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Abaxis Reports Record Revenues For The Third Quarter Of Fiscal 2013
Date:1/31/2013

otal sales in the medical market for the third quarter of fiscal 2013 were $9.0 million, an increase of 10 percent, compared to the same period last year.  Medical sales worldwide, excluding sales to the U.S. government, during the third quarter of fiscal 2013 were $8.6 million, an increase of 15 percent, compared to the same period last year.  Total sales in the veterinary market for the third quarter of fiscal 2013 were $39.9 million, an increase of 40 percent, compared to the same period last year.  Total medical and veterinary reagent disc sales for the third quarter of fiscal 2013 were $26.7 million, an increase of 31 percent compared to the same period last year.  Non-cash compensation expense recognized for share-based awards during the third quarter of fiscal 2013 was $1.8 million, compared to $1.5 million for the same period last year.On December 6, 2012, the company's Board of Directors declared a special cash dividend of $1.00 per share on the company's outstanding common stock.  The dividend payment totaling approximately $22.0 million was made on December 28, 2012.

Clint Severson, chairman and chief executive officer of Abaxis, said, "The financial results of the third quarter of fiscal 2013 were very strong.  We are steadily executing on our strategic plan to drive sales and net income, as total revenues increased 32% and net income increased 75%, compared to last year's third quarter.  Overall we achieved record quarterly reagent disc sales and instrument sales increased at solid double digit rates compared to third quarter of fiscal 2012.  We are particularly pleased and encouraged with the development of our working relationships with our two new distributors, Abbott Point of Care, Inc. and MWI Veterinary Supply, Inc.  These new distribution channels give us entry into markets to which we previously had very little access and expand the universe into which we can embed Abaxis technology.  Whil
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