California
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000-19720
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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.)
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☐ |
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 |
Results of Operations and Financial Condition.
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Item 8.01 |
Other Events.
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Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit No.
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Description
|
|
Press release dated January 25, 2018
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Abaxis, Inc.
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|||
By:
|
/s/ Ross Taylor
|
||
Ross Taylor
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|||
Vice President of Finance and Chief Financial Officer
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Abaxis, Inc.
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Lytham Partners, LLC
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Clint Severson, Chief Executive Officer
|
Joe Dorame, Robert Blum and Joe Diaz
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510-675-6500
|
602-889-9700
|
• |
Revenues of $59.7 million, up 13% over last year’s comparable quarter.
|
• |
Diluted net income per share of $0.18, compared to $0.30 in last year’s comparable quarter. Diluted net income per share for the third quarter of fiscal 2018 includes the effect of a one-time non-cash charge of $2.9 million as a result of the Tax Cuts and Jobs Act (“TCJA”) enacted on December 22, 2017. Excluding the effect of this non-cash charge, non-GAAP diluted net income per share was $0.31 for the third quarter of fiscal 2018.
|
• |
Medical market revenues of $10.2 million, up 18% over last year’s comparable quarter.
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• |
Veterinary market revenues of $48.4 million, up 12% over last year’s comparable quarter.
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• |
Revenues from sales of consumables, which include reagent discs, hematology reagent kits, VSpro specialty cartridges, i-STAT cartridges, rapid tests and urinalysis tests, of $45.5 million, up 13% over last year’s comparable quarter.
|
• |
Total medical and veterinary reagent disc revenues of $31.9 million, up 13% over last year’s comparable quarter.
|
• |
Total medical and veterinary reagent disc sales of 2.6 million units, up 13% over last year’s comparable quarter.
|
• |
Total medical and veterinary instrument revenues of $10.5 million, up 12% over last year’s comparable quarter.
|
• |
North America revenues of $46.4 million, up 12% over last year’s comparable quarter.
|
• |
International revenues of $13.2 million, up 18% over last year’s comparable quarter.
|
• |
Gross profit of $32.2 million, compared to $29.4 million, in last year’s comparable quarter.
|
• |
Cash, cash equivalents and investments as of December 31, 2017 of $185.0 million.
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• |
Abaxis paid dividends of $3.6 million, or $0.16 per share, during the third quarter of fiscal 2018.
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Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenues
|
$
|
59,670
|
$
|
52,772
|
$
|
176,782
|
$
|
169,020
|
||||||||
Cost of revenues
|
27,494
|
23,368
|
80,501
|
75,357
|
||||||||||||
Gross profit
|
32,176
|
29,404
|
96,281
|
93,663
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
5,165
|
4,776
|
17,672
|
14,915
|
||||||||||||
Sales and marketing
|
13,657
|
10,629
|
38,642
|
33,707
|
||||||||||||
General and administrative
|
4,777
|
3,159
|
13,494
|
11,714
|
||||||||||||
Total operating expenses
|
23,599
|
18,564
|
69,808
|
60,336
|
||||||||||||
Income from operations
|
8,577
|
10,840
|
26,473
|
33,327
|
||||||||||||
Interest and other income (expense), net
|
878
|
(52
|
)
|
2,962
|
6,197
|
|||||||||||
Income from continuing operations before income tax provision
|
9,455
|
10,788
|
29,435
|
39,524
|
||||||||||||
Income tax provision
|
5,229
|
3,929
|
12,278
|
14,288
|
||||||||||||
Income from continuing operations
|
4,226
|
6,859
|
17,157
|
25,236
|
||||||||||||
Discontinued operations
|
||||||||||||||||
Loss from discontinued operations, net of tax
|
-
|
(15
|
)
|
-
|
(70
|
)
|
||||||||||
Net income
|
$
|
4,226
|
$
|
6,844
|
$
|
17,157
|
$
|
25,166
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
||||||||||||||||
Continuing operations
|
$
|
0.19
|
$
|
0.30
|
$
|
0.76
|
$
|
1.12
|
||||||||
Discontinued operations
|
-
|
-
|
-
|
-
|
||||||||||||
Basic net income per share
|
$
|
0.19
|
$
|
0.30
|
$
|
0.76
|
$
|
1.12
|
||||||||
Diluted
|
||||||||||||||||
Continuing operations
|
$
|
0.18
