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Abaxis Reports Financial Performance for the First Quarter of Fiscal 2009
Date:7/24/2008

n, or 10 percent over the same period last year. The company reported net income of $2.8 million, compared to $3.1 million for the same period last year. The company's effective tax rate in the first quarter of both fiscal 2008 and 2009 was 38 percent. The company reported diluted net income per share of $0.12 (calculated based on 22,398,000 shares) in the first quarter of fiscal 2009, compared to $0.14 per share (calculated based on 22,102,000 shares) for the same period last year.

Other Reported Information: Reagent disc and hematology reagent revenues for the first quarter of fiscal 2009 were $14.9 million, up 4 percent over the $14.3 million reported in the same period last year. During the quarter, the company sold a total of 1.2 million units of medical and veterinary reagent discs, an increase of 4 percent compared to a total of 1.1 million units of medical and veterinary reagent discs sold during the same period last year. Medical sales in North America, excluding sales to the U.S. government, during the first quarter of fiscal 2009 were $4.4 million, an increase of 19 percent over last year's comparable quarter. Total sales in the medical market for the first quarter of fiscal 2009 were $6.5 million, an increase of 36 percent over last year's comparable quarter. Total sales in the veterinary market for the first quarter of fiscal 2009 were $16.6 million, substantially the same as in the comparable period last year. Additionally, veterinary reagent disc sales for the first quarter of fiscal 2009 were $10.4 million, a decrease of 6 percent compared to the same period last year.

The company ended the quarter with $61.6 million in cash, cash equivalents and investments. As of June 30, 2008, the company had a total of $7.0 million in short-term investments and $31.6 million in long-term investments, which long-term investments consisted of investments in auction rate securities. Unrealized gains and losses, net of related income taxes of $1.3 milli
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SOURCE Abaxis, Inc.
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