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) |
☐ | 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
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Results of Operations and Financial Condition.
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Item 8.01
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Other Events.
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Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description |
99.1 | Press release dated April 28, 2016 |
Abaxis, Inc.
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|||
By:
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/s/ Ross Taylor
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||
Ross Taylor
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|||
Vice President of Finance and Chief Financial Officer
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Exhibit No.
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Description |
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Press release dated April 28, 2016
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Abaxis, Inc.
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Lytham Partners, LLC
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Clint Severson, Chief Executive Officer
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Joe Dorame, Robert Blum and Joe Diaz
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510-675-6500
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602-889-9700
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• | Revenues from continuing operations of $57.0 million for the fourth quarter, up 10% over last year’s comparable quarter, and $218.9 million for fiscal 2016, up 8% year-over-year. |
• | Diluted EPS from continuing operations of $0.36 for the fourth quarter, up 112% over last year’s comparable quarter, and $1.36 for fiscal 2016, up 49% year-over-year. |
• | Diluted EPS, including discontinued operations, of $0.39 for the fourth quarter, down 22% over last year’s comparable quarter, and $1.38 for fiscal 2016, up 15% year-over-year. |
• | Medical market revenues for the fourth quarter of $9.5 million, up 10% over last year’s comparable quarter, and $37.8 million for fiscal 2016, up 7% year-over-year. |
• | Veterinary market revenues for the fourth quarter of $46.6 million, up 9% over last year’s comparable quarter, and $177.7 million for fiscal 2016, up 8% year-over-year. |
• | Revenues from sales of consumables, which include reagent discs, hematology reagent kits, VSpro specialty cartridges, i-STAT cartridges and rapid tests, for the fourth quarter of $43.1 million, up 14% over last year’s comparable quarter, and $165.0 million for fiscal 2016, up 14% year-over year. |
• | Total medical and veterinary reagent disc revenues for the fourth quarter of $31.5 million, up 8% over last year’s comparable quarter, and $121.1 million for fiscal 2016, up 9% year-over-year. |
• | Total medical and veterinary reagent disc sales of 2.5 million units for the fourth quarter, up 9% over last year’s comparable quarter, and 9.5 million units for fiscal 2016, up 12% year-over-year. |
• | Total medical and veterinary instrument revenues for the fourth quarter of $11.1 million, down 5% over last year’s comparable quarter, and $43.0 million for fiscal 2016, down 12% year-over-year. |
• | Total medical and veterinary instrument sales of 1,594 units for the fourth quarter, up 4% over last year’s comparable quarter, and 6,078 units for fiscal 2016, down 10% year-over-year. |
• | North America revenues for the fourth quarter of $46.4 million, up 11% over last year’s comparable quarter, and $175.0 million for fiscal 2016, up 7% year-over-year. |
• | International revenues for the fourth quarter of $10.5 million, up 3% over last year’s comparable quarter, and $43.9 million for fiscal 2016, up 12% year-over-year. |
• | Gross profit from continuing operations of $32.3 million for the fourth quarter, up 14% over last year’s comparable quarter, and $123.3 million for fiscal 2016, up 13% year-over-year. |
• | Cash, cash equivalents and investments as of March 31, 2016 of $152.3 million. |
• | Abaxis paid dividends of $10.0 million in fiscal 2016. |
• | Abaxis repurchased 0.3 million shares of common stock at a total purchase price of $13.0 million in fiscal 2016. |
Three Months Ended
March 31,
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Twelve Months Ended
March 31,
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|||||||||||||||
2016
|
2015
|
2016
|
2015
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|||||||||||||
Revenues
|
$
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56,960
|
$
|
52,017
|
$
|
218,901
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$
|
202,593
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||||||||
Cost of revenues
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24,664
|
23,609
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95,649
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93,623
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||||||||||||
Gross profit
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32,296
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28,408
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123,252
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108,970
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||||||||||||
Operating expenses:
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||||||||||||||||
Research and development
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4,548
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4,563
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18,388
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16,327
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||||||||||||
Sales and marketing
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10,760
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11,954
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42,526
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42,147
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||||||||||||
General and administrative
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4,683
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4,717
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15,984
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16,192
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||||||||||||
Total operating expenses
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19,991
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21,234
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76,898
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74,666
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||||||||||||
Income from operations
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12,305
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7,174
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46,354
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34,304
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||||||||||||
Interest and other income (expense), net
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77
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(667
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)
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793
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(1,262
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)
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||||||||||
Income from continuing operations before income tax provision
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12,382
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6,507
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47,147
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33,042
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||||||||||||
Income tax provision
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4,080
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2,705
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16,073
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12,239
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||||||||||||
Income from continuing operations
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8,302
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3,802
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31,074
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20,803
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||||||||||||
Discontinued operations:
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||||||||||||||||
Loss from discontinued operations, net of tax (1)
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-
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(153
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)
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(3
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)
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(1,154
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)
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|||||||||
Gain on sale of discontinued operations, net of tax (1)
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559
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7,682
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559
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7,682
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||||||||||||
Net income
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$
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8,861
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$
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11,331
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$
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31,630
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$
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27,331
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||||||||
Net income per share:
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||||||||||||||||
Basic
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||||||||||||||||
Continuing operations
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$
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0.37
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$
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0.17
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$
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1.37
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$
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0.92
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||||||||
Discontinued operations
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0.02
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0.33
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0.03
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0.29
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||||||||||||
Basic net income per share
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$
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0.39
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$
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0.50
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$
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1.40
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$
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1.21
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||||||||
Diluted
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||||||||||||||||
Continuing operations
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$
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0.36
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$
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0.17
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$
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1.36
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$
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0.91
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||||||||
Discontinued operations
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0.03
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0.33
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0.02
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0.29
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||||||||||||
Diluted net income per share
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$
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0.39
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$
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0.50
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$
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1.38
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$
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1.20
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||||||||
Shares used in the calculation of net income per share:
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||||||||||||||||
Weighted average common shares outstanding - basic
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22,593
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22,538
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22,661
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22,497
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||||||||||||
Weighted average common shares outstanding - diluted
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22,810
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22,870
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22,883
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22,787
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||||||||||||
Cash dividends declared per share
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$
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0.11
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$
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0.10
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$
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0.44
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$
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0.40
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(1)
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Represents the AVRL business within our veterinary market segment, which was sold during the fourth quarter of fiscal 2015.
