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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Abaxis, Inc. (delisted) | NASDAQ:ABAX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 83.00 | 82.85 | 83.01 | 0 | 01:00:00 |
California
|
000-19720
|
77-0213001
|
(State or other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. |
Exhibit No. | Description |
99.1 | Press release dated October 21, 2014 |
Abaxis, Inc.
|
|||
By:
|
/s/ Alberto R. Santa Ines
|
||
Alberto R. Santa Ines
|
|||
Vice President, Finance and Chief Financial Officer
|
Contact:
|
Abaxis, Inc.
|
Lytham Partners, LLC
|
Clint Severson
|
Joe Dorame, Robert Blum and Joe Diaz
|
|
Chief Executive Officer
|
602-889-9700
|
|
510-675-6500
|
· | Revenues of $53.9 million, up 18% over last year’s comparable quarter. |
· | Diluted EPS of $0.24, up 33% over last year’s comparable quarter. |
· | Service revenues from Abaxis Veterinary Reference Laboratories (AVRL) of $3.5 million, up 50% over last year’s comparable quarter. |
· | Total medical and veterinary reagent disc revenues of $28.0 million, up 33% over last year’s comparable quarter. |
· | Total consumables revenues of $38.1 million, up 33% over last year’s comparable quarter. |
· | Total medical and veterinary reagent disc sales of 2.1 million units, up 30% over last year’s comparable quarter. |
· | Veterinary market revenues of $45.6 million, up 20% over last year’s comparable quarter. |
· | North America revenues of $44.5 million, up 19% over last year’s comparable quarter. |
· | International revenues of $9.4 million, up 11% over last year’s comparable quarter. |
· | Medical market revenues of $7.6 million, up 6% over last year’s comparable quarter. |
· | Gross profit of $28.4 million, up 30% over last year’s comparable quarter. |
· | Income from operations of $8.9 million, up 57% over last year’s comparable quarter. |
· | Cash, cash equivalents and investments as of September 30, 2014 of $126.3 million, an increase of $5.1 million from March 31, 2014. |
· | Cash dividend of $0.10 per share paid during the second quarter of fiscal 2015. |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenues
|
$
|
53,943
|
$
|
45,851
|
$
|
101,420
|
$
|
89,020
|
||||||||
Cost of revenues
|
25,511
|
23,979
|
49,116
|
46,256
|
||||||||||||
Gross profit
|
28,432
|
21,872
|
52,304
|
42,764
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
4,232
|
3,418
|
8,179
|
6,591
|
||||||||||||
Sales and marketing
|
11,476
|
9,902
|
21,054
|
19,930
|
||||||||||||
General and administrative
|
3,797
|
2,853
|
6,705
|
5,908
|
||||||||||||
Total operating expenses
|
19,505
|
16,173
|
35,938
|
32,429
|
||||||||||||
Income from operations
|
8,927
|
5,699
|
16,366
|
10,335
|
||||||||||||
Interest and other income (expense), net
|
(445
|
)
|
507
|
(398
|
)
|
911
|
||||||||||
Income before income tax provision
|
8,482
|
6,206
|
15,968
|
11,246
|
||||||||||||
Income tax provision
|
3,082
|
2,210
|
5,853
|
4,021
|
||||||||||||
Net income
|
$
|
5,400
|
$
|
3,996
|
$
|
10,115
|
$
|
7,225
|
||||||||
Net income per share:
|
||||||||||||||||
Basic net income per share
|
$
|
0.24
|
$
|
0.18
|
$
|
0.45
|
$
|
0.32
|
||||||||
Diluted net income per share
|
$
|
0.24
|
$
|
0.18
|
$
|
0.45
|
$
|
0.32
|
||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,507
|
22,306
|
22,458
|
22,268
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,690
|
22,574
|
22,678
|
22,589
|
||||||||||||
Cash dividends declared per share
|
$
|
0.10
|
$
|
-
|
$
|
0.20
|
$
|
-
|
September 30,
|
March 31,
|
|||||||
2014
|
2014
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
84,594
|
$
|
73,589
|
||||
Short-term investments
|
20,844
|
29,102
|
||||||
Receivables, net
|
36,351
|
29,227
|
||||||
Inventories
|
28,987
|
26,978
|
||||||
Prepaid expenses and other current assets
|
3,954
|
2,452
|
||||||
Net deferred tax assets, current
|
5,990
|
4,464
|
||||||
Total current assets
|
180,720
|
165,812
|
||||||
Long-term investments
|
20,851
|
18,491
|
||||||
Investment in unconsolidated affiliate
|
2,614
|
2,646
|
||||||
Property and equipment, net
|
28,884
|
27,176
|
||||||
Intangible assets, net
|
875
|
1,624
|
||||||
Net deferred tax assets, non-current
|
1,555
|
1,557
|
||||||
Other assets
|
131
|
74
|
||||||
Total assets
|
$
|
235,630
|
$
|
217,380
|
||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
10,143
|
$
|
6,111
|
||||
Accrued payroll and related expenses
|
8,802
|
4,654
|
||||||
Accrued taxes
|
764
|
1,144
|
||||||
Other accrued liabilities
|
5,555
|
3,095
|
||||||
Deferred revenue
|
1,226
|
1,208
|
||||||
Warranty reserve
|
1,193
|
1,047
|
||||||
Total current liabilities
|
27,683
|
17,259
|
||||||
Non-current liabilities:
|
||||||||
Deferred rent
|
768
|
768
|
||||||
Deferred revenue
|
3,576
|
4,035
|
||||||
Warranty reserve
|
992
|
821
|
||||||
Notes payable, less current portion
|
531
|
581
|
||||||
Total non-current liabilities
|
5,867
|
6,205
|
||||||
Total liabilities
|
33,550
|
23,464
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
127,163
|
124,603
|
||||||
Retained earnings
|
74,935
|
69,318
|
||||||
Accumulated other comprehensive loss
|
(18
|
)
|
(5
|
)
|
||||
Total shareholders' equity
|
202,080
|
193,916
|
||||||
Total liabilities and shareholders' equity
|
$
|
235,630
|
$
|
217,380
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Income from operations
|
$
|
8,927
|
$
|
5,699
|
$
|
16,366
|
$
|
10,335
|
||||||||
Shares used in the calculation of operating income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,507
|
22,306
|
22,458
|
22,268
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,690
|
22,574
|
22,678
|
22,589
|
||||||||||||
Operating income per share - basic
|
$
|
0.40
|
$
|
0.26
|
$
|
0.73
|
$
|
0.46
|
||||||||
Operating income per share - diluted
|
$
|
0.39
|
$
|
0.25
|
$
|
0.72
|
$
|
0.46
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
Revenues by Geographic Region
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
North America
|
$
|
44,511
|
$
|
37,320
|
$
|
82,851
|
$
|
71,972
|
||||||||
International
|
9,432
|
8,531
|
18,569
|
17,048
|
||||||||||||
Total revenues
|
$
|
53,943
|
$
|
45,851
|
$
|
101,420
|
$
|
89,020
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
Revenues by Customer Group
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Medical Market
|
$
|
7,616
|
$
|
7,177
|
$
|
14,861
|
$
|
13,215
|
||||||||
Veterinary Market
|
45,568
|
37,915
|
84,935
|
74,286
|
||||||||||||
Other
|
759
|
759
|
1,624
|
1,519
|
||||||||||||
Total revenues
|
$
|
53,943
|
$
|
45,851
|
$
|
101,420
|
$
|
89,020
|
1 Year Abaxis, Inc. (delisted) Chart |
1 Month Abaxis, Inc. (delisted) Chart |
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