|
$
|
0.30
|
$
|
0.75
|
$
|
1.11
|
||||||||
Discontinued operations
|
-
|
-
|
-
|
-
|
||||||||||||
Diluted net income per share
|
$
|
0.18
|
$
|
0.30
|
$
|
0.75
|
$
|
1.11
|
||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,695
|
22,535
|
22,663
|
22,508
|
||||||||||||
Weighted average common shares outstanding - diluted
|
23,044
|
22,789
|
23,021
|
22,753
|
||||||||||||
Cash dividends declared per share
|
$
|
0.16
|
$
|
0.14
|
$
|
0.44
|
$
|
0.38
|
December 31,
2017
|
March 31,
2017
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
71,902
|
$
|
91,332
|
||||
Short-term investments
|
89,717
|
51,561
|
||||||
Receivables, net
|
40,391
|
40,568
|
||||||
Inventories
|
42,498
|
39,010
|
||||||
Prepaid expenses and other current assets
|
6,250
|
4,997
|
||||||
Net deferred tax assets, current
|
-
|
5,644
|
||||||
Current assets of discontinued operations
|
45
|
66
|
||||||
Total current assets
|
250,803
|
233,178
|
||||||
Long-term investments
|
23,333
|
22,171
|
||||||
Investment in unconsolidated affiliates
|
2,732
|
2,850
|
||||||
Property and equipment, net
|
34,902
|
34,260
|
||||||
Intangible assets, net
|
1,056
|
1,171
|
||||||
Net deferred tax assets, non-current
|
7,489
|
4,392
|
||||||
Other assets
|
9,224
|
7,624
|
||||||
Total assets
|
$
|
329,539
|
$
|
305,646
|
||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
13,170
|
$
|
7,517
|
||||
Accrued payroll and related expenses
|
10,285
|
9,606
|
||||||
Accrued taxes
|
47
|
2,151
|
||||||
Current liabilities of discontinued operations
|
50
|
85
|
||||||
Other accrued liabilities
|
15,648
|
11,006
|
||||||
Deferred revenue
|
1,054
|
1,415
|
||||||
Warranty reserve
|
2,129
|
1,663
|
||||||
Total current liabilities
|
42,383
|
33,443
|
||||||
Non-current liabilities:
|
||||||||
Deferred revenue
|
1,278
|
1,460
|
||||||
Warranty reserve
|
2,864
|
2,695
|
||||||
Net deferred tax liabilities
|
211
|
234
|
||||||
Notes payable, less current portion
|
202
|
278
|
||||||
Other non-current liabilities
|
1,544
|
1,312
|
||||||
Total non-current liabilities
|
6,099
|
5,979
|
||||||
Total liabilities
|
48,482
|
39,422
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
143,640
|
135,932
|
||||||
Retained earnings
|
137,481
|
130,304
|
||||||
Accumulated other comprehensive loss
|
(64
|
)
|
(12
|
)
|
||||
Total shareholders' equity
|
281,057
|
266,224
|
||||||
Total liabilities and shareholders' equity
|
$
|
329,539
|
$
|
305,646
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenues by Geographic Region
|
||||||||||||||||
North America
|
$
|
46,442
|
$
|
41,538
|
$
|
140,331
|
$
|
135,328
|
||||||||
International
|
13,228
|
11,234
|
36,451
|
33,692
|
||||||||||||
Total revenues
|
$
|
59,670
|
$
|
52,772
|
$
|
176,782
|
$
|
169,020
|
||||||||
Revenues by Customer Group
|
||||||||||||||||
Medical Market
|
$
|
10,193
|
$
|
8,652
|
$
|
28,337
|
$
|
27,130
|
||||||||
Veterinary Market
|
48,424
|
43,198
|
145,328
|
139,219
|
||||||||||||
Other
|
1,053
|
922
|
3,117
|
2,671
|
||||||||||||
Total revenues
|
$
|
59,670
|
$
|
52,772
|
$
|
176,782
|
$
|
169,020
|
Three Months Ended
December 31, 2017
|
Nine Months Ended
December 31, 2017
|
|||||||||||||||||||||||
GAAP
Results
|
Adjustments (1)
|
Non-GAAP
Results
|
GAAP
Results
|
Adjustments (1)
|
Non-GAAP
Results
|
|||||||||||||||||||
Income from continuing operations before income tax provision
|
$
|
9,455
|
$
|
-
|
$
|
9,455
|
$
|
29,435
|
$
|
-
|
$
|
29,435
|
||||||||||||
Income tax provision
|
5,229
|
(2,939
|
)
|
2,290
|
12,278
|
(2,939
|
)
|
9,339
|
||||||||||||||||
Income from continuing operations
|
4,226
|
2,939
|
7,165
|
17,157
|
2,939
|
20,096
|
||||||||||||||||||
Discontinued operations
|
||||||||||||||||||||||||
Loss from discontinued operations, net of tax
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Net income
|
$
|
4,226
|
$
|
2,939
|
$
|
7,165
|
$
|
17,157
|
$
|
2,939
|
$
|
20,096
|
||||||||||||
Net income per share:
|
||||||||||||||||||||||||
Basic
|
||||||||||||||||||||||||
Continuing operations
|
$
|
0.19
|
$
|
0.32
|
$
|
0.76
|
$
|
0.89
|
||||||||||||||||
Discontinued operations
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Basic net income per share
|
$
|
0.19
|
$
|
0.32
|
$
|
0.76
|
$
|
0.89
|
||||||||||||||||
Diluted
|
||||||||||||||||||||||||
Continuing operations
|
$
|
0.18
|
$
|
0.31
|
$
|
0.75
|
$
|
0.87
|
||||||||||||||||
Discontinued operations
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Diluted net income per share
|
$
|
0.18
|
$
|
0.31
|
$
|
0.75
|
$
|
0.87
|
||||||||||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||||||||||
Weighted average common shares outstanding - basic
|
22,695
|
22,695
|
22,663
|
22,663
|
||||||||||||||||||||
Weighted average common shares outstanding - diluted
|
23,044
|
23,044
|
23,021
|
23,021
|