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Abaxis Reports Financial Performance with Record Sales for the Second Quarter of Fiscal 2011
Date:10/26/2010

ame period last year.  Medical sales worldwide, excluding sales to the U.S. government, during the second quarter of fiscal 2011 were $6.0 million, an increase of 7 percent compared to the same period last year.  Total sales in the veterinary market for the second quarter of fiscal 2011 were $26.6 million, an increase of 23 percent compared to the same period last year.  Veterinary reagent disc sales for the second quarter of fiscal 2011 were $14.8 million, an increase of 8 percent compared to the same period last year.  Non-cash compensation expense recognized for share-based awards during the second quarter of fiscal 2011 was $1.1 million, compared to $1.4 million for the same period last year.

Clint Severson, chairman and chief executive officer of Abaxis, commented, "On a year-over-year basis revenues and net income for the quarter were both up 17%, led by a 23% increase in veterinary market revenues and a 38% increase in the number of Piccolo chemistry analyzer units sold in the medical market compared to last year's second quarter.  We also achieved strong growth in consumables sales of 21% for the quarter.  We are very pleased with the traction that we are gaining across our various markets.  A strong focus on more effective sales and marketing efforts across all of our platforms has driven those gains."

Mr. Severson continued, "We are also very pleased that our razor/razorblade model continues to deliver outstanding results; 72% of our quarterly revenues are recurring and we believe that there is still headroom to drive this percentage higher in the coming years.  In that regard, we believe that the substantial increase in the number of medical instruments placed in urgent care centers and in the internal medicine markets during the quarter will be solid contributors to our recurring revenue model.  Additionally, we are dedicated to a strong and consistent research and development process to introduc
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SOURCE Abaxis, Inc.
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