Abaxis, Inc. (ABAX) has reported a 14.80 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $7.55 million, or $0.33 a share in the quarter, compared with $8.86 million, or $0.39 a share for the same period last year. Revenue during the quarter went up marginally by 2.18 percent to $58.20 million from $56.96 million in the previous year period. Gross margin for the quarter contracted 140 basis points over the previous year period to 55.30 percent. Total expenses were 80.82 percent of quarterly revenues, up from 78.40 percent for the same period last year. That has resulted in a contraction of 243 basis points in operating margin to 19.18 percent.
Operating income for the quarter was $11.16 million, compared with $12.30 million in the previous year period.
Clint Severson, chairman and chief executive officer of Abaxis, said, "Revenues for fiscal 2017 grew 4% to $227.2 million and revenues for the fourth quarter of fiscal 2017 increased by 2% to $58.2 million. We had record reagent disc sales of 10.0 million units in fiscal 2017, an increase of 4%, led by a 12% increase in our medical reagent disc sales to 3.9 million units in fiscal 2017. Consumables revenues for the fiscal year increased by 6% to $175.3 million, representing 77% of total sales. The successful rollout of our hematology instruments to over 900 Banfield hospitals in fiscal 2017 contributed to our consumables growth."
Debt comes down significantly
Abaxis, Inc. has recorded a decline in total debt over the last one year. It stood at $0.28 million as on Mar. 31, 2017, down 26.65 percent or $0.10 million from $0.38 million on Mar. 31, 2016. Abaxis has recorded a decline in long-term debt over the last one year. It stood at $0.28 million as on Mar. 31, 2017, down 26.65 percent or $0.10 million from $0.38 million on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
