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 9.01 |
Financial Statements and Exhibits.
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(d) |
Exhibits.
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Exhibit No.
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Description
|
99.1
|
Press release dated January 26, 2017
|
Abaxis, Inc.
|
|||
By:
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/s/ Ross Taylor
|
||
Ross Taylor
|
|||
Vice President of Finance and Chief Financial Officer
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Exhibit No.
|
Description
|
Press release dated January 26, 2017
|
Abaxis, Inc.
|
Lytham Partners, LLC
|
|
Clint Severson, Chief Executive Officer
|
Joe Dorame, Robert Blum and Joe Diaz
|
|
510-675-6500
|
602-889-9700
|
• |
Revenues from continuing operations of $52.8 million, flat compared to last year’s comparable quarter and consistent with the company’s previously-announced estimate for the quarter.
|
• |
Veterinary market revenues of $43.2 million, up 6% over last year’s comparable quarter.
|
• |
Revenues from sales of consumables, which include reagent discs, hematology reagent kits, VSpro specialty cartridges, i-STAT cartridges and rapid tests, of $40.4 million, up 5% over last year’s comparable quarter.
|
• |
Revenues attributable to customers in Europe, including sales from our United Kingdom subsidiary, of $8.0 million, up 6% over last year’s comparable quarter. Revenues from our United Kingdom subsidiary of $2.4 million, flat, compared to last year’s comparable quarter, and up 22% on a constant currency basis compared to last year’s comparable quarter.
|
• |
Gross margin of 56%, consistent with the company’s previously-announced estimate for the quarter.
|
• |
Income from continuing operations before income tax provision of $10.8 million, consistent with the company’s previously-announced estimate for the quarter.
|
• |
Cash, cash equivalents and investments as of December 31, 2016 of $159.7 million.
|
• |
Dividends of $3.2 million, or $0.14 per share, paid during the third quarter of fiscal 2017.
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues
|
$
|
52,772
|
$
|
52,876
|
$
|
169,020
|
$
|
161,941
|
||||||||
Cost of revenues
|
23,368
|
23,274
|
75,357
|
70,985
|
||||||||||||
Gross profit
|
29,404
|
29,602
|
93,663
|
90,956
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
4,776
|
4,428
|
14,915
|
13,840
|
||||||||||||
Sales and marketing
|
10,629
|
10,395
|
33,707
|
31,766
|
||||||||||||
General and administrative
|
3,159
|
3,524
|
11,714
|
11,301
|
||||||||||||
Total operating expenses
|
18,564
|
18,347
|
60,336
|
56,907
|
||||||||||||
Income from operations
|
10,840
|
11,255
|
33,327
|
34,049
|
||||||||||||
Interest and other income (expense), net
|
(52
|
)
|
231
|
6,197
|
716
|
|||||||||||
Income from continuing operations before income tax provision
|
10,788
|
11,486
|
39,524
|
34,765
|
||||||||||||
Income tax provision
|
3,929
|
3,532
|
14,288
|
11,993
|
||||||||||||
Income from continuing operations
|
6,859
|
7,954
|
25,236
|
22,772
|
||||||||||||
Discontinued operations
|
||||||||||||||||
Income (loss) from discontinued operations, net of tax
|
(15
|
)
|
4
|
(70
|
)
|
(3
|
)
|
|||||||||
Net income
|
$
|
6,844
|
$
|
7,958
|
$
|
25,166
|
$
|
22,769
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
||||||||||||||||
Continuing operations
|
$
|
0.30
|
$
|
0.35
|
$
|
1.12
|
$
|
1.00
|
||||||||
Discontinued operations
|
-
|
-
|
-
|
-
|
||||||||||||
Basic net income per share
|
$
|
0.30
|
$
|
0.35
|
$
|
1.12
|
$
|
1.00
|
||||||||
