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Abaxis Reports Financial Performance For The Fourth Quarter And Fiscal 2013
Date:4/25/2013

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  • Service revenues from Abaxis Veterinary Reference Laboratories (AVRL) of $1.8 million for the fourth quarter, up 31% over the third quarter of fiscal 2013.
  • Quarterly Results:  For the fiscal quarter ended March 31, 2013, Abaxis reported revenues of $50.0 million, as compared with revenues of $42.7 million for the comparable period last year, an increase of 17 percent.  Revenues from sales of instruments, which include chemistry analyzers, hematology instruments, VSpro specialty analyzers and i-STAT analyzers, increased by an aggregate of $0.8 million or 8 percent, over the same period last year.  Revenues from sales of consumables, which include reagent discs, hematology reagent kits, VSpro specialty cartridges, i-STAT cartridges and rapid tests, increased by an aggregate of $5.0 million, or 16 percent, over the same period last year.  Abaxis reported net income of $6.7 million for the fiscal quarter ended March 31, 2013, compared to $4.7 million for the same period last year, an increase of 42 percent.  Abaxis' effective tax rate in the quarter ended March 31, 2013 was 25 percent, compared to 32 percent for the same period last year.  Abaxis reported diluted net income per share of $0.30 (calculated based on 22,486,000 shares) for the three-month period ended March 31, 2013, compared to $0.21 per share (calculated based on 22,070,000 shares) for the same period last year. 

    Fiscal 2013 Results:  For the fiscal year ended March 31, 2013, Abaxis reported revenues of $186.0 million, as compared with revenues of $156.6 million for the prior year, an increase of 19 percent.  Revenues from instruments increased by an aggregate of $10.9 million, or 31 percent, over the prior year.  Revenues from consumables increased by an aggregate of $13.7 million, or 12 percent, over the prior year.  The company reported net income of $27.5 million, including gain from the company's liti
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