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Abaxis Reports Financial Performance For The First Quarter Of Fiscal 2014
Date:7/25/2013

ar, an increase of 13 percent.  Abaxis' effective tax rate in the quarter ended June 30, 2013 was 36 percent, compared to 37 percent for the same period last year.  Abaxis reported diluted net income per share of $0.14 (calculated based on 22,571,000 shares) for the three-month period ended June 30, 2013, compared to $0.13 per share (calculated based on 22,217,000 shares) for the same period last year. 

Other Reported Information:  Total sales in the medical market for the first quarter of fiscal 2014 were $6.0 million, a decrease of 29 percent compared to the same period last year.  Medical sales worldwide, excluding sales to the U.S. government, during the first quarter of fiscal 2014 were $5.7 million, a decrease of 27 percent compared to the same period last year.  Total sales in the veterinary market for the first quarter of fiscal 2014 were $36.4 million, an increase of 12 percent, compared to the same period last year.  Total medical and veterinary reagent disc sales for the first quarter of fiscal 2014 were $22.8 million, a decrease of 3 percent compared to the same period last year.  Total operating expenses decreased by $1.8 million, or 10 percent, compared to the same period last year.  Non-cash compensation expense recognized for share-based awards during the first quarter of fiscal 2014 was $2.2 million, compared to $1.8 million for the same period last year.  Abaxis' Board of Directors has approved approximately $12 million increase to its existing share repurchase program, to a total of $67 million.

Clint Severson, chairman and chief executive officer of Abaxis, said, "The results for the quarter continue to reflect the impact of our transition from a direct sales model to strategically partnering with industry leading distributors to sell our products into the expanded markets that these partners have developed.  In that regard, we are very pleased with the 12% increase in our
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