Abaxis, Inc.(ABAX), a California-based global provider of portable blood analyzers, recently reported that the Center for Veterinary Biologicals of the U.S. Department of Agriculture (USDA) has approved its VetScan FeLV-FIV Rapid Test Kit.
This novel test kit is used to identify the presence of FeLV antigen and FIV antibodies in blood samples of cats.
It is noteworthy to mention that among all the fatal infections that affect cats, the feline leukemia virus (FeLV) and feline immunodeficiency virus (FIV) are the two most deadly submicroscopic organisms. Cats contract both these viral infections frequently and if undetected, these can even lead to premature death.
It has been estimated that 2–4% of the approximate 83 million cats in the U.S. show strains of one or both of the microbes.
Management at Abaxis believes that the USDA approval of Abaxis' high-quality yet cost-efficient VetScan FeLV-FIV Rapid Test kit reflects a major step toward the completion of the company's rapid test portfolio that offers single tests for vector-born and fecal diseases.
In its last reported second-quarter fiscal 2015 results, Abaxis' veterinary consumable segment, which includes VetScan rapid tests as one of its units, delivered record sales of $10.1 million, reflecting a year-over-year improvement of 32%.
Per management, Abaxis is making considerable progress in the development of a rapid test that will detect the presence of anaplasmosis in dogs. The company is currently awaiting the USDA approval for the same.
We believe the aforesaid clearance for the VetScan FeLV-FIV Rapid Test Kit will enable the company to earn more revenues from its rapid test menu solutions. Moreover, the above mentioned canine Anaplasma rapid test in the pipeline is expected to bolster further investor confidence in the stock.
Currently, Abaxis retains a Zacks Rank #3 (Hold). Some better-ranked medical products stocks include ICU Medical, Inc. (ICUI), Vascular Solutions Inc. (VASC) and Conatus Pharmaceuticals Inc. (CNAT). While ICU Medical and Vascular Solutions sport a Zacks Rank #1 (Strong Buy), Conatus Pharmaceuticals holds a Zacks Rank #2 (Buy).
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