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

xis, commented, "While the impact of the weak economy took its toll during the quarter, we are pleased with the overall results for the year and we look forward to fiscal 2010. Given current economic conditions we are pleased with the solid double-digit (12 percent) annual growth in the recurring revenue component of our business, maintaining solid gross margins and selling more than 5 million reagent discs during the fiscal year, a milestone for the company. We are also gratified with the initial market acceptance of our recently introduced VetScan Canine Heartworm Rapid Tests."

"With regards to the financial condition of the company, Abaxis is in a very strong position with cash and investments approaching $75 million and a balance sheet with no long-term debt. Our dedication over the years to operating this company on a conservative financial basis has served us well in the past and particularly so during the current global macro-economic downturn. We believe that as the economy works its way through the recession, Abaxis is well positioned to resume a strong growth trajectory."

"An important contributor to that growth trajectory will be the process improvements and product manufacturing quality that have been achieved in the past 18 months across our entire manufacturing platform under the watchful eye of Don Wood, our vice president of operations. Don has reshaped our manufacturing processes and has focused the energy and innovative spirit of our team to achieve significant efficiencies in the production of leading-edge point-of-care technology. The Board of Directors have elected to promote Don Wood to the position of Chief Operations Officer, effective April 22, 2009, and he will be an integral part of the executive management team of Abaxis. We appreciate all of Don's efforts to this point and we expect even greater contributions going forward," concluded Mr. Severson.

Conference Call


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SOURCE Abaxis, Inc.
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