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 medical products company Abaxis (NASDAQ:ABAX) soared 16% today after its quarterly results topped Wall Street expectations.
So what: Abaxis shares have soared over the past year on ever-increasing growth expectations, and today's third-quarter results -- EPS and revenue jumped 69% and 31%, respectively -- only reinforce that optimism. In fact, both North American and international revenue grew roughly 30% over the year-ago period, giving investors plenty of good vibes about Abaxis' product portfolio even amid the weak global economy.
Now what: Don't expect the operating momentum to slow anytime soon.
"Although macroeconomic conditions throughout the world continue to be challenging, our dedication to building these markets during these most difficult times is beginning to bear real fruit," said Chairman and CEO Clint Severson. "[W]e look to finish the year on a strong note in both our veterinary and medical markets."
Of course, with the stock now up about 75% from its 52-week lows and trading at a lofty forward P/E of 40, much of that bullishness might already be baked into the price.
Interested in more info Abaxis? Add it to your watchlist.