Abaxis (ABAX), a manufacturer of portable blood analysis systems, has posted a 46.02 percent surge in profit for the quarter ended Jun. 30, 2014. The company earned $4.72 million or $0.21 a share in the first-quarter compared with $3.23 million or $0.14 a share a year ago. Analysts on average had predicted net income of $0.19 a share.
Revenue during the first-quarter grew 9.98 percent to $47.48 million from $43.17 million in the last year period.
Gross margin expanded by 189 basis points over the previous year period to 50.28 percent. Total expenses as a percentage of revenues decreased to 84.33 percent from 89.26 percent in the same period last year. That has resulted in improvement of 493 basis points in operating margins to 15.67 percent.
The company disclosed operating income of $7.44 million, compared with operating income of $4.64 million in the last year period.
Clint Severson, chairman, president and chief executive officer of Abaxis, said, ''We are pleased with the strong financial results achieved in both the veterinary and medical markets during the first quarter of fiscal 2015.'' ''We enter fiscal 2015 focused on executing on organic growth, improving operating efficiencies, leveraging our distribution partnerships and capitalizing on opportunities with our recently announced supply and co-marketing agreement with VCA Inc.''
Cash Position
As on Jun. 30, 2014, the company's cash balance stood at $87.10 million, up 28.50 percent or $19.32 million from Jun. 30, 2013.
Working Capital
Abaxis has witnessed an increase in the working capital over the last one year. The company's working capital stood at $151.51 million as at Jun. 30, 2014, up $16.50 million or 12.22 percent from $135 million on Jun. 30, 2013. It registered a decrease in current ratio to 7.46 as at Jun. 30, 2014 from 8.71 on Jun. 30, 2013.
Debt Position
The company has witnessed a decline in long-term debt over the last one year. As on Jun. 30, 2014, long-term debt stood at $0.56 million, down 15.37 percent or $0.10 million, from Jun. 30, 2013.
The company's total debt was 0.25 percent of total assets as on Jun. 30, 2014, compared with 0.32 percent on Jun. 30, 2013.
Shares of Abaxis gained $3.80 or 9.03 percent to settle at $45.88 on Friday.