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Abaxis Reports Financial Performance for the First Quarter of Fiscal 2012
Date:7/28/2011

year.  Abaxis' effective tax rate in the quarter ended June 30, 2011 was 37 percent, compared to 39 percent for the same period last year.  Abaxis reported diluted net income per share of $0.10 (calculated based on 23,095,000 shares) for the three-month period ended June 30, 2011, compared to $0.16 per share (calculated based on 22,750,000 shares) for the same period last year.

Other Reported Information:  Total sales in the medical market for the first quarter of fiscal 2012 were $7.2 million, an increase of 11 percent, compared to the same period last year.  Medical sales worldwide, excluding sales to the U.S. government, during the first quarter of fiscal 2012 were $6.2 million, an increase of 6 percent compared to the same period last year.  Total sales in the veterinary market for the first quarter of fiscal 2012 were $27.7 million, an increase of 3 percent, compared to the same period last year.  Veterinary reagent disc sales for the first quarter of fiscal 2012 were $15.7 million, which was flat compared to the same period last year.  Non-cash compensation expense recognized for share-based awards in both three-month periods were $1.1 million.

Clint Severson, chairman and chief executive officer of Abaxis, commented, "The first quarter of the fiscal year is best characterized as a period of investment for future growth.  Our operating expenses increased by approximately $2.2 million in the first quarter of fiscal 2012, due to our strategic investments in our upcoming Abaxis Veterinary Reference Laboratories (AVRL), scheduled to be fully operational this year, research and development for future new products for both the medical and veterinary markets, sales and marketing to continue building brand awareness, and protecting our intellectual property.  We believe these investments will provide substantial growth potential in the years to come.  While top-line revenues for the quarter were u
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SOURCE Abaxis, Inc.
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