California
|
000-19720
|
77-0213001
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(State or other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01 |
Financial Statements and Exhibits.
|
(d)
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Exhibits.
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Exhibit No.
|
Description
|
99.1
|
Press release dated October 25, 2016
|
Abaxis, Inc.
|
|||
By:
|
/s/ Ross Taylor
|
||
Ross Taylor
|
|||
Vice President of Finance and Chief Financial Officer
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Exhibit No.
|
Description
|
Press release dated October 25, 2016
|
Abaxis, Inc.
|
Lytham Partners, LLC
|
|
Clint Severson, Chief Executive Officer
|
Joe Dorame, Robert Blum and Joe Diaz
|
|
510-675-6500
|
602-889-9700
|
• |
Revenues of $58.6 million, up 5% over last year’s comparable quarter.
|
• |
Diluted net income per share from continuing operations of $0.51, compared to $0.34 from last year, up 50%. Diluted net income per share for the second quarter includes the effect of the gain from the sale of an equity method investment. Excluding the effect of this gain, non-GAAP net income per share from continuing operations was $0.34 for the second quarter of fiscal 2017.
|
• |
Medical market revenues of $9.4 million, up 9% over last year’s comparable quarter.
|
• |
Veterinary market revenues of $48.3 million, up 4% over last year’s comparable quarter.
|
• |
Revenues from sales of consumables, which include reagent discs, hematology reagent kits, VSpro specialty cartridges, i-STAT cartridges and rapid tests, of $45.5 million, up 9% over last year’s comparable quarter.
|
• |
Total medical and veterinary reagent disc revenues of $31.7 million, up 3% over last year’s comparable quarter.
|
• |
Total medical and veterinary reagent disc sales of 2.6 million units, up 8% over last year’s comparable quarter.
|
• |
Total medical and veterinary instrument revenues of $9.8 million, down 15% compared to last year’s comparable quarter.
|
• |
Total medical and veterinary instrument sales of 1,443 units, down 4% compared to last year’s comparable quarter.
|
• |
North America revenues of $47.0 million, up 4% over last year’s comparable quarter.
|
• |
International revenues of $11.5 million, up 7% over last year’s comparable quarter.
|
• |
Gross profit of $32.3 million, up 1% over last year’s comparable quarter.
|
• |
Cash, cash equivalents and investments as of September 30, 2016 of $161.1 million.
|
• |
Abaxis paid dividends of $2.7 million, or $0.12 per share during the second quarter of fiscal 2017.
|
Three Months Ended
September 30, |
Six Months Ended
September 30, |
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues
|
$
|
58,552
|
$
|
55,975
|
$
|
116,248
|
$
|
109,065
|
||||||||
Cost of revenues
|
26,294
|
24,013
|
51,989
|
47,711
|
||||||||||||
Gross profit
|
32,258
|
31,962
|
64,259
|
61,354
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
4,906
|
4,689
|
10,139
|
9,412
|
||||||||||||
Sales and marketing
|
11,254
|
10,785
|
23,078
|
21,371
|
||||||||||||
General and administrative
|
4,353
|
4,319
|
8,555
|
7,777
|
||||||||||||
Total operating expenses
|
20,513
|
19,793
|
41,772
|
38,560
|
||||||||||||
Income from operations
|
11,745
|
12,169
|
22,487
|
22,794
|
||||||||||||
Interest and other income (expense), net
|
6,279
|
126
|
6,249
|
485
|
||||||||||||
Income from continuing operations before income tax provision
|
18,024
|
12,295
|
28,736
|
23,279
|
||||||||||||
Income tax provision
|
6,537
|
4,472
|
10,359
|
8,461
|
||||||||||||
Income from continuing operations
|
11,487
|
7,823
|
18,377
|
14,818
|
||||||||||||
Discontinued operations
|
||||||||||||||||
Loss from discontinued operations, net of tax
|
(55
|
)
|
(7
|
)
|
(55
|
)
|
(7
|
)
|
||||||||
Net income
|
$
|
11,432
|
$
|
7,816
|
$
|
18,322
|
$
|
14,811
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
||||||||||||||||
Continuing operations
|
$
|
0.51
|
$
|
0.34
|
$
|
0.82
|
$
|
0.65
|
||||||||
Discontinued operations
|
-
|
-
|
(0.01
|
)
|
-
|
|||||||||||
Basic net income per share
|
$
|
0.51
|
$
|
0.34
|
$
|
0.81
|
$
|
0.65
|
||||||||
Diluted
|
||||||||||||||||
Continuing operations
|
$
|
0.51
|
$
|
0.34
|
$
|
0.81
|
$
|
0.65
|
||||||||
Discontinued operations
|
(0.01
|
)
|
-
|
-
|
-
|
|||||||||||
Diluted net income per share
|
$
|
0.50
|
$
|
0.34
|
$
|
0.81
|
$
|
0.65
|
||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,522
|
22,701
|
22,494
|
22,663
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,745
|
22,863
|
22,720
|
22,876
