Abaxis (ABAX) 10-K 30 May 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2017	May 26, 2017	Sep. 30, 2016
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 Public Float			$ 677,280,000
Entity Common Stock, Shares Outstanding		22,654,000
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2017

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 91,332	$ 88,323
Short-term investments	51,561	41,474
Receivables (net of allowances of $272 in 2017 and $479 in 2016)	40,568	35,148
Inventories	39,010	35,131
Prepaid expenses and other current assets	4,997	6,351
Net deferred tax assets, current	5,644	4,810
Current assets of discontinued operations	66	961
Total current assets	233,178	212,198
Long-term investments	22,171	22,458
Investments in unconsolidated affiliates	2,850	2,705
Property and equipment, net	34,260	26,842
Intangible assets, net	1,171	1,324
Net deferred tax assets, non-current	4,392	3,903
Other assets	7,624	1,950
Total assets	305,646	271,380
Current liabilities:
Accounts payable	7,517	7,292
Accrued payroll and related expenses	9,606	8,349
Accrued taxes	2,151	1,145
Current liabilities of discontinued operations	85	112
Other accrued liabilities	11,006	9,393
Deferred revenue	1,415	1,600
Warranty reserve	1,663	1,281
Total current liabilities	33,443	29,172
Non-current liabilities:
Deferred revenue	1,460	2,274
Warranty reserve	2,695	1,927
Net deferred tax liabilities	234	384
Notes payable, less current portion	278	379
Other non-current liabilities	1,312	932
Total non-current liabilities	5,979	5,896
Total liabilities	39,422	35,068
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred stock, no par value: 5,000,000 shares authorized; no shares issued and outstanding in 2017 and 2016	0	0
Common stock, no par value: 35,000,000 shares authorized; 22,540,000 and 22,408,000 shares issued and outstanding in 2017 and 2016, respectively	135,932	127,016
Retained earnings	130,304	109,303
Accumulated other comprehensive loss	(12)	(7)
Total shareholders' equity	266,224	236,312
Total liabilities and shareholders' equity	$ 305,646	$ 271,380

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Current assets:
Receivables, allowances	$ 272	$ 479
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)	22,540,000	22,408,000
Common stock, shares outstanding (in shares)	22,540,000	22,408,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Revenues	$ 227,220	$ 218,901	$ 202,593
Cost of revenues	101,375	95,649	93,623
Gross profit	125,845	123,252	108,970
Operating expenses:
Research and development	19,795	18,388	16,327
Sales and marketing	45,249	42,526	42,147
General and administrative	16,314	15,984	16,192
Total operating expenses	81,358	76,898	74,666
Income from operations	44,487	46,354	34,304
Interest and other income (expense), net	6,625	793	(1,262)
Income from continuing operations before income tax provision	51,112	47,147	33,042
Income tax provision	18,333	16,073	12,239
Income from continuing operations	32,779	31,074	20,803
Discontinued operations (Note 3)
Loss from discontinued operations, net of tax	(63)	(3)	(1,154)
Gain on sale of discontinued operations, net of tax	0	559	7,682
Net income	$ 32,716	$ 31,630	$ 27,331
Basic
Continuing operations (in dollars per share)	$ 1.46	$ 1.37	$ 0.92
Discontinued operations (in dollars per share)	(0.01)	0.03	0.29
Basic net income per share (in dollars per share)	1.45	1.40	1.21
Diluted
Continuing operations (in dollars per share)	1.44	1.36	0.91
Discontinued operations (in dollars per share)	0	0.02	0.29
Diluted net income per share (in dollars per share)	$ 1.44	$ 1.38	$ 1.20
Shares used in the calculation of net income per share:
Weighted average common shares outstanding - basic (in shares)	22,515,000	22,661,000	22,497,000
Weighted average common shares outstanding - diluted (in shares)	22,797,000	22,883,000	22,787,000
Cash dividends declared per share (in dollars per share)	$ 0.52	$ 0.44	$ 0.40

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 32,716	$ 31,630	$ 27,331
Other comprehensive income (loss):
Net change in unrealized gain (loss) on investments	(8)	2	(5)
Tax provision (benefit) on other comprehensive income (loss)	(3)	1	(2)
Other comprehensive income (loss), net of tax	(5)	1	(3)
Comprehensive income	$ 32,711	$ 31,631	$ 27,328

