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Abaxis Reports Financial Performance With Record Sales for the Third Quarter of Fiscal 2011
Date:1/27/2011

ast year.

Other Reported Information:  Total sales in the medical market for the third quarter of fiscal 2011 were $8.1 million, an increase of 57 percent compared to the same period last year.  Medical sales worldwide, excluding sales to the U.S. government, during the third quarter of fiscal 2011 were $6.5 million, an increase of 36 percent compared to the same period last year.  Total sales in the veterinary market for the third quarter of fiscal 2011 were $26.3 million, an increase of 10 percent compared to the same period last year.  Veterinary reagent disc sales for the third quarter of fiscal 2011 were $14.3 million, an increase of 12 percent compared to the same period last year.  Non-cash compensation expense recognized for share-based awards during the third quarter of fiscal 2011 was $1.3 million, compared to $1.4 million for the same period last year.

Clint Severson, chairman and chief executive officer of Abaxis, commented, "We are very pleased with the results of the third quarter of fiscal year 2011.  Revenues and net income were up 16% and 12%, respectively, compared to last year's third quarter.  We experienced strong double-digit growth in all product categories.  Total medical market sales were up 57% compared to last year's third quarter.  Piccolo units sold into the medical market, excluding sales to the U.S. government, increased 35% with medical reagent discs units sold, growing by 48%.  In the veterinary market, total sales grew by 10% compared to the third quarter of fiscal 2010."

Mr. Severson continued, "We were particularly pleased with the progress made during the quarter in selling Piccolo instruments into the internal medicine, urgent care and family practice market segments.  We believe that physician acceptance of point-of-care diagnostic testing is increasing as they come to more broadly appreciate the efficacy of treating their patients in a more ti
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SOURCE Abaxis, Inc.
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