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

worldwide veterinary business versus the comparable quarter last year.  Our distribution partner in the veterinary business, MWI Veterinary Supply, Inc., has done an outstanding job in placing Abaxis products since they commenced their marketing and sales efforts.  In the medical market, our distributor, Abbott Point of Care, Inc., is making progress in integrating the Piccolo analyzer and its consumables into their sales process.  While they are still in the early stages of their roll-out, their sales are increasing, and we fully expect that Abbott will ultimately surpass the historical medical market sales levels of our in-house sales team."

"We continue to gain traction in attracting new customers, and serving our existing customers at the AVRL.  On a year-over-year basis, revenue at the AVRL increased 157%.  Additionally, sales of veterinary consumables other than veterinary reagent discs, which represent an important component of our recurring revenue stream, were up 32% compared to last year's first quarter.  Overall, we are pleased with the progress being achieved and expect improved operational and financial results as we move through fiscal 2014 and beyond." 

Mr. Severson concluded, "The financial condition of the company remains strong with more than $100 million in cash, cash equivalents and short- and long-term investments.  The strength of our balance sheet continues to be very important as we successfully operate in the challenging global economic environment."

Conference CallAbaxis has scheduled a conference call to discuss its financial results at 4:15 p.m. Eastern Time on Thursday, July 25, 2013.  Participants can dial (877) 317-6789 or (412) 317-6789 to access the conference call, or can listen via a live Internet webcast, which is available in the Investor Relations section of the company's website at http://www.abaxis.com.  A replay of the
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SOURCE Abaxis, Inc.
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