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Abaxis Reports Financial Performance for the Third Quarter of Fiscal 2012
Date:1/26/2012

e third quarter of fiscal 2012 were $14.7 million, an increase of 3 percent compared to the same period last year.  Non-cash compensation expense recognized for share-based awards during the third quarter of fiscal 2012 was $1.5 million, compared to $1.3 million for the same period last year.  Abaxis' Board of Directors has approved a $15.0 million increase to its existing share repurchase program, to a total of $55.0 million.  

Clint Severson, chairman and chief executive officer of Abaxis, commented, "Veterinary market revenues for the quarter increased 8% despite the lingering economic slowdown in our European markets and distributor inventory adjustment due to the establishment of our own warehouse near Frankfurt to provide distributors with support in a more timely manner.  We expect to see a more stable business environment in our European markets in the coming quarters.  Although we clearly faced various challenging conditions in the third fiscal quarter, we continued to grow total revenues at a rate of 5% compared to the same quarter last year.  Medical market reagent disc unit sales during the quarter were a record of 655,000 units, up 14% versus the comparable quarter last year.  We believe this is a reliable indication that we are developing a solid position in this critical market and we are doing it on a consistent basis."

"We continue to make strategic investments for the future growth of our business," continued Mr. Severson.  "We are in the process of adding to our sales force, both in the U.S. and Europe, to develop expanded market share in those markets.  We are continuing to invest in our new Abaxis Veterinary Reference Laboratories (AVRL) to position it as the leading outsourced laboratory provider featuring tighter test turnarounds, superior customer service, and cost efficiencies not available at the AVRL's competitors.  We believe this is an important business segment with the pot
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