Abaxis revenue was $244.7 m in FY, 2018

## Founding Date | 1995 |

Abaxis is a subsidiary of Zoetis

Abaxis revenue breakdown by business segment: 17.3% from Medical Market, 81.2% from Veterinary Market and 1.5% from Other

USD | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|---|

## Revenue | 156.6m | 186.0m | 171.9m | 202.6m | 218.9m | 227.2m | 244.7m |

| 18% | 8% | 4% | ||||

## Cost of goods sold | 71.5m | 87.8m | 88.8m | 93.6m | 95.6m | 101.4m | 111.1m |

## Gross profit | 85.1m | 98.2m | 83.1m | 109.0m | 123.3m | 125.8m | 133.6m |

| 54% | 53% | 48% | 54% | 56% | 55% | 55% |

## Sales and marketing expense | 39.6m | 46.9m | 37.3m | 42.1m | 42.5m | 45.2m | 53.3m |

## R&D expense | 12.2m | 13.6m | 13.6m | 16.3m | 18.4m | 19.8m | 23.3m |

## General and administrative expense | 13.8m | 12.8m | 11.3m | 16.2m | 16.0m | 16.3m | 18.3m |

## Operating expense total | 65.6m | 56.1m | 62.3m | 74.7m | 76.9m | 81.4m | 95.0m |

## EBIT | 19.5m | 42.1m | 20.8m | 34.3m | 46.4m | 44.5m | 38.7m |

| 12% | 23% | 12% | 17% | 21% | 20% | 16% |

## Interest expense | 710.0k | 253.0k | 1.1m | 1.3m | 793.0k | 6.6m | 4.7m |

## Pre tax profit | 20.2m | 42.4m | 21.9m | 33.0m | 47.1m | 51.1m | 43.4m |

## Income tax expense | 7.1m | 14.9m | 7.8m | 12.2m | 16.1m | 18.3m | 16.2m |

## Net Income | 13.1m | 27.5m | 14.2m | 27.3m | 31.6m | 32.7m | 27.2m |

- Source: SEC Filings

- Source: SEC Filings

USD | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|---|

## Cash | 45.8m | 54.9m | 73.6m | 107.0m | 88.3m | 91.3m | 46.3m |

## Accounts Receivable | 30.7m | 40.0m | 28.8m | 29.0m | 35.1m | 504.0 | 48.2m |

## Prepaid Expenses | 5.4m | 3.3m | 2.5m | 2.9m | 6.4m | 5.1m | |

## Inventories | 19.6m | 26.8m | 27.0m | 36.2m | 35.1m | 39.0m | 44.1m |

## Current Assets | 127.4m | 153.0m | 165.4m | 209.9m | 212.2m | 233.2m | 264.2m |

## PP&E | 24.3m | 25.3m | 27.2m | 27.3m | 26.8m | 34.3m | 35.4m |

## Total Assets | 181.8m | 201.8m | 217.0m | 269.1m | 271.4m | 305.6m | 341.1m |

## Accounts Payable | 6.4m | 8.1m | 6.1m | 7.3m | 7.3m | 7.5m | 11.8m |

## Short-term debt | 100.0k | ||||||

## Current Liabilities | 17.4m | 20.0m | 16.9m | 41.3m | 29.2m | 33.4m | 43.9m |

## Long-term debt | 783.0k | 682.0k | 581.0k | 480.0k | 379.0k | 177.0k | |

## Non-Current Liabilities | 4.6m | 5.6m | 6.2m | 7.6m | 5.9m | 6.0m | 6.5m |

## Total Debt | 783.0k | 782.0k | 581.0k | 480.0k | 379.0k | 177.0k | |

## Total Liabilities | 22.1m | 25.6m | 23.1m | 48.9m | 35.1m | 39.4m | 50.4m |

## Common Stock | 110.1m | 121.0m | 124.6m | 132.6m | 127.0m | 147.0m | |

## Preferred Stock | |||||||

## Retained Earnings | 49.7m | 55.1m | 69.3m | 87.6m | 109.3m | 130.3m | 143.9m |

## Total Equity | 159.8m | 176.2m | 193.9m | 220.2m | 236.3m | 266.2m | 290.7m |

## Financial Leverage | 1.1 x | 1.1 x | 1.1 x | 1.2 x | 1.1 x | 1.1 x | 1.2 x |

- Source: SEC Filings

- Source: SEC Filings

USD | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|---|

## Net Income | 13.1m | 27.5m | 14.2m | 27.3m | 31.6m | 32.7m | 27.2m |

## Depreciation and Amortization | 5.1m | 6.3m | 7.4m | 8.5m | 6.7m | 7.3m | 8.0m |

## Accounts Receivable | (2.8m) | (9.4m) | 11.2m | (1.3m) | (4.9m) | (4.6m) | (7.5m) |

## Inventories | (1.2m) | (8.1m) | (2.5m) | (10.1m) | 74.0k | (8.2m) | (8.2m) |

## Accounts Payable | 232.0k | 1.7m | (2.0m) | 116.0k | (443.0k) | 238.0k | 4.2m |

## Cash From Operating Activities | 22.0m | 29.2m | 35.6m | 36.4m | 28.1m | 33.2m | 43.5m |

## Purchases of PP&E | (7.7m) | (5.6m) | (5.6m) | (6.1m) | (5.2m) | (10.2m) | (6.0m) |

## Cash From Investing Activities | 8.5m | (1.7m) | (13.4m) | 10.1m | (20.2m) | (15.9m) | (73.4m) |

## Dividends Paid | (22.0m) | (9.0m) | (10.0m) | (11.7m) | (13.6m) | ||

## Cash From Financing Activities | (27.9m) | (18.2m) | (4.0m) | (11.0m) | (26.6m) | (13.6m) | (16.2m) |

## Net Change in Cash | 2.4m | 9.1m | 18.7m | 33.4m | (18.7m) | 3.0m | (45.1m) |

## Income Taxes Paid | (6.2m) | 12.3m | 4.9m | 15.9m | 19.9m | 16.9m | 14.5m |

- Source: SEC Filings

- Source: SEC Filings

USD | Q1, 2012 |
---|---|

## Financial Leverage | 1.1 x |