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Mar. 31, 2014	$ 124,603	$ 69,318	$ (5)	$ 193,916
Balance (in shares) at Mar. 31, 2014	22,308,000
Increase (Decrease) in Stockholders' Equity
Common stock issued under stock option exercises	$ 31	0	0	31
Common stock issued under stock option exercises (in shares)	2,000
Common stock issued in settlement of restricted stock units, net of shares withheld for employee taxes	$ (3,026)	0	0	(3,026)
Common stock issued in settlement of restricted stock units, net of shares withheld for employee taxes (in shares)	203,000
Warrant exercises	$ 78	0	0	78
Warrants exercises (in shares)	26,000
Dividends to shareholders	$ 0	(9,006)	0	(9,006)
Share-based compensation	9,759	0	0	9,759
Compensation expense recognized on accelerated vesting of warrants	168	0	0	168
Excess tax benefits from share-based awards and other tax adjustments	946	0	0	946
Net income	0	27,331	0	27,331
Other comprehensive income (loss), net of tax	0	0	(3)	(3)
Balance at Mar. 31, 2015	$ 132,559	87,643	(8)	220,194
Balance (in shares) at Mar. 31, 2015	22,539,000
Increase (Decrease) in Stockholders' Equity
Common stock issued in settlement of restricted stock units, net of shares withheld for employee taxes	$ (5,250)	0	0	(5,250)
Common stock issued in settlement of restricted stock units, net of shares withheld for employee taxes (in shares)	190,000
Warrant exercises	$ 12	0	0	12
Warrants exercises (in shares)	4,000
Repurchases of common stock, net	$ (13,040)	0	0	(13,040)
Repurchases of common stock, net (in shares)	(325,000)
Dividends to shareholders	$ 0	(9,970)	0	(9,970)
Share-based compensation	11,114	0	0	11,114
Excess tax benefits from share-based awards and other tax adjustments	1,621	0	0	1,621
Net income	0	31,630	0	31,630
Other comprehensive income (loss), net of tax	0	0	1	1
Balance at Mar. 31, 2016	$ 127,016	109,303	(7)	236,312
Balance (in shares) at Mar. 31, 2016	22,408,000
Increase (Decrease) in Stockholders' Equity
Common stock issued in settlement of restricted stock units, net of shares withheld for employee taxes	$ (2,234)	0	0	(2,234)
Common stock issued in settlement of restricted stock units, net of shares withheld for employee taxes (in shares)	132,000
Dividends to shareholders	$ 0	(11,715)	0	(11,715)
Share-based compensation	11,126	0	0	11,126
Excess tax benefits from share-based awards and other tax adjustments	24	0	0	24
Net income	0	32,716	0	32,716
Other comprehensive income (loss), net of tax	0	0	(5)	(5)
Balance at Mar. 31, 2017	$ 135,932	$ 130,304	$ (12)	$ 266,224
Balance (in shares) at Mar. 31, 2017	22,540,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 32,716	$ 31,630	$ 27,331
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,340	6,697	8,486
Investment premium amortization, net	666	1,180	635
Gain on sale of discontinued operations, net of tax	0	(559)	(7,682)
Net loss on disposals of property and equipment	115	103	8
Impairment loss of intangible assets	0	13	0
Foreign exchange (gain) loss	627	(149)	1,794
Share-based compensation expense	11,079	11,100	9,787
Excess tax benefits from share-based awards	(330)	(1,621)	(961)
Deferred income taxes	(1,319)	1,317	(3,954)
Equity in net (income) loss of unconsolidated affiliates	184	(22)	(37)
Gain on sale of equity method investment	(6,053)	0	0
Changes in assets and liabilities:
Receivables, net	(4,564)	(4,914)	(1,306)
Inventories	(8,184)	74	(10,135)
Prepaid expenses and other current assets	1,386	(1,912)	787
Other assets	(5,674)	(1,829)	(55)
Accounts payable	238	(443)	116
Accrued payroll and related expenses	1,257	(3,081)	6,776
Accrued taxes	760	(4,065)	(1,294)
Other liabilities	2,757	(4,848)	5,514
Deferred revenue	(999)	(667)	(702)
Warranty reserve	1,150	52	1,288
Net cash provided by operating activities	33,152	28,056	36,396
Cash flows from investing activities:
Purchases of available-for-sale investments	(4,401)	(2,731)	0
Purchases of held-to-maturity investments	(52,513)	(61,049)	(36,804)
Proceeds from maturities and redemptions of available-for-sale investments	4,300	0	6,498
Proceeds from maturities and redemptions of held-to-maturity investments	42,140	48,959	26,969
Purchases of property and equipment	(10,171)	(5,185)	(6,077)
Proceeds from disposals of property and equipment	0	0	25
Acquisitions, net of cash acquired	(785)	(1,131)	(618)
Cash paid for investment in unconsolidated affiliate	(2,999)	0	0
Proceeds from sale of equity method investment	8,526	0	0
Proceeds from sale of discontinued operations	0	900	20,100
Net cash provided by (used in) investing activities	(15,903)	(20,237)	10,093
Cash flows from financing activities:
Proceeds from the exercise of stock options	0	0	31
Tax withholdings related to net share settlements of restricted stock units	(2,234)	(5,250)	(3,026)
Excess tax benefits from share-based awards	330	1,621	961
Repurchases of common stock	0	(13,040)	0
Proceeds from the exercise of warrants	0	12	78
Dividends paid	(11,715)	(9,970)	(9,006)
Net cash used in financing activities	(13,619)	(26,627)	(10,962)
Effect of exchange rate changes on cash and cash equivalents	(621)	116	(2,101)
Net increase (decrease) in cash and cash equivalents	3,009	(18,692)	33,426
Cash and cash equivalents at beginning of year	88,323	107,015	73,589
Cash and cash equivalents at end of year	91,332	88,323	107,015
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	16,901	19,927	15,888
Supplemental disclosure of non-cash flow information:
Change in unrealized gain (loss) on investments, net of tax	(5)	1	(3)
Transfers of equipment between inventory and property and equipment, net	4,549	987	2,295
Net change in capitalized share-based compensation	47	14	(29)
Common stock withheld for employee taxes in connection with share-based compensation	2,234	5,250	3,026
Repayment of notes payable by credits from municipal agency	101	101	101
Settlement of preexisting business relationship in connection with acquisition	0	0	931
Installment payment obligation accrued related to acquisition	$ 0	$ 0	$ 2,336

