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Abaxis Reports Financial Performance for the Third Quarter of Fiscal 2009
Date:1/29/2009

UNION CITY, Calif., Jan. 29 /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 December 31, 2008.

    Highlights for the third quarter of fiscal 2009 include:
    *  Revenues of $27.0 million, up 5% over last year's comparable quarter.
    *  Medical market sales of $7.2 million, up 19% over last year's
       comparable quarter.
    *  Medical reagent disc sales of 467,000 units, up 48% over last year's
       comparable quarter.
    *  Record sales of Piccolo chemistry analyzers of 242 units, up 2% over
       last year's comparable quarter.
    *  Sales of VetScan chemistry analyzers of 403 units, up 18% over last
       year's comparable quarter.
    *  Total medical and veterinary reagent disc sales of $15.6 million
       compared to $14.3 million in the same period last year, up 9% over last
       year's comparable quarter.
    *  Operating income of $4.8 million, up 9% over last year's comparable
       quarter.
    *  Net income of $3.4 million, up 5% over last year's comparable quarter.
    *  Diluted EPS: $0.15 versus $0.14 in the same period last year.
    *  Cash, cash equivalents and short-term investments as of December 31,
       2008 of $74.6 million, compared to $55.8 million as of December 31,
       2007.

Quarterly Results: For the fiscal quarter ended December 31, 2008, Abaxis reported revenues of $27.0 million, as compared with revenues of $25.7 million for the comparable period last year, an increase of 5 percent. Instrument, reagent disc and hematology reagent revenues increased by an aggregate of $1.0 million, or 4 percent, for the quarter ended December 31, 2008, over the same period last year. The company reported net income of $3
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SOURCE Abaxis, Inc.
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