Ventricular late potentials (VLP) have been shown to be independent predictors of arrhythmic events after myocardial infarction. However, many studies have had one or more limitations: limited follow-up period, small study group, possible selection bias, inadequate statistical analysis, or inclusion of patients with previous infarction. The purpose of this study was to assess the long-term prognostic value of VLP in a large group of unselected patients after a first acute myocardial infarction. Time-domain signal averaging was performed in 458 patients (380 male, 78 female, mean age 59 ± 11 years) a mean of 10 days (range 7 to 13 days) after a first acute myocardial infarction. The overall prevalence of VLP was 20% (90 of 458 patients). By univariate analysis a left ventricular ejection fraction <40% (p = 0.002) and the presence of an occluded infarct-related artery (p = 0.006) were the only statistically significant predictors for the development of VLP. During a median follow-up of 70 months, 21 (5%) patients died suddenly, and 11 (2%) patients had documented sustained ventricular tachycardia. The presence of VLP (p < 0.0001), older age (p = 0.02), and an occluded infarct-related artery (p = 0.045) were the only variables significantly associated with the occurrence of serious arrhythmic events during follow-up. The probability of having no arrhythmic events was 99% at 1 year and 96% at 5 years in the absence of VLP and 87% at 1 year and 80% at 5 years in the presence of VLP (4.6-fold increase in arrhythmic risk; 95% confidence interval: 2.3 to 9.1). VLPs are powerful predictors of serious arrhythmic events in patients after a first acute myocardial infarction, and their prognostic value, although waning with time, persists for at least 7 years. This study also provides further evidence that an open infarct-related artery may reduce the arrhythmic risk after myocardial infarction. (Am Heart J 1997;134:1019-28.)