Abaxis (ABAX) 10-Q 9 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ABAXIS INC
Entity Central Index Key	881,890
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		22,691,000
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 91,473	$ 91,332
Short-term investments	46,190	51,561
Receivables (net of allowances of $357 at June 30, 2017 and $272 at March 31, 2017)	44,022	40,568
Inventories	40,569	39,010
Prepaid expenses and other current assets	4,500	4,997
Net deferred tax assets, current	0	5,644
Current assets of discontinued operations	34	66
Total current assets	226,788	233,178
Long-term investments	32,873	22,171
Investment in unconsolidated affiliates	2,816	2,850
Property and equipment, net	34,281	34,260
Intangible assets, net	1,132	1,171
Net deferred tax assets, non-current	10,749	4,392
Other assets	8,599	7,624
Total assets	317,238	305,646
Current liabilities:
Accounts payable	10,266	7,517
Accrued payroll and related expenses	8,652	9,606
Accrued taxes	5,719	2,151
Current liabilities of discontinued operations	58	85
Other accrued liabilities	12,329	11,006
Deferred revenue	1,242	1,415
Warranty reserve	1,770	1,663
Total current liabilities	40,036	33,443
Non-current liabilities:
Deferred revenue	1,362	1,460
Warranty reserve	2,771	2,695
Net deferred tax liabilities	226	234
Notes payable, less current portion	253	278
Other non-current liabilities	1,451	1,312
Total non-current liabilities	6,063	5,979
Total liabilities	46,099	39,422
Commitments and contingencies (Note 13)
Shareholders' equity:
Preferred stock, no par value: 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, no par value: 35,000,000 shares authorized; 22,654,000 and 22,540,000 shares issued and outstanding at June 30, 2017 and March 31, 2017, respectively	137,699	135,932
Retained earnings	133,462	130,304
Accumulated other comprehensive loss	(22)	(12)
Total shareholders' equity	271,139	266,224
Total liabilities and shareholders' equity	$ 317,238	$ 305,646

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Receivables, allowances	$ 357	$ 272
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	35,000,000	35,000,000
Common stock, shares issued (in shares)	22,654,000	22,540,000
Common stock, shares outstanding (in shares)	22,654,000	22,540,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) [Abstract]
Revenues	$ 58,258	$ 57,696
Cost of revenues	26,314	25,695
Gross profit	31,944	32,001
Operating expenses:
Research and development	6,432	5,233
Sales and marketing	12,501	11,824
General and administrative	4,550	4,202
Total operating expenses	23,483	21,259
Income from operations	8,461	10,742
Interest and other income (expense), net	1,311	(30)
Income from continuing operations before income tax provision	9,772	10,712
Income tax provision	3,442	3,822
Net income	$ 6,330	$ 6,890
Net income per share:
Basic net income per share (in dollars per share)	$ 0.28	$ 0.31
Diluted net income per share (in dollars per share)	$ 0.28	$ 0.30
Shares used in the calculation of net income per share:
Weighted average common shares outstanding - basic (in shares)	22,616,000	22,465,000
Weighted average common shares outstanding - diluted (in shares)	22,968,000	22,685,000
Cash dividends declared per share (in dollars per share)	$ 0.14	$ 0.12

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net income	$ 6,330	$ 6,890
Other comprehensive income (loss):
Net change in unrealized gain (loss) on investments	(17)	15
Tax provision (benefit) on other comprehensive income (loss)	(7)	6
Other comprehensive income (loss), net of tax	(10)	9
Comprehensive income	$ 6,320	$ 6,899

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income		$ 6,330	$ 6,890
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,955	1,692
Investment premium amortization, net		240	154
Net loss on disposals of property and equipment		20	26
Foreign exchange (gain) loss		(618)	199
Share-based compensation expense		3,111	2,819
Excess tax benefits from share-based awards	[1]	0	(132)
Deferred income taxes		(714)	(396)
Equity in net loss of unconsolidated affiliate		34	34
Changes in assets and liabilities:
Receivables, net		(3,327)	(914)
Inventories		(1,853)	(2,123)
Prepaid expenses and other current assets		478	2,284
Other assets		(973)	(1,447)
Accounts payable		2,726	1,103
Accrued payroll and related expenses		(954)	(419)
Accrued taxes		3,522	739
Other liabilities		1,409	(22)
Deferred revenue		(271)	(216)
Warranty reserve		183	368
Net cash provided by operating activities		11,298	10,639
Cash flows from investing activities:
Purchases of available-for-sale investments		(4,037)	0
Purchases of held-to-maturity investments		(23,588)	(11,369)
Proceeds from maturities and redemptions of available-for-sale investments		1,700	1,000
Proceeds from maturities and redemptions of held-to-maturity investments		20,337	8,425
Purchases of property and equipment		(1,653)	(2,578)
Cash paid for investment in unconsolidated affiliate		0	(2,999)
Net cash used in investing activities		(7,241)	(7,521)
Cash flows from financing activities:
Tax withholdings related to net share settlements of restricted stock units		(1,354)	(1,103)
Excess tax benefits from share-based awards	[1]	0	132
Dividends paid		(3,172)	(2,700)
Net cash used in financing activities		(4,526)	(3,671)
Effect of exchange rate changes on cash and cash equivalents		610	(244)
Net increase (decrease) in cash and cash equivalents		141	(797)
Cash and cash equivalents at beginning of period		91,332	88,323
Cash and cash equivalents at end of period		91,473	87,526
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds		(660)	718
Supplemental disclosure of non-cash flow information:
Change in unrealized gain (loss) on investments, net of tax		(10)	9
Transfers of equipment between inventory and property and equipment, net		304	1,537
Net change in capitalized share-based compensation		10	(77)
Common stock withheld for employee taxes in connection with share-based compensation		1,354	1,103
Repayment of notes payable by credits from municipal agency		$ 25	$ 25
[1]	The Company adopted Accounting Standards Update ("ASU") No. 2016-09, "Improvements to Employee Share-based Payment Accounting" ("ASU 2016-09"), during the first quarter of 2018. This standard eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the statements of cash flows. The Company adopted the guidance prospectively effective April 1, 2017. The adoption of ASU 2016-09 is discussed further in Note 2, "Summary of Significant Accounting Policies."

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2017
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
DESCRIPTION OF BUSINESS POLICIES AND BASIS OF PRESENTATION	NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Abaxis, Inc. (“Abaxis,” the “Company,” “our,” “us,” or “we”), incorporated in California in 1989, develops, manufactures and markets 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. We conduct business worldwide and manage our business on the basis of the following two reportable segments: the medical market and the veterinary market. Basis of Presentation We have prepared the unaudited condensed consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim periods. The unaudited condensed consolidated financial statements included herein reflect all normal recurring adjustments, which are, in the opinion of our management, necessary to state fairly the results of operations and financial position for the periods presented. The results for the three month period ended June 30, 2017 are not necessarily indicative of the results to be expected for the entire fiscal year ending March 31, 2018 or for any interim or future period. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Principles of Consolidation. Discontinued Operations. Reclassifications. Management Estimates.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on May 30, 2017, and other than the recently adopted accounting pronouncements discussed below, have not changed significantly since such filing. Adopted Accounting Pronouncements Employee Share-Based Payment Accounting: As of April 1, 2017, we adopted the applicable provisions of ASU 2016-09 as follows: • The guidance requires excess tax benefits and tax deficiencies to be recorded as income tax benefit or expense in the consolidated statement of income when the awards vest or are settled, and eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the statement of cash flows. We adopted the guidance prospectively effective April 1, 2017 and have not revised the classification of the excess tax benefits in the prior year’s condensed consolidated statements of cash flows. Amounts previously recorded to additional paid-in capital related to windfall tax benefits prior to April 1, 2017 remain in shareholders’ equity. • The guidance eliminates the requirement that excess tax benefits must be realized (through a reduction in income taxes payable) before companies can recognize them. We have applied the modified retrospective transition method upon adoption. There were no unrecognized excess tax benefits prior to the adoption, therefore, there was no cumulative effects recorded to retained earnings as a result of the adoption. We also excluded the related tax benefits when applying the treasury stock method for computing diluted shares outstanding on a prospective basis as required by ASU 2016-09. The amount of excess tax benefits and deficiencies recognized in our income tax provision in our condensed consolidated statement of income will fluctuate from period to period based on our future stock price in relation to the fair value of stock awards on grant date and our future grants of stock awards and the volume of stock awards settled or vested. The impact of the tax benefits related to share-based payments may be material and may vary significantly each quarter based on the timing of actual settlement and vesting activity. The tax effects of vested awards are treated as discrete items in the reporting period in which they occur. Balance Sheet Classification of Deferred Taxes: Investments – Equity Method and Joint Ventures: Recent Accounting Pronouncements Not Yet Adopted Revenue from Contracts with Customers: In May 2014, issued No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 606, “Revenue Recognition.” ASU 2014-09 is Recognition and Measurement of Financial Assets and Financial Liabilities: Leases: Financial Instruments - Credit Losses: Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments: Compensation - Stock Compensation:

