ABAX Abaxis, Inc. (delisted)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

April 30, 2015

Date of Report (Date of Earliest Event Reported):

ABAXIS, INC.

(Exact name of registrant as specified in its charter)

3240 Whipple Road

Union City, CA 94587

(Address of principal executive offices, including zip code)

(510) 675-6500

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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Item 2.02

Results of Operations and Financial Condition.

 

The information in this Item 2.02, including the exhibit attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or the Exchange Act, or otherwise subject to the liabilities of that Section.  The information in this Item 2.02 shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On April 30, 2015, Abaxis, Inc. announced its financial results for the fourth quarter and fiscal year ended March 31, 2015 and certain other information.  In the fourth quarter of fiscal 2015, Abaxis sold substantially all of the assets of its Abaxis Veterinary Reference Laboratories business, which is reported as discontinued operations.  A copy of Abaxis’ press release announcing these financial results, consolidated and certain financial information for the fiscal year ended March 31, 2015 and for each quarter in the period then ended to reflect the reclassification of the AVRL business unit as discontinued operations, is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Item 8.01

Other Events.

Abaxis today announced that its Board of Directors declared an increase in the quarterly dividend from $0.10 to $0.11 per common share, to be paid on June 18, 2015, to all shareholders of record as of the close of business on June 4, 2015.  This represents a 10% increase compared to the prior quarterly dividend.  A copy of the Company’s press release announcing the dividend is attached hereto as Exhibit 99.1.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

The following exhibit is furnished with this report on Form 8-K:

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:  April 30, 2015

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Abaxis, Inc.

INDEX TO EXHIBITS

 

 

4

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Exhibit 99.1

 

 

Contact:

Abaxis, Inc.		Lytham Partners, LLC
Clint Severson, Chief Executive Officer		Joe Dorame, Robert Blum and Joe Diaz
510-675-6500		602-889-9700

Abaxis Reports Financial Performance for the Fourth Quarter and Fiscal 2015 and

Declares a 10% Increase in Quarterly Cash Dividend

Union City, California – April 30, 2015 - Abaxis, Inc. (NasdaqGS: ABAX), a medical products company manufacturing point-of-care blood analysis systems, today reported financial results for the fourth quarter and fiscal year ended March 31, 2015.

Fourth quarter and fiscal 2015 overview:

•	Revenues from continuing operations of $52.0 million for the fourth quarter, up 33% over last year’s comparable quarter, and $202.6 million for fiscal 2015, up 25% year-over-year.

•

Diluted EPS of $0.50 for the fourth quarter, up 194% over last year’s comparable quarter, and $1.20 for fiscal 2015, up 90% year-over-year.  Diluted EPS for the fourth quarter and full fiscal year ended March 31, 2015 includes the effect of the gain on sale of Abaxis’ AVRL business unit, as further described in “Discontinued Operations” below.

Revenues highlights:

•	North America revenues from continuing operations for the fourth quarter of $41.8 million, up 39% over last year’s comparable quarter, and $163.3 million for fiscal 2015, up 29% year-over-year.

•	International revenues for the fourth quarter of $10.2 million, up 11% over last year’s comparable quarter, and $39.3 million for fiscal 2015, up 11% year-over-year.

•	Medical market revenues for the fourth quarter of $8.7 million, up 22% over last year’s comparable quarter, and $35.4 million for fiscal 2015, up 26% year-over-year.

•	Veterinary market revenues for the fourth quarter of $42.6 million, up 36% over last year’s comparable quarter, and $164.0 million for fiscal 2015, up 25% year-over-year.

•	Total medical and veterinary instrument revenues for the fourth quarter of $11.7 million, up 63% over last year’s comparable quarter, and $48.6 million for fiscal 2015, up 30% year-over-year.

•	Total medical and veterinary instrument sales of 1,536 units for the fourth quarter, up 45% over last year’s comparable quarter, and 6,791 units for fiscal 2015, up 28% year-over-year.

