UNION CITY, Calif.,
Jan. 10, 2017 /PRNewswire/
-- Abaxis, Inc. (NasdaqGS: ABAX), a global diagnostics company
manufacturing point-of-care blood analysis instruments and
consumables for the medical and veterinary markets worldwide, today
reported preliminary financial results for the third fiscal quarter
ended December 31, 2016.
Abaxis expects revenues in the third fiscal quarter of
$52.0 million to $53.0 million, flat
with last year's comparable quarter. In addition, Abaxis
expects operating income in the third fiscal quarter of
$10.0 million to $11.0 million
compared to $11.3 million in last
year's third quarter. Abaxis expects its gross margin for the
third fiscal quarter to be between 55% and 56%.
Performance in the third fiscal quarter was hindered by a
difficult comparison for Abaxis' medical business, as a result of
the sale of 200 Piccolo Xpress instruments to a medical device
distributor in the People's Republic of
China in the same quarter last year. In addition,
changes in foreign currency exchange rates reduced revenues by
approximately $0.7 million. The
reduction of some medical and veterinary orders from distributors,
including Abbott Point of Care,
Inc., further impacted revenues and continuing competitive
challenges in Abaxis' veterinary business also limited its
growth.
These estimated results for the third quarter of fiscal 2017 are
preliminary and subject to change upon completion of Abaxis'
quarter-end financial review process. Abaxis plans to
announce its detailed earnings results on January 26, 2017.
About Abaxis
Abaxis, Inc. is a worldwide developer, manufacturer and marketer
of portable blood analysis systems that are used in a broad range
of medical specialties in human or veterinary patient care to
provide clinicians with rapid blood constituent measurements.
Our mission is to improve the efficiency of care delivery to and
the quality of life of patients in the medical and veterinary
markets. We provide leading edge technology and tools that
support best medical practices, enabling physicians and
veterinarians to respond to the health needs of their clients at
the point of care while operating economical and profitable
practices. For more information, visit
http://www.abaxis.com.
Forward Looking Statements
This press release includes statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"),
including but not limited to statements related to Abaxis' expected
financial results for the third quarter of fiscal 2017.
Abaxis claims the protection of the safe-harbor for forward-looking
statements contained in the Reform Act. These forward-looking
statements are often characterized by the terms "may," "believes,"
"projects," "expects," "anticipates," or words of similar import,
and do not reflect historical facts. Forward-looking
statements contained in this press release may be affected by risks
and uncertainties that may cause actual results to differ
materially from those projected or implied in such forward-looking
statements, including, but not limited to, risks and uncertainties
related to changes in financial results based on the completion of
quarter-end financial review procedures, Abaxis' manufacturing
operations, including the vulnerability of its manufacturing
operations to potential interruptions and delays and its ability to
manufacture products free of defects, Abaxis' ability to compete
effectively, market acceptance of Abaxis' products, fluctuations in
quarterly operating results and difficulty in predicting future
results, the performance of Abaxis' independent distributors and
Abaxis' ability to manage their inventory levels effectively,
expansion of Abaxis' sales and marketing and distribution efforts,
Abaxis' dependence on Abbott Point of Care, Inc. for its U.S.
medical sales, dependence on sole or limited source suppliers, the
effect of exchange rate fluctuations on international operations,
dependence on key personnel, risks related to the protection of
Abaxis' intellectual property or claims of infringement of
intellectual property asserted by third parties. Readers
should also refer to the section entitled "Risk Factors" in Abaxis'
Annual Report on Form 10-K, and subsequently filed quarterly
reports on Form 10-Q filed with the United States Securities and
Exchange Commission. Forward-looking statements speak only as
of the date the statements were made. Abaxis does not
undertake and specifically disclaims any obligation to update any
forward-looking statements.
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SOURCE Abaxis, Inc.