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Jun. 30, 2017
ACQUISITIONS [Abstract]
ACQUISITIONS	NOTE 3 . ACQUISITIONS In November 2014, we entered into Share Purchase Agreements, through our wholly-owned subsidiary, pursuant to which, we acquired 100% of the outstanding stock of Quality Clinical Reagents Limited (“QCR”) and Trio Diagnostics (Ireland) Ltd (“Trio”), both based in the United Kingdom. QCR and Trio are distributors of laboratory instrumentation and consumables to the veterinary profession in the United Kingdom. Our primary reason for the acquisitions was to continue servicing and supplying Abaxis veterinary products to our customer base. The acquisition date fair value of the purchase consideration was $6.5 million, which included the following (in thousands): Cash $ 3,196 Installment payment obligations (1) 2,336 Settlement of preexisting business relationship at fair value 931 Total $ 6,463 (1) The installment payment obligation is denominated in British pounds (“GBP”) and the amount in the table above is based on the GBP to U.S. dollar exchange rate at the acquisition date. During the third quarter of fiscal 2016, we paid the first installment obligation of GBP 750,000, or $1.1 million, based on the GBP to U.S. dollar exchange rate on the date of payment. We paid the remaining installment obligation of GBP 750,000 less post-closing indemnification obligations of certain of the sellers totaling $0.8 million during the third quarter of fiscal 2017, based on the GBP to U.S. dollar exchange rate on the date of payment. Additionally, the post-closing indemnification obligations totaled $0.1 million, based on the GBP to U.S. dollar exchange rate at the obligation date, which we recorded in “Interest and other income (expense), net” on the condensed consolidated statements of income. The Share Purchase Agreements contain certain customary representations and warranties. Additionally, in connection with the acquisition, we recorded a settlement of the preexisting business relationship related to accounts receivable due from QCR and Trio that existed on the acquisition date. The book value of the accounts receivable approximated their fair value due to their short-term nature and no gain or loss was recorded. Our condensed consolidated financial statements include the operating results of our business combination and the consolidation of our acquired entities from the date of acquisition.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Jun. 30, 2017
DISCONTINUED OPERATIONS [Abstract]
DISCONTINUED OPERATIONS	NOTE 4. DISCONTINUED OPERATIONS On March 18, 2015, we entered into an asset purchase agreement (“APA”) with Antech pursuant to which we sold substantially all of the assets of our AVRL business. The sale transaction closed on March 31, 2015. The total purchase price under the APA was $21.0 million in cash. During the fourth quarter of fiscal 2015, we received $20.1 million in cash proceeds and we recorded a gain on sale of discontinued operations, net of tax of $7.7 million. During the fourth quarter of fiscal 2016, we recorded $0.6 million, net of tax, as a gain on sale of discontinued operations, upon meeting certain conditions by the first anniversary of the closing date in March 2016. The AVRL business represents a separate asset group and the sale of assets in this business qualifies as a discontinued operation and accordingly, we reported the results of operations of this business in discontinued operations within the condensed consolidated statements of operations for all periods presented as applicable. The results from discontinued operations during the three months ended June 30, 2017 and 2016 were as follows (in thousands): Three Months Ended June 30, Discontinued operations: 2017 2016 Revenues $ 154 $ 181 Cost of revenues 154 181 Gross profit $ - $ - Net income from discontinued operations $ - $ - The current assets and liabilities of discontinued operations as of June 30, 2017 and March 31, 2017 were as follows (in thousands): June 30, 2017 March 31, 2017 Receivables, net $ 34 $ 66 Total current assets of discontinued operations $ 34 $ 66 Other current liabilities $ 58 $ 85 Total current liabilities of discontinued operations $ 58 $ 85

INVESTMENTS

INVESTMENTS	3 Months Ended
	Jun. 30, 2017
INVESTMENTS [Abstract]
INVESTMENTS	NOTE 5. INVESTMENTS Our investments are classified as either available-for-sale or held-to-maturity. The following table summarizes available-for-sale and held-to-maturity investments as of June 30, 2017 and March 31, 2017 (in thousands). Available-for-Sale Investments June 30, 2017 Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Corporate bonds $ 8,684 $ - $ (34 ) $ 8,650 Municipal bonds 672 - (3 ) 669 Total available-for-sale investments $ 9,356 $ - $ (37 ) $ 9,319 Held-to-Maturity Investments June 30, 2017 Amortized Gross Gross Fair Certificates of deposit $ 10,209 $ - $ (10 ) $ 10,199 Commercial paper 4,974 - (6 ) 4,968 Corporate bonds 54,204 1 (213 ) 53,992 Municipal bonds 357 - (1 ) 356 Total held-to-maturity investments $ 69,744 $ 1 $ (230 ) $ 69,515 Available-for-Sale Investments March 31, 2017 Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Corporate bonds $ 6,381 $ - $ (4 ) $ 6,377 Municipal bonds 678 - (16 ) 662 Total available-for-sale investments $ 7,059 $ - $ (20 ) $ 7,039 Held-to-Maturity Investments March 31, 2017 Amortized Cost Gross Unrecognized Gain Gross Unrecognized (Loss) Fair Value Certificates of deposit $ 3,735 $ 1 $ (1 ) $ 3,735 Commercial paper 5,588 - (3 ) 5,585 Corporate bonds 57,009 - (186 ) 56,823 Municipal bonds 361 - (1 ) 360 Total held-to-maturity investments $ 66,693 $ 1 $ (191 ) $ 66,503 The amortized cost of our held-to-maturity investments approximates their fair value. As of June 30, 2017 and March 31, 2017, we did not have other-than-temporary impairment in the fair value of any individual security classified as held-to-maturity or available-for-sale. As of June 30, 2017 and March 31, 2017, we had unrealized loss on available-for-sale investments, net of related income taxes, of $22,000 and $12,000, respectively. We did not have any redemption of investments in accordance with callable provisions during the three months ended June 30, 2017 and 2016. The following table summarizes the amortized cost and fair value of our investments, classified by stated maturity as of June 30, 2017 and March 31, 2017 (in thousands). June 30, 2017 June 30, 2017 Available-for-Sale Investments Held-to-Maturity Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 4,648 $ 4,637 $ 41,553 $ 41,466 Due in 1 to 3 years 4,708 4,682 28,191 28,049 Total investments $ 9,356 $ 9,319 $ 69,744 $ 69,515 March 31, 2017 March 31, 2017 Available-for-Sale Investments Held-to-Maturity Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 6,381 $ 6,377 $ 45,184 $ 45,124 Due in 1 to 3 years 678 662 21,509 21,379 Total investments $ 7,059 $ 7,039 $ 66,693 $ 66,503

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 6. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. Level 3: Unobservable inputs that are supported by little or no market data and require the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The following table summarizes financial assets, measured at fair value on a recurring basis, by level of input within the fair value hierarchy as of June 30, 2017 and March 31, 2017 (in thousands): As of June 30, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 579 $ - $ - $ 579 Available-for-sale investments: Corporate bonds - 8,650 - 8,650 Municipal bonds - 669 - 669 Total assets at fair value $ 579 $ 9,319 $ - $ 9,898 As of March 31, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 584 $ - $ - $ 584 Available-for-sale investments: Corporate bonds - 6,377 - 6,377 Municipal bonds - 662 - 662 Total assets at fair value $ 584 $ 7,039 $ - $ 7,623 As of June 30, 2017 and March 31, 2017, our Level 1 financial assets consisted of money market mutual funds. Our cash equivalents are highly liquid instruments with original or remaining maturities of three months or less at the time of purchase that are readily convertible into cash. The fair value of our Level 1 financial assets is based on quoted market prices of the underlying security. As of June 30, 2017 and March 31, 2017, our Level 2 financial assets consisted primarily of corporate bonds and municipal bonds. For our Level 2 financial assets, we review trading activity and pricing for these investments as of the measurement date. When sufficient quoted pricing for identical securities is not available, we use market pricing and other observable market inputs for similar securities obtained from third party data providers. These inputs represent quoted prices for similar assets in active markets or these inputs have been derived from observable market data. As of June 30, 2017 and March 31, 2017, we did not have any Level 1 and Level 2 financial liabilities or Level 3 financial assets or liabilities measured at fair value on a recurring basis. We did not have any transfers between Level 1 and Level 2 or transfers in or out of Level 3 during the three months ended June 30, 2017 and 2016.

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 30, 2017
INVENTORIES [Abstract]
INVENTORIES	NOTE 7. INVENTORIES Inventories include material, labor and manufacturing overhead, and are stated at the lower of cost (first-in, first-out method) or market. Components of inventories were as follows (in thousands): June 30, 2017 March 31, 2017 Raw materials $ 17,759 $ 16,567 Work-in-process 5,906 4,212 Finished goods 16,904 18,231 Inventories $ 40,569 $ 39,010

INVESTMENT IN UNCONSOLIDATED AF

INVESTMENT IN UNCONSOLIDATED AFFILIATES	3 Months Ended
	Jun. 30, 2017
INVESTMENTS IN UNCONSOLIDATED AFFILIATES [Abstract]
INVESTMENT IN UNCONSOLIDATED AFFILIATES	NOTE 8. INVESTMENT IN UNCONSOLIDATED AFFILIATES In June 2016, we invested a total of $3.0 million in a privately-held company. Our investment was initially recorded under the cost method as we did not exercise significant influence over the investee’s operating or financial activities. The carrying value of our cost method investment was reviewed quarterly for changes in circumstances or the occurrence of events that suggest our investment may not be recoverable. The fair value of cost method investments was not adjusted if there were no identified events or changes in circumstances that may have a material adverse effect on the fair value of the investment. In January 2017, we entered into a letter agreement with the privately-held company. Under the terms of the letter agreement, the privately-held company will, pending negotiation and execution of a definitive agreement, commence chemistry development activities for us using its intellectual product and technology. As consideration for these development efforts, we agreed to pay a total of up to $1.5 million to the privately-held company, which includes an upfront payment of $0.3 million that we paid in January 2017, and any remaining obligation to the investee is contingent upon the achievement of certain development milestones. As a result of our ability to exercise significant influence over operating and financial policies in our investment, which we do not control, we accounted for our investment in the privately-held company using the equity method on a prospective basis beginning in January 2017 based on our early adoption of ASU 2016-07. Our allocated portion of net loss in an equity method investment in a privately-held company during the three months ended June 30, 2017 and 2016 was $34,000 and $0, respectively, which we recorded in “Interest and other income (expense), net” on the condensed consolidated statements of income. As of June 30, 2017 and March 31, 2017, the carrying value of our equity method investment in this privately-held company was $2.8 million and $2.9 million, respectively. In February 2011, we purchased a 15% equity ownership interest in Scandinavian Micro Biodevices APS (“SMB”), a developer and manufacturer of point-of-care diagnostic products for veterinary use, for $2.8 million in cash. SMB, based in Farum, Denmark, has been the original equipment manufacturer of the Abaxis VetScan VS pro