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2017
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 Principles of Consolidation. Discontinued Operations. Reclassifications. Summary of Significant Accounting Policies Management Estimates. Cash and Cash Equivalents. Investments. Realized gains and losses from investments are included in “Interest and other income (expense), net,” computed using the specific identification cost method. We assess whether an other-than-temporary impairment loss on our investments has occurred due to declines in fair value or other market conditions. Declines in fair value that are determined to be other-than-temporary, if any, are recorded as charges against “Interest and other income (expense), net” in the consolidated statements of income. We did not recognize any impairment loss on investments during fiscal 2017, 2016 or 2015. Concentration of Credit Risks and Certain Other Risks. We sell our products to distributors and direct customers located primarily in North America, Europe and other countries. Credit is extended to our customers and we generally do not require our customers to provide collateral for purchases on credit. Credit risks are mitigated by our credit evaluation process and monitoring the amounts owed to us, taking appropriate action when necessary. Starting in fiscal 2016, we entered into sales contracts as the lessor of instruments under sales-type lease agreements with our customers, whereby we retain a security interest in certain of the underlying assets and monitor the amounts owed to us. Collection of receivables may be affected by changes in economic or other industry conditions and may, accordingly, impact our overall credit risk. We maintain an allowance for doubtful accounts, but historically have not experienced any material losses related to an individual customer or group of customers in any particular industry or geographic area. Concentration of credit risk with respect to accounts receivable is primarily limited to certain distributors to whom we make significant sales. Three distributors accounted for 26%, 13% and 10%, respectively, of our total receivable balance as of March 31, 2017. Two distributors accounted for 25% and 14%, respectively, of our total receivable balance as of March 31, 2016. We are subject to certain risks and uncertainties and believe that changes in any of the following areas could have a material adverse effect on our future financial position or results of operations: continued Food and Drug Administration compliance or regulatory changes; uncertainty regarding health care reforms; fundamental changes in the technology underlying blood testing; the ability to develop new products and services that are accepted in the marketplace; competition, including, but not limited to, pricing and products or product features and services; the adequate and timely sourcing of inventories; foreign currency fluctuations; litigation, product liability or other claims against Abaxis; the ability to attract and retain key employees; stock price volatility due to general economic conditions or future issuances and sales of our stock; changes in legal and accounting regulations and standards; and changes in tax regulations. Fair Value Measurements. 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 because 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. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Our financial instruments include cash, cash equivalents, investments, receivables, accounts payable and certain other accrued liabilities. The fair value of cash, cash equivalents, receivables, accounts payable and certain other accrued liabilities are valued at their carrying value, which approximates fair value due to their short maturities. See Note 5, “Fair Value Measurements” for further information on fair value measurement of our financial and nonfinancial assets and liabilities. Inventories. Investments in Unconsolidated Affiliates. We assess the potential impairment of our equity method investments when indicators such as a history of operating losses, a negative earnings and cash flow outlook, and the financial condition and prospects for the investee’s business segment might indicate a loss in value. We did not recognize any impairment loss on investments in unconsolidated affiliates during fiscal 2017, 2016 or 2015. In January 2017, we early adopted Accounting Standards Update (“ASU”) No. 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting” (“ASU 2016-07”), which eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. See Note 7, “Investments in Unconsolidated Affiliates” for further information on investments in unconsolidated affiliates. Property and Equipment. Asset Classification Estimated Useful Life Machinery and equipment 2-15 years Furniture and fixtures 3-8 years Computer equipment 2-7 years Building 25 years Leasehold improvements Shorter of estimated useful life or remaining lease term Construction in progress primarily consists of purchased material and internal payroll and related costs used in the development of production lines. We did not capitalize interest on constructed assets during fiscal 2017, 2016 or 2015 due to immateriality. Property and equipment includes instruments transferred from inventory and held for loan or evaluation or demonstration purposes to customers. Units held for loan, evaluation or demonstration purposes are carried at cost and depreciated over their estimated useful lives of three to five years. Depreciation expense related to these instruments is recorded in cost of revenues or in the respective operating expense line based on the function and purpose for which it is being used. Proceeds from the sale of evaluation units are recorded as revenue. Transfers of equipment between inventory to property and equipment, net, during fiscal 2017, 2016 and 2015 were $4.5 million, $1.0 million and $2.3 million, respectively. Intangible Assets. Valuation of Long-Lived Assets. Revenue Recognition. • Evidence of an arrangement exists: Persuasive evidence of an arrangement with a customer that reflects the terms and conditions to deliver products or render services must exist in order to recognize revenue. • Upon shipment of the products or rendering of services to the customer: Delivery is considered to occur at the time of shipment of products to a distributor or direct customer, as title and risk of loss have been transferred to the distributor or direct customer on delivery to the common carrier. Rights of return are not provided. For services, delivery was considered to occur as the service was provided. Service revenues were primarily generated from veterinary reference laboratory diagnostic and consulting services for veterinarians. Net service revenues were recognized at the time services were performed. • Fixed or determinable sales price: When the sales price is fixed or determinable that amount is recognized as revenue. • Collection is reasonably assured: Collection is deemed probable if a customer is expected to be able to pay amounts under the arrangement as those amounts become due. Revenue is recognized when collectibility of the resulting receivable is reasonably assured. Amounts collected in advance of revenue recognition are recorded as a current or non-current deferred revenue liability based on the time from the balance sheet date to the future date of revenue recognition. We recognize revenue associated with extended maintenance agreements ratably over the life of the contract. Until March 2015, we offered discounts on AVRL services for a specified period as incentives. Discounts were reductions to invoiced amounts within a specified period and were recorded at the time services are performed. Multiple Element Revenue Arrangements . A multiple element arrangement includes the sale of one or more tangible product offerings with one or more associated services offerings, each of which are individually considered separate units of accounting. We allocate revenues to each element in a multiple element arrangement based upon the relative selling price of each deliverable. When applying the relative selling price method, we determine the selling price for each deliverable using vendor-specific objective evidence (“VSOE”) of selling price, if it exists, or third-party evidence (“TPE”) of selling price. If neither VSOE nor TPE of selling price exist for a deliverable, we use our best estimate of selling price for that deliverable. Revenues allocated to each element are then recognized when all revenue recognition criteria are met for each element. Revenues from our multiple element arrangements are allocated separately to the instruments, consumables, extended maintenance agreements and incentives based on the relative selling price method. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product when it is sold separately. Revenues allocated to each element are then recognized when the basic revenue recognition criteria, as described above, are met for each element. Revenues associated with incentives in the form of free goods are deferred until the goods are shipped to the customer. Revenues associated with incentives in the form of extended maintenance agreements are deferred and recognized ratably over the life of the extended maintenance contract, generally one to three years. For our selling arrangements in the veterinary market that include multiple deliverables, such as instruments, consumables or service agreements (prior to the sale of AVRL in March 2015) associated with our veterinary reference laboratory, revenue is recognized upon delivery of the product or performance of the service during the term of the service contract when the basic revenue recognition criteria, as described above, are met for each element. We allocate revenues to each element based on the relative selling price of each deliverable. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately. Until March 2015, we offered customer incentives consisting of arrangements with customers to include discounts on future sales of services associated with our veterinary reference laboratory. We applied judgment in determining whether future discounts are significant and incremental. When the future discount offered was not considered significant and incremental, we did not account for the discount as an element of the original arrangement. To determine whether a discount was significant and incremental, we looked to the discount provided in comparison to standalone sales of the same product to similar customers, the level of discount provided on other elements in the arrangement, and the significance of the discount to the overall arrangement. If the discount in the multiple element arrangement approximated the discount typically provided in standalone sales, that discount is not considered incremental. During fiscal 2015, our customer incentive programs with future discounts were not significant and in fiscal 2017 and 2016 we did not offer any such incentives. Customer Programs . Instrument Trade-In Programs Instrument Rental Programs Lease Programs . We estimate the fair value of our leased products for the purposes of lease classification. In accordance with FASB ASC Topic 840, Leases (“ASC 840”), we define the fair value of a leased product at lease inception as its normal selling price, reflecting any volume or discounts that may apply. We estimate the fair value of our leased products based upon transacted cash sales prices. Estimating the fair value of our leased products can be subjective and thus subject to significant judgment. The present value of lease receivables, including accrued interest, was $9.1 million and $2.1 million, as of March 31, 2017 and 2016, respectively. Our short-term and long-term lease receivables are recorded within “Receivables” and “Other Assets,” respectively, on our consolidated balance sheets. Revenue from sales-type lease arrangements is recognized upon shipment of the products to the customer, assuming all other revenue recognition criteria have been met. Revenues from sales-type leases are presented as product revenue. Interest income is recognized monthly over the lease term using the effective-interest method. Sales Incentive Programs • Volume-based Incentives • Distributor Rebate Incentives. • End-User Rebates and Discounts Royalty Revenues . Allowance for Doubtful Accounts . In the event we determine that a lease receivable may not be paid, we include in our allowance an amount for the outstanding balance related to the lease receivable. We regularly review the adequacy of the allowances for outstanding lease receivables either on an individual or a collective basis. When evaluating the lease receivables, we consider historical experience, credit quality and age of receivable balances, and economic conditions that may affect a customer’s ability to pay. Our ongoing consideration of all these factors could result in an increase in our allowance for loss on lease receivables in the future, which could adversely affect our operating results. Lease receivables are charged off at the point when they are considered uncollectible. Shipping and Handling. Research and Development Expenses. Advertising Expenses. Income Taxes. We recognize and measure benefits for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of evidence indicates that it is more likely than not that the tax position will be sustained upon audit, including resolution of any related appeals or litigation processes. For tax positions that are more likely than not to be sustained upon audit, the second step is to measure the tax benefit as the largest amount that is more than 50 percent likely to be realized upon settlement. Significant judgment is required to evaluate uncertain tax positions. At March 31, 2017 and 2016, we had no significant uncertain tax positions. Our policy is to include interest and penalties related to gross unrecognized tax benefits within our provision for income taxes. For fiscal 2017, 2016 and 2015, we did not recognize any interest or penalties related to uncertain tax positions in the consolidated statements of income, and at March 31, 2017 and 2016, we had no accrued interest or penalties. Share-Based Compensation Expense. Net Income Per Share. Comprehensive Income. Foreign Currency. Recently Issued Accounting Standards Revenue from Contracts with Customers: The new guidance allows for the standard and all subsequent amendments to be applied either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are continuing to evaluating the impact of the adoption of this standard and all subsequent amendments on our consolidated financial statements and have not elected a transition method. Simplifying the Measurement of Inventory: Balance Sheet Classification of Deferred Taxes: Recognition and Measurement of Financial Assets and Financial Liabilities: Leases: Employee Share-Based Payment Accounting: Investments – Equity Method and Joint Ventures: Financial Instruments - Credit Losses: Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments:

