Abaxis (ABAX) Beats Earnings And Revenue Estimates In Q3
Zacks Investment Research | Jan 28, 2018 08:59PM ET
Abaxis, Inc. (NASDAQ:ABAX) reported third-quarter fiscal 2018 adjusted earnings per share of 31 cents, beating the Zacks Consensus Estimate by 6.9%. Moreover, adjusted earnings rose 3.3% from the year-ago 30 cents.
Total Revenue
In the fiscal third quarter, Abaxis recorded revenues of $59.7 million, reflecting an increase of 13.1% from a year ago. The top line also surpassed the Zacks Consensus Estimate of $58 million. Foreign currency exchange fluctuations had a favorable 1% impact on the top line.
Segments in Detail
Revenues from North America (accounting for 77.7% of total revenues) rose 11.8% to $46.4 million in the reported quarter. Revenues from the international markets (accounting for the rest) improved 17.9% to $13.2 million.
Abaxis operates through three main segments — Veterinary, Medical and Other. In the reported quarter, Veterinary sales accounted for 81.1% of total sales, Medical contributed 17.1% while the remaining 1.8% was generated from Other.
Veterinary market revenues improved 12% year over year to $48.4 million, driven by a 12% uptick in veterinary consumable revenues to $37.9 million. Veterinary instrument revenues were up 12% year over year to $8.7 million.
Revenues from the medical market were up from $8.7 million in the same quarter last year to $10.2 million led by strength in Piccolo instrument as well as medical rotors. Also, revenues at the North American medical division totaled $7 million, up 25% year over year. On a global basis, Abaxis sold 228 Piccolos in the quarter compared with 212 a year ago.
ABAXIS, Inc. Price, Consensus and EPS Surprise
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