UNION CITY, Calif., July 26 /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, 2007. Quarterly
highlights include: -- Record revenues of $22.9 million, up 13%
over last year's comparable quarter. -- Medical market sales of
$4.8 million, up 29% over last year's comparable quarter. --
Medical instrument sales of 177 units, up 43% over last year's
comparable quarter. -- Medical reagent disc sales of 274,000 units,
up 25% over last year's comparable quarter. -- Total medical and
veterinary reagent disc sales of 1,138,000 units, compared to
957,000 units in the same period last year, up 19% over last year's
comparable quarter. -- Record reagent disc margin of 65%, up 540
basis points over last year's comparable quarter. -- Gross profit
of 56.8%, up 60 basis points over last year's comparable quarter.
-- Record operating income of $4.5 million, up 22% over last year's
comparable quarter. -- Record net income of $3.1 million, up 29%
over last year's comparable quarter. -- Diluted EPS: $0.14 versus
$0.11 in the same period last year. -- Cash, cash equivalents and
short-term investments as of June 30, 2007 of $49.5 million, up 38%
compared to June 30, 2006. Quarterly Results: For the fiscal
quarter ended June 30, 2007, Abaxis reported revenues of $22.9
million, as compared with revenues of $20.4 million for the
comparable period last year, an increase of 13 percent. Instrument,
reagent disc and hematology reagent revenues increased by $1.9
million, or 10 percent over the same period last year. The company
reported net income of $3.1 million, compared to $2.4 million for
the same period last year. The company's effective tax rate in the
quarter ended June 30, 2007 was 38 percent, compared to 40 percent
for the same period last year. The company reported diluted net
income per share of $0.14 (calculated based on 22,102,000 shares)
in the first quarter of fiscal 2008, compared to $0.11 per share
(calculated based on 21,758,000 shares) for the same period last
year. Other Reported Information: Reagent disc and hematology
reagent revenues for the first quarter of fiscal 2008 were $14.3
million, up 18 percent over the $12.1 million reported in the same
period last year. During the quarter, the company sold a total of
1,138,000 medical and veterinary reagent discs, an increase of 19
percent, compared to 957,000 medical and veterinary reagent discs
sold during the same period last year. Total medical sales for the
first quarter of fiscal 2008 were $4.8 million, an increase of 29
percent over last year's comparable quarter. Medical sales in North
America, excluding sales to the U.S. government, during the first
quarter of fiscal 2008 were $3.7 million, an increase of 36 percent
over last year's comparable quarter. Total veterinary sales for the
first quarter of fiscal 2008 were $16.4 million, up 6 percent over
last year's comparable quarter. Additionally, veterinary reagent
disc sales for the first quarter of fiscal 2008 were $11.0 million,
an increase of 19 percent, compared to the same period last year.
The company ended the quarter with $49.5 million in cash, cash
equivalents and short-term investments. "The first quarter of
fiscal 2008 was a quarter of changes and transitions," commented
Clint Severson, President and Chief Executive Officer of Abaxis.
"Despite the challenges that come with change, we were able to
achieve record financial results for the quarter. We continue to
achieve strong year-over-year sales results in most of our product
segments and believe that fiscal 2008 has the potential to continue
the strong growth trends of the previous few years. From a
strategic standpoint, we are commencing a number of initiatives
that we believe will help us take the company to the next level of
its development." "In our veterinary business," Mr. Severson
continued, "we have adjusted the compensation model of our direct
sales team to now include sales of reagent discs to customers on an
on-going basis. Previously, our sales representatives were tasked
with selling our VetScan and VS2 blood analysis instruments only.
We have now added reagent disc sales to their compensation package
with the goal of improving reagent disc sales going forward, which
in turn should expand customer loyalty to our leading-edge
systems." "We have also retained a national search firm to bring on
a new manufacturing operations executive to succeed Bob Milder, who
recently retired. We thank Bob for the significant contributions he
made to help bring Abaxis to its current level. We will now look to
bring on a seasoned industry professional that can help to drive
our next level of growth with the most efficient and effective
manufacturing operation possible. We believe that this also
represents an exciting opportunity for the next generation of blood
analysis products to benefit from the creativity and the fresh
perspective of a new operations executive with a unique set of
skills and industry expertise." "All in all," concluded Mr.
