Abaxis and Henry Schein, Inc. Agree to Discontinue Distribution Agreement
23 5월 2006 - 6:00AM
PR Newswire (US)
Abaxis expects minimal financial impact on the quarter and the year
UNION CITY, Calif., May 22 /PRNewswire-FirstCall/ -- ABAXIS, Inc.
(NASDAQ:ABAX), a medical products company manufacturing
point-of-care blood analysis systems, announced today that Henry
Schein, Inc. and Abaxis have agreed to discontinue their veterinary
products distribution agreement effective immediately. Henry Schein
distribution of Abaxis veterinary products accounted for
approximately 14% of Abaxis' total business in fiscal year 2006.
Clint Severson, chairman and CEO of Abaxis commented, "This past
March, Henry Schein acquired a regional distributor of a competing
company, creating a level of uncertainty in the marketplace. In
joint discussions it was determined to be in the best interest of
both Abaxis and Henry Schein to dissolve the existing distribution
agreement in order to clarify any misunderstanding that might exist
in the veterinary market. We are pleased to be able to move forward
with our plans to see to it that the Abaxis customer base continues
to be served at the highest level." Mr. Severson continued, "We
believe that the loss of sales from the Schein organization will be
principally offset with increased sales in our other domestic
sectors, as well as increased international sales. We expect to
meet our internal quarterly and annual financial targets. We were
involved in a similar situation in December of 2004 and were
successful in keeping Abaxis users appropriately stocked with
product in order to keep their veterinary practices operating
seamlessly. With a growing distribution network, both domestically
and internationally, that is driving increased market acceptance we
are better positioned to manage this type of situation and to
maintain our quarterly and annual financial goals." Martin Mulroy,
Vice President Sales and Marketing for the Veterinary Business,
added, "With the recent successful introduction of our new
VetScanVS2 analyzer we continue to have the leading-edge product
for any veterinary practice. Our existing distribution network is
prepared to step right in and service veterinary practices in order
to ensure an orderly transition. We are confident in our ability to
keep potentially affected end- users stocked and operating at their
normal levels. Looking ahead, we remain steadfast in our belief
that we can continue to gain market share in the veterinary
point-of-care blood analysis market. We thank Henry Schein for all
of their past efforts." On the veterinary side of the business,
Abaxis now has 16 distributor agreements in place in North America,
four of which have been added this past year. More than 40% of
Abaxis' new business (instrument placements) is now sold direct
from the Company, while local distribution typically supplies the
consumable component of the Abaxis product line to the end user.
Conference Call Abaxis has scheduled a conference call to discuss
its results at 6:00 p.m. ET on May 22, 2006. 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 9729531, through May 25,
2006. 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. DATASOURCE:
Abaxis, Inc. CONTACT: Clint Severson, Chief Executive Officer of
Abaxis, Inc., +1-510-675-6500; or Joe Dorame, Robert Blum, or Joe
Diaz, all of Lytham Partners, LLC, +1-602-889-9700, for Abaxis,
Inc. Web site: http://www.abaxis.com/
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