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	3 Months Ended
	Jun. 30, 2017
OTHER NON-CURRENT ASSETS [Abstract]
OTHER NON-CURRENT ASSETS	NOTE 9. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following (in thousands): June 30, 2017 March 31, 2017 Non-current lease receivables $ 8,452 $ 7,476 Other assets 147 148 Total other non-current assets $ 8,599 $ 7,624 Non-current lease receivables represent sales-type leases resulting from the sale of our products and are typically collateralized by a security interest in certain of the underlying assets. Starting in fiscal 2016, we entered into sales contracts as the lessor of instruments with end users for monthly payments of instrument and consumable purchases over a term of six years. The present value of total current and non-current lease receivables, including accrued interest, was $1.9 million and $8.5 million, as of June 30, 2017, respectively. Our current and non-current lease receivables are recorded within “Receivables” and “Other Assets,” respectively, on our condensed consolidated balance sheets. Interest income is recognized monthly over the lease term using the effective-interest method. Future minimum lease payments to us on lease receivables as of June 30, 2017 are summarized as follows (in thousands): Fiscal Year Amount 2018 (remaining nine months) $ 1,450 2019 2,013 2020 1,997 2021 1,952 2022 1,947 Thereafter 1,038 Total 10,397 Less: Current portion (1,945 ) Non-current lease receivable $ 8,452

WARRANTY RESERVES

WARRANTY RESERVES	3 Months Ended
	Jun. 30, 2017
WARRANTY RESERVES [Abstract]
WARRANTY RESERVES	NOTE 10. WARRANTY RESERVES We provide for the estimated future costs to be incurred under our standard warranty obligation on our instruments and reagent discs. Instruments. Reagent Discs. We evaluate our estimates for warranty reserves on an ongoing basis and believe we have the ability to reasonably estimate warranty costs. However, unforeseeable changes in factors may impact the estimate for warranty and such changes could cause a material change in our warranty reserve accrual in the period in which the change was identified. The change in our accrued warranty reserve during the three months ended June 30, 2017 and 2016 is summarized as follows (in thousands): Three Months Ended June 30, 2017 2016 Balance at beginning of period $ 4,358 $ 3,208 Provision for warranty expense 780 759 Warranty costs incurred (597 ) (391 ) Balance at end of period 4,541 3,576 Non-current portion of warranty reserve 2,771 2,232 Current portion of warranty reserve $ 1,770 $ 1,344

BORROWINGS

BORROWINGS	3 Months Ended
	Jun. 30, 2017
BORROWINGS [Abstract]
BORROWINGS	NOTE 11. BORROWINGS Notes Payable. In accordance with the terms of the loan agreement, the Agency will provide Abaxis with an annual credit that can be applied against the accrued interest and outstanding principal balance on a quarterly basis. The Agency determines the annual credit based on certain taxes paid by Abaxis to the City of Union City, California for a specified period, as defined in the loan agreement. We anticipate that our annual credits from the Agency will be used to fully repay our notes payable due to the Agency. We may carry forward unused quarterly credits to apply against our outstanding balance in a future period. Credits applied to repay our notes payable and accrued interest are recorded in “Interest and other income (expense), net” on the condensed consolidated statements of income.

OTHER CURRENT ACCRUED LIABILITI

OTHER CURRENT ACCRUED LIABILITIES	3 Months Ended
	Jun. 30, 2017
OTHER CURRENT ACCRUED LIABILITIES [Abstract]
OTHER CURRENT ACCRUED LIABILITIES	NOTE 12. OTHER CURRENT ACCRUED LIABILITIES Other current accrued liabilities consist of the following (in thousands): June 30, 2017 March 31, 2017 Accrued liabilities for customer sales incentive programs $ 8,605 $ 7,181 Other current accrued liabilities 3,724 3,825 Total other current accrued liabilities $ 12,329 $ 11,006 As of June 30, 2017 and March 31, 2017, accrued liabilities for customer sales incentive programs consisted primarily of (i) a liability to distributors or end-users for cash rebates upon meeting certain requirements during a qualifying period and (ii) a liability to resellers for incentives that we estimate at the time of initial sale and adjust as earned by end-users during a specified promotional period. Other current accrued liabilities included notes payable and various expenses that we accrued for transaction taxes and professional costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 13. COMMITMENTS AND CONTINGENCIES Commitments We have purchase commitments, consisting of supply and inventory related agreements, totaling approximately $4.5 million as of June 30, 2017. These purchase order commitments primarily include our purchase obligations to purchase from Diatron of Hungary through fiscal 2018. In April 2017, we entered into a joint development agreement with the diagnostics division of a medical products company, whereby we are subject to payments of up to $10.2 million, in consideration of development efforts, over an estimated period of four years. Our payment obligations are contingent upon the achievement of certain development milestones. See Note 8, “Investments in Unconsolidated Affiliates” for information on commitments due in connection with our investment in a privately-held company. Litigation We are involved from time to time in various litigation matters in the normal course of business. There can be no assurance that existing or future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on our business, consolidated financial position, results of operations or cash flows.

