Abaxis Shares Soared: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Abaxis (NAS: ABAX) are soaring by as much as 21% today after the company reported second-quarter earnings that topped consensus estimates.
So what: The company, who provides blood diagnostic services, came in with record quarterly revenue of $40 million, and earnings per share of $0.15. Both figures bested expectations, as the market was looking for $37.9 million in sales and $0.14 in earnings per share.
Now what: Revenue showed a 13% increase, bolstered by strength in the veterinary market, which saw an 18% jump in sales. Total instrument unit sales jumped 24%, while international sales growth approached 40%. Management was particularly pleased with growth in Europe and Asia and saw the results in those regions as positive signs of future prospects.
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