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 22, 2013 (furnished pursuant to Item 2.02).
|
|
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 October 22, 2013.
|
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 $45.9 million, up 4% over last year’s comparable quarter. |
· | Total veterinary instrument sales of $11.6 million, up 29% over last year’s comparable quarter. |
· | Total veterinary instrument sales of 1,526 units, up 17% over last year’s comparable quarter. |
· | Total sales in the veterinary market of $37.9 million, up 8% over last year’s comparable quarter. |
· | North America revenues of $37.3 million, up 4% over last year’s comparable quarter. |
· | International revenues of $8.5 million, up 2% over last year’s comparable quarter. |
· | Service revenues from Abaxis Veterinary Reference Laboratories (AVRL) of $2.3 million, up 114% over last year’s comparable quarter. |
· | Cash, cash equivalents and short- and long-term investments as of September 30, 2013 of $103.9 million, an increase of $8.6 million from March 31, 2013. |
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues
|
$
|
45,851
|
$
|
44,258
|
$
|
89,020
|
$
|
86,272
|
||||||||
Cost of revenues
|
23,979
|
21,135
|
46,256
|
40,300
|
||||||||||||
Gross profit
|
21,872
|
23,123
|
42,764
|
45,972
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
3,418
|
3,581
|
6,591
|
6,546
|
||||||||||||
Sales and marketing
|
9,902
|
11,505
|
19,930
|
23,274
|
||||||||||||
General and administrative
|
2,853
|
4,621
|
5,908
|
7,943
|
||||||||||||
Gain from legal settlement
|
-
|
(17,250
|
)
|
-
|
(17,250
|
)
|
||||||||||
Total operating expenses
|
16,173
|
2,457
|
32,429
|
20,513
|
||||||||||||
Income from operations
|
5,699
|
20,666
|
10,335
|
25,459
|
||||||||||||
Interest and other income (expense), net
|
507
|
255
|
911
|
25
|
||||||||||||
Income before income tax provision
|
6,206
|
20,921
|
11,246
|
25,484
|
||||||||||||
Income tax provision
|
2,210
|
8,012
|
4,021
|
9,711
|
||||||||||||
Net income
|
$
|
3,996
|
$
|
12,909
|
$
|
7,225
|
$
|
15,773
|
||||||||
Net income per share:
|
||||||||||||||||
Basic net income per share
|
$
|
0.18
|
$
|
0.59
|
$
|
0.32
|
$
|
0.72
|
||||||||
Diluted net income per share
|
$
|
0.18
|
$
|
0.58
|
$
|
0.32
|
$
|
0.71
|
||||||||
|
||||||||||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,306
|
21,920
|
22,268
|
21,869
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,574
|
22,306
|
22,589
|
22,280
|
|
September 30,
|
March 31,
|
||||||
|
2013
|
2013
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
71,446
|
$
|
54,910
|
||||
Short-term investments
|
14,447
|
23,354
|
||||||
Receivables, net
|
35,127
|
40,005
|
||||||
Inventories
|
27,368
|
26,786
|
||||||
Prepaid expenses and other current assets
|
5,808
|
3,319
|
||||||
Net deferred tax assets, current
|
4,909
|
4,589
|
||||||
Total current assets
|
159,105
|
152,963
|
||||||
Long-term investments
|
17,969
|
17,000
|
||||||
Investment in unconsolidated affiliate
|
2,629
|
2,613
|
||||||
Property and equipment, net
|
25,859
|
25,330
|
||||||
Intangible assets, net
|
2,373
|
3,122
|
||||||
Net deferred tax assets, non-current
|
649
|
643
|
||||||
Other assets
|
81
|
92
|
||||||
Total assets
|
$
|
208,665
|
$
|
201,763
|
||||
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
7,001
|
$
|
8,123
|
||||
Accrued payroll and related expenses
|
5,507
|
6,261
|
||||||
Accrued taxes
|
433
|
440
|
||||||
Other accrued liabilities
|
2,378
|
2,838
|
||||||
Deferred revenue
|
1,235
|
1,362
|
||||||
Warranty reserve
|
872
|
995
|
||||||
Total current liabilities
|
17,426
|
20,019
|
||||||
Non-current liabilities:
|
||||||||
Deferred rent
|
751
|
729
|
||||||
Deferred revenue
|
4,412
|
3,750
|
||||||
Warranty reserve
|
741
|
389
|
||||||
Notes payable, less current portion
|
632
|
682
|
||||||
Total non-current liabilities
|
6,536
|