Severson, "we are pleased with the progress that we continue to
make and we believe that there are a great many market
opportunities for our products in the years to come." Conference
Call Abaxis has scheduled a conference call to discuss its results
at 4:15 p.m. ET on July 26, 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 7195890, through July
29, 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, 5.1 kilogram (11.2 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 12 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 United States
generally accepted accounting principles (GAAP), Abaxis uses
operating income per share on a pro forma basis. This non-GAAP
financial presentation is not a measurement of performance under
generally accepted accounting principles in the United States of
America. Management uses this measure in comparing Abaxis'
operating results with 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 may be affected by risks and uncertainties, including, but not
limited to, those 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 June 30, 2007 2006 Revenues $22,931
$20,358 Cost of revenues 9,915 8,921 Gross profit 13,016 11,437
Operating expenses: Research and development 1,653 1,717 Sales and
marketing 5,229 4,471 General and administrative 1,651 1,584 Total
operating expenses 8,533 7,772 Income from operations 4,483 3,665
Interest and other income (expense), net 499 336 Income before
income taxes 4,982 4,001 Income tax provision 1,884 1,600 Net
income $3,098 $2,401 Net income per share: Basic net income per
share $0.15 $0.12 Diluted net income per share $0.14 $0.11 Shares
used in the calculation of net income per share: Weighted average
common shares outstanding -- basic 21,311 20,268 Weighted average
common shares outstanding -- diluted 22,102 21,758 ABAXIS, INC.
Condensed Balance Sheets (Unaudited and in thousands) June 30,
March 31, 2007 2007 Current assets: Cash and cash equivalents
$9,159 $10,183 Short-term investments 40,315 35,028 Trade
receivables, net 15,348 16,929 Inventories, net 16,682 14,813
Prepaid expenses 935 1,321 Net deferred tax asset - current 7,416
8,979 Total current assets 89,855 87,253 Property and equipment,
net 12,870 12,662 Intangible assets, net 431 450 Other assets 29 38
Net deferred tax asset - non-current 2,312 2,312 Total assets
$105,497 $102,715 Current liabilities: Accounts payable $5,553
$6,505 Accrued payroll and related expenses 3,052 3,830 Other
accrued liabilities 1,091 1,169 Deferred revenue 819 917 Warranty
reserve 615 315 Total current liabilities 11,130 12,736 Non-current
liabilities: Deferred rent 367 391 Deferred revenue 1,095 1,244
Warranty reserve 295 532 Total non-current liabilities 1,757 2,167
Shareholders' equity: Common stock 104,982 103,282 Accumulated
deficit (12,372) (15,470) Total shareholders' equity 92,610 87,812
Total liabilities and shareholders' equity $105,497 $102,715
Non-GAAP Operating Income Per Share (In thousands, except per share
data) Three Months Ended June 30, 2007 2006 Shares used in the
calculation of operating income per share (non-GAAP): Weighted
average common shares outstanding - basic 21,311 20,268 Weighted
average common shares outstanding - diluted 22,102 21,758 Non-GAAP
operating income per share -- basic $0.21 $0.18 Non-GAAP operating
income per share -- diluted $0.20 $0.17 Revenues by Geographic
Region (In thousands) Three Months Ended June 30, 2007 2006 North
America $19,169 $16,763 International 3,762 3,595 Total revenues
$22,931 $20,358 Revenues by Customer Group (In thousands) Three
Months Ended June 30, 2007 2006 Medical Market $4,807 $3,730
Veterinary Market 16,436 15,541 Other 1,688 1,087 Total revenues
$22,931 $20,358 DATASOURCE: Abaxis, Inc. CONTACT: Clint Severson,
Chief Executive Officer of Abaxis, Inc., +1-510-675-6500; or Joe
Dorame, Robert Blum and Joe Dia of Lytham Partners, LLC,
+1-602-889-9700 Web site: http://www.abaxis.com/
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