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Abaxis Reports Financial Performance for the Fourth Quarter and Fiscal 2009
Date:4/29/2009

$1.8 million, or 6 percent, over the same period last year. Consumable revenue increased by an aggregate of $7.1 million, or 12 percent, over the same period last year. The company reported net income of $12.0 million, compared to $12.5 million for the prior year. The company's effective tax rate in the 12-month periods of both fiscal 2009 and 2008 was 37 percent. The company reported diluted net income per share of $0.54 (calculated based on 22,324,000 shares) for fiscal 2009, compared to $0.56 per share (calculated based on 22,261,000 shares) for fiscal 2008.

Other Reported Information: Consumable revenue for the fourth quarter of fiscal 2009 was $18.7 million, up 12 percent over the $16.7 million reported in the same period last year. During the quarter, the company sold a total of 1.4 million units of medical and veterinary reagent discs, an increase of 1 percent compared to a total of 1.3 million units of medical and veterinary reagent discs sold during the same period last year. Total sales in the medical market for the fourth quarter of fiscal 2009 were $5.1 million, a decrease of 20 percent over last year's comparable quarter. Medical sales in North America, excluding sales to the U.S. government, during the fourth quarter of fiscal 2009 were $3.4 million, a decrease of 24 percent over last year's comparable quarter. Total sales in the veterinary market for the fourth quarter of fiscal 2009 were $19.6 million, up 5 percent over last year's comparable quarter. Veterinary reagent disc sales for the fourth quarter of fiscal 2009 were $13.2 million, an increase of 7 percent compared to the same period last year.

The company ended the quarter with $74.9 million in cash, cash equivalents and investments. As of March 31, 2009, the company had a total of $20.8 million in short-term investments and $4.9 million in long-term investments.

Clint Severson, chairman and chief executive officer of Aba
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SOURCE Abaxis, Inc.
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