•	Total medical and veterinary reagent disc revenues for the fourth quarter of $29.3 million, up 24% over last year’s comparable quarter, and $111.1 million for fiscal 2015, up 24% year-over-year.

•	Total medical and veterinary reagent disc sales of 2.3 million units for the fourth quarter, up 23% over last year’s comparable quarter, and 8.5 million units for fiscal 2015, up 22% year-over-year.

Other financial highlights:

•	Gross profit from continuing operations of $28.4 million for the fourth quarter, up 35% over last year’s comparable quarter, and $109.0 million for fiscal 2015, up 30% year-over-year.

•	Cash, cash equivalents and investments as of March 31, 2015 of $157.3 million, an increase of $36.1 million from March 31, 2014.

•	Abaxis paid dividends of $9.0 million in fiscal 2015.

 

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Clint Severson, chairman and chief executive officer of Abaxis, added, “The fourth quarter was strong and continued the trend of the previous three quarters of the year, making fiscal 2015 an excellent year for Abaxis.  We generated strong revenue growth, culminating in record revenues from continuing operations for the fiscal year of $202.6 million.  In our veterinary market segment, the growth was driven in North America as revenues from sales of our VetScan VS2 instruments and consumables increased by 56% and 32%, respectively, year-over-year.  In our medical market segment, revenues from sales of Piccolo products continued to gain traction with strong double-digit growth in the fourth quarter and the fiscal year.  Although in the European market, unit sales of our Piccolo and VetScan VS2 products increased, we faced challenges from global economic uncertainties, especially from the effect of a strong U.S. dollar on the remeasurement of foreign-denominated sales into dollars as we recorded a loss on foreign currency of $1.8 million during fiscal 2015.”

“The operational and financial results generated this year are a testament to the focus and dedication of the entire Abaxis team,” continued Mr. Severson.  “We have initiated a number of strategic changes over the past few years to make Abaxis more efficient and more responsive to our markets.  Our employees have stepped up to the challenge and the results are beginning to reflect those efforts.  As a result, we successfully obtained regulatory clearance on a number of rapid tests and expanded our national distribution network in the veterinary market.  Additionally, our distribution partners have also responded positively by penetrating the market to a greater extent as they have become increasingly more aware of the features and benefits of our diagnostic products.”

“In fiscal 2015, we invested in research and development to develop new products to lead us into the future.  At the end of fiscal 2015, we continue to maintain a strong financial base with cash, cash equivalents and investments of $157.3 million.  As we move into fiscal 2016, we believe we are well positioned to continue to build on this positive trend and leverage our strategic partnerships to drive growth and market share.”

Dividend Declared

Abaxis today announced that its Board of Directors declared an increase in the quarterly dividend from $0.10 to $0.11 per common share, to be paid on June 18, 2015, to all shareholders of record as of the close of business on June 4, 2015.  This represents a 10% increase compared to the prior quarterly dividend.

Results of Continuing Operations

Quarterly Results

For the fiscal quarter ended March 31, 2015, Abaxis reported revenues from continuing operations of $52.0 million, as compared with revenues of $39.2 million for the comparable period last year, an increase of 33 percent.  Revenues from sales of instruments, which include chemistry analyzers, hematology instruments, VSpro specialty analyzers and i‑STAT analyzers, increased by $4.5 million, or 63 percent, compared to the same period last year.  Revenues from sales of consumables, which include reagent discs, hematology reagent kits, VSpro specialty cartridges, i‑STAT cartridges and rapid tests, increased by $7.7 million, or 25 percent, compared to the same period last year.  Abaxis reported net income from continuing operations of $3.8 million for the fiscal quarter ended March 31, 2015, compared to $4.1 million for the fiscal quarter ended March 31, 2014.  Abaxis’ effective tax rate in the quarter ended March 31, 2015 was 42 percent, compared to 36 percent for the same period last year.  The effective tax rate for the fourth quarter of fiscal 2015 was negatively impacted in part from non-recurring non-deductible expenses incurred during the period.  Abaxis reported diluted net income per share from continuing operations of $0.17 (calculated based on 22,870,000 shares) for the three-month period ended March 31, 2015, compared to $0.19 per share (calculated based on 22,547,000 shares) for the same period last year.

