UNION CITY, Calif., July 27 /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, 2006.
Highlights include: -- Quarterly revenues: $20.4 million, up 43%
over last year's comparable quarter. -- Quarterly net income of
$2.4 million, up 140% over last year's comparable quarter. --
Quarterly operating income of $3.7 million, up 141% over last
year's comparable quarter. -- Quarterly diluted EPS: $0.11 versus
$0.05 in the same period last year. -- Quarterly total reagent disc
sales of $11.2 million, compared to $8.7 million in the same period
last year, up 28% over last year's comparable quarter. -- Quarterly
total medical sales of $3.7 million, up 123% over last year's
comparable quarter. -- Quarterly medical sales in the North
America, excluding sales to the U.S. Military: $2.7 million, up
150% over last year's comparable quarter. -- Quarterly medical
reagent disc sales in the North America, excluding sales to the
U.S. Military, of 157,000 units, compared to 64,000 units in the
same period last year, up 145% over last year's comparable quarter.
-- Quarterly total veterinary sales of $15.5 million, up 29% over
last year's comparable quarter. -- Quarterly veterinary reagent
disc sales of $9.2 million, compared to $7.8 million in the same
period last year, up 18% over last year's comparable quarter. --
Quarterly sales in North America of $16.8 million, up 39% over last
year's comparable quarter. -- Quarterly international sales of $3.6
million, up 64% over last year's comparable quarter. -- Cash, cash
equivalents and short-term investments as of June 30, 2006: $35.9
million, up 49% compared to the same quarter last year. Quarterly
Results: For the first fiscal quarter ended June 30, 2006, Abaxis
reported revenues of $20.4 million, as compared with revenues of
$14.3 million for the comparable period last year, an increase of
43 percent. Instrument revenue, reagent disc and hematology reagent
revenue increased by $5.5 million or 41 percent over the same
period last year. The Company reported net income attributable to
common shareholders of $2.4 million, compared to $1.0 million for
the same period last year. The Company's effective tax rate in the
quarter ended June 30, 2006 was 40 percent, compared to 36 percent
for the same period last year. The Company reported diluted net
income per share of $0.11 (calculated based on 21,758,000 shares),
compared to $0.05 per share (calculated based on 21,120,000 shares)
for the same period last year. Other Reported Information: Reagent
disc and hematology reagent revenue for the first quarter of fiscal
2007 was $12.1 million, up 28 percent over the $9.4 million
reported in the same period last year. During the quarter, the
Company sold 957,000 medical and veterinary reagent discs compared
to 767,000 medical and veterinary reagent discs sold during the
same period last year. The Company ended the quarter with $35.9
million in cash, cash equivalents and short-term investments. Clint
Severson, president and chief executive officer of Abaxis,
commented, "With revenues up 43% and net income increasing 140%
versus the comparable quarter last year, we are very gratified with
the results of the first quarter of fiscal year 2007. We achieved
strong sales growth in all of our product segments. We are
particularly pleased with the 123% increase in our medical
business. Our distribution partners are doing a consistent job of
introducing our products to the various segments of the medical
markets. Utilizing our Piccolo system medical professionals are
increasingly taking advantage of the opportunity to confidently
diagnose medical conditions, prescribe effective treatment regimes
and produce improved patient outcomes on a more timely basis. We
are in the early stages of developing this market and we are
encouraged by the great opportunities ahead." Mr. Severson
continued, "On the veterinary side of our business, sales increased
by 29%; which indicates that demand for our products continues to
be robust. We firmly believe that there remains significant
headroom to grow our veterinary business and we are dedicated to
doing so. All in all, our strategy and business model are achieving
a great deal of traction and we remain confident in our ability to
grow profitably in the coming years." Conference Call Abaxis has
scheduled a conference call to discuss its results at 4:15 p.m. ET
on July 27, 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 2913094, through July 30,
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. Use of
Non-GAAP Financial Measures This earnings release presents Abaxis'
income from operations and net income attributable to common
shareholders. To supplement the financial statements presented in
accordance with GAAP included as part of this release, Abaxis uses
non-GAAP measures of operating income per share on a pro forma
basis, which is not a measurement of performance under generally
accepted accounting principles in the United States of America.
