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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.)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description |
99.1 | Press release dated January 29, 2015 |
Abaxis, Inc.
|
|||
By:
|
/s/ Alberto R. Santa Ines
|
||
Alberto R. Santa Ines
|
|||
Vice President, Finance and Chief Financial Officer
|
Exhibit No. | Description |
99.1 | Press release dated January 29, 2015 |
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 $59.5 million, up 46% over last year’s comparable quarter. |
· | Diluted EPS of $0.26, up 86% over last year’s comparable quarter. |
· | North America revenues of $49.0 million, up 54% over last year’s comparable quarter. |
· | International revenues of $10.5 million, up 16% over last year’s comparable quarter. |
· | Medical market revenues of $11.8 million, up 51% over last year’s comparable quarter. |
· | Veterinary market revenues of $46.9 million, up 46% over last year’s comparable quarter. |
· | Total medical and veterinary instrument revenues of $19.2 million, up 136% over last year’s comparable quarter. |
· | Total medical and veterinary instrument sales of 2,742 units, up 120% over last year’s comparable quarter. |
· | Total medical and veterinary reagent disc revenues of $26.9 million, up 20% over last year’s comparable quarter. |
· | Total medical and veterinary reagent disc sales of 2.1 million units, up 16% over last year’s comparable quarter. |
· | Service revenues from Abaxis Veterinary Reference Laboratories (AVRL) of $3.5 million, up 38% over last year’s comparable quarter. |
· | Gross profit of $29.2 million, up 51% over last year’s comparable quarter. |
· | Income from operations of $9.2 million, up 98% over last year’s comparable quarter. |
· | Ratio of operating expenses (research and development, sales and marketing and general and administrative expenses, excluding the $17.3 million gain associated with our legal settlement with Cepheid in the second quarter of fiscal 2013) as percentage of revenues was 34%, a record low for Abaxis. |
· | Cash, cash equivalents and investments as of December 31, 2014 of $133.1 million, an increase of $11.9 million from March 31, 2014. |
· | Cash dividend of $0.10 per share paid during the third quarter of fiscal 2015. |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenues
|
$
|
59,502
|
$
|
40,810
|
$
|
160,922
|
$
|
129,830
|
||||||||
Cost of revenues
|
30,335
|
21,477
|
79,451
|
67,733
|
||||||||||||
Gross profit
|
29,167
|
19,333
|
81,471
|
62,097
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
3,585
|
3,596
|
11,764
|
10,187
|
||||||||||||
Sales and marketing
|
11,656
|
8,706
|
32,710
|
28,636
|
||||||||||||
General and administrative
|
4,770
|
2,408
|
11,475
|
8,316
|
||||||||||||
Total operating expenses
|
20,011
|
14,710
|
55,949
|
47,139
|
||||||||||||
Income from operations
|
9,156
|
4,623
|
25,522
|
14,958
|
||||||||||||
Interest and other income (expense), net
|
(197
|
)
|
235
|
(595
|
)
|
1,146
|
||||||||||
Income before income tax provision
|
8,959
|
4,858
|
24,927
|
16,104
|
||||||||||||
Income tax provision
|
3,074
|
1,636
|
8,927
|
5,657
|
||||||||||||
Net income
|
$
|
5,885
|
$
|
3,222
|
$
|
16,000
|
$
|
10,447
|
||||||||
Net income per share:
|
||||||||||||||||
Basic net income per share
|
$
|
0.26
|
$
|
0.14
|
$
|
0.71
|
$
|
0.47
|
||||||||
Diluted net income per share
|
$
|
0.26
|
$
|
0.14
|
$
|
0.70
|
$
|
0.46
|
||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,533
