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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)) |
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 8.01
|
Other Events.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(d) | Exhibits. |
Exhibit No.
|
Description
|
99.1
|
Press release dated April 30, 2015
|
Abaxis, Inc.
|
|||
By:
|
/s/ Alberto R. Santa Ines
|
||
Alberto R. Santa Ines
|
|||
Vice President, Finance and Chief Financial Officer
|
Exhibit No.
|
Description
|
Press release dated April 30, 2015
|
Abaxis, Inc.
|
Lytham Partners, LLC
|
|
Clint Severson, Chief Executive Officer
|
Joe Dorame, Robert Blum and Joe Diaz
|
|
510-675-6500
|
602-889-9700
|
• | Revenues from continuing operations of $52.0 million for the fourth quarter, up 33% over last year’s comparable quarter, and $202.6 million for fiscal 2015, up 25% year-over-year. |
• | Diluted EPS of $0.50 for the fourth quarter, up 194% over last year’s comparable quarter, and $1.20 for fiscal 2015, up 90% year-over-year. Diluted EPS for the fourth quarter and full fiscal year ended March 31, 2015 includes the effect of the gain on sale of Abaxis’ AVRL business unit, as further described in “Discontinued Operations” below. |
• | North America revenues from continuing operations for the fourth quarter of $41.8 million, up 39% over last year’s comparable quarter, and $163.3 million for fiscal 2015, up 29% year-over-year. |
• | International revenues for the fourth quarter of $10.2 million, up 11% over last year’s comparable quarter, and $39.3 million for fiscal 2015, up 11% year-over-year. |
• | Medical market revenues for the fourth quarter of $8.7 million, up 22% over last year’s comparable quarter, and $35.4 million for fiscal 2015, up 26% year-over-year. |
• | Veterinary market revenues for the fourth quarter of $42.6 million, up 36% over last year’s comparable quarter, and $164.0 million for fiscal 2015, up 25% year-over-year. |
• | Total medical and veterinary instrument revenues for the fourth quarter of $11.7 million, up 63% over last year’s comparable quarter, and $48.6 million for fiscal 2015, up 30% year-over-year. |
• | Total medical and veterinary instrument sales of 1,536 units for the fourth quarter, up 45% over last year’s comparable quarter, and 6,791 units for fiscal 2015, up 28% year-over-year. |
• | Total medical and veterinary reagent disc revenues for the fourth quarter of $29.3 million, up 24% over last year’s comparable quarter, and $111.1 million for fiscal 2015, up 24% year-over-year. |
• | Total medical and veterinary reagent disc sales of 2.3 million units for the fourth quarter, up 23% over last year’s comparable quarter, and 8.5 million units for fiscal 2015, up 22% year-over-year. |
• | Gross profit from continuing operations of $28.4 million for the fourth quarter, up 35% over last year’s comparable quarter, and $109.0 million for fiscal 2015, up 30% year-over-year. |
• | Cash, cash equivalents and investments as of March 31, 2015 of $157.3 million, an increase of $36.1 million from March 31, 2014. |