 

Fiscal 2015 Results

For the fiscal year ended March 31, 2015, Abaxis reported revenues from continuing operations of $202.6 million, as compared with revenues of $162.0 million for the prior year, an increase of 25 percent.  Revenues from instrument sales increased by $11.1 million, or 30 percent, over the prior year.  Revenues from sales of consumables increased by $26.9 million, or 23 percent, over the prior year.  The company reported net income from continuing operations of $20.8 million for fiscal 2015, compared to $16.2 million for the prior year.  The company’s effective tax rate in fiscal 2015 was 37 percent, compared to 36 percent for the prior year.  The company reported diluted net income per share from continuing operations of $0.91 (calculated based on 22,787,000 shares) for fiscal 2015, compared to $0.72 per share (calculated based on 22,575,000 shares) for fiscal 2014.

 

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Other Reported Information

Non-cash compensation expense recognized for share-based awards during the fourth quarter of fiscal 2015 was $2.6 million, compared to $1.9 million for the same period last year.  Abaxis paid $2.3 million in cash dividends to shareholders during the fourth quarter of fiscal 2015.

Discontinued Operations

On March 18, 2015, we entered into an Asset Purchase Agreement with Antech Diagnostics, Inc. pursuant to which we sold substantially all of the assets of our Abaxis Veterinary Reference Laboratories (“AVRL”) business.  The transaction closed on March 31, 2015.  The total purchase price under the Agreement is $21.0 million in cash.  We received $20.1 million in cash proceeds during the fourth quarter of fiscal 2015, while the remaining $0.9 million is being held in escrow until certain conditions are met, upon which proceeds may be released on the one year anniversary of the closing.

The sale of our AVRL business unit, which was previously reported within our veterinary market segment, resulted in a pre-tax gain of $12.3 million ($7.7 million after-tax) for the fiscal year ended March 31, 2015.  The pre-tax gain on this sale reflects the excess of the sum of the cash proceeds received over the costs incurred in connection with the sale of AVRL.  During the fourth quarter of fiscal 2015, we recorded costs of $7.8 million related to cash payments for employee-related costs, including costs for severance, contract termination and other associated costs, and a non-cash charge for the impairment of fixed assets and other assets.  These costs partially offsets the cash proceeds that the Company received in accordance with the terms of the Agreement.

Conference Call

Abaxis has scheduled a conference call to discuss its financial results at 4:15 p.m. Eastern Time on Thursday, April 30, 2015.  Participants can dial (877) 317-6789 or (412) 317-6789 to access the conference call, or can listen via a live Internet webcast, which is available in the Investor Relations section of the company’s website at http://www.abaxis.com.  A replay of the call will be available by visiting http://www.abaxis.com for the next 30 days or by calling (877) 344-7529 or (412) 317-0088, confirmation code 10064238, through May 6, 2015.  This press release is also available prior to and after the call via Abaxis’ website or the Securities and Exchange Commission’s website at http://www.sec.gov.

About Abaxis

Abaxis, Inc. is a worldwide developer, manufacturer and marketer of portable blood analysis systems that are used in a broad range of medical specialties in human or veterinary patient care to provide clinicians with rapid blood constituent measurements.  Our mission is to improve the efficiency of care delivery to and the quality of life of patients in the medical and veterinary markets.  We provide leading edge technology, tools and services that support best medical practices, enabling physicians and veterinarians to respond to the health needs of their clients at the point of care while operating economical and profitable practices.  For more information, visit http://www.abaxis.com.

