ABAXIS Reports Record Sales for the First Quarter of Fiscal 2006
UNION CITY, Calif., July 28 /PRNewswire-FirstCall/ -- ABAXIS, Inc.
(NASDAQ:ABAX), a medical products company manufacturing
point-of-care blood analysis systems, today reported financial
results for the first fiscal quarter ended June 30, 2005.
Highlights include: * Record quarterly revenues: $14.3 million, up
8% year-over-year. * Record quarterly total reagent disc sales of
767,000 units, compared to 701,000 units in the same period last
year, up 9% year-over-year. * Record quarterly veterinary reagent
disc sales of 674,000 units, compared to 612,000 units in the same
period last year, up 10% year- over-year. * Quarterly medical
reagent disc sales, excluding sales to the U.S. Military, of 74,000
units, compared to 48,000 units in the same period last year, up
54% year-over-year. * Record quarterly medical sales in the United
States, excluding sales to the U.S. Military: $1.1 million, up 11%
year-over-year. * Cash and short-term investments as of June 30,
2005: $24.1 million, up 29% year-over-year. Quarterly Results: For
the first fiscal quarter ended June 30, 2005, ABAXIS reported
revenues of $14.3 million, as compared with revenues of $13.2
million for the comparable period last year, an increase of 8
percent. Instrument revenue and recurring reagent disc and
hematology reagent revenue increased by $775,000 or 6 percent over
the same period last year. The Company reported net income
attributable to common shareholders of $1.0 million, compared to
$1.4 million for the same period last year. The Company's effective
tax rate in the quarter ended June 30, 2005 was 36 percent,
compared to 39 percent for the same period last year. The Company
reported diluted net income per share of $0.05 (calculated based on
21,120,000 shares), compared to $0.07 per share (calculated based
on 21,901,000 shares) for the same period last year. Other Reported
Information: Recurring reagent disc and hematology reagent revenue
for the first fiscal quarter was $9.4 million, up 12 percent over
the $8.5 million reported in the same period last year. During the
quarter, the Company sold 767,000 medical and veterinary reagent
discs compared to 701,000 medical and veterinary reagent discs sold
during the same period last year. The Company sold 3,392 veterinary
hematology reagent kits during the quarter, up 14 percent compared
to 2,974 hematology reagent kits sold for the same period last
year. The Company ended the quarter with $24.1 million in cash,
cash equivalents and short-term investments and no long-term debt.
Clint Severson, chairman and CEO of Abaxis, commented, "We are
pleased to report our 11th consecutive profitable quarter. The
veterinary business grew at 14% overall compared to last year's
first quarter and our European market grew at a 30% clip during the
quarter. We are very pleased with that development. In the medical
market, revenues from reagent disc sales, excluding sales to the
U.S. military, grew by 52% compared to sales in the first quarter
of last year. We are optimistic that the convenience and the
reliability of our medical market products will continue to drive
higher levels of adoption within the medical community in the
coming years." Mr. Severson continued, "Challenges for the quarter
included lower Piccolo sales to the U.S. Military and an increase
in operating expenses. During this quarter, we invested in both
sales and marketing as well as in research and development. We are
expanding our sales force and marketing programs in both the
veterinary and medical markets. The higher investments in research
and development resulted in the completion of three new discs,
Lipids Plus, Basic Metabolic Panel Plus, and Avian/Reptilian Plus
with Bile Acids, and the submission to the FDA of ALT, AST and
glucose for CLIA waived status. The results of this quarter were
also impacted by costs attributed to the Sarbanes-Oxley compliance
process. We think these are prudent investments that will provide a
superior long term return to shareholders. We are off to a good
start for the fiscal year and we look forward to the opportunities
ahead in the next three quarters." Conference Call ABAXIS has
scheduled a conference call to discuss its financial results at
4:15 p.m. ET on July 28, 2005. Participants can dial (877) 356-5706
or (706) 643-0580 to access the conference call, or can listen via
a live Internet web cast, which can be found at
http://www.abaxis.com/. A replay of the call is available by
visiting http://www.abaxis.com/ for the next 30 days or by calling
(800) 642-1687 or (706) 645-9291, access code 7859242, through
August 4, 2005. This press release is also available prior to and
after the call via ABAXIS' website or the Securities Exchange
Commission's website at http://www.sec.gov/. About ABAXIS ABAXIS
develops, manufactures and markets portable blood analysis systems
for use in any veterinary or human patient-care setting to provide
clinicians with rapid blood constituent measurements. The system
consists of a compact, 6.9 kilogram (15 pounds), portable analyzer
and a series of single-use plastic discs, called reagent discs that
contain all the chemicals required to perform a panel of up to 13
tests on veterinary patients and 14 tests on human patients. The
system can be operated with minimal training and performs multiple
routine tests on whole blood, serum or plasma samples. The system
provides test results in less than 14 minutes with the precision
and accuracy equivalent to a clinical laboratory analyzer. This
press release includes statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Reform Act"). ABAXIS claims the protection
of the safe-harbor for forward-looking statements contained in the
Reform Act. These forward- looking statements are often
characterized by the terms "may," "believes," "projects,"
"expects," or "anticipates," and do not reflect historical facts.