|
22,271
|
22,483
|
22,269
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,756
|
22,500
|
22,717
|
22,572
|
||||||||||||
Cash dividends declared per share
|
$
|
0.10
|
$
|
-
|
$
|
0.30
|
$
|
-
|
December 31,
|
March 31,
|
|||||||
2014
|
2014
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
89,770
|
$
|
73,589
|
||||
Short-term investments
|
19,508
|
29,102
|
||||||
Receivables, net
|
31,361
|
29,227
|
||||||
Inventories
|
33,742
|
26,978
|
||||||
Prepaid expenses and other current assets
|
5,149
|
2,452
|
||||||
Net deferred tax assets, current
|
7,241
|
4,464
|
||||||
Total current assets
|
186,771
|
165,812
|
||||||
Long-term investments
|
23,834
|
18,491
|
||||||
Investment in unconsolidated affiliate
|
2,720
|
2,646
|
||||||
Property and equipment, net
|
29,602
|
27,176
|
||||||
Intangible assets, net
|
2,031
|
1,624
|
||||||
Net deferred tax assets, non-current
|
1,293
|
1,557
|
||||||
Other assets
|
248
|
74
|
||||||
Total assets
|
$
|
246,499
|
$
|
217,380
|
||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
8,556
|
$
|
6,111
|
||||
Accrued payroll and related expenses
|
8,047
|
4,654
|
||||||
Accrued taxes
|
996
|
1,144
|
||||||
Other accrued liabilities
|
10,213
|
3,095
|
||||||
Deferred revenue
|
1,273
|
1,208
|
||||||
Warranty reserve
|
1,410
|
1,047
|
||||||
Total current liabilities
|
30,495
|
17,259
|
||||||
Non-current liabilities:
|
||||||||
Deferred revenue
|
3,411
|
4,035
|
||||||
Warranty reserve
|
1,497
|
821
|
||||||
Net deferred tax liabilities
|
311
|
-
|
||||||
Notes payable, less current portion
|
505
|
581
|
||||||
Other non-current liabilities
|
1,923
|
768
|
||||||
Total non-current liabilities
|
7,647
|
6,205
|
||||||
Total liabilities
|
38,142
|
23,464
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
129,813
|
124,603
|
||||||
Retained earnings
|
78,566
|
69,318
|
||||||
Accumulated other comprehensive loss
|
(22
|
)
|
(5
|
)
|
||||
Total shareholders' equity
|
208,357
|
193,916
|
||||||
Total liabilities and shareholders' equity
|
$
|
246,499
|
$
|
217,380
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Income from operations
|
$
|
9,156
|
$
|
4,623
|
$
|
25,522
|
$
|
14,958
|
||||||||
Shares used in the calculation of operating income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,533
|
22,271
|
22,483
|
22,269
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,756
|
22,500
|
22,717
|
22,572
|
||||||||||||
Operating income per share - basic
|
$
|
0.41
|
$
|
0.21
|
$
|
1.14
|
$
|
0.67
|
||||||||
Operating income per share - diluted
|
$
|
0.40
|
$
|
0.21
|
$
|
1.12
|
$
|
0.66
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
Revenues by Geographic Region
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
North America
|
$
|
49,027
|
$
|
31,801
|
$
|
131,878
|
$
|
103,773
|
||||||||
International
|
10,475
|
9,009
|
29,044
|
26,057
|
||||||||||||
Total revenues
|
$
|
59,502
|
$
|
40,810
|
$
|
160,922
|
$
|
129,830
|
||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
Revenues by Customer Group
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Medical Market
|
$
|
11,846
|
$
|
7,850
|
$
|
26,707
|
$
|
21,065
|
||||||||
Veterinary Market
|
46,865
|
32,207
|
131,800
|
106,493
|
||||||||||||
Other
|
791
|
753
|
2,415
|
2,272
|
||||||||||||
Total revenues
|
$
|
59,502
|
$
|
40,810
|
$
|
160,922
|
$
|
129,830
|
1 Year Abaxis, Inc. (delisted) Chart |
1 Month Abaxis, Inc. (delisted) Chart |
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