EQUITY COMPENSATION PLANS AND S

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2017
EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION [Abstract]
EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION	NOTE 14. EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION Equity Compensation Plans Our share-based compensation plans are described below. 2014 Equity Incentive Plan. On October 26, 2016, our shareholders approved an amendment to the 2014 Plan to, among other things, (i) increase the aggregate number of shares of common stock reserved for issuance under the 2014 Plan by 900,000 shares and (ii) update the means of adjustment when calculating the attainment of performance goals for performance awards under the 2014 Plan for purposes of the requirements of Section 162(m) of the Internal Revenue Code. 2005 Equity Incentive Plan. As of June 30, 2017, the 2014 Plan provided for the issuance of a maximum of 2,612,409 shares, of which 1,071,000 shares of common stock were available for future issuance under the 2014 Plan pursuant to stock awards that had not previously been granted. Shares that are canceled or forfeited from an award and shares withheld in satisfaction of tax withholding obligations are again available for issue under the 2014 Plan. We issue new shares of common stock from our authorized shares for share-based awards upon the exercise of stock options or vesting of restricted stock units. Share-Based Compensation Share-based compensation expense and related restricted stock unit award activity is presented on a consolidated basis, unless otherwise presented as continuing or discontinued operations. The following table summarizes total share-based compensation expense, net of tax, related to restricted stock units, and represents our results from continuing operations, during the three months ended June 30, 2017 and 2016, which is included in our condensed consolidated statements of income (in thousands, except per share data): Three Months Ended June 30, 2017 2016 Cost of revenues $ 367 $ 479 Research and development 761 594 Sales and marketing 1,244 704 General and administrative 739 1,042 Share-based compensation expense before income taxes 3,111 2,819 Income tax benefit (1,074 ) (984 ) Total share-based compensation expense after income taxes $ 2,037 $ 1,835 Net impact of share-based compensation on: Basic net income per share $ 0.09 $ 0.08 Diluted net income per share $ 0.09 $ 0.08 Share-based compensation has been classified in the condensed consolidated statements of income or capitalized on the condensed consolidated balance sheets in the same manner as cash compensation paid to employees. Capitalized share-based compensation costs as of June 30, 2017 and March 31, 2017 were $0.2 million and $0.2 million, respectively, which were included in “Inventories” on our condensed consolidated balance sheets. During the first quarter of fiscal 2018, we adopted ASU 2016-09, and as a result of adoption, we recognized $0.1 million of excess tax benefits related to share-based payments in our income tax provision. These items were historically recorded in additional paid-in capital. In addition, effective April 1, 2017, cash flows related to excess tax benefits are classified as an operating activity along with other income tax cash flows during the three months ended June 30, 2017. Our compensation expense each period continues to reflect estimated forfeitures. Restricted Stock Units Since fiscal 2007, we have granted restricted stock unit awards to employees and directors as part of our share-based compensation program. Restricted stock unit awards to consultants were not significant. Awards of restricted stock units are issued at no cost to the recipient and may have time-based vesting criteria, or a combination of time-based and performance-based vesting criteria, as described below. From time to time, restricted stock unit awards granted to employees may be subject to accelerated vesting upon achieving certain performance-based milestones. The Compensation Committee of our Board of Directors (the “Compensation Committee”) in its discretion, may provide in the event of a change in control for the acceleration of vesting and/or settlement of the restricted stock unit held by a participant upon such conditions and to such extent as determined by the Compensation Committee. Our Board of Directors has adopted an executive change in control severance plan, which it may terminate or amend at any time, that provides that awards granted to executive officers will accelerate fully on a change of control. The vesting of non-employee director and officer awards granted under the 2014 Plan automatically will also accelerate in full upon a change in control. Beginning in fiscal 2015, the Compensation Committee discontinued the practice of granting such “single trigger” acceleration of vesting benefits to new executive officers pursuant to which an executive officer’s outstanding stock option(s) and other unvested equity-based instruments would accelerate in full upon the occurrence of a change of control. Starting in fiscal 2015, we grant “double-trigger” acceleration arrangements to new executive officers, which requires both the occurrence of a change of control and the termination by us (or our successor) for any reason other than cause, death or disability within 18 months following such change of control date, with the termination constituting a separation in service and subject to execution of a valid and effective release of claims against us, for the acceleration of vesting of the executive officer’s equity awards in full. Restricted Stock Unit Awards (Time Vesting) We grant restricted stock unit awards with only time-based vesting terms, which we refer to as RSUs. The RSUs entitle holders to receive shares of common stock at the end of a specified period of time. For RSUs, vesting is based on continuous employment or service of the holder. Upon vesting, the equivalent number of common shares are typically issued net of tax withholdings. If the service vesting conditions are not met, unvested RSUs will be forfeited. Generally, RSUs vest according to one of the following time-based vesting schedules: • RSU awards to employees: Four-year time-based vesting as follows: 5% vesting after the first year; additional 10% after the second year; additional 15% after the third year; and the remaining 70% after the fourth year of continuous employment with the Company. • RSU awards to non-employee directors: 100% vesting after one year of continuous service to the Company. The fair value of RSUs used in our expense recognition method is measured based on the number of shares granted and the closing market price of our common stock on the date of grant. Such value is recognized as an expense over the corresponding requisite service period. The share-based compensation expense is reduced for an estimate of the RSU awards that are expected to be forfeited. The forfeiture estimate is based on historical data and other factors, and compensation expense is adjusted for actual results. As of June 30, 2017, the total unrecognized compensation expense related to RSU awards granted amounted to $21.3 million, which is expected to be recognized over a weighted average service period of 2.2 years. Restricted Stock Unit Awards (Performance Vesting) We grant restricted stock unit awards subject to performance vesting criteria, which we refer to as PSUs to our executive officers and to certain of our other employees. The PSUs vest only if both of the following criteria are satisfied: (1) achievement of financial target during the fiscal year in which the grant occurred, as determined and certified by the Compensation Committee and (2) the recipient remains in the continuous service of the Company until the applicable vesting date. Fiscal 2017 Performance RSUs . • 25% of the shares subject to an award vest in full upon achieving 90% of the consolidated income from operations target described above and continuous service until the third anniversary of the date of grant; • 25% of the shares subject to an award vest in full upon achieving 90% of the consolidated income from operations target described above and continuous service until the fourth anniversary of the date of grant; • 25% of the shares subject to an award vest in full upon achieving 100% of the consolidated income from operations target described above and continuous service until the third anniversary of the date of grant; and • 25% of the shares subject to an award vest in full upon achieving 100% of the consolidated income from operations target described above and continuous service until the fourth anniversary of the date of grant. The FY2017 PSUs as originally granted to our Chief Executive Officer, Mr. Clinton Severson, vest as follows: • approximately 18% of the shares subject to an award vest in full upon achieving 90% of the consolidated income from operations target described above and continuous service until the third anniversary of the date of grant; • approximately 18% of the shares subject to an award vest in full upon achieving 90% of the consolidated income from operations target described above and continuous service until the fourth anniversary of the date of grant; • approximately 32% of the shares subject to an award vest in full upon achieving 100% of the consolidated income from operations target described above and continuous service until the third anniversary of the date of grant; and • approximately 32% of the shares subject to an award vest in full upon achieving 100% of the consolidated income from operations target described above and continuous service until the fourth anniversary of the date of grant. Of the aggregate shares of common stock issuable upon settlement of the FY2017 PSUs, 84,000 and 68,000 shares of common stock, respectively, were granted with performance conditions subject to vesting in full upon achieving 100% and 90%, respectively, of the financial targets described above. The aggregate estimated grant date fair value of the FY2017 PSUs was $6.8 On December 31, 2016, we reviewed each of the underlying performance targets related to the outstanding FY2017 PSUs and determined that it was not probable that the performance targets of the FY2017 PSUs would be met for the 84,000 shares of common stock. Consequently, upon our determination of non-achievement of the performance condition, with respect to achievement of 100% of the financial target in fiscal 2017, we reversed the cumulative share-based compensation expense related to the original awards in the third quarter of fiscal 2017, resulting in no share-based compensation expense recorded for these awards through December 31, 2016. Additional share-based compensation of $0.6 million would have been recorded during the nine months ended December 31, 2016 had the achievement of performance targets been deemed probable for the 84,000 shares of common stock. On January 25, 2017, we evaluated the modification of the performance conditions for the FY2017 PSUs and determined that the performance conditions for the 84,000 shares of common stock was a Type III modification or “Improbable to Probable” pursuant to ASC 718 as the awards, on the date of modification, were no longer probable of being achieved in fiscal 2017. Because the 84,000 shares of common stock of the FY2017 PSUs granted were improbable of vesting prior to the modification of the performance conditions, the original grant date fair value is no longer used to measure compensation cost for the awards. In accordance with ASC 718, the fair value of the 84,000 shares of common stock of the modified FY2017 PSUs was re-measured with a measurement date of January 25, 2017, and an aggregate grant date fair value of $4.0 million. As we determined that the performance conditions of the modified award would be met for the 84,000 shares of common stock as of March 31, 2017, we recorded share-based compensation expense during fiscal 2017, ratably, beginning on January 25, 2017 over the vesting terms of the modified FY2017 PSUs. For the remaining 68,000 shares of common stock issuable upon settlement of the FY2017 PSUs, we evaluated the modification of the performance conditions for the FY2017 PSUs and determined it was a Type I modification or “Probable to Probable” pursuant to ASC 718. Accordingly, we record share-based compensation expense, ratably, beginning on the original grant date over the vesting terms of the PSUs, as we determined that the performance targets approved by the Compensation Committee in April 2016 would be met. Fiscal 2018 Performance RSUs • 50% of the shares subject to an award vest in full upon achieving 90% of the consolidated income from operations before income tax provision target described above and continuous service until the third anniversary of the date of grant; and • 50% of the shares subject to an award vest in full upon achieving 90% of the consolidated income from operations before income tax provision target described above and continuous service until the fourth anniversary of the date of grant. We recognize any related share-based compensation expense ratably over the service period based on the most probable outcome of the performance condition. The fair value of PSUs used in our expense recognition method is measured based on the number of shares granted, the closing market price of our common stock on the date of grant and an estimate of the probability of the achievement of the performance goals. The amount of share-based compensation expense recognized in any one period can vary based on the attainment or expected attainment of the performance goals. If such performance goals are not ultimately met, no compensation expense is recognized and any previously recognized compensation expense is reversed. The share-based compensation expense is reduced for an estimate of the PSUs that are expected to be forfeited. The forfeiture estimate is based on historical data and other factors, and compensation expense is adjusted for actual results. If the service vesting conditions are not met, unvested PSUs will be forfeited. Upon vesting on the third and fourth anniversary date of grant of the PSUs, the equivalent number of common shares are typically issued net of tax withholdings. For the PSUs granted in fiscal 2015, 2016 and 2017, we determined that the performance targets and modification of performance conditions for FY 2017 PSUs were met in each respective fiscal year of grant and we recorded share-based compensation expense ratably over the vesting terms of the PSUs during the three months ended June 30, 2017. For the FY2018 PSUs, we determined that it was probable that the performance targets would be met and accordingly, we recorded share-based compensation expense ratably over the vesting the terms during the three months ended June 30, 2017. We will assess the probability of the performance targets at the end of each quarter. As of June 30, 2017, the total unrecognized compensation expense related to PSU awards granted and expected to vest amounted to $12.6 million, which is expected to be recognized over a weighted average service period of 2.1 years. Restricted Stock Unit Activity The following table summarizes restricted stock unit activity for the three months ended June 30, 2017. Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value (1) Number of Shares Weighted Average Grant Date Fair Value (1) Nonvested at March 31, 2017 535,000 $ 46.62 439,000 $ 47.40 Granted 131,000 45.84 137,000 45.84 Vested (2) (81,000 ) 44.38 (62,000 ) 40.82 Canceled and forfeited (3,000 ) 46.26 - - Nonvested at June 30, 2017 582,000 $ 46.76 514,000 $ 47.78 (1) The weighted average grant date fair value of restricted stock units is based on the number of shares and the closing market price of our common stock on the date of grant. (2) The number of restricted stock units vested includes shares that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements. Total intrinsic value of restricted stock units vested during the three months ended June 30, 2017 and 2016 was $6.6 million and $5.2 million, respectively. The total grant date fair value of restricted stock units vested during the three months ended June 30, 2017 and 2016 was $6.1 million and $5.0 million, respectively.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Jun. 30, 2017
SHAREHOLDERS' EQUITY [Abstract]
SHAREHOLDERS' EQUITY	NOTE 15. SHAREHOLDERS’ EQUITY Share Repurchase Program Between August 2011 and July 2013, our Board of Directors authorized the repurchase of up to a total of $67.3 million of our common stock. In July 2016, our Board of Directors approved a $30.0 million increase to our existing share repurchase program to a total of $97.3 million. As of June 30, 2017, $54.0 million was available to purchase common stock under our share repurchase program. Since the share repurchase program began, through June 30, 2017, we have repurchased 1.6 million shares of our common stock at a total cost of $43.3 million, including commission expense. During the three months ended June 30, 2017 and 2016, we did not repurchase any shares of our common stock. The repurchases are made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. Repurchased shares are retired. Dividend Payments During the three months ended June 30, 2017 and 2016, our total quarterly dividend payout was $3.2 million and $2.7 million, respectively. Our dividend payout was made from retained earnings. See Note 20, “Subsequent Events,” for information regarding cash dividends declared by our Board of Directors after June 30, 2017.

NET INCOME PER SHARE

NET INCOME PER SHARE	3 Months Ended
	Jun. 30, 2017
NET INCOME PER SHARE [Abstract]
NET INCOME PER SHARE	NOTE 16. NET INCOME PER SHARE Basic net income per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing the net income by the weighted average number of common shares that would have been outstanding during the period assuming the issuance of common shares for all potential dilutive common shares outstanding using the treasury stock method. The treasury stock method assumes that proceeds, including the total unrecognized compensation expense for unvested share-based compensation awards and, prior to the adoption of new accounting standard related to share-based compensation on April 1, 2017, the tax benefits resulting from share-based compensation tax deductions in excess of the related expense recognized for financial reporting purposes, would be used to purchase our common stock at the average market price during the period. The adoption of ASU 2016-09 is discussed further in Note 2, “Summary of Significant Accounting Policies.” Dilutive potential common shares outstanding include outstanding restricted stock units. The computations for basic and diluted net income per share are as follows (in thousands, except share and per share data): Three Months Ended June 30, 2017 2016 Numerator: Net income $ 6,330 $ 6,890 Denominator: Weighted average common shares outstanding - basic Weighted average effect of dilutive securities: 22,616,000 22,465,000 Restricted stock units 352,000 220,000 Weighted average common shares outstanding - diluted 22,968,000 22,685,000 Net income per share: Basic net income per share $ 0.28 $ 0.31 Diluted net income per share $ 0.28 $ 0.30 For our PSUs, if the performance criteria are achieved during the period, these awards will be considered outstanding for the purpose of computing diluted net income per share if the effect is dilutive. Because the performance criteria for FY2018 PSUs were not achieved during the three months ended June 30, 2017, these awards were not included in the diluted net income per share calculation. Restricted stock units for 0 and 161,000 shares during the three months ended June 30, 2017 and 2016, respectively, were outstanding but not included in the computation of diluted net income per share because the effect would be antidilutive.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2017
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 17. INCOME TAXES During the three months ended June 30, 2017 and 2016, our income tax provision was $3.4 million, based on an effective tax rate of 35%, and $3.8 million, based on an effective tax rate of 36%, respectively. The dollar decrease in the income tax provision during the three months ended June 30, 2017, as compared to the same period last year, was attributable to lower pre-tax income. The decrease in the effective tax rate during the three months ended June 30, 2017, as compared to the same period last year, was primarily attributable to the recognition of excess tax benefits as a discrete item in the first quarter of fiscal 2018 pursuant to ASU 2016-09, which we adopted effective in such quarter, and partially offset by lower federal benefits for qualified production activities, higher non-deducible share-based compensation expense and higher state income taxes during the three months ended June 30, 2017. The adoption of ASU 2016-09 is discussed further in Note 2, “Summary of Significant Accounting Policies.” We are subject to income taxes in the United States and various foreign jurisdictions. Accordingly, we are subject to a variety of examinations by taxing authorities in these locations. We did not have any unrecognized tax benefits as of June 30, 2017 and March 31, 2017. During the three months ended June 30, 2017 and 2016, we did not recognize any interest or penalties related to unrecognized tax benefits. In the third quarter of fiscal 2017, the state of California commenced an examination of our tax returns for fiscal years 2014 and 2015. As of June 30, 2017, there had been no proposed assessments and we are unable to estimate the range of possible outcomes at this time.

