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OMB Number 3235-0104
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 3

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person

Feinberg Stephen
(Last) (First) (Middle)

450 Park Avenue - 28th Floor
(Street) 
    New York              NY                    10022
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   (City)               (State)                 (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)

3/16/00
3. IRS or Social Security Number of Reporting Person (Voluntary)

4. Issuer Name and Ticker or Trading Symbol

i-STAT Corporation (STAT)
5 Relationship of Reporting Person to Issuer

(Check all applicable)

[ ] Director [X**] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)

6. If Amendment, Date of Original (Month/Year)

7. Individual or Joint/Group Filing
(Check Applicable Line)
[X**] Form filed by One Reporting Person
[ ] Form fileld by More than One Reporting Person
Table I -- Non-Derivative Securities Beneficially Owned 
                                                                 3. Ownership Form:
                                      2. Amount of Securities       Direct (D) or
1. Title of Security                     Beneficially Owned         Indirect (I)       4. Nature of Indirect Beneficial Ownership
   (Instr. 4)                            (Instr. 4)                 (Instr. 5)            (Instr.5)
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   Common Stock                            1,738,702*                 I*                  By partnerships and corporations*
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

(Print or Type Responses)

FORM 3 (continued)

Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities) 

                                                                                                        5. Owner-
                                                    3. Title and Amount of Securities                      ship
                                                       Underlying Derivative Security                      Form of
                         2. Date Exercisable           (Instr. 4)                                          Derivative
                            and Expiration Date     ---------------------------------    4. Conver-        Security:
                            (Month/Day/Year)                               Amount           sion or        Direct      6. Nature of
                         ----------------------                            or               Exercise       (D) or         Indirect
                         Date       Expira-                                Number           Price of       Indirect       Beneficial
1. Title of Derivative   Exer-      tion                                   of               Derivative     (I)            Ownership
   Security (Instr. 4)   cisable    Date            Title                  Shares           Security       (Instr.5)      (Instr. 5)
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Explanation of Responses: *250,000 of such shares are owned by Cerberus Partners, L.P., a partnership organized under the laws of Delaware ("Cerberus"). 636,627 of such shares are owned by Cerberus International, Ltd., a corporation organized under the laws of the Bahamas ("International"). 852,075 of such shares are owned by various other private investment funds (the "Funds"). The reporting person possesses sole voting and investment control over all securities of the issuer owned by Cerberus, International and the Funds.

**The reporting person's interest in the shares set forth herein is limited to the extent of his pecuniary interest, if any, in Cerberus, International and the Funds, respectively. 

/S/ Stephen Feinberg                                            March 22, 2000
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     **Signature of Reporting Person                              Date
       Stephen Feinberg

Intentional misstatements or omissions of facts constitute Federal Criminal Violations.

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient. See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.