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
|
Press release dated October 24, 2017
|
Date: October 24, 2017
|
|||
Abaxis, Inc.
|
|||
By:
|
/s/ Ross Taylor
|
||
Ross Taylor
|
|||
Vice President of Finance and Chief Financial Officer
|
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 $58.9 million, up 1% over last year’s comparable quarter.
|
• |
Veterinary market revenues of $48.5 million, up 1% over last year’s comparable quarter.
|
• |
International revenues of $11.9 million, up 3% over last year’s comparable quarter.
|
• |
Revenues from sales of consumables, which include reagent discs, hematology reagent kits, VSpro specialty cartridges, i-STAT cartridges, rapid tests and urinalysis strips, of $46.4 million, up 2% over last year’s comparable quarter.
|
• |
Gross profit of $32.2 million, compared to $32.3 million, in last year’s comparable quarter.
|
• |
Cash, cash equivalents and investments as of September 30, 2017 of $177.7 million.
|
• |
Abaxis paid dividends of $3.2 million, or $0.14 per share, during the second quarter of fiscal 2018.
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenues
|
$
|
58,854
|
$
|
58,552
|
$
|
117,112
|
$
|
116,248
|
||||||||
Cost of revenues
|
26,693
|
26,294
|
53,007
|
51,989
|
||||||||||||
Gross profit
|
32,161
|
32,258
|
64,105
|
64,259
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
6,075
|
4,906
|
12,507
|
10,139
|
||||||||||||
Sales and marketing
|
12,484
|
11,254
|
24,985
|
23,078
|
||||||||||||
General and administrative
|
4,167
|
4,353
|
8,717
|
8,555
|
||||||||||||
Total operating expenses
|
22,726
|
20,513
|
46,209
|
41,772
|
||||||||||||
Income from operations
|
9,435
|
11,745
|
17,896
|
22,487
|
||||||||||||
Interest and other income (expense), net
|
773
|
6,279
|
2,084
|
6,249
|
||||||||||||
Income before income tax provision
|
10,208
|
18,024
|
19,980
|
28,736
|
||||||||||||
Income tax provision
|
3,607
|
6,537
|
7,049
|
10,359
|
||||||||||||
Income from continuing operations
|
6,601
|
11,487
|
12,931
|
18,377
|
||||||||||||
Discontinued operations
|
||||||||||||||||
Loss from discontinued operations, net of tax
|
-
|
(55
|
)
|
-
|
(55
|
)
|
||||||||||
Net income
|
$
|
6,601
|
$
|
11,432
|
$
|
12,931
|
$
|
18,322
|
||||||||
Net income (loss) per share:
|
||||||||||||||||
Basic
|
||||||||||||||||
Continuing operations
|
$
|
0.29
|
$
|
0.51
|
$
|
0.57
|
$
|
0.82
|
||||||||
Discontinued operations
|
-
|
-
|
-
|
(0.01
|
)
|
|||||||||||
Basic net income per share
|
$
|
0.29
|
$
|
0.51
|
$
|
0.57
|
$
|
0.81
|
||||||||
Diluted
|
||||||||||||||||
Continuing operations
|
$
|
0.29
|
$
|
0.51
|
$
|
0.56
|
$
|
0.81
|
||||||||
Discontinued operations
|
-
|
(0.01
|
)
|
-
|
-
|
|||||||||||
Diluted net income per share
|
$
|
0.29
|
$
|
0.50
|
$
|
0.56
|
$
|
0.81
|
||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,679
|
22,522
|
22,648
|
22,494
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,997
|
22,745
|
22,991
|
22,720
|
||||||||||||
Cash dividends declared per share
|
$
|
0.14
|
$
|
0.12
|
$
|
0.28
|
$
|
0.24
|
September 30,
2017
|
March 31,
2017
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
58,874
|
$
|
91,332
|
||||
Short-term investments
|
89,877
|
51,561
|
||||||
Receivables, net
|
40,714
|
40,568
|
||||||
Inventories
|
39,050
|
39,010
|
||||||
Prepaid expenses and other current assets
|
4,831
|
4,997
|
||||||
Net deferred tax assets, current
|
-
|
5,644
|
||||||
Current assets of discontinued operations
|
19
|
66
|
||||||
Total current assets
|
233,365
|
233,178
|
||||||
Long-term investments
|
28,951
|
22,171
|
||||||
Investment in unconsolidated affiliates
|
2,778
|
2,850
|
||||||
Property and equipment, net
|
34,384
|
34,260
|
||||||
Intangible assets, net
|
1,094
|
1,171
|
||||||
Net deferred tax assets, non-current
|
10,472
|
4,392
|
||||||
Other assets
|
8,904
|
7,624
|
||||||
Total assets
|
$
|
319,948
|
$
|
305,646
|
||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
8,393
|
$
|
7,517
|
||||
Accrued payroll and related expenses
|
10,101
|
9,606
|
||||||
Accrued taxes
|
1,489
|
2,151
|
||||||
Current liabilities of discontinued operations
|
29
|
85
|
||||||
Other accrued liabilities
|
13,811
|
11,006
|
||||||
Deferred revenue
|
1,043
|
1,415
|
||||||
Warranty reserve
|
1,934
|
1,663
|
||||||
Total current liabilities
|
36,800
|
33,443
|
||||||
Non-current liabilities:
|
||||||||
Deferred revenue
|
1,290
|
1,460
|
||||||
Warranty reserve
|
2,825
|
2,695
|
||||||
Net deferred tax liabilities
|
219
|
234
|
||||||
Notes payable, less current portion
|
227
|
278
|
||||||
Other non-current liabilities
|
1,498
|
1,312
|
||||||
Total non-current liabilities
|
6,059
|
5,979
|
||||||
Total liabilities
|
42,859
|
39,422
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
140,235
|
135,932
|
||||||
Retained earnings
|
136,886
|
130,304
|
||||||
Accumulated other comprehensive loss
|
(32
|
)
|
(12
|
)
|
||||
Total shareholders' equity
|
277,089
|
266,224
|
||||||
Total liabilities and shareholders' equity
|
$
|
319,948
|
$
|
305,646
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenues by Geographic Region
|
||||||||||||||||
North America
|
$
|
46,920
|
$
|
47,017
|
$
|
93,889
|
$
|
93,790
|
||||||||
International
|
11,934
|
11,535
|
23,223
|
22,458
|
||||||||||||
Total revenues
|
$
|
58,854
|
$
|
58,552
|
$
|
117,112
|
$
|
116,248
|
||||||||
Revenues by Customer Group
|
||||||||||||||||
Medical Market
|
$
|
9,282
|
$
|
9,381
|
$
|
18,144
|
$
|
18,478
|
||||||||
Veterinary Market
|
48,536
|
48,290
|
96,904
|
96,021
|
||||||||||||
Other
|
1,036
|
881
|
2,064
|
1,749
|
||||||||||||
Total revenues
|
$
|
58,854
|
$
|
58,552
|
$
|
117,112
|
$
|
116,248
|
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
|
(1) |
To eliminate the gain on sale of an equity method investment and related income tax effect recorded in the three and six months ended September 30, 2016.
|
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