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Mar. 31, 2017
ACQUISITIONS [Abstract]
ACQUISITIONS	NOTE 2. 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 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. The following table summarizes the acquisition date fair value of net tangible assets acquired and liabilities assumed from QCR and Trio (in thousands): Fair Value Net tangible assets acquired $ 5,248 Intangible assets: Customer relationships 1,535 Tradename 16 Deferred tax liabilities (336 ) Total $ 6,463 The useful lives for the customer relationships and tradename intangible assets acquired in the acquisition are ten years and two years, respectively, and are amortized on a straight-line basis. See Note 9, “Intangible Assets, Net” for additional information. We evaluated certain assets and liabilities related to the QCR and Trio acquisition during the measurement period, which terminated 12 months from the acquisition date. Changes to amounts recorded as assets or liabilities and corresponding adjustments to the purchase price allocation were insignificant. Abaxis UK, our wholly-owned subsidiary in the United Kingdom, was formed by our acquisition of QCR and Trio in November 2014. Our consolidated financial statements include the operating results of our business combination and the consolidation of Abaxis UK from the date of acquisition.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Mar. 31, 2017
DISCONTINUED OPERATIONS [Abstract]
DISCONTINUED OPERATIONS	NOTE 3. 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. In accordance with ASC 205, “Presentation of Financial Statements – Discontinued Operations,” a business is classified as a discontinued operation when: (i) the operations and cash flows of the business can be clearly distinguished and have been or will be eliminated from our ongoing operations; (ii) the business has either been disposed of or is classified as held for sale; and (iii) the Company will not have any significant continuing involvement in the operations of the business after the disposal transactions. In accordance with the accounting guidance, the AVRL business represents a separate asset group and the sale of assets in this business qualifies as a discontinued operation. In connection with the sale of our AVRL business, we recognized a pre-tax gain of $12.3 million ($7.7 million after-tax) on the sale of discontinued operations during fiscal 2015, and a pre-tax gain of $0.9 million ($0.6 million after-tax) on the sale of discontinued operations during fiscal 2016. The pre-tax gain on this sale reflects the excess of the sum of the cash proceeds received over the costs incurred in connection with the sale of AVRL. During the fourth quarter of fiscal 2015, we recorded costs of $7.8 million related to cash payments for employee-related costs, including severance, contract termination and other associated costs. In connection with the transaction, we recorded disposal of and an impairment charge on long-lived assets of $1.9 million during fiscal 2015. These items partially offset the cash proceeds that we received in accordance with the terms of the APA. The following table summarizes the components of the gain recognized in fiscal 2016 and 2015 (in thousands): Year Ended March 31, 2016 2015 Cash proceeds received or realized $ 900 $ 20,100 Less: Book value of net assets sold — (618 ) Less: Costs incurred directly attributable to the transaction — (5,211 ) Net proceeds from sale of discontinued operations 900 14,271 Less: Disposal and impairment of long-lived assets — (1,941 ) Gain on sale of discontinued operations 900 12,330 Income tax expense 341 4,648 Net gain on sale of discontinued operations $ 559 $ 7,682 The results from discontinued operations were as follows (in thousands): Year Ended March 31, 2017 2016 2015 Discontinued operations: Revenues $ 713 $ 760 $ 14,202 Cost of revenues 713 985 12,614 Gross profit (loss) — (225 ) 1,588 Operating expenses 101 (91 ) 3,442 Other income (expense), net — 127 — Loss before income tax provision (101 ) (7 ) (1,854 ) Income tax benefit (38 ) (4 ) (700 ) Net loss of discontinued operations $ (63 ) $ (3 ) $ (1,154 ) Gain on sale of discontinued operations, net of tax $ — $ 559 $ 7,682 The current and non-current assets and liabilities of discontinued operations were as follows (in thousands): March 31, 2017 2016 Receivables, net $ 66 $ 949 Prepaid expenses and other current assets — 12 Total current assets of discontinued operations $ 66 $ 961 Other current liabilities $ 85 $ 112 Total current liabilities of discontinued operations $ 85 $ 112

