UNION CITY, Calif., July 30 /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, 2009. Record
quarterly highlights include: -- Revenues of $29.6 million, up 21%
over last year's comparable quarter. -- Veterinary market sales of
$21.8 million, up 31% over last year's comparable quarter. -- North
America revenues of $24.1 million, up 19% over last year's
comparable quarter. -- International revenues of $5.5 million, up
29% over last year's comparable quarter. -- Medical and veterinary
reagent disc sales of $18.4 million, up 31% over last year's
comparable quarter. -- Gross profit of $17.2 million, up 27% over
last year's comparable quarter. -- Operating income of $5.7
million, up 42% over last year's comparable quarter. -- Net income
of $3.8 million, up 35% over last year's comparable quarter.
Quarterly Results: For the fiscal quarter ended June 30, 2009,
Abaxis reported revenues of $29.6 million, as compared with
revenues of $24.6 million for the comparable period last year, an
increase of 21 percent. Revenues from instrument sales, which
include chemistry analyzers, hematology instruments and coagulation
analyzers, decreased by an aggregate of $1.5 million, or 20
percent, over the same period last year. Revenues from consumables,
which include reagent discs, hematology reagent kits, coagulation
cartridges, i-STAT cartridges and heartworm rapid tests, increased
by an aggregate of $6.0 million, or 40 percent, over the same
period last year. The company reported net income of $3.8 million,
compared to $2.8 million for the same period last year. The
company's effective tax rate in the quarter ended June 30, 2009 was
40 percent, compared to 38 percent for the same period last year.
The company reported diluted net income per share of $0.17
(calculated based on 22,357,000 shares) for the first quarter of
fiscal 2010, compared to $0.12 per share (calculated based on
22,398,000 shares) for the same period last year. Other Reported
Information: Consumables revenues for the first quarter of fiscal
2010 was $20.9 million, up 40 percent over the $14.9 million
reported for the same period last year. Total sales in the medical
market for the first quarter of fiscal 2010 were $5.8 million, a
decrease of 12 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 2010 were $3.7 million, a
decrease of 16 percent over last year's comparable quarter. Total
sales in the veterinary market for the first quarter of fiscal 2010
were $21.8 million, up 31 percent over last year's comparable
quarter. Veterinary reagent disc sales for the first quarter of
fiscal 2010 were $14.5 million, an increase of 40 percent compared
to the same period last year. The company ended the first quarter
with an aggregate of $80.8 million in cash, cash equivalents and
investments. As of June 30, 2009, the company held a total of $20.2
million in short-term investments and $13.8 million in long-term
investments. Clint Severson, chairman and chief executive officer
of Abaxis, commented, "This was a very strong quarter for Abaxis.
We achieved substantial revenue and net income growth, strong
diagnostic reagent disc sales increases and continued improvement
in our cash position and liquidity. But more importantly, we are
gaining real traction in the acceptance of new products that will
contribute to our top-line and bottom-line for years to come. For
example, our new VetScan VSpro Coagulation Analyzer got off to a
strong start in its initial roll-out with unit sales representing
12.5% of our total instrument sales in the first quarter. Our new
VetScan Canine Heartworm Rapid Test continues to be received very
well by the veterinary community and our distribution agreement
with Abbott's Point-of-Care business started in earnest during the
quarter with the shipment of i-STAT cartridges. We expect these
products and business relationships will grow and thrive in the
coming years." Mr. Severson continued, "During the very challenging
economic environment of the past couple of years Abaxis has taken
the opportunity to better position the company for the years ahead.
We have been successful in improving the financial underpinnings of
the company by conservatively managing and growing our cash
position, avoiding taking on debt and achieving operating
efficiencies that will meaningfully contribute to our financial
results going forward. Additionally, we have made significant
improvements in product engineering, hardware, and software that
translate into leading-edge point-of-care technology in both the
medical and veterinary markets. With a strong focus on the future
we are successfully moving Abaxis through a very traumatic economic
period in a position to prosper as we move into the next market
cycle." Conference Call Abaxis has scheduled a conference call to
discuss its results at 4:15 p.m. Eastern Time on July 30, 2009.