SEGMENT REPORTING INFORMATION

SEGMENT REPORTING INFORMATION	3 Months Ended
	Jun. 30, 2017
SEGMENT REPORTING INFORMATION [Abstract]
SEGMENT REPORTING INFORMATION	NOTE 18. SEGMENT REPORTING INFORMATION Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by our chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. Abaxis develops, manufactures and markets portable blood analysis systems for use in human or veterinary patient care setting to provide clinicians with rapid blood constituent measurements. We identify our reportable segments as those customer groups that represent more than 10% of our combined revenue or gross profit or loss of all reported operating segments. We manage our business on the basis of the following two reportable segments: (i) the medical market and (ii) the veterinary market, which are based on the products sold by market and customer group. For the products that we manufacture and sell, each reportable segment has similar manufacturing processes, technology and shared infrastructures. The accounting policies for segment reporting are the same as for the Company as a whole. We do not segregate assets by segments since our chief operating decision maker, or decision making group, does not use assets as a basis to evaluate a segment’s performance. Medical Market In the medical market reportable segment, we serve a worldwide customer group consisting of physicians’ office practices across multiple specialties, urgent care, outpatient and walk-in clinics (free-standing or hospital-connected), health screening operations, home care providers (national, regional or local), nursing homes, ambulance companies, oncology treatment clinics, dialysis centers, pharmacies, hospital laboratories, military installations (ships, field hospitals and mobile care units), pharmaceutical clinical trials and cruise ship lines. The products manufactured and sold in this segment primarily consist of Piccolo chemistry analyzers and medical reagent discs. Veterinary Market In the veterinary market reportable segment, we serve a worldwide 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. Our veterinary market product offerings include VetScan chemistry analyzers and veterinary reagent discs, VetScan hematology instruments and related reagent kits, VetScan VS pro Total Revenues, Cost of Revenues and Gross Profit by Segment The table below summarizes revenues, cost of revenues and gross profit from our two operating segments and from certain unallocated items and represents our results from continuing operations for the three months ended June 30, 2017 and 2016 (in thousands). Three Months Ended June 30, 2017 2016 Revenues: Medical Market $ 8,862 $ 9,097 Veterinary Market 48,368 47,731 Other (1) 1,028 868 Total revenues 58,258 57,696 Cost of revenues: Medical Market 4,964 4,854 Veterinary Market 21,307 20,760 Other (1) 43 81 Total cost of revenues 26,314 25,695 Gross profit: Medical Market 3,898 4,243 Veterinary Market 27,061 26,971 Other (1) 985 787 Gross profit $ 31,944 $ 32,001 (1) Represents unallocated items, not specifically identified to any particular business segment.

REVENUES BY PRODUCT CATEGORY AN

REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS	3 Months Ended
	Jun. 30, 2017
REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS [Abstract]
REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS	NOTE 19 . REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS Revenue Information The following is a summary of our revenues by product category and represents our results from continuing operations (in thousands): Three Months Ended June 30, Revenues by Product Category 2017 2016 Instruments (1) $ 8,763 $ 10,099 Consumables (2) 46,040 44,689 Other products (3) 3,455 2,908 Product sales, net $ 58,258 $ 57,696 (1) Instruments include chemistry analyzers, hematology instruments, VS pro (2) Consumables include reagent discs, hematology reagent kits, VS pro (3) Other products include products using the Orbos process and extended maintenance agreements. The following is a summary of our revenues by geographic region based on customer location and represents our results from continuing operations (in thousands): Three Months Ended June 30, Revenues by Geographic Region 2017 2016 North America $ 46,969 $ 46,773 Europe 8,305 8,358 Asia Pacific and rest of the world 2,984 2,565 Total revenues $ 58,258 $ 57,696 Significant Concentrations During the three months ended June 30, 2017, three distributors, MWI Veterinary Supply, Inc., Henry Schein, Inc. and Patterson Companies, Inc., accounted for 23%, 15% and 11%, respectively, of our total worldwide revenues. During the three months ended June 30, 2016, four distributors, MWI Veterinary Supply, Inc., Henry Schein, Inc., Patterson Companies, Inc. and Abbott Point of Care, Inc. accounted for 20%, 13%, 12% and 10%, respectively, of our total worldwide revenues. Concentration of credit risk with respect to accounts receivable is primarily limited to certain distributors to whom we make significant sales. Two distributors accounted for 29% and 13%, respectively, of our total receivable balance as of June 30, 2017. Three distributors accounted for 26%, 13% and 10%, respectively, of our total receivable balance as of March 31, 2017.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2017
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 20. SUBSEQUENT EVENTS In July 2017, our Board of Directors declared a cash dividend of $0.14 per share on our outstanding common stock to be paid on September 15, 2017 to all shareholders of record as of the close of business on September 1, 2017.

DESCRIPTION OF BUSINESS AND B27

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Jun. 30, 2017
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the unaudited condensed consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim periods. The unaudited condensed consolidated financial statements included herein reflect all normal recurring adjustments, which are, in the opinion of our management, necessary to state fairly the results of operations and financial position for the periods presented. The results for the three month period ended June 30, 2017 are not necessarily indicative of the results to be expected for the entire fiscal year ending March 31, 2018 or for any interim or future period. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017.
Principles of Consolidation	Principles of Consolidation.
Discontinued Operations	Discontinued Operations.
Reclassifications	Reclassifications.
Management Estimates	Management Estimates.

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements Employee Share-Based Payment Accounting: As of April 1, 2017, we adopted the applicable provisions of ASU 2016-09 as follows: • The guidance requires excess tax benefits and tax deficiencies to be recorded as income tax benefit or expense in the consolidated statement of income when the awards vest or are settled, and eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the statement of cash flows. We adopted the guidance prospectively effective April 1, 2017 and have not revised the classification of the excess tax benefits in the prior year’s condensed consolidated statements of cash flows. Amounts previously recorded to additional paid-in capital related to windfall tax benefits prior to April 1, 2017 remain in shareholders’ equity. • The guidance eliminates the requirement that excess tax benefits must be realized (through a reduction in income taxes payable) before companies can recognize them. We have applied the modified retrospective transition method upon adoption. There were no unrecognized excess tax benefits prior to the adoption, therefore, there was no cumulative effects recorded to retained earnings as a result of the adoption. We also excluded the related tax benefits when applying the treasury stock method for computing diluted shares outstanding on a prospective basis as required by ASU 2016-09. The amount of excess tax benefits and deficiencies recognized in our income tax provision in our condensed consolidated statement of income will fluctuate from period to period based on our future stock price in relation to the fair value of stock awards on grant date and our future grants of stock awards and the volume of stock awards settled or vested. The impact of the tax benefits related to share-based payments may be material and may vary significantly each quarter based on the timing of actual settlement and vesting activity. The tax effects of vested awards are treated as discrete items in the reporting period in which they occur. Balance Sheet Classification of Deferred Taxes: Investments – Equity Method and Joint Ventures:
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Revenue from Contracts with Customers: In May 2014, issued No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 606, “Revenue Recognition.” ASU 2014-09 is Recognition and Measurement of Financial Assets and Financial Liabilities: Leases: Financial Instruments - Credit Losses: Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments: Compensation - Stock Compensation:

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Jun. 30, 2017
ACQUISITIONS [Abstract]
Acquisition Date Fair Value of the Purchase Consideration	The acquisition date fair value of the purchase consideration was $6.5 million, which included the following (in thousands): Cash $ 3,196 Installment payment obligations (1) 2,336 Settlement of preexisting business relationship at fair value 931 Total $ 6,463 (1) The installment payment obligation is denominated in British pounds (“GBP”) and the amount in the table above is based on the GBP to U.S. dollar exchange rate at the acquisition date.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Jun. 30, 2017
DISCONTINUED OPERATIONS [Abstract]
Results from Discontinued Operations	The results from discontinued operations during the three months ended June 30, 2017 and 2016 were as follows (in thousands): Three Months Ended June 30, Discontinued operations: 2017 2016 Revenues $ 154 $ 181 Cost of revenues 154 181 Gross profit $ - $ - Net income from discontinued operations $ - $ - The current assets and liabilities of discontinued operations as of June 30, 2017 and March 31, 2017 were as follows (in thousands): June 30, 2017 March 31, 2017 Receivables, net $ 34 $ 66 Total current assets of discontinued operations $ 34 $ 66 Other current liabilities $ 58 $ 85 Total current liabilities of discontinued operations $ 58 $ 85