INVESTMENTS

INVESTMENTS	12 Months Ended
	Mar. 31, 2017
INVESTMENTS [Abstract]
INVESTMENTS	NOTE 4. 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 March 31, 2017 and 2016 (in thousands): 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 Available-for-Sale Investments March 31, 2016 Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Corporate bonds $ 7,037 $ — $ (12 ) $ 7,025 Total available-for-sale investments $ 7,037 $ — $ (12 ) $ 7,025 Held-to-Maturity Investments March 31, 2016 Amortized Cost Gross Unrecognized Gain Gross Unrecognized (Loss) Fair Value Certificates of deposit $ 2,737 $ 3 $ — $ 2,740 Commercial paper 12,455 — (6 ) 12,449 Corporate bonds 41,715 — (117 ) 41,598 Total held-to-maturity investments $ 56,907 $ 3 $ (123 ) $ 56,787 The amortized cost of our held-to-maturity investments approximates their fair value. As of March 31, 2017 and 2016, 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 March 31, 2017 and 2016, we had unrealized losses on available-for-sale investments, net of related income taxes of $12,000 and $7,000, respectively. Redemptions of investments in accordance with the callable provisions during fiscal 2017, 2016 and 2015 were $0, $0 and $1.3 million, respectively. The following table summarizes the amortized cost and fair value of our investments, classified by stated maturity as of March 31, 2017 and 2016 (in thousands): 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 March 31, 2016 March 31, 2016 Available-for-Sale Investments Held-to-Maturity Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 4,314 $ 4,311 $ 37,163 $ 37,128 Due in 1 to 2 years 2,723 2,714 19,744 19,659 Total investments $ 7,037 $ 7,025 $ 56,907 $ 56,787

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Mar. 31, 2017
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 5. FAIR VALUE MEASUREMENTS 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 March 31, 2017 and 2016 (in thousands): As of March 31, 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 $ 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 March 31, 2016 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 $ 9,834 $ — $ — $ 9,834 Available-for-sale investments: Corporate bonds — 7,025 — 7,025 Total assets at fair value $ 9,834 $ 7,025 $ — $ 16,859 As of March 31, 2017 and 2016, 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 March 31, 2017 and 2016, our Level 2 financial assets primarily consisted of corporate 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 March 31, 2017 and 2016, 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 fiscal 2017, 2016 and 2015.

INVENTORIES

INVENTORIES	12 Months Ended
	Mar. 31, 2017
INVENTORIES [Abstract]
INVENTORIES	NOTE 6. INVENTORIES Components of inventories at March 31, 2017 and 2016 were as follows (in thousands): March 31, 2017 2016 Raw materials $ 16,567 $ 15,737 Work-in-process 4,212 6,039 Finished goods 18,231 13,355 Inventories $ 39,010 $ 35,131