Management uses these measures in comparing Abaxis' historical
performance and believes that these measures provide meaningful and
comparable information to management and investors to assist in
their review of Abaxis' performance relative to prior periods and
its competitors. 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. Financial Tables on Following Pages ABAXIS, Inc.
Summary of Financial Information (In thousands, except per share
data) (Unaudited) Three Months Ended June 30, 2006 2005 Revenues
$20,358 $14,273 Cost of revenues 8,921 6,446 Gross profit 11,437
7,827 Operating expenses: Research and development 1,717 1,632
Sales and marketing 4,471 3,221 General and administrative 1,584
1,454 Total operating expenses 7,772 6,307 Income from operations
3,665 1,520 Interest and other income 340 66 Interest and other
expense (4) (13) Income before income taxes 4,001 1,573 Income tax
provision 1,600 572 Net income $2,401 $1,001 Net income per share:
Basic net income per share $0.12 $0.05 Diluted net income per share
$0.11 $0.05 Shares used in the calculation of net income per share:
Weighted average common shares outstanding - basic 20,268 19,897
Weighted average common shares outstanding - diluted 21,758 21,120
ABAXIS, Inc. Balance Sheet Data: (Unaudited and in thousands) June
30, March 31, 2006 2006 Current assets: Cash and cash equivalents
$9,220 $10,164 Short-term investments 26,701 20,372 Trade
receivables (net) 13,608 14,638 Inventories 10,462 10,396 Prepaid
expenses 1,216 446 Net deferred tax asset - current 4,256 4,294
Total current assets 65,463 60,310 Property and equipment, net
10,221 10,038 Intangible assets, net 506 525 Deposits and other
assets 68 80 Net deferred tax asset - non-current 10,679 12,125
Total assets $86,937 $83,078 Current liabilities: Accounts payable
$4,332 $4,614 Accrued payroll and related expenses 3,304 3,890
Other accrued liabilities 778 705 Warranty reserve 294 213 Deferred
revenue 841 939 Total current liabilities 9,549 10,361 Non-current
liabilities: Deferred rent 442 478 Deferred revenue, less current
portion 938 938 Other long-term liabilities 197 263 Total
non-current liabilities 1,577 1,679 Shareholders' equity: Common
stock 98,822 96,506 Accumulated deficit (23,142) (25,543)
Accumulated other comprehensive income 131 75 Total shareholders'
equity 75,811 71,038 Total liabilities and shareholders' equity
$86,937 $83,078 Non-GAAP Operating Income Per Share (in thousands)
Three Months Ended June 30, 2006 2005 Shares used in the
calculation of operating income per share (non-GAAP): Weighted
average common shares outstanding - basic 20,268 19,897 Weighted
average common shares outstanding - diluted 21,758 21,120 Non-GAAP
operating income per share - basic $0.18 $0.08 Non-GAAP operating
income per share - diluted $0.17 $0.07 Customer and Geographic
Information (in thousands) Three Months Ended June 30, 2006 2005
North America $16,763 $12,087 International 3,595 2,186 Total
revenues $20,358 $14,273 Customer and Market Information (in
thousands) Three Months Ended June 30, 2006 2005 Medical Market
$3,730 $1,674 Veterinary Market 15,541 12,006 Other 1,087 593 Total
revenues $20,358 $14,273 DATASOURCE: Abaxis, Inc. CONTACT: Clint
Severson, Chief Executive Officer, of Abaxis, Inc.,
+1-510-675-6500; or Joe Dorame, Robert Blum and Joe Diaz of Lytham
Partners, LLC, +1-602-889-9700 Web site: http://www.abaxis.com/
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