• | Abaxis paid dividends of $9.0 million in fiscal 2015. |
Three Months Ended
March 31, |
Twelve Months Ended
March 31, |
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues
|
$
|
52,017
|
$
|
39,216
|
$
|
202,593
|
$
|
162,031
|
||||||||
Cost of revenues
|
23,609
|
18,227
|
93,623
|
78,081
|
||||||||||||
Gross profit
|
28,408
|
20,989
|
108,970
|
83,950
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
4,563
|
3,460
|
16,327
|
13,647
|
||||||||||||
Sales and marketing
|
11,954
|
8,036
|
42,147
|
34,742
|
||||||||||||
General and administrative
|
4,717
|
3,017
|
16,192
|
11,333
|
||||||||||||
Total operating expenses
|
21,234
|
14,513
|
74,666
|
59,722
|
||||||||||||
Income from operations
|
7,174
|
6,476
|
34,304
|
24,228
|
||||||||||||
Interest and other income (expense), net
|
(667
|
)
|
(2
|
)
|
(1,262
|
)
|
994
|
|||||||||
Income from continuing operations before income tax provision
|
6,507
|
6,474
|
33,042
|
25,222
|
||||||||||||
Income tax provision
|
2,705
|
2,340
|
12,239
|
8,993
|
||||||||||||
Income from continuing operations
|
3,802
|
4,134
|
20,803
|
16,229
|
||||||||||||
Discontinued operations:
|
||||||||||||||||
Loss from discontinued operations, net of tax (1)
|
(153
|
)
|
(396
|
)
|
(1,154
|
)
|
(2,044
|
)
|
||||||||
Gain on sale of discontinued operations, net of tax (1)
|
7,682
|
-
|
7,682
|
-
|
||||||||||||
Net income
|
$
|
11,331
|
$
|
3,738
|
$
|
27,331
|
$
|
14,185
|
||||||||
Net income (loss) per share
|
||||||||||||||||
Basic
|
||||||||||||||||
Continuing operations
|
$
|
0.17
|
$
|
0.19
|
$
|
0.92
|
$
|
0.73
|
||||||||
Discontinued operations
|
0.33
|
(0.02
|
)
|
0.29
|
(0.09
|
)
|
||||||||||
Basic net income per share
|
$
|
0.50
|
$
|
0.17
|
$
|
1.21
|
$
|
0.64
|
||||||||
Diluted
|
||||||||||||||||
Continuing operations
|
$
|
0.17
|
$
|
0.19
|
$
|
0.91
|
$
|
0.72
|
||||||||
Discontinued operations
|
0.33
|
(0.02
|
)
|
0.29
|
(0.09
|
)
|
||||||||||
Diluted net income per share
|
$
|
0.50
|
$
|
0.17
|
$
|
1.20
|
$
|
0.63
|
||||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
22,538
|
22,272
|
22,497
|
22,270
|
||||||||||||
Diluted
|
22,870
|
22,547
|
22,787
|
22,575
|
||||||||||||
Cash dividends declared per share
|
$
|
0.10
|
$
|
-
|
$
|
0.40
|
$
|
-
|
(1)
|
Represents the AVRL business within our veterinary market segment, which was sold during the fourth quarter of fiscal 2015.
|
March 31,
2015 |
March 31,
2014 |
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
107,015
|
$
|
73,589
|
||||
Short-term investments
|
26,109
|
29,102
|
||||||
Receivables, net
|
29,015
|
27,253
|
||||||
Inventories
|
36,179
|
26,583
|
||||||
Prepaid expenses and other current assets
|
2,893
|
2,347
|
||||||
Net deferred tax assets, current
|
6,575
|
4,464
|
||||||
Current assets of discontinued operations
|
2,075
|
2,474
|
||||||
Total current assets
|
209,861
|
165,812
|
||||||
Long-term investments
|
24,181
|
18,491
|
||||||
Investment in unconsolidated affiliate
|
2,683
|
2,646
|