 

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Forward Looking Statements

This press release includes, and our conference call will include, statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), including but not limited to statements related to Abaxis’ cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations.  Abaxis claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act.  These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” “anticipates,” or words of similar import, and do not reflect historical facts.  Specific forward-looking statements contained in this press release or in Abaxis’ conference call may be affected by risks and uncertainties, including, but not limited to, those related to risks related to the transition of its U.S. medical sales to Abbott, potential excess inventory levels and inventory imbalances at the company’s distributors, losses or system failures with respect to Abaxis’ facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on sole suppliers, the market acceptance of Abaxis’ products and services, the continuing development of its products, required United States Food and Drug Administration clearance and other government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Abaxis’ intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy.  Readers should also refer to the section entitled “Risk Factors” in Abaxis’ annual report on Form 10‑K, and subsequently filed quarterly reports on Form 10‑Q filed with the United States Securities and Exchange Commission.  Forward-looking statements speak only as of the date the statements were made.  Abaxis does not undertake and specifically disclaims any obligation to update any forward-looking statements.

Financial Tables to Follow

 

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ABAXIS, INC.

Condensed Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data)

(All prior periods have been recast to reflect AVRL business unit as discontinued operations.)

		Three Months Ended March 31,								Twelve Months Ended March 31,
		2015				2014				2015				2014
Revenues		$	52,017			$	39,216			$	202,593			$	162,031
Cost of revenues			23,609				18,227				93,623				78,081
Gross profit			28,408				20,989				108,970				83,950
Operating expenses:
Research and development			4,563				3,460				16,327				13,647
Sales and marketing			11,954				8,036				42,147				34,742
General and administrative			4,717				3,017				16,192				11,333
Total operating expenses			21,234				14,513				74,666				59,722
Income from operations			7,174				6,476				34,304				24,228
Interest and other income (expense), net			(667	)			(2	)			(1,262	)			994
Income from continuing operations before income tax provision			6,507				6,474				33,042				25,222
Income tax provision			2,705				2,340				12,239				8,993
Income from continuing operations			3,802				4,134				20,803				16,229
Discontinued operations:
Loss from discontinued operations, net of tax (1)			(153	)			(396	)			(1,154	)			(2,044	)
Gain on sale of discontinued operations, net of tax (1)			7,682				-				7,682				-
Net income		$	11,331			$	3,738			$	27,331			$	14,185
Net income (loss) per share
Basic
Continuing operations		$	0.17			$	0.19			$	0.92			$	0.73
Discontinued operations			0.33				(0.02	)			0.29				(0.09	)
Basic net income per share		$	0.50			$	0.17			$	1.21			$	0.64
Diluted
Continuing operations		$	0.17			$	0.19			$	0.91			$	0.72
Discontinued operations			0.33				(0.02	)			0.29				(0.09	)
Diluted net income per share		$	0.50			$	0.17			$	1.20			$	0.63
Weighted average shares outstanding
Basic			22,538				22,272				22,497				22,270
Diluted			22,870				22,547				22,787				22,575
Cash dividends declared per share		$	0.10			$	-			$	0.40			$	-

(1)	Represents the AVRL business within our veterinary market segment, which was sold during the fourth quarter of fiscal 2015.

 

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ABAXIS, INC.

Condensed Consolidated Balance Sheets

(Unaudited and in thousands)

