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Abaxis Reports Financial Performance with Record Revenues for the Second Quarter of Fiscal 2012
Date:10/25/2011

to the same period last year.  Veterinary reagent disc sales for the second quarter of fiscal 2012 were $17.6 million, an increase of 18 percent compared to the same period last year.  Non-cash compensation expense recognized for share-based awards during the second quarter of fiscal 2012 was $1.6 million, compared to $1.1 million for the same period last year.  Cash, cash equivalents and investments decreased during the second quarter of fiscal 2012 by $24.2 million due to our stock repurchase program.  Costs related to development of our full service commercial laboratory for veterinarians, Abaxis Veterinary Reference Laboratories (AVRL), during the three and six months ended September 30, 2011, were $1.1 million and $1.6 million, respectively.

"This was a very solid quarter for Abaxis," commented Clint Severson, chairman and chief executive officer of Abaxis.  "We achieved record revenues for the quarter exceeding $40.0 million, total instrument sales in units grew 24%, total reagent disc sales increased 18%, and we experienced solid international sales growth, approaching 40%.  We were particularly pleased with the growth in sales in Europe and Asia; which we believe bodes well for the future.  Our markets, by and large, appear to be very strong at the moment.  While we still have work to do in accelerating medical instrument sales, we are confident in the accuracy and reliability of our Piccolo medical instrument and of our ability to gain market share going forward.  We are very pleased with the results of the second quarter."

Mr. Severson continued, "On another front, in our second quarter of fiscal 2012, AVRL went live with our partners at Kansas State University.  We have completed the bulk of the initial investment to get this venture operational and we look forward to serving the veterinary community nationwide with our leading-edge technology and customer service.  Over the past 16 yea
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