||||||
Property and equipment, net
|
27,316
|
24,191
|
||||||
Intangible assets, net
|
1,491
|
1,200
|
||||||
Net deferred tax assets, non-current
|
3,413
|
1,557
|
||||||
Long-term assets of discontinued operations
|
12
|
3,431
|
||||||
Other assets
|
107
|
52
|
||||||
Total assets
|
$
|
269,064
|
$
|
217,380
|
||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
7,277
|
$
|
5,525
|
||||
Accrued payroll and related expenses
|
11,094
|
4,372
|
||||||
Accrued taxes
|
4,829
|
1,144
|
||||||
Current liabilities of discontinued operations
|
5,536
|
879
|
||||||
Other accrued liabilities
|
9,804
|
3,084
|
||||||
Deferred revenue
|
1,322
|
1,208
|
||||||
Warranty reserve
|
1,423
|
1,047
|
||||||
Total current liabilities
|
41,285
|
17,259
|
||||||
Non-current liabilities:
|
||||||||
Deferred revenue
|
3,219
|
4,035
|
||||||
Warranty reserve
|
1,733
|
821
|
||||||
Net deferred tax liabilities
|
310
|
-
|
||||||
Non-current liabilities of discontinued operations
|
-
|
16
|
||||||
Notes payable, less current portion
|
480
|
581
|
||||||
Other non-current liabilities
|
1,843
|
752
|
||||||
Total non-current liabilities
|
7,585
|
6,205
|
||||||
Total liabilities
|
48,870
|
23,464
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
132,559
|
124,603
|
||||||
Retained earnings
|
87,643
|
69,318
|
||||||
Accumulated other comprehensive loss
|
(8
|
)
|
(5
|
)
|
||||
Total shareholders' equity
|
220,194
|
193,916
|
||||||
Total liabilities and shareholders' equity
|
$
|
269,064
|
$
|
217,380
|
Three Months Ended
March 31, |
Twelve Months Ended
March 31, |
|||||||||||||||
Revenues by Geographic Region
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
North America
|
$
|
41,776
|
$
|
30,010
|
$
|
163,308
|
$
|
126,768
|
||||||||
International
|
10,241
|
9,206
|
39,285
|
35,263
|
||||||||||||
Total revenues
|
$
|
52,017
|
$
|
39,216
|
$
|
202,593
|
$
|
162,031
|
||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
Revenues by Customer Group
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Medical Market
|
$
|
8,657
|
$
|
7,069
|
$
|
35,364
|
$
|
28,134
|
||||||||
Veterinary Market
|
42,564
|
31,381
|
164,018
|
130,859
|
||||||||||||
Other
|
796
|
766
|
3,211
|
3,038
|
||||||||||||
Total revenues
|
$
|
52,017
|
$
|
39,216
|
$
|
202,593
|
$
|
162,031
|
First
|
Second
|
Third
|
Fourth
|
Fiscal 2015
|
||||||||||||||||
Revenues
|
$
|
44,054
|
$
|
50,471
|
$
|
56,051
|
$
|
52,017
|
$
|
202,593
|
||||||||||
Cost of revenues
|
20,351
|
22,395
|
27,268
|
23,609
|
93,623
|
|||||||||||||||
Gross profit
|
23,703
|
28,076
|
28,783
|
28,408
|
108,970
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
3,947
|
4,232
|
3,585
|
4,563
|
16,327
|
|||||||||||||||
Sales and marketing
|
8,832
|
10,619
|
10,742
|
11,954
|
42,147
|
|||||||||||||||
General and administrative
|
2,908
|
3,797
|
4,770
|
4,717
|
16,192
|
|||||||||||||||
Total operating expenses
|
15,687
|
18,648
|
19,097
|
21,234
|
74,666
|
|||||||||||||||
Income from operations
|
8,016
|
9,428
|
9,686
|
7,174
|
34,304
|
