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Abaxis Reports Financial Performance for the First Quarter of Fiscal 2015
Date:7/24/2014

struments for the first quarter of fiscal 2015 were 1,077 units, a decrease of 12 percent, compared to the same period last year.  Non-cash compensation expense recognized for share-based awards during the first quarter of fiscal 2015 was $2.0 million, compared to $2.2 million for the same period last year.  Abaxis paid $2.2 million in cash dividends to shareholders during the first quarter of fiscal 2015. 

Clint Severson, chairman, president and chief executive officer of Abaxis, said, "We are pleased with the strong financial results achieved in both the veterinary and medical markets during the first quarter of fiscal 2015.  As a result of our strategic initiatives to work more closely with our distribution partners, we were able to produce strong revenue growth for the first quarter, led by 20% growth in medical sales and a solid 8% growth in veterinary sales.  We had strong unit sales of chemistry analyzers, with sales of VetScan VS2s increasing 30% and Piccolo Xpress increasing 20% during the quarter over last year's comparable quarter.  Additionally, revenues from consumable sales, the core strength of our business, increased 12% in the first quarter and 14% sequentially; accounting for 72% of total revenues for the quarter.  With an expanded installed base of chemistry analyzers and increased customer utilization of diagnostic reagent discs, we sold 2.1 million units during the first quarter.  Our improved operating performance allowed gross margin to grow 188 basis points to 50% over last year's comparable quarter.  The measurable success during the first quarter gives us confidence we will achieve improved operating results and return to growth in fiscal 2015."

"We enter fiscal 2015 focused on executing on organic growth, improving operating efficiencies, leveraging our distribution partnerships and capitalizing on opportunities with our recently announced supply and co-marketing agreement with VC
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