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Jun. 30, 2017
INVESTMENTS [Abstract]
Available-for-sale and Held-to-maturity Investments	The following table summarizes available-for-sale and held-to-maturity investments as of June 30, 2017 and March 31, 2017 (in thousands). Available-for-Sale Investments June 30, 2017 Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Corporate bonds $ 8,684 $ - $ (34 ) $ 8,650 Municipal bonds 672 - (3 ) 669 Total available-for-sale investments $ 9,356 $ - $ (37 ) $ 9,319 Held-to-Maturity Investments June 30, 2017 Amortized Gross Gross Fair Certificates of deposit $ 10,209 $ - $ (10 ) $ 10,199 Commercial paper 4,974 - (6 ) 4,968 Corporate bonds 54,204 1 (213 ) 53,992 Municipal bonds 357 - (1 ) 356 Total held-to-maturity investments $ 69,744 $ 1 $ (230 ) $ 69,515 Available-for-Sale Investments March 31, 2017 Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Corporate bonds $ 6,381 $ - $ (4 ) $ 6,377 Municipal bonds 678 - (16 ) 662 Total available-for-sale investments $ 7,059 $ - $ (20 ) $ 7,039 Held-to-Maturity Investments March 31, 2017 Amortized Cost Gross Unrecognized Gain Gross Unrecognized (Loss) Fair Value Certificates of deposit $ 3,735 $ 1 $ (1 ) $ 3,735 Commercial paper 5,588 - (3 ) 5,585 Corporate bonds 57,009 - (186 ) 56,823 Municipal bonds 361 - (1 ) 360 Total held-to-maturity investments $ 66,693 $ 1 $ (191 ) $ 66,503
Amortized Cost and Fair Value of Investments, Classified by Stated Maturity	The following table summarizes the amortized cost and fair value of our investments, classified by stated maturity as of June 30, 2017 and March 31, 2017 (in thousands). June 30, 2017 June 30, 2017 Available-for-Sale Investments Held-to-Maturity Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 4,648 $ 4,637 $ 41,553 $ 41,466 Due in 1 to 3 years 4,708 4,682 28,191 28,049 Total investments $ 9,356 $ 9,319 $ 69,744 $ 69,515 March 31, 2017 March 31, 2017 Available-for-Sale Investments Held-to-Maturity Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 6,381 $ 6,377 $ 45,184 $ 45,124 Due in 1 to 3 years 678 662 21,509 21,379 Total investments $ 7,059 $ 7,039 $ 66,693 $ 66,503

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS [Abstract]
Financial Assets Measured at Fair Value on a Recurring Basis	The following table summarizes financial assets, measured at fair value on a recurring basis, by level of input within the fair value hierarchy as of June 30, 2017 and March 31, 2017 (in thousands): As of June 30, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 579 $ - $ - $ 579 Available-for-sale investments: Corporate bonds - 8,650 - 8,650 Municipal bonds - 669 - 669 Total assets at fair value $ 579 $ 9,319 $ - $ 9,898 As of March 31, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 584 $ - $ - $ 584 Available-for-sale investments: Corporate bonds - 6,377 - 6,377 Municipal bonds - 662 - 662 Total assets at fair value $ 584 $ 7,039 $ - $ 7,623

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2017
INVENTORIES [Abstract]
Components of Inventories	Components of inventories were as follows (in thousands): June 30, 2017 March 31, 2017 Raw materials $ 17,759 $ 16,567 Work-in-process 5,906 4,212 Finished goods 16,904 18,231 Inventories $ 40,569 $ 39,010

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	3 Months Ended
	Jun. 30, 2017
OTHER NON-CURRENT ASSETS [Abstract]
Summary of Other Non-Current Assets	Other non-current assets consist of the following (in thousands): June 30, 2017 March 31, 2017 Non-current lease receivables $ 8,452 $ 7,476 Other assets 147 148 Total other non-current assets $ 8,599 $ 7,624
Future Minimum Lease Payments Receivable	Future minimum lease payments to us on lease receivables as of June 30, 2017 are summarized as follows (in thousands): Fiscal Year Amount 2018 (remaining nine months) $ 1,450 2019 2,013 2020 1,997 2021 1,952 2022 1,947 Thereafter 1,038 Total 10,397 Less: Current portion (1,945 ) Non-current lease receivable $ 8,452

WARRANTY RESERVES (Tables)

WARRANTY RESERVES (Tables)	3 Months Ended
	Jun. 30, 2017
WARRANTY RESERVES [Abstract]
Change in Accrued Warranty Reserve	The change in our accrued warranty reserve during the three months ended June 30, 2017 and 2016 is summarized as follows (in thousands): Three Months Ended June 30, 2017 2016 Balance at beginning of period $ 4,358 $ 3,208 Provision for warranty expense 780 759 Warranty costs incurred (597 ) (391 ) Balance at end of period 4,541 3,576 Non-current portion of warranty reserve 2,771 2,232 Current portion of warranty reserve $ 1,770 $ 1,344

OTHER CURRENT ACCRUED LIABILI36

OTHER CURRENT ACCRUED LIABILITIES (Tables)	3 Months Ended
	Jun. 30, 2017
OTHER CURRENT ACCRUED LIABILITIES [Abstract]
Schedule of Other Current Accrued Liabilities	Other current accrued liabilities consist of the following (in thousands): June 30, 2017 March 31, 2017 Accrued liabilities for customer sales incentive programs $ 8,605 $ 7,181 Other current accrued liabilities 3,724 3,825 Total other current accrued liabilities $ 12,329 $ 11,006

EQUITY COMPENSATION PLANS AND37

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2017
EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION [Abstract]
Total Share-based Compensation Expense, Net of Tax	The following table summarizes total share-based compensation expense, net of tax, related to restricted stock units, and represents our results from continuing operations, during the three months ended June 30, 2017 and 2016, which is included in our condensed consolidated statements of income (in thousands, except per share data): Three Months Ended June 30, 2017 2016 Cost of revenues $ 367 $ 479 Research and development 761 594 Sales and marketing 1,244 704 General and administrative 739 1,042 Share-based compensation expense before income taxes 3,111 2,819 Income tax benefit (1,074 ) (984 ) Total share-based compensation expense after income taxes $ 2,037 $ 1,835 Net impact of share-based compensation on: Basic net income per share $ 0.09 $ 0.08 Diluted net income per share $ 0.09 $ 0.08
Restricted Stock Unit Activity	The following table summarizes restricted stock unit activity for the three months ended June 30, 2017. Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value (1) Number of Shares Weighted Average Grant Date Fair Value (1) Nonvested at March 31, 2017 535,000 $ 46.62 439,000 $ 47.40 Granted 131,000 45.84 137,000 45.84 Vested (2) (81,000 ) 44.38 (62,000 ) 40.82 Canceled and forfeited (3,000 ) 46.26 - - Nonvested at June 30, 2017 582,000 $ 46.76 514,000 $ 47.78 (1) The weighted average grant date fair value of restricted stock units is based on the number of shares and the closing market price of our common stock on the date of grant. (2) The number of restricted stock units vested includes shares that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements.

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2017
NET INCOME PER SHARE [Abstract]
Computations for Basic and Diluted Net Income from Continuing and Discontinued Operations per Share	The computations for basic and diluted net income per share are as follows (in thousands, except share and per share data): Three Months Ended June 30, 2017 2016 Numerator: Net income $ 6,330 $ 6,890 Denominator: Weighted average common shares outstanding - basic Weighted average effect of dilutive securities: 22,616,000 22,465,000 Restricted stock units 352,000 220,000 Weighted average common shares outstanding - diluted 22,968,000 22,685,000 Net income per share: Basic net income per share $ 0.28 $ 0.31 Diluted net income per share $ 0.28 $ 0.30

SEGMENT REPORTING INFORMATION (

SEGMENT REPORTING INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2017
SEGMENT REPORTING INFORMATION [Abstract]
Revenues, Cost of Revenues and Gross Profit, by Segment	The table below summarizes revenues, cost of revenues and gross profit from our two operating segments and from certain unallocated items and represents our results from continuing operations for the three months ended June 30, 2017 and 2016 (in thousands). Three Months Ended June 30, 2017 2016 Revenues: Medical Market $ 8,862 $ 9,097 Veterinary Market 48,368 47,731 Other (1) 1,028 868 Total revenues 58,258 57,696 Cost of revenues: Medical Market 4,964 4,854 Veterinary Market 21,307 20,760 Other (1) 43 81 Total cost of revenues 26,314 25,695 Gross profit: Medical Market 3,898 4,243 Veterinary Market 27,061 26,971 Other (1) 985 787 Gross profit $ 31,944 $ 32,001 (1) Represents unallocated items, not specifically identified to any particular business segment.

REVENUES BY PRODUCT CATEGORY 40

REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS (Tables)	3 Months Ended
	Jun. 30, 2017
REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS [Abstract]
Summary of Revenues by Product Category	The following is a summary of our revenues by product category and represents our results from continuing operations (in thousands): Three Months Ended June 30, Revenues by Product Category 2017 2016 Instruments (1) $ 8,763 $ 10,099 Consumables (2) 46,040 44,689 Other products (3) 3,455 2,908 Product sales, net $ 58,258 $ 57,696 (1) Instruments include chemistry analyzers, hematology instruments, VS pro (2) Consumables include reagent discs, hematology reagent kits, VS pro (3) Other products include products using the Orbos process and extended maintenance agreements.
Summary of Revenues by Geographic Region	The following is a summary of our revenues by geographic region based on customer location and represents our results from continuing operations (in thousands): Three Months Ended June 30, Revenues by Geographic Region 2017 2016 North America $ 46,969 $ 46,773 Europe 8,305 8,358 Asia Pacific and rest of the world 2,984 2,565 Total revenues $ 58,258 $ 57,696

DESCRIPTION OF BUSINESS AND B41

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Jun. 30, 2017Segment
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of reportable segments	2

ACQUISITIONS (Details)

ACQUISITIONS (Details) - QCR and Trio [Member] £ in Thousands, $ in Thousands	1 Months Ended		3 Months Ended
	Nov. 30, 2014USD ($)		Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2015USD ($)	Dec. 31, 2015GBP (£)
Business Acquisition [Line Items]
Outstanding stock acquired	100.00%
Business Combination, Consideration Transferred [Abstract]
Cash	$ 3,196
Installment payment obligations	2,336	[1]	$ 800	£ 750
Settlement of preexisting business relationship at fair value	931
Total	$ 6,463
First installment obligation paid					$ 1,100	£ 750
Post-closing indemnification obligations of certain of the sellers			$ 100
[1]	The installment payment obligation is denominated in British pounds ("GBP") and the amount in the table above is based on the GBP to U.S. dollar exchange rate at the acquisition date.

