Abaxis Reports Record Revenues

Abaxis Inc. has reported a 33% gain in sales for the latest fiscal quarter.

Abaxis Inc., manufacturer of point-of-care blood analysis systems to the medical and veterinarian markets, has reported record financial growth for the fiscal quarter ended Dec. 31, 2009. The company reported veterinary market sales of $23.9 million, a 33 percent gain over last year’s comparable quarter.

The company also reported total medical and veterinary instrument sales of 1,212 units, up 37 percent over the same period last year. 

Quarterly highlights also include total medical and veterinary reagent disc sales of $16.3 million, up 5 percent over last year’s comparable quarter.

Consumables revenue, which includes heartworm rapid tests, increased by an aggregate of $3.4 million, or 20 percent, over the same period last year.

Clint Severson, chairman and CEO of Abaxis, said the company has posted another solid quarter of double-digit growth accompanied with strong operating margins. Revenues grew 15 percent to a record $31 million for the quarter, led by a 37 percent increase in instrument unit sales.

“Our balance sheet remains healthy with $93.2 million in cash, cash equivalents, short- and long-term investments and no long-term debt,” Severson said.

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