The company ended the quarter with $69.6 million in cash, cash equivalents and short-term investments. As of September 30, 2008, the company had a total of $35.0 million in short-term investments, consisting of $28.0 million in auction rate securities. As of September 30, 2008, unrealized loss on investments, net of related income taxes of $393,000, are temporary and reported as a component of accumulated other comprehensive loss.
Clint Severson, chairman and chief executive officer of Abaxis, commented, "We had a very solid quarter with double-digit growth in both revenues and net income -- 10 percent and 14 percent respectively -- and gross margins of 55.4 percent. Total medical and veterinary reagent disc unit sales during the quarter were up 16 percent compared to last year's second quarter; led by an increase in medical reagent disc unit sales of 28 percent; and by sales of more than one million veterinary reagent discs in a quarter for the first time in Abaxis' history. We are very pleased with these results."
"This was also a pivotal quarter in the history of the company," continued Mr. Severson, "in that we believe we have successfully addressed the manufacturing, hardware and software issues of the recent past. The focus and the dedication of our entire team now positions Abaxis to produce and market best-of-breed point-of-care products with increased levels of accuracy, reliability and efficiency. With a strong balance sheet, no long-term debt and a commitment to deliver quality solutions we believe that the future is bright."
Abaxis has scheduled a conference call to discuss its results at 4:15
p.m. Eastern Time on October 27, 2008. Participants ca
|SOURCE Abaxis, Inc.|
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