Abaxis (ABAX) Expected to Announce Quarterly Sales of $67.03 Million

Wall Street brokerages expect Abaxis (NASDAQ:ABAX) to announce $67.03 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Abaxis’ earnings, with estimates ranging from $65.90 million to $68.50 million. Abaxis reported sales of $58.20 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 15.2%. The business is scheduled to report its next earnings results after the market closes on Thursday, April 26th.

On average, analysts expect that Abaxis will report full-year sales of $243.76 million for the current financial year, with estimates ranging from $242.60 million to $245.20 million. For the next fiscal year, analysts expect that the firm will report sales of $281.56 million per share, with estimates ranging from $271.98 million to $300.50 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Abaxis.

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Abaxis (NASDAQ:ABAX) last announced its quarterly earnings data on Thursday, January 25th. The medical research company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.26 by $0.05. The business had revenue of $59.70 million during the quarter, compared to analyst estimates of $59.37 million. Abaxis had a return on equity of 10.09% and a net margin of 10.51%. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 earnings per share.

ABAX has been the subject of several recent analyst reports. Zacks Investment Research raised Abaxis from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 26th. Northcoast Research raised Abaxis from a “neutral” rating to a “buy” rating in a research report on Friday, January 5th. Raymond James raised Abaxis from an “underperform” rating to a “market perform” rating in a research report on Tuesday, January 9th. UBS raised Abaxis from an “underperform” rating to a “market perform” rating in a research report on Tuesday, January 9th. Finally, Canaccord Genuity reaffirmed a “hold” rating and issued a $55.00 price target on shares of Abaxis in a research report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Abaxis has an average rating of “Hold” and a consensus target price of $61.10.

In related news, Director Michael D. Casey sold 5,000 shares of Abaxis stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $71.07, for a total value of $355,350.00. Following the completion of the sale, the director now directly owns 27,290 shares in the company, valued at approximately $1,939,500.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Achim Henkel sold 3,600 shares of Abaxis stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $69.08, for a total value of $248,688.00. Following the completion of the sale, the insider now owns 57,650 shares of the company’s stock, valued at $3,982,462. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,662 shares of company stock valued at $1,804,604. 4.30% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its holdings in Abaxis by 2.1% in the 4th quarter. Bank of New York Mellon Corp now owns 318,943 shares of the medical research company’s stock worth $15,794,000 after buying an additional 6,465 shares in the last quarter. Raymond James & Associates increased its holdings in Abaxis by 8.0% in the 4th quarter. Raymond James & Associates now owns 122,922 shares of the medical research company’s stock worth $6,087,000 after buying an additional 9,111 shares in the last quarter. OxFORD Asset Management LLP bought a new stake in Abaxis in the 3rd quarter worth about $357,000. Schwab Charles Investment Management Inc. increased its holdings in Abaxis by 21.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 111,019 shares of the medical research company’s stock worth $5,498,000 after buying an additional 19,780 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in Abaxis by 7.6% in the 4th quarter. Rhumbline Advisers now owns 72,639 shares of the medical research company’s stock worth $3,597,000 after buying an additional 5,107 shares in the last quarter. Institutional investors own 99.66% of the company’s stock.

Abaxis stock traded down $0.07 on Thursday, hitting $72.44. 147,122 shares of the stock traded hands, compared to its average volume of 196,267. The firm has a market capitalization of $1,650.60, a P/E ratio of 57.04, a P/E/G ratio of 9.88 and a beta of 1.16. Abaxis has a 1 year low of $43.66 and a 1 year high of $78.53.

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About Abaxis

Abaxis, Inc develops, manufactures, markets, and sells portable blood analysis systems for use in human or veterinary patient care settings to provide rapid blood constituent measurements for clinicians worldwide. It operates in two segments, Medical Market and Veterinary Market. The company offers Piccolo chemistry analyzers with rapid blood constituent measurements for use in human patient care; and Piccolo profiles that are single-use medical reagents.

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Earnings History and Estimates for Abaxis (NASDAQ:ABAX)

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