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Abaxis, Inc. (ABAX) Reports Record Revenues for the Third Quarter of Fiscal 2013
2/1/2013 6:24:47 AM
UNION CITY, Calif., Jan. 31, 2013 /PRNewswire/ -- Abaxis, Inc. (NasdaqGS:
ABAX), a medical products company manufacturing point-of-care blood analysis
systems, today reported financial results for the third fiscal quarter ended
December 31, 2012.
Record quarterly highlights include:
o Revenues of $49.8 million, up 32% over last year's comparable quarter.
o North America revenues of $41.8 million, up 31% over last year's
comparable quarter.
o Medical market revenues of $9.0 million, up 10% over last year's
comparable quarter.
o Veterinary market revenues of $39.9 million, up 40% over last year's
comparable quarter.
o Total medical and veterinary instrument revenues of $14.0 million, up 54%
over last year's comparable quarter.
o Total medical and veterinary instrument sales of 1,818 units, up 52% over
last year's comparable quarter.
o Total medical and veterinary reagent disc sales of $26.7 million, up 31%
over last year's comparable quarter.
o Total medical and veterinary reagent disc sales of 2.1 million units, up
29% over last year's comparable quarter.
Other quarterly highlights include:
o International revenues of $8.0 million, up 33% over last year's comparable
quarter.
o Service revenues from Abaxis Veterinary Reference Laboratories (AVRL) of
$1.4 million, up 28% over the second quarter of fiscal 2013.
o Diluted net income per share of $0.22, compared to $0.13 per share for the
same period last year.
Quarterly Results: For the fiscal quarter ended December 31, 2012, Abaxis
reported revenues of $49.8 million, as compared with revenues of $37.9 million
for the comparable period last year, an increase of 32 percent. Revenues from
sales of instruments, which include chemistry analyzers, hematology
instruments, VSpro specialty analyzers and i-STAT analyzers, increased by an
aggregate of $4.9 million or 54 percent, over the same period last year.
Revenues from sales of consumables, which include reagent discs, hematology
reagent kits, VSpro specialty cartridges, i-STAT cartridges and rapid tests,
increased by an aggregate of $6.0 million, or 22 percent, over the same period
last year. Abaxis reported net income of $5.0 million for the fiscal quarter
ended December 31, 2012, compared to $2.9 million for the same period last
year, an increase of 75 percent. Abaxis' effective tax rate in the quarter
ended December 31, 2012 was 38 percent, compared to 37 percent for the same
period last year. Abaxis reported diluted net income per share of $0.22
(calculated based on 22,341,000 shares) for the three-month period ended
December 31, 2012, compared to $0.13 per share (calculated based on 21,990,000
shares) for the same period last year.
Nine-Month Results: For the nine-month period ended December 31, 2012, Abaxis
reported revenues of $136.1 million, as compared with revenues of $113.9
million for the comparable period last year, an increase of 19 percent.
Revenues from instrument sales increased by an aggregate of $10.1 million, or
40 percent, over the same period last year. Revenues from consumables
increased by an aggregate of $8.7 million, or 10 percent, over the same period
last year. The company reported net income of $20.8 million, including gain
from the company's litigation settlement in the second quarter of fiscal 2013,
compared to $8.4 million for the same period last year. The company's
effective tax rate in the nine-month period ended December 31, 2012, was 38
percent, compared to 37 percent for the same period last year. The company
reported diluted net income per share of $0.93 (calculated based on 22,316,000
shares) for the nine-month period ended December 31, 2012, compared to $0.37
per share (calculated based on 22,579,000 shares) for the same period last
year.
Other Reported Information: Total 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.
While we are still in the early stages of working together, we are developing
the necessary chemistry between our respective organizations that will ensure
long-term success."
"We are also pleased with the progress achieved in the international markets
during the quarter," continued Mr. Severson. "Sales in both Europe and Asia
continued to improve and grew at a 33% rate compared to last year's third
quarter. Although macroeconomic conditions throughout the world continue to
be challenging, our dedication to building these markets during these most
difficult times is beginning to bear real fruit. All in all, we had a very
solid quarter and we look to finish the year on a strong note in both our
veterinary and medical markets."
Conference Call
Abaxis has scheduled a conference call to discuss its results at 4:15 p.m.
Eastern Time on Thursday, January 31, 2013. Participants can dial (877)
317-6789 or (412) 317-6789 to access the conference call, or can listen via a
live Internet web cast, which is available in the Investor Relations section
of the company's website at http://www.abaxis.com. A replay of the call will
be available by visiting http://www.abaxis.com for the next 30 days or by
calling (877) 344-7529 or (412) 317-0088, confirmation code 10024107, through
February 7, 2013. This press release is also available prior to and after the
call via Abaxis' website or the Securities and Exchange Commission's website
at http://www.sec.gov.
About Abaxis
Abaxis develop, 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.
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