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2017
Discontinued operations [Abstract]
Revenues	$ 154	$ 181
Cost of revenues	154	181
Gross profit	0	0
Net income from discontinued operations	0	$ 0
Current and non-current assets and liabilities of discontinued operations [Abstract]
Receivables, net	34				$ 66
Total current assets of discontinued operations	34				66
Other current liabilities	58				85
Total current liabilities of discontinued operations	$ 58				$ 85
Antech Diagnostics Inc. [Member]
Summary of gain on sale of discontinued operation [Abstract]
Purchase price				$ 21,000
Cash consideration received				20,100
Gain on sale of discontinued operations, net of tax			$ 600	$ 7,700

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 9,356		$ 7,059
Gross Unrealized Gain	0		0
Gross Unrealized (Loss)	(37)		(20)
Fair Value	9,319		7,039
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	69,744		66,693
Gross Unrecognized Gain	1		1
Gross Unrecognized (Loss)	(230)		(191)
Fair Value	69,515		66,503
Available-for-sale securities and Held-to-maturity securities [Abstract]
Other-than-temporary impairment	0		0
Unrealized loss on available-for-sale investments, net of related income taxes	(22)		(12)
Redemptions of investments with callable provisions	0	$ 0
Available-for-sale investments by stated maturity, amortized cost [Abstract]
Amortized Cost, Due in less than one year	4,648		6,381
Amortized Cost, Due in 1 to 3 years	4,708		678
Amortized Cost	9,356		7,059
Available-for-sale investments by stated maturity, fair value [Abstract]
Fair Value, Due in less than one year	4,637		6,377
Fair Value, Due in 1 to 3 years	4,682		662
Fair Value, Total investments	9,319		7,039
Held-to-maturity investments by stated maturity, amortized cost [Abstract]
Amortized Cost, Due in less than one year	41,553		45,184
Amortized Cost, Due in 1 to 3 years	28,191		21,509
Amortized Cost, Total investments	69,744		66,693
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Due in less than one year	41,466		45,124
Fair Value, Due in 1 to 3 years	28,049		21,379
Fair Value, Total investments	69,515		66,503
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,684		6,381
Gross Unrealized Gain	0		0
Gross Unrealized (Loss)	(34)		(4)
Fair Value	8,650		6,377
Available-for-sale investments by stated maturity, amortized cost [Abstract]
Amortized Cost	8,684		6,381
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	672		678
Gross Unrealized Gain	0		0
Gross Unrealized (Loss)	(3)		(16)
Fair Value	669		662
Available-for-sale investments by stated maturity, amortized cost [Abstract]
Amortized Cost	672		678
Certificates of Deposit [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	10,209		3,735
Gross Unrecognized Gain	0		1
Gross Unrecognized (Loss)	(10)		(1)
Fair Value	10,199		3,735
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Total investments	10,199		3,735
Commercial Paper [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	4,974		5,588
Gross Unrecognized Gain	0		0
Gross Unrecognized (Loss)	(6)		(3)
Fair Value	4,968		5,585
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Total investments	4,968		5,585
Corporate Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	54,204		57,009
Gross Unrecognized Gain	1		0
Gross Unrecognized (Loss)	(213)		(186)
Fair Value	53,992		56,823
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Total investments	53,992		56,823
Municipal Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	357		361
Gross Unrecognized Gain	0		0
Gross Unrecognized (Loss)	(1)		(1)
Fair Value	356		360
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Total investments	$ 356		$ 360

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Available-for-sale Investments [Abstract]
Asset transfers Level 1 to Level 2	$ 0	$ 0
Asset transfers Level 2 to Level 1	0	0
Asset transfers into Level 3	0	0
Asset transfers out of Level 3	0	0
Liabilities [Abstract]
Liabilities transfers Level 1 to Level 2	0	0
Liabilities transfers Level 2 to Level 1	0	0
Liability transfers into Level 3	0	0
Liability transfers out of Level 3	0	$ 0
Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Cash equivalents	579		$ 584
Available-for-sale Investments [Abstract]
Corporate bonds	8,650		6,377
Municipal bonds	669		662
Total assets at fair value	9,898		7,623
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member]
Assets [Abstract]
Cash equivalents	579		584
Available-for-sale Investments [Abstract]
Corporate bonds	0		0
Municipal bonds	0		0
Total assets at fair value	579		584
Liabilities [Abstract]
Total liabilities at fair value	0		0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member]
Assets [Abstract]
Cash equivalents	0		0
Available-for-sale Investments [Abstract]
Corporate bonds	8,650		6,377
Municipal bonds	669		662
Total assets at fair value	9,319		7,039
Liabilities [Abstract]
Total liabilities at fair value	0		0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member]
Assets [Abstract]
Cash equivalents	0		0
Available-for-sale Investments [Abstract]
Corporate bonds	0		0
Municipal bonds	0		0
Total assets at fair value	0		0
Liabilities [Abstract]
Total liabilities at fair value	$ 0		$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
INVENTORIES [Abstract]
Raw materials	$ 17,759	$ 16,567
Work-in-process	5,906	4,212
Finished goods	16,904	18,231
Inventories	$ 40,569	$ 39,010

INVESTMENT IN UNCONSOLIDATED 47

INVESTMENT IN UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Jan. 31, 2017	Aug. 31, 2016	Feb. 28, 2011	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Payment to acquire an unconsolidated affiliate accounted for by cost method				$ 0		$ 2,999
Cost method investment						3,000
Investment in a Privately-held Company [Member]
Schedule of Equity Method Investments [Line Items]
Upfront payment	$ 300
Equity method investment net gain (loss)				(34)		0
Equity method investment, carrying value				2,800			$ 2,900
Investment in a Privately-held Company [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Amount payable upon achievement of specified milestone	$ 1,500
SMB [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, carrying value				0			$ 0
Equity ownership interest purchased			15.00%
Payment to acquire an unconsolidated affiliate accounted for by cost method			$ 2,800
Equity ownership interest sold		15.00%
Purchase price for equity method investment		$ 9,700
Holdback period in which payment expected to be released		18 months
Proceeds from sale of equity method investment		$ 8,500
Gain on sale of equity method investment					$ 6,100
Gain on sale of equity method investment after tax					$ 3,800
Allocated portion of unconsolidated affiliate's net income (loss)				$ 0		$ (34)

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Other non-current assets [Abstract]
Non-current lease receivables	$ 8,452	$ 7,476
Other assets	147	148
Total other non-current assets	$ 8,599	$ 7,624
Period for instrument and consumable purchases under lease agreement	6 years
Future minimum lease payments [Abstract]
2018 (remaining nine months)	$ 1,450
2,019	2,013
2,020	1,997
2,021	1,952
2,022	1,947
Thereafter	1,038
Total	10,397
Less: Current portion	(1,945)
Non-current lease receivable	$ 8,452

WARRANTY RESERVES (Details)

WARRANTY RESERVES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Change in accrued warranty reserve [Roll Forward]
Balance at beginning of period	$ 4,358	$ 3,208
Provision for warranty expense	780	759
Warranty costs incurred	(597)	(391)
Balance at end of period	4,541	3,576
Non-current portion of warranty reserve	2,771	2,232	$ 2,695
Current portion of warranty reserve	1,770	$ 1,344	1,663
Instruments [Member]
Change in accrued warranty reserve [Roll Forward]
Balance at beginning of period	3,800
Balance at end of period	$ 3,900
Instruments [Member] | Minimum [Member]
Product Warranty Liabilities [Line Items]
Period of coverage for standard warranty obligation on instruments	1 year
Instruments [Member] | Maximum [Member]
Product Warranty Liabilities [Line Items]
Period of coverage for standard warranty obligation on instruments	5 years
Reagent Discs [Member]
Change in accrued warranty reserve [Roll Forward]
Current portion of warranty reserve	$ 600		$ 600

BORROWINGS (Details)

BORROWINGS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
BORROWINGS [Abstract]
Term of loan agreement	10 years
Face amount of debt	$ 1,000
Stated interest rate	5.00%
Frequency of periodic payment	Quarterly
Short-term notes payable	$ 100	$ 100
Long-term notes payable	$ 253	$ 278
Maturity date	Dec. 31, 2020

OTHER CURRENT ACCRUED LIABILI51

OTHER CURRENT ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
OTHER CURRENT ACCRUED LIABILITIES [Abstract]
Accrued liabilities for customer sales incentive programs	$ 8,605	$ 7,181
Other current accrued liabilities	3,724	3,825
Total other current accrued liabilities	$ 12,329	$ 11,006

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
	Jun. 30, 2017USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Total purchase commitments	$ 4.5
Long-term Purchase Commitment [Line Items]
Contractual obligations estimated period	4 years
Maximum [Member]
Long-term Purchase Commitment [Line Items]
Contractual agreement payment	$ 10.2

EQUITY COMPENSATION PLANS AND53

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 26, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Oct. 22, 2014
Net impact of share-based compensation on [Abstract]
Capitalized share-based compensation costs		$ 200		$ 200
ASU 2016-09 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Income tax benefit		(100)
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense before income taxes		3,111	$ 2,819
Income tax benefit		(1,074)	(984)
Total share-based compensation expense after income taxes		$ 2,037	$ 1,835
Net impact of share-based compensation on [Abstract]
Basic net income per share (in dollars per share)		$ 0.09	$ 0.08
Diluted net income per share (in dollars per share)		$ 0.09	$ 0.08
Restricted Stock Units (RSUs) [Member] | Cost of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense before income taxes		$ 367	$ 479
Restricted Stock Units (RSUs) [Member] | Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense before income taxes		761	594
Restricted Stock Units (RSUs) [Member] | Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense before income taxes		1,244	704
Restricted Stock Units (RSUs) [Member] | General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense before income taxes		$ 739	$ 1,042
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total number of shares of the Company's common stock available for issuance (in shares)					1,712,409
Number of additional shares authorized for issuance under an established share-based compensation plan (in shares)	900,000
Maximum shares authorized for issuance (in shares)		2,612,409
Shares available for future issuance (in shares)		1,071,000