|
September 30,
2016
|
March 31,
2016
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
90,393
|
$
|
88,323
|
||||
Short-term investments
|
55,120
|
41,474
|
||||||
Receivables, net
|
35,269
|
35,148
|
||||||
Inventories
|
36,233
|
35,131
|
||||||
Prepaid expenses and other current assets
|
4,795
|
6,351
|
||||||
Net deferred tax assets, current
|
4,811
|
4,810
|
||||||
Current assets of discontinued operations
|
48
|
961
|
||||||
Total current assets
|
226,669
|
212,198
|
||||||
Long-term investments
|
15,584
|
22,458
|
||||||
Investment in unconsolidated affiliate
|
3,000
|
2,705
|
||||||
Property and equipment, net
|
32,452
|
26,842
|
||||||
Intangible assets, net
|
1,248
|
1,324
|
||||||
Net deferred tax assets, non-current
|
4,508
|
3,903
|
||||||
Other assets
|
4,978
|
1,950
|
||||||
Total assets
|
$
|
288,439
|
$
|
271,380
|
||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
7,270
|
$
|
7,292
|
||||
Accrued payroll and related expenses
|
9,238
|
8,349
|
||||||
Accrued taxes
|
31
|
1,145
|
||||||
Current liabilities of discontinued operations
|
76
|
112
|
||||||
Other accrued liabilities
|
9,629
|
9,393
|
||||||
Deferred revenue
|
1,634
|
1,600
|
||||||
Warranty reserve
|
1,539
|
1,281
|
||||||
Total current liabilities
|
29,417
|
29,172
|
||||||
Non-current liabilities:
|
||||||||
Deferred revenue
|
1,790
|
2,274
|
||||||
Warranty reserve
|
2,411
|
1,927
|
||||||
Net deferred tax liabilities
|
277
|
384
|
||||||
Notes payable, less current portion
|
328
|
379
|
||||||
Other non-current liabilities
|
1,089
|
932
|
||||||
Total non-current liabilities
|
5,895
|
5,896
|
||||||
Total liabilities
|
35,312
|
35,068
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
130,906
|
127,016
|
||||||
Retained earnings
|
122,222
|
109,303
|
||||||
Accumulated other comprehensive loss
|
(1
|
)
|
(7
|
)
|
||||
Total shareholders' equity
|
253,127
|
236,312
|
||||||
Total liabilities and shareholders' equity
|
$
|
288,439
|
$
|
271,380
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues by Geographic Region
|
||||||||||||||||
North America
|
$
|
47,017
|
$
|
45,176
|
$
|
93,790
|
$
|
87,487
|
||||||||
International
|
11,535
|
10,799
|
22,458
|
21,578
|
||||||||||||
Total revenues
|
$
|
58,552
|
$
|
55,975
|
$
|
116,248
|
$
|
109,065
|
||||||||
Revenues by Customer Group
|
||||||||||||||||
Medical Market
|
$
|
9,381
|
$
|
8,631
|
$
|
18,478
|
$
|
17,315
|
||||||||
Veterinary Market
|
48,290
|
46,599
|
96,021
|
90,188
|
||||||||||||
Other
|
881
|
745
|
1,749
|
1,562
|
||||||||||||
Total revenues
|
$
|
58,552
|
$
|
55,975
|
$
|
116,248
|
$
|
109,065
|
Three Months Ended
September 30, 2016
|
Six Months Ended
September 30, 2016
|
|||||||||||||||||||||||
GAAP
Results
|
Adjustments (1)
|
Non-GAAP
Results
|
GAAP
Results
|
Adjustments (1)
|
Non-GAAP
Results
|
|||||||||||||||||||
Income from operations
|
$
|
11,745
|
$
|
-
|
$
|
11,745
|
$
|
22,487
|
$
|
-
|
$
|
22,487
|
||||||||||||
Interest and other income (expense), net
|
6,279
|
(6,054
|
)
|
225
|
6,249
|
(6,054
|
)
|
195
|
||||||||||||||||
Income from continuing operations before income tax provision
|
18,024
|
(6,054
|
)
|
11,970
|
28,736
|
(6,054
|
)
|
22,682
|
||||||||||||||||
Income tax provision
|
6,537
|
(2,292
|
)
|
4,245
|
10,359
|
(2,292
|
)
|
8,067
|
||||||||||||||||
Income from continuing operations
|
11,487
|
(3,762
|
)
|
7,725
|
18,377
|
(3,762
|
)
|
14,615
|
||||||||||||||||
Discontinued operations
|
||||||||||||||||||||||||
Loss from discontinued operations, net of tax
|
(55
|
)
|
-
|
(55
|
)
|
(55
|
)
|
-
|
(55
|
)
|
||||||||||||||
Net income
|
$
|
11,432
|
$
|
(3,762
|
)
|
$
|
7,670
|
$
|
18,322
|
$
|
(3,762
|
)
|
$
|
14,560
|
||||||||||
Net income per share:
|
||||||||||||||||||||||||
Basic
|
||||||||||||||||||||||||
Continuing operations
|
$
|
0.51
|
$
|
0.34
|
$
|
0.82
|
$
|
0.65
|
||||||||||||||||
Discontinued operations
|
-
|
-
|
(0.01
|
)
|
-
|
|||||||||||||||||||
Basic net income per share
|
$
|
0.51
|
$
|
0.34
|
$
|
0.81
|
$
|
0.65
|
||||||||||||||||
Diluted
|
||||||||||||||||||||||||
Continuing operations
|
$
|
0.51
|
$
|
0.34
|
$
|
0.81
|
$
|
0.64
|
||||||||||||||||
Discontinued operations
|
(0.01
|
)
|
-
|
|
-
|
-
|
||||||||||||||||||
Diluted net income per share
|
$
|
0.50
|
$
|
0.34
|
$
|
0.81
|
$
|
0.64
|
||||||||||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||||||||||
Weighted average common shares outstanding - basic
|
22,522
|
22,522
|
22,494
|
22,494
|
||||||||||||||||||||
Weighted average common shares outstanding - diluted
|
22,745
|
22,745
|
22,720
|
22,720
|