Year-to-Date Revenues Increased 29% and Net Income Increased 42%
Over the First Nine Months of Fiscal 2006 UNION CITY, Calif., Jan.
25 /PRNewswire-FirstCall/ -- ABAXIS, Inc. (NASDAQ:ABAX), a medical
products company manufacturing point-of-care blood analysis
systems, today reported financial results for the third fiscal
quarter ended December 31, 2006. Third Quarter Record Highlights
include: -- Revenues of $22.0 million, up 26% over last year's
comparable quarter. -- Instrument sales of 912 units, up 18% over
last year's comparable quarter. -- Chemistry instrument sales of
703 units, up 36% over last year's comparable quarter. -- Medical
market sales of $4.7 million, up 63% over last year's comparable
quarter. -- Medical reagent disc sales of 284,000 units, up 100%
over last year's comparable quarter. -- North American revenues of
$18.2 million, up 23% over last year's comparable quarter. --
International revenues of $3.8 million, up 42% over last year's
comparable quarter. -- Veterinary market sales of $16.3 million, up
19% over last year's comparable quarter. -- Cash, cash equivalents
and short-term investments as of December 31, 2006: $42.1 million,
up 47% compared to December 31, 2005. Quarterly Results: For the
fiscal quarter ended December 31, 2006, Abaxis reported revenues of
$22.0 million, as compared with revenues of $17.4 million for the
comparable period last year, an increase of 26 percent. Instrument,
reagent disc and hematology reagent revenues increased by $4.3
million, or 26 percent over the same period last year. The company
reported net income of $2.8 million, compared to $1.9 million for
the same period last year. The company's effective tax rate in the
quarter ended December 31, 2006 was 31 percent, compared to 37
percent for the same period last year. The decrease in the
effective tax rate in the third quarter of fiscal 2007, as compared
to the same period last year, was due to the extension of the
federal research and development credit. The company reported
diluted net income per share of $0.13 (calculated based on
21,939,000 shares), compared to $0.09 per share (calculated based
on 21,585,000 shares) for the same period last year. Nine Month
Results: For the nine-month period ended December 31, 2006, Abaxis
reported revenues of $63.4 million, as compared with revenues of
$49.1 million for the comparable period last year, an increase of
29 percent. Instrument, reagent disc and hematology reagent
revenues increased by $12.9 million, or 28 percent over the same
period last year. The company reported net income of $7.3 million,
compared to $5.2 million for the same period last year. The
company's effective tax rate in both nine month periods was 37
percent. The company reported diluted net income per share of $0.33
(calculated based on 21,871,000 shares), compared to $0.24 per
share (calculated based on 21,374,000 shares) for the same period
last year. Other Reported Information: Reagent disc and hematology
reagent revenues for the third quarter of fiscal 2007 were $12.2
million, up 25 percent over the $9.8 million reported in the same
period last year. During the quarter, the company sold 1,005,000
medical and veterinary reagent discs, an increase of 26 percent,
compared to 797,000 medical and veterinary reagent discs sold
during the same period last year. Total medical sales for the third
quarter of fiscal 2007 were $4.7 million, an increase of 63 percent
over last year's comparable quarter. Medical sales in North
America, excluding sales to the U.S. government, during the third
quarter of fiscal 2007 were $3.4 million, an increase of 63% over
last year's comparable quarter. Total veterinary sales for the
third quarter of fiscal 2007 were $16.3 million, up 19 percent over
last year's comparable quarter. Additionally, veterinary reagent
disc sales for the third quarter of fiscal 2007 were $8.7 million,
an increase of 13 percent, compared to the same period last year.