INVESTMENTS IN UNCONSOLIDATED A

INVESTMENTS IN UNCONSOLIDATED AFFILIATES	12 Months Ended
	Mar. 31, 2017
INVESTMENTS IN UNCONSOLIDATED AFFILIATES [Abstract]
INVESTMENT IN UNCONSOLIDATED AFFILIATE	NOTE 7. INVESTMENTS IN UNCONSOLIDATED AFFILIATES 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 In August 2016, we sold our 15% equity ownership interest in SMB in connection with Zoetis Inc.’s acquisition of SMB. The total purchase price for our equity method investment in SMB was approximately $9.7 million in cash, subject to a holdback for certain adjustments that may occur. The holdback payment is expected to be released 18 months following the closing date. In connection with the sale, we received a cash payment of $8.5 million and recorded a pre-tax gain of $6.1 million ($3.8 million after tax) on the sale of our equity method investment during fiscal 2017. As of March 31, 2017 and 2016, the carrying value of our equity method investment in SMB was $0 and $2.7 million, respectively. Our allocated portions of SMB’s net income (loss) during fiscal 2017, 2016 and 2015, were $(34,000), $22,000 and $37,000, respectively. Our proportionate share of SMB’s net income or loss is recorded in “Interest and other income (expense), net” on the consolidated statements of income. 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 our investee. 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 will pay a total of up to $1.5 million to the investee, in the form of an upfront payment of $0.3 million 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 using the equity method on a prospective basis beginning in January 2017 based on our early adoption of ASU 2016-07. In the fourth quarter of fiscal 2017, we recorded our allocated portion of net loss in an equity method investment in a privately-held company of $0.2 million during fiscal 2017. As of March 31, 2017 and 2016, the carrying value of our equity method investment in a privately-held company was $2.9 million and $0, respectively.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Mar. 31, 2017
PROPERTY AND EQUIPMENT, NET [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 8. PROPERTY AND EQUIPMENT, NET Property and equipment, net, at March 31, 2017 and 2016 consisted of the following (in thousands): March 31, 2017 2016 Property and equipment at cost: Machinery and equipment $ 41,874 $ 37,352 Furniture and fixtures 4,149 3,878 Computer equipment 7,882 6,593 Building and leasehold improvements 14,871 11,663 Construction in progress 9,815 6,858 78,591 66,344 Accumulated depreciation and amortization (44,331 ) (39,502 ) Property and equipment, net $ 34,260 $ 26,842 Depreciation and amortization expense for property and equipment from continuing operations amounted to $7.2 million, $6.5 million and $6.3 million in fiscal 2017, 2016 and 2015, respectively. Depreciation and amortization expense for property and equipment from discontinued operations amounted to $0, $0 and $0.9 million in fiscal 2017, 2016 and 2015, respectively. In connection with the sale of assets of our AVRL business in March 2015, we recorded an impairment charge of $1.6 million to reduce the carrying value of certain property and equipment to its estimated net realizable value (fair value less costs to sell) during the fourth quarter of fiscal 2015.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Mar. 31, 2017
INTANGIBLE ASSETS, NET [Abstract]
INTANGIBLE ASSETS, NET	NOTE 9. INTANGIBLE ASSETS, NET Intangible assets, net, at March 31, 2017 and 2016 consisted of the following (in thousands): Balance, March 31, 2017 Cost Accumulated Amortization Net Book Value Customer relationships $ 1,535 $ 364 $ 1,171 Total intangible assets $ 1,535 $ 364 $ 1,171 Balance, March 31, 2016 Cost Accumulated Amortization Net Book Value Customer relationships $ 1,535 $ 211 $ 1,324 Total intangible assets $ 1,535 $ 211 $ 1,324 In November 2014, in connection with our acquisition of 100% of the outstanding stock of QCR and Trio, both based in the United Kingdom, we acquired intangible assets related to customer relationships and tradename, which are amortized on a straight-line basis over its useful lives of ten years and two years, respectively. During fiscal 2016, we recorded an impairment charge of $13,000 to reduce the carrying value of the intangible assets related to tradename to its estimated net realizable value (fair value less costs to sell). In January 2009, we entered into a license agreement with Inverness Medical Switzerland GmbH (predecessor to Alere Switzerland GmbH (“Alere”), pursuant to which we licensed co-exclusively certain worldwide patent rights. We paid a $5.0 million up-front license fee to Alere in January 2009, which was recorded as an intangible asset on the consolidated balance sheets. The related intangible asset was fully amortized during the fourth quarter of fiscal 2015. Effective February 2015, we terminated our license agreement with Alere as the licensed patents that we used had expired. In connection with the sale of the assets of our AVRL business in March 2015, we determined that our other intangible assets were impaired and accordingly, we recorded an impairment charge of $0.4 million during the fourth quarter of fiscal 2015. Our other intangible assets were acquired by issuing warrants to Kansas State University Institute for Commercialization (formerly known as National Institute for Strategic Technology Acquisition and Commercialization) in January 2011 and October 2011. Amortization expense for intangible assets from continuing operations, included in cost of revenues or in the respective operating expense line based on the function and purpose for which it is being used, amounted to $0.2 million, $0.2 million and $1.2 million in fiscal 2017, 2016 and 2015, respectively. Based on our intangible assets subject to amortization as of March 31, 2017, the estimated amortization expense for succeeding years is as follows (in thousands): Estimated Future Annual Amortization Expense Fiscal Year Ending March 31, Total 2018 2019 2020 2021 2022 Thereafter Amortization expense $ 1,171 $ 154 $ 154 $ 154 $ 154 $ 154 $ 401

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	12 Months Ended
	Mar. 31, 2017
OTHER NON-CURRENT ASSETS [Abstract]
OTHER NON-CURRENT ASSETS	NOTE 10. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following (in thousands): March 31, 2017 2016 Non-current lease receivables $ 7,476 $ 1,712 Other assets 148 238 Total other non-current assets $ 7,624 $ 1,950 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 short-term and long-term lease receivables, including accrued interest, was $9.1 million and $2.1 million, as of March 31, 2017 and 2016, respectively. Our short-term and long-term lease receivables are recorded within “Receivables” and “Other Assets,” respectively, on our 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 March 31, 2017 is summarized as follows (in thousands): Fiscal Year Amount 2018 $ 1,659 2019 1,736 2020 1,704 2021 1,667 2022 1,658 Thereafter 711 Total 9,135 Less: Current portion (1,659 ) Non-current lease receivable $ 7,476

WARRANTY RESERVES

WARRANTY RESERVES	12 Months Ended
	Mar. 31, 2017
WARRANTY RESERVES [Abstract]
WARRANTY RESERVES	NOTE 11. 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 fiscal 2017, 2016 and 2015 is summarized as follows (in thousands): Year Ended March 31, 2017 2016 2015 Balance at beginning of period $ 3,208 $ 3,156 $ 1,868 Provision for warranty expense 2,621 1,615 2,647 Warranty costs incurred (1,471 ) (1,340 ) (1,359 ) Adjustment to pre-existing warranties — (223 ) — Balance at end of period 4,358 3,208 3,156 Non-current portion of warranty reserve 2,695 1,927 1,733 Current portion of warranty reserve $ 1,663 $ 1,281 $ 1,423

BORROWINGS

BORROWINGS	12 Months Ended
	Mar. 31, 2017
BORROWINGS [Abstract]
BORROWINGS	NOTE 12. 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 consolidated statements of income.

