Current portion of industrial development
   bond                                          100,000      100,000
  Current portion of other long-term debt         56,219       53,246
                                             ------------ ------------
  Total current liabilities                    3,964,247    2,711,603

  Industrial development bond                  1,100,000    1,200,000
  Other long-term debt                           710,143      766,362

Stockholders' Equity
  Common stock; $.001 par value, 10,000,000
   authorized shares, 3,566,593 issued and
   3,527,360 outstanding at Dec. 31, 2005 and
   3,440,197 issued and 3,400,964 outstanding
   at Dec. 31, 2004                                3,567        3,440
  Additional paid-in capital                  16,719,396   16,290,452
  Unrealized gain (loss) on marketable
   securities                                         --      (18,525)
  Treasury stock, 39,233 shares (at cost) at
   Dec. 31, 2005 and Dec. 31, 2004               (89,422)     (89,422)
  Accumulated deficit                         (1,557,550)  (3,462,928)
                                             ------------ ------------
  Total stockholders' equity                  15,075,991   12,723,017
                                             ------------ ------------
  Total liabilities and stockholders' equity $20,850,381  $17,400,982
                                             ============ ============
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