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

1,997 1,653

Sales and marketing 5,827 5,229

General and administrative 1,662 1,651

Total operating expenses 9,486 8,533

Income from operations 4,017 4,483

Interest and other income (expense), net 462 499

Income before income taxes 4,479 4,982

Income tax provision 1,703 1,884

Net income $2,776 $3,098

Net income per share:

Basic net income per share $0.13 $0.15

Diluted net income per share $0.12 $0.14

Shares used in the calculation of net

income per share:

Weighted average common shares

outstanding - basic 21,735 21,311

Weighted average common shares

outstanding - diluted 22,398 22,102

ABAXIS, INC.

Condensed Balance Sheets

(Unaudited and in thousands)

June 30, March 31,

2008 2008

Current assets:

Cash and cash equivalents $23,031 $17,219

Short-term investments 6,991 6,991

Trade receivables, net 20,952 20,873

Inventories, net 18,358 18,657

Prepaid expenses 1,190 427

Net deferred tax asset - current 2,760 2,426

Total current assets 73,282 66,593

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SOURCE Abaxis, Inc.
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