Specific forward-looking statements contained in this press release
include, but are not limited to, risks and uncertainties related to
fluctuations in the Company's share price, the market acceptance of
the Company's products and the continuing development of its
products, required United States Food and Drug Administration
("FDA") clearance and other government approvals, risks associated
with manufacturing and distributing its products on a commercial
scale free of defects, risks related to the introduction of new
instruments manufactured by third parties, risks associated with
entering the human diagnostic market on a larger scale, risks
related to the protection of the Company's intellectual property or
claims of infringement of intellectual property asserted by third
parties, risks involved in carrying of inventory, risks associated
with the ability to attract, train and retain competent sales
personnel, general market conditions, competition and other risks
detailed from time to time in ABAXIS' periodic reports filed with
the United States Securities and Exchange Commission.
Forward-looking statements speak only as of the date the statement
was made. ABAXIS does not undertake and specifically disclaims any
obligation to update any forward-looking statements. ABAXIS, Inc.
Summary of Financial Information (In thousands, except per share
data) (Unaudited) Three Months Ended June 30, 2005 2004 Net
revenues $14,273 $13,242 Costs and operating expenses: Cost of
revenues 6,446 6,074 Selling, general and administrative 4,675
3,641 Research and development 1,632 1,237 Total costs and
operating expenses 12,753 10,952 Income from operations 1,520 2,290
Interest and other income 66 60 Interest and other expense (13) (6)
Net income before income taxes 1,573 2,344 Income tax provision 572
910 Net Income $1,001 $1,434 Basic net income per share $0.05 $0.07
Diluted net income per share $0.05 $0.07 Weighted average common
shares outstanding - basic 19,897 19,575 Weighted average common
shares outstanding - diluted 21,120 21,901 ABAXIS, Inc. Balance
Sheet Data: (Unaudited and in thousands) June 30, March 31, 2005
2005 Current assets: Cash and cash equivalents $7,174 $5,776
Short-term investments 16,917 16,858 Trade receivables (net) 10,392
10,509 Inventories 8,846 8,355 Prepaid expenses 228 282 Net
deferred tax asset - current 4,199 4,677 Total current assets
47,756 46,457 Property and equipment, net 8,992 8,824 Intangible
assets, net 581 600 Deposits and other assets 90 96 Net deferred
tax asset - non-current 15,032 15,032 Total assets $72,451 $71,009
Current liabilities: Accounts payable $3,573 $3,850 Accrued payroll
and related expenses 2,249 1,867 Other accrued liabilities 1,030
657 Warranty reserve 318 245 Deferred revenue 789 907 Income tax
payable 196 171 Current portion of capital lease obligations 11 16
Total current liabilities 8,166 7,713 Non-current liabilities:
Deferred rent 469 462 Deferred revenue, less current portion 1,020
1,146 Commission obligation, less current portion 16 21 Total
non-current liabilities 1,505 1,629 Shareholders' equity: Common
stock 94,667 94,614 Accumulated deficit (32,017) (33,018)
Accumulated other comprehensive income 130 71 Total shareholders'
equity 62,780 61,667 Total liabilities and shareholders' equity
$72,451 $71,009 Customer and Geographic Information (in thousands)
Three Months Ended June 30, 2005 2004 United States $12,087 $11,512
International 2,186 1,730 Total revenues $14,273 $13,242 Customer
and Market Information (in thousands) Three Months Ended June 30,
2005 2004 Medical Market $1,674 $2,240 Veterinary Market 12,006
10,510 Other 593 492 Total revenues $14,273 $13,242 DATASOURCE:
ABAXIS, Inc. CONTACT: Clint Severson, Chief Executive Officer of
ABAXIS, Inc., +1-510-675-6500; or Joe Dorame, Robert Blum, Joe
Diaz, all of The RCG Group, +1-480-675-0400, for ABAXIS, Inc. Web
site: http://www.abaxis.com/
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