Abaxis Develops New Veterinary Test - Analyst Blog
29 12월 2011 - 12:26AM
Zacks
Abaxis
Veterinary Reference Laboratories (AVRL) Division of
Abaxis, Inc. (ABAX) recently announced the development of
a quantitative antibody test for canine Lyme disease. The new
canine Lyme test, based on advanced peptide chemistry and
immunology, assesses a combination of antibodies that are not found
in vaccinated or non-infected patients.
The new test possesses the ability of differentiating an active
Lyme infection from immunity based on vaccination and provides
proper diagnosis required for reference laboratory performed
confirmation test.
Abaxis
expects this new test to perform as an individual diagnostic test
to determine the severity of the infection and provide proper
treatment. The company also believes that this test can be utilized
as a quantitative confirmation test for the company’s
VetScan
Lyme Rapid Test, which is currently in pipeline.
Earlier this month, Abaxis expanded its rapid diagnostics product line with
the inclusion of a feline heartworm rapid test. Also, the United
States Department of Agriculture (USDA) approved the company’s
VetScan
Canine Heartworm Antigen Test for use in feline applications.
For the past few quarters, the company has been expanding its
product portfolio by introducing several products with primary
focus on the rapid test portfolio. This is reflected in the robust
revenue growth in the company’s VetScan Rapid Test line ($2.1 million, up
46% year over year) during the last reported quarter. We expect the
company’s VetScan VS2 blood chemistry analyzer to continue to grab market
share in the veterinary market.
However, the company’s margins continue to disappoint owing to
several challenges. We also remain apprehensive based on
Abaxis’
dependency on distributors to sell its products and increased legal
expenses. Besides, the presence of many big players like
Alere (ALR) and Idexx Laboratories has made the human and
veterinary diagnostic market highly competitive. Furthermore, soft
international market is also a headwind for Abaxis.
Currently, Abaxis carries a Zacks #3 Rank (short-term Hold rating),
which also corresponds to our long-term ‘Neutral’ recommendation on
the stock.
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