Diluted
|
||||||||||||||||
Continuing operations
|
$
|
0.30
|
$
|
0.35
|
$
|
1.11
|
$
|
1.00
|
||||||||
Discontinued operations
|
-
|
-
|
-
|
-
|
||||||||||||
Diluted net income per share
|
$
|
0.30
|
$
|
0.35
|
$
|
1.11
|
$
|
1.00
|
||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,535
|
22,725
|
22,508
|
22,684
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,789
|
22,889
|
22,753
|
22,884
|
||||||||||||
Cash dividends declared per share
|
$
|
0.14
|
$
|
0.11
|
$
|
0.38
|
$
|
0.33
|
December 31,
2016 |
March 31,
2016 |
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
85,653
|
$
|
88,323
|
||||
Short-term investments
|
52,291
|
41,474
|
||||||
Receivables, net
|
35,245
|
35,148
|
||||||
Inventories
|
39,192
|
35,131
|
||||||
Prepaid expenses and other current assets
|
6,225
|
6,351
|
||||||
Net deferred tax assets, current
|
4,881
|
4,810
|
||||||
Current assets of discontinued operations
|
66
|
961
|
||||||
Total current assets
|
223,553
|
212,198
|
||||||
Long-term investments
|
21,738
|
22,458
|
||||||
Investment in unconsolidated affiliates
|
3,000
|
2,705
|
||||||
Property and equipment, net
|
33,709
|
26,842
|
||||||
Intangible assets, net
|
1,209
|
1,324
|
||||||
Net deferred tax assets, non-current
|
4,492
|
3,903
|
||||||
Other assets
|
6,290
|
1,950
|
||||||
Total assets
|
$
|
293,991
|
$
|
271,380
|
||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
8,922
|
$
|
7,292
|
||||
Accrued payroll and related expenses
|
6,184
|
8,349
|
||||||
Accrued taxes
|
477
|
1,145
|
||||||
Current liabilities of discontinued operations
|
87
|
112
|
||||||
Other accrued liabilities
|
10,091
|
9,393
|
||||||
Deferred revenue
|
1,560
|
1,600
|
||||||
Warranty reserve
|
1,577
|
1,281
|
||||||
Total current liabilities
|
28,898
|
29,172
|
||||||
Non-current liabilities:
|
||||||||
Deferred revenue
|
1,601
|
2,274
|
||||||
Warranty reserve
|
2,616
|
1,927
|
||||||
Net deferred tax liabilities
|
242
|
384
|
||||||
Notes payable, less current portion
|
303
|
379
|
||||||
Other non-current liabilities
|
1,170
|
932
|
||||||
Total non-current liabilities
|
5,932
|
5,896
|
||||||
Total liabilities
|
34,830
|
35,068
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
133,262
|
127,016
|
||||||
Retained earnings
|
125,910
|
109,303
|
||||||
Accumulated other comprehensive loss
|
(11
|
)
|
(7
|
)
|
||||
Total shareholders' equity
|
259,161
|
236,312
|
||||||
Total liabilities and shareholders' equity
|
$
|
293,991
|
$
|
271,380
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues by Geographic Region
|
||||||||||||||||
North America
|
$
|
41,538
|
$
|
41,109
|
$
|
135,328
|
$
|
128,596
|
||||||||
International
|
11,234
|
11,767
|
33,692
|
33,345
|
||||||||||||
Total revenues
|
$
|
52,772
|
$
|
52,876
|
$
|
169,020
|
$
|
161,941
|
||||||||
Revenues by Customer Group
|
||||||||||||||||
Medical Market
|
$
|
8,652
|
$
|
11,002
|
$
|
27,130
|
$
|
28,317
|
||||||||
Veterinary Market
|
43,198
|
40,896
|
139,219
|
131,084
|
||||||||||||
Other
|
922
|
978
|
2,671
|
2,540
|
||||||||||||
Total revenues
|
$
|
52,772
|
$
|
52,876
|
$
|
169,020
|
$
|
161,941
|
|
United Kingdom
Subsidiary
|
|||
GAAP Revenues for Three Months Ended December 31, 2016
|
$
|
2,405
|
||
Foreign exchange impact on revenues (1)
|
$
|
530
|
||
Non-GAAP Constant Currency Revenues for Three Months Ended December 31, 2016
|
$
|
2,935
|
||
GAAP Revenues for Three Months Ended December 31, 2015
|
$
|
2,414
|
||
Non-GAAP Constant Currency Revenue Growth from Three Months Ended December 31, 2015 to Three Months Ended December 31, 2016
|
22
|
%
|