North American sales propel growth at Abaxis

Medical products company Abaxis ($ABAX) reported its end-of-quarter earnings, boasting 10% more revenue than the same period last year--growth which the company has attributed to its animal health unit.

The Union City, CA-based company wrote in an earnings report released July 24 that it racked up revenues totaling $47.5 million for the first financial quarter ended June 30. Its veterinary market pulled in $39.4 million: an 8% increase from the same period last year. Revenues were propelled mostly by North American sales, which accounted for $38.3 million--up 11% from the same period last year--while international revenues totaled $9.1 million, up 7% from the same period last year.

Total medical and veterinary reagent disc revenues totaled $26.9 million, up 18% compared to the same period last year, and revenues from the company's veterinary laboratories pulled in $3.4 million, up 55% over last year's comparable quarter. Its medical market revenues pulled in $7.2 million, a 20% increase from the same period last year. Net income totaled $4.7 million for the quarter.

Abaxis manufactures point-of-care blood analysis systems. Its veterinary business provides the animal health and research market a line of hematology instruments for point-of-care complete blood counts, a specialty instrument to screen for and detect clotting disorders and to measure equine fibrinogen levels, a handheld instrument for the rapid assessment of certain critical care tests and rapid point-of-care tests for heartworm infections, parvovirus, Giardia and Lyme disease. The company's veterinary business also provides routine laboratory testing as well as specialty testing for veterinarians nationwide.

- here's the earnings report