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

on, are temporary and reported as a component of accumulated other comprehensive loss.

Clint Severson, chairman and chief executive officer of Abaxis, commented, "The slow economy did have a negative effect on our veterinary reagent disc business. While the comparisons over the first fiscal quarter last year were difficult due to increased veterinary reagent disc sales because of the pet food scare and the fact we announced a price increase in the last quarter of fiscal 2008, clearly the economy has been a drag on our veterinary consumable sales. The good news is that our Vetscan chemistry analyzer sales increased by 83 units or 25% over last year's comparable quarter. Improving product quality and the fact that a Vetscan chemistry analyzer can make a veterinary practice more efficient in a difficult economy are two reasons for the increase."

Mr. Severson continued, "Our medical business continues on a strong growth path. In conjunction with our distribution partners, we are seeing enthusiastic acceptance of our products on a nationwide basis throughout the medical community. With our veterinary business poised to resume its more historical sales track, we look forward to improved operating and financial results in the coming quarters."

Conference Call

Abaxis has scheduled a conference call to discuss its results at 4:15 p.m. Eastern Time on July 24, 2008. 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 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 (800) 642-1687 or (706) 645-9291, access code 50736212, through July 27, 2008. This press release is also available prior to and after the call via Abaxis'
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SOURCE Abaxis, Inc.
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