Abaxis Q1 Profit Tops Estimates - Quick Facts

(RTTNews) - Abaxis, Inc. (ABAX), a medical products company manufacturing point-of-care blood analysis systems, reported first quarter net income of $7.00 million or $0.31 per share, compared to $4.72 million or $0.21 per share, last year.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.28 for the quarter. Analysts' estimates typically exclude special items.

Revenues were $53.09 million compared to $44.05 million, a year ago. Analysts expected revenue of $53.82 million for the quarter.

Clint Severson, CEO of Abaxis, said, "We are off to a strong start in fiscal year 2016, as we achieved double-digit growth in our total instrument and consumable revenues within our portfolio of point of care diagnostic products. Revenues for the quarter increased 21 percent, driven by total veterinary sales and total medical sales increases of 21 percent and 20 percent, respectively. Domestic and international sales both increased by double-digit percentages versus the first quarter last year."

The company announced that its Board declared a quarterly dividend of $0.11 per common share, to be paid on September 17, 2015, to all shareholders of record as of the close of business on September 3, 2015.