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Abaxis Reports Record Revenues and Operating Income for the Second Quarter of Fiscal 2009
Date:10/27/2008

UNION CITY, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Abaxis, Inc. (Nasdaq: ABAX), a medical products company manufacturing point-of-care blood analysis systems, today reported financial results for the fiscal quarter ended September 30, 2008.

Quarterly highlights include:

-- Record revenues of $27.7 million, up 10% over last year's comparable quarter.

-- Record operating income of $4.8 million, up 17% over last year's comparable quarter.

-- Record medical reagent disc sales of 434,000 units, up 28% over last year's comparable quarter.

-- Record veterinary market sales of $19.9 million, up 11% over last year's comparable quarter.

-- Record veterinary reagent disc sales over 1.0 million units, finishing at 1,003,000 units, up 11% over last year's comparable quarter.

-- Net income of $3.3 million, up 14% over last year's comparable quarter.

-- Cash, cash equivalents and short-term investments as of September 30, 2008 of $69.6 million, compared to $51.7 million as of September 30, 2007.

Quarterly Results: For the fiscal quarter ended September 30, 2008, Abaxis reported revenues of $27.7 million, as compared with revenues of $25.2 million for the comparable period last year, an increase of 10 percent. Instrument, reagent disc and hematology reagent revenues increased by an aggregate of $2.5 million, or 11 percent, for the quarter ended September 30, 2008 over the same period last year. The company reported net income of $3.3 million, compared to $2.9 million for the same period last year. The company's effective tax rate in the quarter ended September 30, 2008 was 36 percent, compared to 38 percent for the same period last year. The company reported diluted net income per share of
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SOURCE Abaxis, Inc.
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