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Abaxis Reports Record Revenues for the Third Quarter of Fiscal 2010
Date:1/28/2010

scal 2010 were $23.9 million, an increase of 33 percent compared to the same period last year.  Veterinary reagent disc sales for the third quarter of fiscal 2010 were $12.8 million, an increase of 13 percent compared to the same period last year.  

Non-cash compensation expense recognized for share-based awards during the third quarter of fiscal 2010 was $1.4 million, compared to $465,000 for last year's comparable quarter.

Clint Severson, chairman and chief executive officer of Abaxis, commented, "We are pleased to report another solid quarter of double digit growth accompanied with strong operating margins.  Revenues grew 15% to a record of $31.0 million for the quarter, led by a 37% increase in instrument unit sales.  Operationally, gross margins continue at record levels, expanding 300 basis points versus the comparable quarter last year.  Our balance sheet remains healthy with $93.2 million in cash, cash equivalents, short- and long-term investments and no long-term debt."

Mr. Severson continued, "Our medical market sales team has made substantial progress in expanding our customer base by growing the installed base of Piccolo instruments, excluding the U.S. government.  With Piccolo instrument unit sales during the third quarter increasing 12% compared to our second quarter and 48% higher than the first quarter of the fiscal year, we are beginning to experience the benefits of our new strategic plan in addressing the medical point-of-care market.  Our goal is to remain focused on growing both our medical and veterinary markets by providing leading-edge technology and quality products to our customers allowing them to improve the way healthcare is delivered."

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SOURCE Abaxis, Inc.
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