		March 31, 2015				March 31, 2014
Current assets:
Cash and cash equivalents		$	107,015			$	73,589
Short-term investments			26,109				29,102
Receivables, net			29,015				27,253
Inventories			36,179				26,583
Prepaid expenses and other current assets			2,893				2,347
Net deferred tax assets, current			6,575				4,464
Current assets of discontinued operations			2,075				2,474
Total current assets			209,861				165,812
Long-term investments			24,181				18,491
Investment in unconsolidated affiliate			2,683				2,646
Property and equipment, net			27,316				24,191
Intangible assets, net			1,491				1,200
Net deferred tax assets, non-current			3,413				1,557
Long-term assets of discontinued operations			12				3,431
Other assets			107				52
Total assets		$	269,064			$	217,380
Current liabilities:
Accounts payable		$	7,277			$	5,525
Accrued payroll and related expenses			11,094				4,372
Accrued taxes			4,829				1,144
Current liabilities of discontinued operations			5,536				879
Other accrued liabilities			9,804				3,084
Deferred revenue			1,322				1,208
Warranty reserve			1,423				1,047
Total current liabilities			41,285				17,259
Non-current liabilities:
Deferred revenue			3,219				4,035
Warranty reserve			1,733				821
Net deferred tax liabilities			310				-
Non-current liabilities of discontinued operations			-				16
Notes payable, less current portion			480				581
Other non-current liabilities			1,843				752
Total non-current liabilities			7,585				6,205
Total liabilities			48,870				23,464
Shareholders' equity:
Common stock			132,559				124,603
Retained earnings			87,643				69,318
Accumulated other comprehensive loss			(8	)			(5	)
Total shareholders' equity			220,194				193,916
Total liabilities and shareholders' equity		$	269,064			$	217,380

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Revenues by Geographic Region and Customer Group

(Unaudited)

(In thousands)

The following table presents our revenues by source for the three and twelve months ended March 31, 2015 and 2014.

		Three Months Ended March 31,								Twelve Months Ended March 31,
Revenues by Geographic Region		2015				2014				2015				2014
North America		$	41,776			$	30,010			$	163,308			$	126,768
International			10,241				9,206				39,285				35,263
Total revenues		$	52,017			$	39,216			$	202,593			$	162,031
		Three Months Ended								Twelve Months Ended
		March 31,								March 31,
Revenues by Customer Group			2015				2014				2015				2014
Medical Market		$	8,657			$	7,069			$	35,364			$	28,134
Veterinary Market			42,564				31,381				164,018				130,859
Other			796				766				3,211				3,038
Total revenues		$	52,017			$	39,216			$	202,593			$	162,031

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The following schedules presents certain financial information to reflect the reclassification of the AVRL business unit within our veterinary market segment as discontinued operations:

Quarterly Reclassification of Fiscal Year 2015 for Discontinued Operations

(Unaudited)

(In thousands, except per share data)

 

		First				Second				Third				Fourth				Fiscal 2015
Revenues		$	44,054			$	50,471			$	56,051			$	52,017			$	202,593
Cost of revenues			20,351				22,395				27,268				23,609				93,623
Gross profit			23,703				28,076				28,783				28,408				108,970
Operating expenses:
Research and development			3,947				4,232				3,585				4,563				16,327
Sales and marketing			8,832				10,619				10,742				11,954				42,147
General and administrative			2,908				3,797				4,770				4,717				16,192
Total operating expenses			15,687				18,648				19,097				21,234				74,666
Income from operations			8,016				9,428				9,686				7,174				34,304
Interest and other income (expense), net			47				(445	)			(197	)			(667	)			(1,262	)
Income from continuing operations before income tax provision			8,063				8,983				9,489				6,507				33,042
Income tax provision			2,989				3,271				3,274				2,705				12,239
Income from continuing operations			5,074				5,712				6,215				3,802				20,803
Discontinued operations:
Loss from discontinued operations, net of tax			(359	)			(312	)			(330	)			(153	)			(1,154	)
Gain on sale of discontinued operations, net of tax			-				-				-				7,682				7,682
Net income		$	4,715			$	5,400			$	5,885			$	11,331			$	27,331
Net income (loss) per share
Basic
Continuing operations		$	0.23			$	0.25			$	0.27			$	0.17			$	0.92
Discontinued operations			(0.02	)			(0.01	)			(0.01	)			0.33				0.29
Basic net income per share		$	0.21			$	0.24			$	0.26			$	0.50			$	1.21
Diluted
Continuing operations		$	0.23			$	0.25			$	0.27			$	0.17			$	0.91
Discontinued operations			(0.02	)			(0.01	)			(0.01	)			0.33				0.29
Diluted net income per share		$	0.21			$	0.24			$	0.26			$	0.50			$	1.20
Weighted average shares outstanding
Basic			22,408				22,507				22,533				22,538				22,497
Diluted			22,637				22,690				22,756				22,870				22,787
Cash dividends declared per share		$	0.10			$	0.10			$	0.10			$	0.10			$	0.40
Revenues by Customer Group
Medical Market		$	7,245			$	7,616			$	11,846			$	8,657			$	35,364
Veterinary Market			35,944				42,096				43,414				42,564				164,018
Other			865				759				791				796				3,211
Total revenues		$	44,054			$	50,471			$	56,051			$	52,017			$	202,593
Revenues by Product Category
Instruments		$	7,594			$	10,105			$	19,242			$	11,708			$	48,649
Consumables			34,286				38,138				34,232				37,790				144,446
Other products			2,137				2,191				2,539				2,481				9,348
Product revenues, net			44,017				50,434				56,013				51,979				202,443
Development and licensing revenue			37				37				38				38				150
Total revenues		$	44,054			$	50,471			$	56,051			$	52,017			$	202,593