5,550
|
||||||
Total liabilities
|
23,962
|
25,569
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
122,311
|
121,019
|
||||||
Retained earnings
|
62,358
|
55,133
|
||||||
Accumulated other comprehensive income
|
34
|
42
|
||||||
Total shareholders' equity
|
184,703
|
176,194
|
||||||
Total liabilities and shareholders' equity
|
$
|
208,665
|
$
|
201,763
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Income from operations
|
$
|
5,699
|
$
|
20,666
|
$
|
10,335
|
$
|
25,459
|
||||||||
|
||||||||||||||||
Shares used in the calculation of operating income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,306
|
21,920
|
22,268
|
21,869
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,574
|
22,306
|
22,589
|
22,280
|
||||||||||||
|
||||||||||||||||
Operating income per share - basic
|
$
|
0.26
|
$
|
0.94
|
$
|
0.46
|
$
|
1.16
|
||||||||
Operating income per share - diluted
|
$
|
0.25
|
$
|
0.93
|
$
|
0.46
|
$
|
1.14
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues by Geographic Region
|
||||||||||||||||
North America
|
$
|
37,320
|
$
|
35,915
|
$
|
71,972
|
$
|
69,079
|
||||||||
International
|
8,531
|
8,343
|
17,048
|
17,193
|
||||||||||||
Total revenues
|
$
|
45,851
|
$
|
44,258
|
$
|
89,020
|
$
|
86,272
|
||||||||
|
||||||||||||||||
Revenues by Customer Group (1)
|
||||||||||||||||
Medical Market
|
$
|
7,177
|
$
|
7,941
|
$
|
13,215
|
$
|
16,390
|
||||||||
Veterinary Market
|
37,915
|
35,186
|
74,286
|
67,777
|
||||||||||||
Other
|
759
|
1,131
|
1,519
|
2,105
|
||||||||||||
Total revenues
|
$
|
45,851
|
$
|
44,258
|
$
|
89,020
|
$
|
86,272
|
|
Three Months Ended September 30, 2012
|
Six Months Ended September 30, 2012
|
||||||||||||||||||||||
|
GAAP
|
Non-GAAP
|
GAAP
|
Non-GAAP
|
||||||||||||||||||||
|
Results
|
Adjustments (1)
|
Results
|
Results
|
Adjustments (1)
|
Results
|
||||||||||||||||||
Revenues
|
$
|
44,258
|
$
|
-
|
$
|
44,258
|
$
|
86,272
|
$
|
-
|
$
|
86,272
|
||||||||||||
Cost of revenues
|
21,135
|
(112
|
)
|
21,023
|
40,300
|
(112
|
)
|
40,188
|
||||||||||||||||
Gross profit
|
23,123
|
112
|
23,235
|
45,972
|
112
|
46,084
|
||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||
Research and development
|
3,581
|
(145
|
)
|
3,436
|
6,546
|
(145
|
)
|
6,401
|
||||||||||||||||
Sales and marketing
|
11,505
|
(648
|
)
|
10,857
|
23,274
|
(648
|
)
|
22,626
|
||||||||||||||||
General and administrative
|
4,621
|
(1,957
|
)
|
2,664
|
7,943
|
(1,957
|
)
|
5,986
|
||||||||||||||||
Gain from legal settlement
|
(17,250
|
)
|
17,250
|
-
|
(17,250
|
)
|
17,250
|
-
|
||||||||||||||||
Total operating expenses
|
2,457
|
14,500
|
16,957
|
20,513
|
14,500
|
35,013
|
||||||||||||||||||
Income from operations
|
20,666
|
(14,388
|
)
|
6,278
|
25,459
|
(14,388
|
)
|
11,071
|
||||||||||||||||
Interest and other income (expense), net
|
255
|
-
|
255
|
25
|
-
|
25
|
||||||||||||||||||
Income before income tax provision
|
20,921
|
(14,388
|
)
|
6,533
|
25,484
|
(14,388
|
)
|
11,096
|
||||||||||||||||
Income tax provision
|
8,012
|
(5,595
|
)
|
2,417
|
9,711
|
(5,595
|
)
|
4,116
|
||||||||||||||||
Net income
|
$
|
12,909
|
$
|
(8,793
|
)
|
$
|
4,116
|
$
|
15,773
|
$
|
(8,793
|
)
|
$
|
6,980
|
||||||||||
Net income per share:
|
||||||||||||||||||||||||
Basic net income per share
|
$
|
0.59
|
$
|
0.19
|
$
|
0.72
|
$
|
0.32
|
||||||||||||||||
Diluted net income per share
|
$
|
0.58
|
$
|
0.18
|
$
|
0.71
|
$
|
0.31
|
||||||||||||||||
|
||||||||||||||||||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||||||||||
Weighted average common shares outstanding - basic
|
21,920
|
21,920
|
21,869
|
21,869
|
||||||||||||||||||||
Weighted average common shares outstanding - diluted
|
22,306
|
22,306
|
22,280
|
22,280
|
(1) | To eliminate adjustments for gain from legal settlement and related costs, operating expenses and income tax effect recorded in the three and six months ended September 30, 2012. |