The company ended the quarter with $42.1 million in cash, cash
equivalents and short-term investments. Clint Severson, President
and Chief Executive Officer of Abaxis, said, "We are very pleased
with the results of the quarter and the nine-month period. Revenues
were up 26% and 29% for the quarter and the nine-month periods,
respectively, and earnings per share were up 44% and 38% for the
respective periods. Our revenue in the medical market grew 63% for
the quarter and 59% on a year-to-date basis, over the same periods
last year. We believe that the leading-edge nature of our Piccolo
technology to provide accurate blood analysis at the point-of-care
can be a catalyst in driving market acceptance in the years to
come." "We are also gratified to experience the 42% revenue growth
in our international revenues, compared to last year's third
quarter, and the 47% international revenue growth year-to-date,"
Mr. Severson continued. "International sales now account for 17% of
our total revenues and we believe that will continue to grow in the
years to come. Additionally, our veterinary revenue has grown at a
22% clip year-to-date. All in all, we are pleased with the growth,
both top- and bottom-line, that we have achieved during this
current fiscal year. We look forward to continued solid performance
in the coming quarters." Conference Call Abaxis has scheduled a
conference call to discuss its results at 4:15 p.m. ET on January
25, 2007. 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 6684119, through January 30, 2007. This press release is also
available prior to and after the call via Abaxis' website or the
Securities and 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
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 this measure in comparing Abaxis' historical performance and
believes it provides 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 and our conference call will include 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," "anticipates," or words
of similar import, and do not reflect historical facts. Specific
forward-looking statements contained in this press release or in
our conference call include, but are not limited to, risks and
uncertainties related to the market acceptance of the company's
products and the continuing development of its products, required
United States Food and Drug Administration 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. Condensed
Statements of Operations (In thousands, except per share data)
(Unaudited) Three Months Ended Nine Months Ended December 31,
December 31, 2006 2005 2006 2005 Revenues $22,018 $17,444 $63,413
$49,130 Cost of revenues 10,439 7,605 28,839 21,372 Gross profit
11,579 9,839 34,574 27,758 Operating expenses: Research and
development 1,495 1,491 4,731 4,554 Sales and marketing 5,302 4,221
15,306 11,256 General and administrative 1,262 1,316 4,232 4,148
Total operating expenses 8,059 7,028 24,269 19,958 Income from
operations 3,520 2,811 10,305 7,800 Interest and other income 493
119 1,227 366 Interest and other expense (2) (7) (33) (20) Income
before income taxes 4,011 2,923 11,499 8,146 Income tax provision
1,235 1,072 4,208 2,996 Net income $2,776 $1,851 $7,291 $5,150 Net
income per share: Basic net income per share $0.13 $0.09 $0.35
$0.26 Diluted net income per share $0.13 $0.09 $0.33 $0.24 Shares
used in the calculation of net income per share: Weighted average
common shares outstanding - basic 20,766 20,027 20,547 19,948
Weighted average common shares outstanding - diluted 21,939 21,585
21,871 21,374 ABAXIS, Inc. Condensed Balance Sheets (Unaudited and
in thousands) December 31, March 31, 2006 2006 Current assets: Cash
and cash equivalents $15,003 $10,164 Short-term investments 27,102
20,372 Trade receivables, net 15,541 14,638 Inventories, net 12,552
10,396 Prepaid expenses 1,578 446 Net deferred tax asset - current
4,269 4,294 Total current assets 76,045 60,310 Property and
equipment, net 11,984 10,038 Intangible assets, net 468 525
Deposits and other assets 49 80 Net deferred tax asset -
non-current 8,223 12,125 Total assets $96,769 $83,078 Current
liabilities: Accounts payable $6,973 $4,614 Accrued payroll and
related expenses 3,166 3,890 Other accrued liabilities 1,282 705
Warranty reserve 297 213 Deferred revenue 692 939 Total current
liabilities 12,410 10,361 Non-current liabilities: Deferred rent
415 478 Deferred revenue, less current portion 1,254 938 Other
long-term liabilities 331 263 Total non-current liabilities 2,000
1,679 Shareholders' equity: Common stock 100,489 96,506 Accumulated
deficit (18,252) (25,543) Accumulated other comprehensive income
122 75 Total shareholders' equity 82,359 71,038 Total liabilities
and shareholders' equity $96,769 $83,078 Non-GAAP Operating Income
Per Share (In thousands, except per share data) Three Months Ended
Nine Months Ended December 31, December 31, 2006 2005 2006 2005
Shares used in the calculation of operating income per share
(non-GAAP): Weighted average common shares outstanding - basic
20,766 20,027 20,547 19,948 Weighted average common shares
outstanding - diluted 21,939 21,585 21,871 21,374 Non-GAAP
operating income per share - basic $0.17 $0.14 $0.50 $0.39 Non-GAAP
operating income per share - diluted $0.16 $0.13 $0.47 $0.36
Customer and Geographic Information (in thousands) Three Months
Ended Nine Months Ended December 31, December 31, 2006 2005 2006
2005 North America $18,221 $14,777 $52,652 $41,815 International
3,797 2,667 10,761 7,315 Total revenues $22,018 $17,444 $63,413
$49,130 Customer and Market Information (in thousands) Three Months
Ended Nine Months Ended December 31, December 31, 2006 2005 2006
2005 Medical Market $4,656 $2,858 $12,506 $7,879 Veterinary Market
16,312 13,735 47,013 38,454 Other 1,050 851 3,894 2,797 Total
revenues $22,018 $17,444 $63,413 $49,130 DATASOURCE: Abaxis, Inc.
CONTACT: Clint Severson, Chief Executive Officer, Abaxis, Inc.,
+1-510-675-6500; or Joe Dorame, Robert Blum and Joe Diaz, Lytham
Partners, LLC, +1-602-889-9700 Web site: http://www.abaxis.com/
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