 

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Quarterly Reclassification of Fiscal Year 2014 for Discontinued Operations

(Unaudited)

(In thousands, except per share data)

		First				Second				Third				Fourth				Fiscal 2014
Revenues		$	40,956			$	43,541			$	38,318			$	39,216			$	162,031
Cost of revenues			19,586				21,365				18,903				18,227				78,081
Gross profit			21,370				22,176				19,415				20,989				83,950
Operating expenses:
Research and development			3,173				3,418				3,596				3,460				13,647
Sales and marketing			9,378				9,276				8,052				8,036				34,742
General and administrative			3,055				2,853				2,408				3,017				11,333
Total operating expenses			15,606				15,547				14,056				14,513				59,722
Income from operations			5,764				6,629				5,359				6,476				24,228
Interest and other income (expense), net			404				357				235				(2	)			994
Income from continuing operations before income tax provision			6,168				6,986				5,594				6,474				25,222
Income tax provision			2,236				2,504				1,913				2,340				8,993
Income from continuing operations			3,932				4,482				3,681				4,134				16,229
Discontinued operations:
Loss from discontinued operations, net of tax			(703	)			(486	)			(459	)			(396	)			(2,044	)
Gain on sale of discontinued operations, net of tax			-				-				-				-				-
Net income		$	3,229			$	3,996			$	3,222			$	3,738			$	14,185
Net income (loss) per share
Basic
Continuing operations		$	0.18			$	0.20			$	0.16			$	0.19			$	0.73
Discontinued operations			(0.03	)			(0.02	)			(0.02	)			(0.02	)			(0.09	)
Basic net income per share		$	0.15			$	0.18			$	0.14			$	0.17			$	0.64
Diluted
Continuing operations		$	0.17			$	0.20			$	0.16			$	0.19			$	0.72
Discontinued operations			(0.03	)			(0.02	)			(0.02	)			(0.02	)			(0.09	)
Diluted net income per share		$	0.14			$	0.18			$	0.14			$	0.17			$	0.63
Weighted average shares outstanding
Basic			22,229				22,306				22,271				22,272				22,270
Diluted			22,571				22,574				22,500				22,547				22,575
Revenues by Customer Group
Medical Market		$	6,038			$	7,177			$	7,850			$	7,069			$	28,134
Veterinary Market			34,158				35,605				29,715				31,381				130,859
Other			760				759				753				766				3,038
Total revenues		$	40,956			$	43,541			$	38,318			$	39,216			$	162,031
Revenues by Product Category
Instruments		$	8,675			$	13,537			$	8,161			$	7,166			$	37,539
Consumables			30,599				28,699				28,096				30,139				117,533
Other products			1,645				1,267				2,023				1,874				6,809
Product revenues, net			40,919				43,503				38,280				39,179				161,881
Development and licensing revenue			37				38				38				37				150
Total revenues		$	40,956			$	43,541			$	38,318			$	39,216			$	162,031

 

 

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