|||||||||||||||
Interest and other income (expense), net
|
47
|
(445
|
)
|
(197
|
)
|
(667
|
)
|
(1,262
|
)
|
|||||||||||
Income from continuing operations before income tax provision
|
8,063
|
8,983
|
9,489
|
6,507
|
33,042
|
|||||||||||||||
Income tax provision
|
2,989
|
3,271
|
3,274
|
2,705
|
12,239
|
|||||||||||||||
Income from continuing operations
|
5,074
|
5,712
|
6,215
|
3,802
|
20,803
|
|||||||||||||||
Discontinued operations:
|
||||||||||||||||||||
Loss from discontinued operations, net of tax
|
(359
|
)
|
(312
|
)
|
(330
|
)
|
(153
|
)
|
(1,154
|
)
|
||||||||||
Gain on sale of discontinued operations, net of tax
|
-
|
-
|
-
|
7,682
|
7,682
|
|||||||||||||||
Net income
|
$ |
4,715
|
$ |
5,400
|
$ |
5,885
|
$ |
11,331
|
$ |
27,331
|
||||||||||
Net income (loss) per share
|
||||||||||||||||||||
Basic
|
||||||||||||||||||||
Continuing operations
|
$
|
0.23
|
$
|
0.25
|
$
|
0.27
|
$
|
0.17
|
$
|
0.92
|
||||||||||
Discontinued operations
|
(0.02
|
)
|
(0.01
|
)
|
(0.01
|
)
|
0.33
|
0.29
|
||||||||||||
Basic net income per share
|
$
|
0.21
|
$
|
0.24
|
$
|
0.26
|
$
|
0.50
|
$
|
1.21
|
||||||||||
Diluted
|
||||||||||||||||||||
Continuing operations
|
$
|
0.23
|
$
|
0.25
|
$
|
0.27
|
$
|
0.17
|
$
|
0.91
|
||||||||||
Discontinued operations
|
(0.02
|
)
|
(0.01
|
)
|
(0.01
|
)
|
0.33
|
0.29
|
||||||||||||
Diluted net income per share
|
$
|
0.21
|
$
|
0.24
|
$
|
0.26
|
$
|
0.50
|
$
|
1.20
|
||||||||||
Weighted average shares outstanding
|
||||||||||||||||||||
Basic
|
22,408
|
22,507
|
22,533
|
22,538
|
22,497
|
|||||||||||||||
Diluted
|
22,637
|
22,690
|
22,756
|
22,870
|
22,787
|
|||||||||||||||
Cash dividends declared per share
|
$
|
0.10
|
$
|
0.10
|
$
|
0.10
|
$
|
0.10
|
$
|
0.40
|
||||||||||
Revenues by Customer Group
|
||||||||||||||||||||
Medical Market
|
$
|
7,245
|
$
|
7,616
|
$
|
11,846
|
$
|
8,657
|
$
|
35,364
|
||||||||||
Veterinary Market
|
35,944
|
42,096
|
43,414
|
42,564
|
164,018
|
|||||||||||||||
Other
|
865
|
759
|
791
|
796
|
3,211
|
|||||||||||||||
Total revenues
|
$
|
44,054
|
$
|
50,471
|
$
|
56,051
|
$
|
52,017
|
$
|
202,593
|
||||||||||
Revenues by Product Category
|
||||||||||||||||||||
Instruments
|
$
|
7,594
|
$
|
10,105
|
$
|
19,242
|
$
|
11,708
|
$
|
48,649
|
||||||||||
Consumables
|
34,286
|
38,138
|
34,232
|
37,790
|
144,446
|
|||||||||||||||
Other products
|
2,137
|
2,191
|
2,539
|
2,481
|
9,348
|
|||||||||||||||
Product revenues, net
|
44,017
|
50,434
|
56,013
|
51,979
|
202,443
|
|||||||||||||||
Development and licensing revenue
|
37
|
37
|
38
|
38
|
150
|
|||||||||||||||
Total revenues
|
$
|
44,054
|
$
|
50,471
|
$
|
56,051
|
$
|
52,017
|
$
|
202,593
|
First
|
Second
|
Third
|
Fourth
|
Fiscal 2014
|
||||||||||||||||
Revenues
|
$
|
40,956
|
$
|
43,541
|
$
|
38,318
|
$
|
39,216
|
$
|
162,031
|
||||||||||
Cost of revenues
|
19,586
|
21,365
|
18,903
|
18,227
|
78,081
|
|||||||||||||||
Gross profit
|
21,370
|
22,176
|
19,415
|
20,989
|
83,950
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
3,173
|
3,418
|
3,596
|
3,460
|
