Abaxis Inc is a California corporation and was incorporated in 1989. The Company is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. Its products and services include point-of-care diagnostic instruments and consumables used in the medical market and point-of-care diagnostic instruments and consumables used in the veterinary market. The Company manages its business in two reportable business segments, the medical market and the veterinary market, which are based on the diagnostic products sold and services provided by market and customer group. For products that it sells that are not specifically identified to any particular business segment, it categorizes the revenue as Other. The Company's products sold to the medical market are used by medical specialties requiring real time results to enable rapid clinical decisions in the area of human diagnostics. Its point-of-care products in the medical market are comprised of its Piccolo chemistry analyzers and consumable products. In the veterinary market, its VetScan products serves a customer group consisting of companion animal hospitals, animal clinics with mixed practices of small animals, birds and reptiles, equine and bovine practitioners, veterinary emergency clinics, veterinary referral hospitals, universities, government, pharmaceutical companies, biotechnology companies and private research laboratories. Its product and service offerings in the veterinary market include VetScan Point-of-Care Blood Chemistry Instruments, VetScan Profiles, Hematology Instruments and Consumables, VSpro Specialty Analyzers and Consumables, i-STAT Instruments and Consumables, Rapid Tests, and Abaxis Veterinary Reference Laboratories services. Its Other segment include sale of products using its patented Orbos Discrete Lyophilization Process (the Orbos process) to companies for other applications. The Orbos process involves flash-freezing a drop of liquid reagent to form a solid bead and then freeze-drying the bead to remove water. The Orbos beads are stable in dry form and dissolve rapidly in aqueous solutions. The dry reagents used in its reagent discs are produced using the Orbos process. This process allows the production of a precise amount of active chemical ingredient in the form of a soluble bead. The Company's competitors in the point-of-care human medical diagnostic market are Inverness Medical Switzerland GmbH, now known as Alere Switzerland GmbH ("Alere"), Alfa Wassermann S.P.A., Johnson & Johnson, Ortho-Clinical Diagnostics, Inc. and F. Hoffmann-La Roche Ltd. The Company's Piccolo products are in vitro diagnostic medical devices subject to regulation by the FDA, under the Federal Food, Drug, and Cosmetic Act (FDCA).
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