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Abaxis Inc. (ABAX) Leaped To A New High On Better Than Expected Q3 News

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Abaxis Inc. (ABAX: Quote) reported third quarter net income of $0.22 per share after the bell Thursday, up from $0.13 per share in the previous year. Revenues rose to $49.8 million, from $37.9 million in the comparable period last year. The consensus estimates were for EPS of $0.20 and revenues of $45.75 million.

Abaxis gapped open higher Friday and rose sharply during the first half hour of trade. The stock traded in a narrow range for the remainder of the session and closed up by 5.57 at $44.29 on the highest volume of the year. Abaxis surged past resistance and set a new high for the year.

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by RTT Staff Writer

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