13,647
|
|||||||||||||||
Sales and marketing
|
9,378
|
9,276
|
8,052
|
8,036
|
34,742
|
|||||||||||||||
General and administrative
|
3,055
|
2,853
|
2,408
|
3,017
|
11,333
|
|||||||||||||||
Total operating expenses
|
15,606
|
15,547
|
14,056
|
14,513
|
59,722
|
|||||||||||||||
Income from operations
|
5,764
|
6,629
|
5,359
|
6,476
|
24,228
|
|||||||||||||||
Interest and other income (expense), net
|
404
|
357
|
235
|
(2
|
)
|
994
|
||||||||||||||
Income from continuing operations before income tax provision
|
6,168
|
6,986
|
5,594
|
6,474
|
25,222
|
|||||||||||||||
Income tax provision
|
2,236
|
2,504
|
1,913
|
2,340
|
8,993
|
|||||||||||||||
Income from continuing operations
|
3,932
|
4,482
|
3,681
|
4,134
|
16,229
|
|||||||||||||||
Discontinued operations:
|
||||||||||||||||||||
Loss from discontinued operations, net of tax
|
(703
|
)
|
(486
|
)
|
(459
|
)
|
(396
|
)
|
(2,044
|
)
|
||||||||||
Gain on sale of discontinued operations, net of tax
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Net income
|
$ |
3,229
|
$ |
3,996
|
$ |
3,222
|
$ |
3,738
|
$ |
14,185
|
||||||||||
Net income (loss) per share
|
||||||||||||||||||||
Basic
|
||||||||||||||||||||
Continuing operations
|
$
|
0.18
|
$
|
0.20
|
$
|
0.16
|
$
|
0.19
|
$
|
0.73
|
||||||||||
Discontinued operations
|
(0.03
|
)
|
(0.02
|
)
|
(0.02
|
)
|
(0.02
|
)
|
(0.09
|
)
|
||||||||||
Basic net income per share
|
$
|
0.15
|
$
|
0.18
|
$
|
0.14
|
$
|
0.17
|
$
|
0.64
|
||||||||||
Diluted
|
||||||||||||||||||||
Continuing operations
|
$
|
0.17
|
$
|
0.20
|
$
|
0.16
|
$
|
0.19
|
$
|
0.72
|
||||||||||
Discontinued operations
|
(0.03
|
)
|
(0.02
|
)
|
(0.02
|
)
|
(0.02
|
)
|
(0.09
|
)
|
||||||||||
Diluted net income per share
|
$
|
0.14
|
$
|
0.18
|
$
|
0.14
|
$
|
0.17
|
$
|
0.63
|
||||||||||
Weighted average shares outstanding
|
||||||||||||||||||||
Basic
|
22,229
|
22,306
|
22,271
|
22,272
|
22,270
|
|||||||||||||||
Diluted
|
22,571
|
22,574
|
22,500
|
22,547
|
22,575
|
|||||||||||||||
Revenues by Customer Group
|
||||||||||||||||||||
Medical Market
|
$
|
6,038
|
$
|
7,177
|
$
|
7,850
|
$
|
7,069
|
$
|
28,134
|
||||||||||
Veterinary Market
|
34,158
|
35,605
|
29,715
|
31,381
|
130,859
|
|||||||||||||||
Other
|
760
|
759
|
753
|
766
|
3,038
|
|||||||||||||||
Total revenues
|
$
|
40,956
|
$
|
43,541
|
$
|
38,318
|
$
|
39,216
|
$
|
162,031
|
||||||||||
Revenues by Product Category
|
||||||||||||||||||||
Instruments
|
$
|
8,675
|
$
|
13,537
|
$
|
8,161
|
$
|
7,166
|
$
|
37,539
|
||||||||||
Consumables
|
30,599
|
28,699
|
28,096
|
30,139
|
117,533
|
|||||||||||||||
Other products
|
1,645
|
1,267
|
2,023
|
1,874
|
6,809
|
|||||||||||||||
Product revenues, net
|
40,919
|
43,503
|
38,280
|
39,179
|
161,881
|
|||||||||||||||
Development and licensing revenue
|
37
|
38
|
38
|
37
|
150
|
|||||||||||||||
Total revenues
|
$
|
40,956
|
$
|
43,541
|
$
|
38,318
|
$
|
39,216
|
$
|
162,031
|
1 Year Abaxis, Inc. (delisted) Chart |
1 Month Abaxis, Inc. (delisted) Chart |
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