Abaxis Misses, Margins Fall - Analyst Blog
30 7월 2011 - 2:41AM
Zacks
Abaxis Inc. (ABAX) reported first quarter 2012
EPS of 10 cents, 37.5% down from the year-ago quarter EPS as well
as the Zacks Consensus Estimate of 16 cents.
The decline in EPS was partly driven by an increase in share
count from 22,750,000 in year-ago quarter to 23,095,000 in the
reported quarter. Effective tax rate in the quarter was 37%
compared with 39% in the previous-year quarter.
Net sales during the quarter budged up 3% year over year to $36
million, but missed the Zacks Consensus Estimate of $39 million.
The sluggish growth was mainly attributable to a huge 12% fall in
international revenues to $6.3 million, partly mitigated by a 7%
rise in North America sales to $29.7 million.
Within the customer group, Medical Market revenues witnessed an
upside of 11% in the reported quarter to $7.2 million while the
Veterinary Market grew 3% to $27.7 million. However, sales from the
Other customer group plummeted 30.5% year over year to $1.2
million.
Total consumable sales climbed 5% year over year to $1.4
million. Moreover, instrumental sales spiked 3% year over year to
$204,000.
Both medical and veterinary reagent disc sales and total medical
and veterinary instrument sales increased 3% to $20.7 million and
$7.5 million, respectively, during the first quarter of 2012.
Gross profit in the quarter plunged 2.8% year over year to $19.2
million, leading to 320 basis points (bps) contraction in gross
margin to 53.4%.
During the quarter, the company witnessed a 12.2% rise in
research and development expenses to $3.5 million. Sales and
marketing expenses grew 6.0% to $9.2 million while general and
administrative expenses shot up 60.9% to 3.4 million. As a result,
operating income decreased 46.2% to $3.2 million, leading to a
stupendous 810-bp contraction in operating margin to 8.9%.
Abaxis exited the first quarter with cash and cash equivalents
and short-term investments of $108.9 million compared with $98.4
million at the end of June 2010.
Abaxis operates in a niche market of portable medical and
veterinary blood analysis systems. Low worldwide penetration
provides scope for substantial growth in this niche industry. The
company’s margins continues to disappoint based on several
challenges. The presence of many big players like
Alere (ALR) has made the human and veterinary
diagnostic market highly competitive. Furthermore, soft
international market is also a headwind for Abaxis.
ABAXIS INC (ABAX): Free Stock Analysis Report
ALERE INC (ALR): Free Stock Analysis Report
Zacks Investment Research
Abaxis, Inc. (delisted) (NASDAQ:ABAX)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Abaxis, Inc. (delisted) (NASDAQ:ABAX)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024