UNION CITY, Calif., Oct. 1, 2012/PRNewswire/ -- Abaxis, Inc. (NasdaqGS: ABAX), a medical products company manufacturing point-of-care instruments and consumables for the medical, research, and veterinary markets worldwide and providing reference lab services to the veterinary and research markets in the United States, announced today it has entered into a definitive distribution agreement with MWI Veterinary Supply. MWI will inventory, market and promote the full line of Abaxis veterinary products throughout the United States. MWI sales and marketing activities will commence on January 2, 2013.
Clint Severson, Abaxis President and Chief Executive Officer commented: "We welcome MWI to the Abaxis external organization and look forward to their incremental contributions to our business and their own. I would also at this time like to reinforce and emphasize our commitment to our existing roster of distributor partners. Abaxis will continue to work hard in supporting their efforts in continuing to build and strengthen our mutual businesses."
"We are pleased with the commitment MWI has made to Abaxis in the roll out of the new relationship. We view MWI as an additional strategic partner that will allow Abaxis significant further penetration in the US animal health market, in particular in the western United States where Abaxis has had limited distribution. This new relationship will benefit the industry, the veterinarian who provides the medical care, their patients and the pet owner alike," added Martin Mulroy, Chief Commercial Officer for Abaxis.
"MWI is very pleased to have the opportunity to offer Abaxis diagnostics to our veterinary customers and we look forward to working closely with Abaxis," said Jim Cleary, MWI President and Chief Executive Officer.
MWI is a leading distributor of animal health products across the United States of America and United Kingdom. MWI sells both companion animal and production animal products including pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, supplies, pet food, capital equipment and nutritional products. MWI also is a leading innovator and provider of value-added services and technologies used by veterinarians and producers.
Abaxis develops, manufactures, markets and sells portable blood analysis systems for use in any veterinary or human patient-care setting to provide clinicians with rapid blood constituent measurements. The system consists of a compact, 5.1 kilogram (11.2 pounds), portable analyzer and a series of single-use plastic discs, called reagent discs that contain all the chemicals required to perform a panel of up to 13 tests on veterinary patients and 14 tests on human patients. The system can be operated with minimal training and performs multiple routine tests on whole blood, serum or plasma samples. The system provides test results in less than 12 minutes with the precision and accuracy equivalent to a clinical laboratory analyzer. The veterinary business also provides to the animal health and research market a line of hematology instruments for point-of-care complete blood counts (CBC), a specialty instrument to screen for and detect clotting disorders and to measure equine fibrinogen levels, a handheld instrument for the rapid assessment of certain critical care tests and rapid point-of-care tests for Heartworm infections, Parvovirus, Giardia and Lyme disease. Abaxis, through its AVRL division, provides routine laboratory testing as well as specialty testing for veterinarians nationwide.
This press release includes, statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"), including but not limited to statements related to Abaxis' cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Abaxis claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," "anticipates," or words of similar import, and do not reflect historical facts. Specific forward-looking statements contained in this press release or in Abaxis' conference call may be affected by risks and uncertainties, including, but not limited to, those related to losses or system failures with respect to Abaxis' facilities or manufacturing operations, fluctuations in quarterly operating results, dependence on sole suppliers, the market acceptance of Abaxis' products and services, the continuing development of its products, required United States Food and Drug Administration clearance and other government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Abaxis' intellectual property or claims of infringement of intellectual property asserted by third parties, risks related to condition of the United States economy and other risks detailed under "Risk Factors" in Abaxis' Annual Report on Form 10-K for the fiscal year ended March 31, 2012 and Abaxis' other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Abaxis does not undertake and specifically disclaims any obligation to update any forward-looking statements.
Lytham Partners, LLC
Joe Dorame, Robert Blum and Joe Diaz
Chief Executive Officer
SOURCE Abaxis, Inc.