OTHER CURRENT ACCRUED LIABILITI

OTHER CURRENT ACCRUED LIABILITIES	12 Months Ended
	Mar. 31, 2017
OTHER CURRENT ACCRUED LIABILITIES [Abstract]
OTHER CURRENT ACCRUED LIABILITIES	NOTE 13. OTHER CURRENT ACCRUED LIABILITIES Other current accrued liabilities at March 31, 2017 and 2016 consisted of the following (in thousands): March 31, 2017 2016 Accrued liabilities for customer sales incentive programs $ 7,181 $ 4,973 Installment payment obligation accrued related to acquisition — 1,077 Other current accrued liabilities 3,825 3,343 Total other current accrued liabilities $ 11,006 $ 9,393 As of March 31, 2017 and 2016, 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. As of March 31, 2016, we recorded $1.1 million (or GBP 750,000), based on the GBP to U.S. dollar exchange rate on such date, in other current accrued liabilities in the consolidated balance sheet, related to an installment payment obligation to acquire QCR and Trio in November 2014. 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, related to our acquisition of QCR and Trio in November 2014. See Note 2, “Acquisitions” for additional information on our acquisition of QCR and Trio. 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	12 Months Ended
	Mar. 31, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14. COMMITMENTS AND CONTINGENCIES Leases As of March 31, 2017, our contractual obligations for our operating lease obligations for succeeding years are as follows (in thousands): Payments Due by Period Due in Fiscal Total 2018 2019 2020 2021 2022 Thereafter Operating lease obligations $ 25,375 $ 2,694 $ 2,704 $ 2,643 $ 2,673 $ 2,836 $ 11,825 Our operating lease obligations comprised our principal facility and various leased facilities and equipment under operating lease agreements, which expire on various dates from fiscal 2018 through fiscal 2026. Our principal facilities located in Union City, California is under a non-cancelable operating lease agreement, which expires in fiscal 2026. The monthly rental payments on principal facilities lease increase based on a predetermined schedule and accordingly, we recognize rent expense on a straight-line basis over the life of the lease. Rent expense from continuing operations under operating leases was $2.9 million, $2.3 million and $2.0 million for fiscal 2017, 2016 and 2015, respectively. Rent expense from discontinued operations under operating leases was $12,000, $0, and $0.2 million for fiscal 2017, 2016 and 2015, respectively. Commitments We have purchase commitments, consisting of supply and inventory related agreements, totaling approximately $5.6 million as of March 31, 2017. These purchase order commitments primarily include our purchase obligations to purchase from Diatron of Hungary through fiscal 2018. See Note 7, “Investments in Unconsolidated Affiliates” for information on commitments due in connection with our investment in a privately-held company. See Note 24, “Subsequent Events” for information on commitments due in connection with a joint development agreement with the diagnostics division of a medical products company that we entered into after March 31, 2017. 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.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	12 Months Ended
	Mar. 31, 2017
EMPLOYEE BENEFIT PLAN [Abstract]
EMPLOYEE BENEFIT PLAN	NOTE 15. EMPLOYEE BENEFIT PLAN We have established the Abaxis 401(k) Plan (the “401(k) Plan”), a tax deferred savings plan, for the benefit of qualified employees. The 401(k) Plan is designed to provide employees with an accumulation of funds at retirement. Qualified employees may elect to have salary reduction contributions made to the plan on a bi-weekly basis. We may make quarterly contributions to the plan at the discretion of our Board of Directors either in cash or in common stock. Our matching contributions, on a consolidated basis, to the tax deferred savings plan totaled $0.5 million, $0.7 million and $0.7 million in fiscal 2017, 2016 and 2015, respectively. In fiscal 2017, 2016 and 2015, our matching contributions were made in cash. We did not have any matching contributions in the form of common stock in fiscal 2017, 2016 and 2015.