Participants can dial (800) 860-2442 or (412) 858-4600 to access
the conference call, or can listen via a live Internet web cast,
which is available in the Investor Relations section of the
company's website 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 (877) 344-7529 or (412) 317-0088, access code
432270, through August 3, 2009. 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 its financial statements
presented in accordance with United States generally accepted
accounting principles (GAAP), Abaxis uses operating income per
share. This non-GAAP financial presentation is not a measurement of
performance under GAAP 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 includes, 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"), including but not limited to
statements related to Abaxis' cash position, financial resources
and potential for future growth, market acceptance of new or
planned product offerings, process improvements and product
manufacturing quality and efficiencies in future production of our
products. 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
Abaxis' 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 related to condition of the United States economy,
risks involved in carrying of inventory and other risks detailed
under "Risk Factors" in Abaxis' Annual Report on Form 10-K for the
fiscal year ended March 31, 2009 and Abaxis' other periodic reports
filed from time to time with the United States Securities and
Exchange Commission. Forward-looking statements speak only as of
the date the statements were made. Abaxis does not undertake and
specifically disclaims any obligation to update any forward-looking
statements. Financial Tables on Following Pages ABAXIS, INC.
Condensed Consolidated Statements of Operations (In thousands,
except per share data) (Unaudited) Three Months Ended June 30,
-------- 2009 2008 ---- ---- Revenues $29,625 $24,572 Cost of
revenues 12,470 11,069 ------ ------ Gross profit 17,155 13,503
------ ------ Operating expenses: Research and development 2,573
1,997 Sales and marketing 6,360 5,827 General and administrative
2,498 1,662 ----- ----- Total operating expenses 11,431 9,486
------ ----- Income from operations 5,724 4,017 Interest and other
income (expense), net 514 462 --- --- Income before income tax
provision 6,238 4,479 Income tax provision 2,482 1,703 ----- -----
Net income $3,756 $2,776 ====== ====== Net income per share: Basic
net income per share $0.17 $0.13 ===== ===== Diluted net income per
share $0.17 $0.12 ===== ===== Shares used in the calculation of net
income per share: Weighted average common shares outstanding -
basic 21,965 21,735 Weighted average common shares outstanding -
diluted 22,357 22,398 ABAXIS, INC. Condensed Consolidated Balance
Sheets (Unaudited and in thousands) June 30, March 31, 2009 2009
---- ---- Current assets: Cash and cash equivalents $46,868 $49,237
Short-term investments 20,215 20,776 Accounts receivables, net
24,159 21,983 Inventories 15,488 15,735 Prepaid expenses 959 957
Net deferred tax asset, current 4,628 4,676 ----- ----- Total
current assets 112,317 113,364 Long-term investments 13,759 4,886
Property and equipment, net 14,366 14,798 Intangible assets, net
5,031 5,175 Other assets 35 24 Net deferred tax asset, non-current
2,464 2,464 ----- ----- Total assets $147,972 $140,711 ========
======== Current liabilities: Accounts payable $4,303 $3,963
Accrued payroll and related expenses 4,296 3,698 Accrued taxes
2,005 34 Other accrued liabilities 1,135 1,116 Deferred revenue
1,047 1,024 Warranty reserve 1,732 1,714 ----- ----- Total current
liabilities 14,518 11,549 ------ ------ Non-current liabilities:
Deferred rent 92 137 Deferred revenue 1,429 1,550 Warranty reserve
653 583 --- --- Total non-current liabilities 2,174 2,270 -----
----- Shareholders' equity: Common stock 118,489 117,846 Retained
earnings 12,802 9,046 Accumulated other comprehensive loss (11) -
--- --- Total shareholders' equity 131,280 126,892 ------- -------
Total liabilities and shareholders' equity $147,972 $140,711
======== ======== Non-GAAP Operating Income Per Share (In
thousands, except per share data) Three Months Ended June 30,
-------- 2009 2008 ---- ---- Shares used in the calculation of
operating income Per share (non-GAAP): Weighted average common
shares outstanding - basic 21,965 21,735 Weighted average common
shares outstanding - diluted 22,357 22,398 Non-GAAP operating
income per share - basic $0.26 $0.18 ===== ===== Non-GAAP operating
income per share - diluted $0.26 $0.18 ===== ===== Revenues by
Geographic Region (In thousands) Three Months Ended June 30,
-------- 2009 2008 ---- ---- North America $24,111 $20,295
International 5,514 4,277 ----- ----- Total revenues $29,625
$24,572 ======= ======= Revenues by Customer Group (In thousands)
Three Months Ended June 30, -------- 2009 2008 ---- ---- Medical
Market $5,763 $6,529 Veterinary Market 21,823 16,613 Other 2,039
1,430 ----- ----- Total revenues $29,625 $24,572 ======= ======= .
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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