
<PAGE>   1
                       QUEST MEDICAL, INC.

                COMPUTATION OF EARNINGS PER SHARE

                     YEARS ENDED DECEMBER 31

<TABLE>
<CAPTION>
                                                                         1995              1994            1993
                                                                     -------------      -----------     -----------
<S>                                                                  <C>                <C>             <C>
Primary and fully diluted:
    Weighted average common
        shares outstanding                                              6,267,439         5,256,683      5,253,062

    Stock options and warrants  -
        based on the treasury stock
        method using average market price (which was
          higher than the year end price)                                 374,643                          306,360
                                                                     ------------       -----------     ----------
    Primary weighted average common and
        common equivalent shares outstanding                            6,642,082         5,256,683      5,559,422
                                                                     ============       ===========     ==========

    Earnings (loss) before cumulative effect of
        change in accounting principle and
        extraordinary item                                           $(10,104,998)      $(1,719,193)    $  647,037
                                                                     ------------       -----------     ----------

    Extraordinary item - loss on early extinguishment of debt        $   (269,045)      $        --     $       --
                                                                     ------------       -----------     ----------

    Cumulative effect of change in
        accounting principle                                         $          --      $        --     $  169,308
                                                                     -------------      -----------     ----------

    Net earnings (loss)                                              $(10,374,043)      $(1,719,193)    $  816,345
                                                                     ============       ===========     ==========
    Earnings (loss) before cumulative effect of
        change in accounting principle and
        extraordinary item per share                                 $      (1.52)      $      (.33)    $      .12
                                                                     ------------       -----------     ----------

    Extraordinary item per share                                     $       (.04)      $        --     $       --
                                                                     ------------       -----------     ----------

    Cumulative effect of change in accounting
        principle per share                                          $         --       $        --     $      .03
                                                                     ------------       -----------     ----------

    Net earnings (loss) per share                                    $      (1.56)      $      (.33)    $      .15
                                                                     =============      ===========     ==========
</TABLE>

