8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 11, 2002

ABAXIS, INC.
(Exact name of registrant as specified in its charter)

California	000-19720	77-0213001
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer)
incorporation or organization)		Identification No.)

3240 Whipple Road, Union City, CA	94587
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (510) 675-6500

(Former name or address, if changes since last report)

TABLE OF CONTENTS

	Item 5. Other Events.
SIGNATURES
INDEX TO EXHIBITS
EXHIBIT 99.1

Item 5. Other Events.

     On December 11, 2002, Abaxis, Inc. issued a press release that is attached as Exhibit 99.1 hereto and is incorporated herein by reference in its entirety.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated this 11th day of December, 2002.

Abaxis, Inc.
By:	/s/ Alberto Santa Ines
	Alberto Santa Ines
	Chief Financial Officer

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release Dated as of December 11, 2002.

EX-99.1 3 f86463exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 [ABAXIS LOGO] Contact: Clint Severson RCG Capital Markets Group Chief Executive Officer Retail: Joe Dorame ABAXIS, Inc. Institutional/Analysts: Joe Diaz 510-675-6501 Media: Jeff Stanlis 480-675-0400 FOR IMMEDIATE RELEASE ABAXIS AND S.A. SCIENTIFIC REACH SETTLEMENT WITH IDEXX LABORATORIES, INC. Union City, California - December 11, 2002 -- ABAXIS, Inc. (NASDAQ: ABAX), a medical products company manufacturing point-of-care blood analysis systems, announced today that on December 6, 2002 it reached an out-of-court settlement with IDEXX Laboratories, Inc. ("IDEXX") with respect to IDEXX' patent infringement lawsuit concerning the sale and manufacturing of a canine heartworm test kit manufactured by Abaxis partner and co-defendant S.A. Scientific, Inc., a privately held company located in San Antonio, Texas ("SAS")and sold by Abaxis. Accordingly, on December 10, 2002, the lawsuit was dismissed in the United States District Court for the District of Maine. Under terms of the agreement and a joint defense agreement previously entered into by Abaxis and SAS, Abaxis will be responsible for paying $249,500 in cash damages to IDEXX, in return for which IDEXX has agreed to refrain from initiating further legal action under the patents at issue with respect to any future canine heartworm test that Abaxis and SAS may develop so long as any new canine heartworm test meets certain specifications set forth in the settlement agreement. Clint Severson, Chairman, President and CEO, commented, "This agreement satisfactorily resolves the issue and allows Abaxis to continue work to develop, manufacture and sell point of care tests in the veterinary and human markets. We will continue to work to develop new tests to broaden our product offerings, including tests for canine heartworm that do not utilize IDEXX' patented hypertonic solution method." ABAXIS develops, manufactures and markets portable blood analysis systems for use in any patient-care setting to provide clinicians with rapid blood constituent measurements. The system consists of a compact, 6.9 kilogram, portable analyzer and a series of 8-cm diameter single-use plastic disks, called reagent discs, which contain all the reagents necessary to perform a fixed menu of tests. The system can be operated with minimal training and perform multiple tests on whole blood, serum, or plasma. The system provides test results in less than 14 minutes with the precision and accuracy equivalent to a clinical laboratory. This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. ABAXIS claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. Specific forward-looking statements contained in this press release include, but are not limited to, risks and uncertainties related to the market acceptance of the ABAXIS' products and the continuing development of its products, risks associated with manufacturing and distributing its products on a commercial scale, risks associated with entering the human diagnostic market on a larger scale, risks involved in carrying of inventory, risks associated with the ability to attract and retain competent sales personnel, general market conditions, competition, risks and uncertainties related to its ability to raise capital in order to fund its operations and other risks detailed from time to time in ABAXIS' periodic reports filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made. ABAXIS does not undertake and specifically disclaims any obligation to update any forward-looking statements. ### -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                              Exhibit 99.1
[ABAXIS LOGO]


Contact:        Clint Severson                 RCG Capital Markets Group
                Chief Executive Officer        Retail: Joe Dorame
                ABAXIS, Inc.                   Institutional/Analysts: Joe Diaz
                510-675-6501                   Media: Jeff Stanlis
                                               480-675-0400

                                                        FOR IMMEDIATE RELEASE

    ABAXIS AND S.A. SCIENTIFIC REACH SETTLEMENT WITH IDEXX LABORATORIES, INC.


Union City, California - December 11, 2002 -- ABAXIS, Inc. (NASDAQ: ABAX), a
medical products company manufacturing point-of-care blood analysis systems,
announced today that on December 6, 2002 it reached an out-of-court settlement
with IDEXX Laboratories, Inc. ("IDEXX") with respect to IDEXX' patent
infringement lawsuit concerning the sale and manufacturing of a canine heartworm
test kit manufactured by Abaxis partner and co-defendant S.A. Scientific, Inc.,
a privately held company located in San Antonio, Texas ("SAS")and sold by
Abaxis. Accordingly, on December 10, 2002, the lawsuit was dismissed in the
United States District Court for the District of Maine.

Under terms of the agreement and a joint defense agreement previously entered
into by Abaxis and SAS, Abaxis will be responsible for paying $249,500 in cash
damages to IDEXX, in return for which IDEXX has agreed to refrain from
initiating further legal action under the patents at issue with respect to any
future canine heartworm test that Abaxis and SAS may develop so long as any new
canine heartworm test meets certain specifications set forth in the settlement
agreement.

Clint Severson, Chairman, President and CEO, commented, "This agreement
satisfactorily resolves the issue and allows Abaxis to continue work to develop,
manufacture and sell point of care tests in the veterinary and human markets. We
will continue to work to develop new tests to broaden our product offerings,
including tests for canine heartworm that do not utilize IDEXX' patented
hypertonic solution method."

ABAXIS develops, manufactures and markets portable blood analysis systems for
use in any patient-care setting to provide clinicians with rapid blood
constituent measurements. The system consists of a compact, 6.9 kilogram,
portable analyzer and a series of 8-cm diameter single-use

plastic disks, called reagent discs, which contain all the reagents necessary to
perform a fixed menu of tests. The system can be operated with minimal training
and perform multiple tests on whole blood, serum, or plasma. The system provides
test results in less than 14 minutes with the precision and accuracy equivalent
to a clinical laboratory.

This press release includes statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. ABAXIS claims the protection of the safe-harbor for forward-looking
statements contained in the Reform Act. Specific forward-looking statements
contained in this press release include, but are not limited to, risks and
uncertainties related to the market acceptance of the ABAXIS' products and the
continuing development of its products, risks associated with manufacturing and
distributing its products on a commercial scale, risks associated with entering
the human diagnostic market on a larger scale, risks involved in carrying of
inventory, risks associated with the ability to attract and retain competent
sales personnel, general market conditions, competition, risks and uncertainties
related to its ability to raise capital in order to fund its operations and
other risks detailed from time to time in ABAXIS' periodic reports filed with
the United States Securities and Exchange Commission. Forward-looking statements
speak only as of the date the statement was made. ABAXIS does not undertake and
specifically disclaims any obligation to update any forward-looking statements.

                                       ###