EQUITY COMPENSATION PLANS AND54

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION, Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			9 Months Ended
		Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2016	Jan. 25, 2017	Apr. 30, 2016
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 3,111		$ 2,819
Restricted Stock Units Activity, Weighted Average Grant Date Fair Value [Roll Forward]
Total intrinsic value		6,600		5,200
Total grant date fair value		$ 6,100		5,000
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period following change of control		18 months
Time-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 21,300
Weighted average service period for recognition of unrecognized compensation costs		2 years 2 months 12 days
Restricted Stock Unit Activity, Number of Shares [Roll Forward]
Nonvested, beginning of period (in shares)		535,000
Granted (in shares)		131,000
Vested (in shares)	[1]	(81,000)
Canceled and forfeited (in shares)		(3,000)
Nonvested, end of period (in shares)		582,000
Restricted Stock Units Activity, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, beginning of period (in dollars per share)	[2]	$ 46.62
Granted (in dollars per share)	[2]	45.84
Vested (in dollars per share)	[1],[2]	44.38
Canceled and forfeited (in dollars per share)	[2]	46.26
Nonvested, end of period (in dollars per share)	[2]	$ 46.76
Time-Based Restricted Stock Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Vesting percentage after first year		5.00%
Additional vesting percentage after second year		10.00%
Additional vesting percentage after third year		15.00%
Additional vesting percentage after fourth year		70.00%
Time-Based Restricted Stock Units [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage after first year		100.00%
Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 12,600
Weighted average service period for recognition of unrecognized compensation costs		2 years 1 month 6 days
Restricted Stock Unit Activity, Number of Shares [Roll Forward]
Nonvested, beginning of period (in shares)		439,000
Granted (in shares)		137,000
Vested (in shares)	[1]	(62,000)
Canceled and forfeited (in shares)		0
Nonvested, end of period (in shares)		514,000
Restricted Stock Units Activity, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, beginning of period (in dollars per share)	[2]	$ 47.40
Granted (in dollars per share)	[2]	45.84
Vested (in dollars per share)	[1],[2]	40.82
Canceled and forfeited (in dollars per share)	[2]	0
Nonvested, end of period (in dollars per share)	[2]	$ 47.78
FY 2017 Performance RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved restricted stock unit awards (performance vesting) (in shares)							152,000
Share-based compensation expense			$ 0		$ 600
Aggregate estimated grant date fair value				$ 6,800
FY 2017 Performance RSUs [Member] | Target Condition One [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		25.00%
Consolidated income from operations		> 90% of target
Vesting Date		Third anniversary of the date of grant
FY 2017 Performance RSUs [Member] | Target Condition Two [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		25.00%
Consolidated income from operations		> 90% of target
Vesting Date		Fourth anniversary of the date of grant
FY 2017 Performance RSUs [Member] | Target Condition Three [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		25.00%
Consolidated income from operations		>100% of target
Vesting Date		Third anniversary of the date of grant
FY 2017 Performance RSUs [Member] | Target Condition Four [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		25.00%
Consolidated income from operations		> 100% of target
Vesting Date		Fourth anniversary of the date of grant
FY 2017 Performance RSUs [Member] | Target Condition Three And Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate estimated grant date fair value						$ 4,000
FY 2017 Performance RSUs Vesting for CEO [Member] | Target Condition One [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		18.00%
Consolidated income from operations		> 90% of target
Vesting Date		Third anniversary of the date of grant
FY 2017 Performance RSUs Vesting for CEO [Member] | Target Condition Two [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		18.00%
Consolidated income from operations		> 90% of target
Vesting Date		Fourth anniversary of the date of grant
FY 2017 Performance RSUs Vesting for CEO [Member] | Target Condition Three [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		32.00%
Consolidated income from operations		>100% of target
Vesting Date		Third anniversary of the date of grant
FY 2017 Performance RSUs Vesting for CEO [Member] | Target Condition Four [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		32.00%
Consolidated income from operations		> 100% of target
Vesting Date		Fourth anniversary of the date of grant
FY 2017 Performance RSUs Vesting 1 and CEO [Member] | Target Condition One And Two [Member]
Restricted Stock Unit Activity, Number of Shares [Roll Forward]
Granted (in shares)				68,000
FY 2017 Performance RSUs Vesting 1 and CEO [Member] | Target Condition Three And Four [Member]
Restricted Stock Unit Activity, Number of Shares [Roll Forward]
Granted (in shares)				84,000
FY 2018 Performance RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved restricted stock unit awards (performance vesting) (in shares)		137,000
FY 2018 Performance RSUs [Member] | Target Condition One [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		50.00%
Consolidated income from operations before income tax provision		> 90% of target
Vesting Date		Third anniversary of the date of grant
FY 2018 Performance RSUs [Member] | Target Condition Two [Member]
Performance target of restricted stock units by vesting date [Abstract]
Shares issuable upon settlement		50.00%
Consolidated income from operations before income tax provision		> 90% of target
Vesting Date		Fourth anniversary of the date of grant
[1]	The number of restricted stock units vested includes shares that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements.
[2]	The weighted average grant date fair value of restricted stock units is based on the number of shares and the closing market price of our common stock on the date of grant.

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jul. 31, 2013
Dividend Payments [Abstract]
Total dividend payout		$ 3.2	$ 2.7
Share Repurchase Program [Member]
Share Repurchase Program [Abstract]
Authorized amount of stock repurchase	$ 97.3			$ 67.3
Increase to existing share repurchase program	$ 30
Share repurchases yet to be purchased under authorization		$ 54
Stock repurchased and retired to date (in shares)		1.6
Stock repurchased and retired to date		$ 43.3
Repurchase of common stock (in shares)		0	0

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Numerator [Abstract]
Net income	$ 6,330	$ 6,890
Denominator [Abstract]
Weighted average common shares outstanding - basic (in shares)	22,616,000	22,465,000
Weighted average effect of dilutive securities [Abstract]
Restricted stock units (in shares)	352,000	220,000
Weighted average common shares outstanding - diluted (in shares)	22,968,000	22,685,000
Net income per share [Abstract]
Basic net income per share (in dollars per share)	$ 0.28	$ 0.31
Diluted net income per share (in dollars per share)	$ 0.28	$ 0.30
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares underlying antidilutive securities (in shares)	0	161,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
INCOME TAXES [Abstract]
Income tax provision	$ 3,442	$ 3,822
Effective income tax rate	35.00%	36.00%
Unrecognized tax benefits	$ 0		$ 0
Penalties and interest expense related to unrecognized tax benefits	$ 0	$ 0

SEGMENT REPORTING INFORMATION58

SEGMENT REPORTING INFORMATION (Details) $ in Thousands		3 Months Ended
		Jun. 30, 2017USD ($)Segment	Jun. 30, 2016USD ($)
SEGMENT REPORTING INFORMATION [Abstract]
Minimum percentage of revenues or gross profit (loss) in order for customer group to be identified as reportable segment		10.00%
Number of reportable segments | Segment		2
Segment Reporting Information [Line Items]
Revenues		$ 58,258	$ 57,696
Cost of revenues		26,314	25,695
Gross profit		31,944	32,001
Other [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	1,028	868
Cost of revenues	[1]	43	81
Gross profit	[1]	985	787
Reportable Segments [Member] | Medical Market [Member]
Segment Reporting Information [Line Items]
Revenues		8,862	9,097
Cost of revenues		4,964	4,854
Gross profit		3,898	4,243
Reportable Segments [Member] | Veterinary Market [Member]
Segment Reporting Information [Line Items]
Revenues		48,368	47,731
Cost of revenues		21,307	20,760
Gross profit		$ 27,061	$ 26,971
[1]	Represents unallocated items, not specifically identified to any particular business segment.

REVENUES BY PRODUCT CATEGORY 59

REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS, Revenue by Product (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Revenue from External Customer [Line Items]
Revenues		$ 58,258	$ 57,696
Instruments [Member]
Revenue from External Customer [Line Items]
Revenues	[1]	8,763	10,099
Consumables [Member]
Revenue from External Customer [Line Items]
Revenues	[2]	46,040	44,689
Other Products [Member]
Revenue from External Customer [Line Items]
Revenues	[3]	$ 3,455	$ 2,908
[1]	Instruments include chemistry analyzers, hematology instruments, VSpro specialty analyzers and i-STAT analyzers.
[2]	Consumables include reagent discs, hematology reagent kits, VSpro specialty cartridges, i-STAT cartridges and rapid tests.
[3]	Other products include products using the Orbos process and extended maintenance agreements.

REVENUES BY PRODUCT CATEGORY 60

REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS, Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 58,258	$ 57,696
North America [Member] | Reportable Geographical Components [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	46,969	46,773
Europe [Member] | Reportable Geographical Components [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	8,305	8,358
Asia Pacific and Rest of the World [Member] | Reportable Geographical Components [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 2,984	$ 2,565

REVENUES BY PRODUCT CATEGORY 61

REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS, Concentration Risk (Details) - Customer Concentration Risk [Member] - Customer	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Worldwide Revenues [Member]
Concentration Risk [Line Items]
Number of major customers	3	4
Worldwide Revenues [Member] | MWI Veterinary Supply, Inc. [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer	23.00%	20.00%
Worldwide Revenues [Member] | Henry Schein, Inc. [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer	15.00%	13.00%
Worldwide Revenues [Member] | Patterson Companies, Inc. [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer	11.00%	12.00%
Worldwide Revenues [Member] | Abbott Point of Care, Inc. [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer		10.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of major customers	2		3
Accounts Receivable [Member] | Distributor One [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer	29.00%
Accounts Receivable [Member] | Distributor Two [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer	13.00%
Accounts Receivable [Member] | Distributor Three [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer			26.00%
Accounts Receivable [Member] | Distributor Four [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer			13.00%
Accounts Receivable [Member] | Distributor Five [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer			10.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - Quarterly Dividend [Member]	1 Months Ended
	Jul. 31, 2017$ / shares
Subsequent Event [Line Items]
Dividend declared date	2017-07
Quarterly dividend amount (in dollars per share)	$ 0.14
Dividend payment date	Sep. 15, 2017
Record date	Sep. 1, 2017