Abaxis (ABAX) Tops Q1 EPS by 3c

Abaxis (NASDAQ: ABAX) reported Q1 EPS of $0.31, $0.03 better than the analyst estimate of $0.28. Revenue for the quarter came in at $53.1 million versus the consensus estimate of $53.82 million.

Clint Severson, chairman and chief executive officer of Abaxis, commented, "We are off to a strong start in fiscal year 2016, as we achieved double-digit growth in our total instrument and consumable revenues within our portfolio of point of care diagnostic products. Revenues for the quarter increased 21 percent, driven by total veterinary sales and total medical sales increases of 21 percent and 20 percent, respectively. Domestic and international sales both increased by double-digit percentages versus the first quarter last year. We are pleased with the on-going progress made by our sales team and our distribution channel partners. We continue to grow our business on a consistent basis and we are operating in a highly effective and cost efficient manner."

Mr. Severson continued, "We are particularly pleased with the continued growth in our recurring revenues up 22 percent year over year, primarily due to expanding sales of our consumable products in both the veterinary and medical markets, which resulted in a record of 2.4 million total reagent disc unit sales during the first quarter. This is a testament to the critically important role that our devices play in accurately diagnosing the conditions of our customers' patients. The speed, accuracy and reliability of Abaxis products are second to none and we are proud of our position within in the industry as one of the leaders in the market. We remain dedicated to developing new innovative diagnostic products and operating the business in a prudent manner, while rewarding our shareholders with a quarterly dividend and maintaining a solid cash position of $153.0 million."

For earnings history and earnings-related data on Abaxis (ABAX) click here.

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