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March 31,
2016
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March 31,
2015
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|||||||
Current assets:
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||||||||
Cash and cash equivalents
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$
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88,323
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$
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107,015
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||||
Short-term investments
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41,474
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26,109
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||||||
Receivables, net
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35,148
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29,015
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||||||
Inventories
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35,131
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36,179
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||||||
Prepaid expenses and other current assets
|
6,351
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2,893
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||||||
Net deferred tax assets, current
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4,810
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6,575
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||||||
Current assets of discontinued operations
|
961
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2,075
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||||||
Total current assets
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212,198
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209,861
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||||||
Long-term investments
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22,458
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24,181
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||||||
Investment in unconsolidated affiliate
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2,705
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2,683
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||||||
Property and equipment, net
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26,842
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27,316
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||||||
Intangible assets, net
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1,324
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1,491
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||||||
Net deferred tax assets, non-current
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3,903
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3,413
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||||||
Non-current assets of discontinued operations
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-
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12
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||||||
Other assets
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1,950
|
107
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||||||
Total assets
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$
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271,380
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$
|
269,064
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||||
Current liabilities:
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||||||||
Accounts payable
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$
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7,292
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$
|
7,277
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||||
Accrued payroll and related expenses
|
8,349
|
11,094
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||||||
Accrued taxes
|
1,145
|
4,829
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||||||
Current liabilities of discontinued operations
|
112
|
5,536
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||||||
Other accrued liabilities
|
9,393
|
9,804
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||||||
Deferred revenue
|
1,600
|
1,322
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||||||
Warranty reserve
|
1,281
|
1,423
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||||||
Total current liabilities
|
29,172
|
41,285
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||||||
Non-current liabilities:
|
||||||||
Deferred revenue
|
2,274
|
3,219
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||||||
Warranty reserve
|
1,927
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1,733
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||||||
Net deferred tax liabilities
|
384
|
310
|
||||||
Notes payable, less current portion
|
379
|
480
|
||||||
Other non-current liabilities
|
932
|
1,843
|
||||||
Total non-current liabilities
|
5,896
|
7,585
|
||||||
Total liabilities
|
35,068
|
48,870
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
127,016
|
132,559
|
||||||
Retained earnings
|
109,303
|
87,643
|
||||||
Accumulated other comprehensive loss
|
(7
|
)
|
(8
|
)
|
||||
Total shareholders' equity
|
236,312
|
220,194
|
||||||
Total liabilities and shareholders' equity
|
$
|
271,380
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$
|
269,064
|
Three Months Ended
March 31,
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Twelve Months Ended
March 31,
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|||||||||||||||
Revenues by Geographic Region
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2016
|
2015
|
2016
|
2015
|
||||||||||||
North America
|
$
|
46,423
|
$
|
41,776
|
$
|
175,019
|
$
|
163,308
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||||||||
International
|
10,537
|
10,241
|
43,882
|
39,285
|
||||||||||||
Total revenues
|
$
|
56,960
|
$
|
52,017
|
$
|
218,901
|
$
|
202,593
|
Three Months Ended
March 31, |
Twelve Months Ended
March 31, |
|||||||||||||||
Revenues by Customer Group
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Medical Market
|
$
|
9,528
|
$
|
8,657
|
$
|
37,845
|
$
|
35,364
|
||||||||
Veterinary Market
|
46,583
|
42,564
|
177,667
|
164,018
|
||||||||||||
Other
|
849
|
796
|
3,389
|
3,211
|
||||||||||||
Total revenues
|
$
|
56,960
|
$
|
52,017
|
$
|
218,901
|
$
|
202,593
|