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Abaxis Reports Record Sales for the Third Quarter of Fiscal 2008

UNION CITY, Calif., Jan. 31 /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, 2007.
Highlights for the third quarter of fiscal 2008 include:

-- Revenues of $25.7 million, up 17% over last year's comparable quarter.

-- Medical market sales of $6.0 million, up 29% over last year's

comparable quarter.

-- Piccolo instrument sales of 238 units, up 45% over last year's

comparable quarter.

-- Veterinary hematology instrument sales of 301 units, up 44% over last

year's comparable quarter.

-- Veterinary reagent disc sales of $11.4 million, up 30% over last

year's comparable quarter.

-- Total medical and veterinary reagent disc sales of $14.3 million

compared to $11.3 million in the same period last year, up 26% over

last year's comparable quarter.

-- Operating income of $4.4 million, up 24% over last year's comparable


-- Net income of $3.2 million, up 15% over last year's comparable


-- Diluted EPS: $0.14 versus $0.13 in the same period last year.

-- Cash, cash equivalents and short-term investments as of December 31,

2007 of $55.8 million, up 32% compared to December 31, 2006.

Quarterly Results: For the fiscal quarter ended December 31, 2007, Abaxis reported revenues of $25.7 million, as compared with revenues of $22.0 million for the comparable period last year, an increase of 17 percent. Instrument, reagent disc and hematology reagent revenues increased by an aggregate of $3.1 million, or 15 perc

SOURCE Abaxis, Inc.
Copyright©2008 PR Newswire.
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