EQUITY COMPENSATION PLANS AND S

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2017
EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION [Abstract]
EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION	NOTE 16. EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION Equity Compensation Plans Our share-based compensation plan is 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 March 31, 2017, the 2014 Plan provided for the issuance of a maximum of 2,612,409 shares, of which 1,307,000 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 stock option and 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 for fiscal 2017, 2016 and 2015, which is included in our consolidated statements of income (in thousands, except per share data): Year Ended March 31, 2017 2016 2015 Cost of revenues (1) $ 1,453 $ 1,261 $ 1,409 Research and development 2,349 2,056 1,574 Sales and marketing (2) 2,851 3,189 3,156 General and administrative 4,426 4,594 3,648 Share-based compensation expense before income taxes 11,079 11,100 9,787 Income tax benefit (3,834 ) (3,903 ) (3,293 ) Total share-based compensation expense after income taxes $ 7,245 $ 7,197 $ 6,494 Net impact of share-based compensation on: Basic net income per share $ 0.32 $ 0.32 $ 0.29 Diluted net income per share $ 0.32 $ 0.31 $ 0.28 (1) Cost of revenues reported in the table include share-based compensation expense from continuing and discontinued operations. Share-based compensation expense included in cost of revenues from continuing operations during fiscal 2017, 2016 and 2015, was $1.5 million, $1.1 million and $1.1 million, respectively, and from discontinued operations during fiscal 2017, 2016 and 2015, was $0, $0.1 million and $0.3 million, respectively. (2) Sales and marketing expenses reported in the table include share-based compensation expense from continuing and discontinued operations. Share-based compensation expense included in sales and marketing expenses from continuing operations during fiscal 2017, 2016 and 2015 was $2.9 million, $3.0 million and $2.4 million, respectively, and from discontinued operations during fiscal 2017, 2016 and 2015 was $0, $0.2 million and $0.7 million, respectively. Share-based compensation has been classified in the consolidated statements of income or capitalized on the consolidated balance sheets in the same manner as cash compensation paid to employees. Capitalized share-based compensation costs at March 31, 2017, 2016 and 2015 were $0.2 million, $0.1 million and $0.1 million, respectively, which were included in inventories on our consolidated balance sheets. Cash Flow Impact Cash flows resulting from excess tax benefits are classified as a part of cash flows from financing activities. Excess tax benefits are realized tax benefits from tax deductions for exercised stock options and vested restricted stock units in excess of the deferred tax asset attributable to share-based compensation expense for such share-based awards. Excess tax benefits are considered realized when the tax deductions reduce taxes that otherwise would be payable. Excess tax benefits classified as a financing cash inflow for fiscal 2017, 2016 and 2015 were $0.3 million, $1.6 million and $0.9 million, respectively. Stock Options Prior to fiscal 2007, we granted stock option awards to employees and directors as part of our share-based compensation program. Option awards to consultants were insignificant. Options granted to employees and directors generally expire ten years from the grant date. Options granted to employees generally become exercisable over a period of four years based on cliff-vesting terms and continuous employment. Options granted to non-employee directors generally become exercisable over a period of one year based on monthly vesting terms and continuous service. We have not granted any stock options since the beginning of fiscal 2007. We have recognized compensation expense for stock options granted during the requisite service period of the stock option. As of March 31, 2017 and 2016, we had no unrecognized compensation expense related to stock options granted. As of March 31, 2017, there were no stock options outstanding. Stock Option Activity Stock option activity under all stock plans is summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Outstanding at March 31, 2014 (2,000 shares exercisable at a weighted average exercise price of $13.24 per share) 2,000 $ 13.24 Granted — — Exercised (2,000 ) 13.24 Canceled or forfeited — — Outstanding at March 31, 2015 — $ — During fiscal 2017 and 2016, there were no stock options granted, exercised, canceled or forfeited. As of March 31, 2017, 2016 and 2015, there were no stock options outstanding or exercisable. Total intrinsic value of stock options exercised during fiscal 2017, 2016 and 2015 was $0, $0 and $92,000, respectively. Cash proceeds from stock options exercised during fiscal 2017, 2016 and 2015 were $0, $0 and $31,000, respectively. 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 restricted stock unit awards (time vesting) 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: five percent vesting after the first year; additional ten percent after the second year; additional 15 percent after the third year; and the remaining 70 percent after the fourth year of continuous employment with the Company. • RSU awards to non-employee directors: 100 percent 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 March 31, 2017, the total unrecognized compensation expense related to RSU awards granted amounted to $17.9 million, which is expected to be recognized over a weighted average service period of 1.9 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 employees. PSUs consist of the right to receive shares of common stock, subject to achievement of time-based criteria and certain corporate performance-related goals over a specified period, as established by the Compensation Committee. For PSUs, 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 our 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. If it becomes probable that the performance targets will be achieved, a cumulative adjustment will be recorded as if ratable share-based compensation expense had been recorded since the grant date. In fiscal 2015, 2016 and 2017, the Compensation Committee approved the grant of PSUs described below. These PSUs vest only if both of the following criteria are satisfied: (1) our consolidated income from operations during the fiscal year in which grant occurred, as certified by the Compensation Committee, is in excess of the applicable target amount described below; and (2) the recipient remains in the continuous service of the Company until the applicable vesting date set forth as follows: • 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. Fiscal 2015 Performance RSUs. Fiscal 2016 Performance RSUs. Fiscal 2017 Performance RSUs. • 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. Approximately 84,000 and 68,000 shares of common stock of the FY2017 PSUs 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 million based on the closing market price of our common stock on the date of grant. On January 25, 2017, the Compensation Committee approved an amendment to our FY2017 PSUs so the performance vesting condition refers to the Company’s consolidated income from continuing operations before income tax provision, rather than consolidated income from operations. The service vesting condition and all other terms and conditions of our FY2017 PSUs were not changed. 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 we 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 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 recorded share-based compensation expense during fiscal 2017, 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 a consolidated income from continuing operations before income tax provision target 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 a consolidated income from continuing operations before income tax provision target and continuous service until the fourth anniversary of the date of grant. The aggregate estimated grant date fair value of the FY2018 PSUs was $6.3 million based on the closing market price of our common stock on the date of grant. As of March 31, 2017, the total unrecognized compensation expense related to PSU awards granted and expected to vest amounted to $8.9 million, which is expected to be recognized over a weighted average service period of 1.7 years. Restricted Stock Unit Activity The following table summarizes restricted stock unit activity during fiscal 2017, 2016 and 2015. 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) Unvested at March 31, 2014 774,000 $ 30.98 113,000 $ 42.43 Granted 189,000 43.85 172,000 40.82 Vested (2) (272,000 ) 27.24 — — Canceled and forfeited (12,000 ) 30.37 (137,000 ) 42.15 Unvested at March 31, 2015 679,000 $ 36.08 148,000 $ 40.82 Granted 188,000 52.90 187,000 55.08 Vested (2) (288,000 ) 30.06 — — Canceled and forfeited (55,000 ) 36.48 (24,000 ) 55.08 Unvested at March 31, 2016 524,000 $ 45.37 311,000 $ 48.29 Granted 207,000 46.05 152,000 44.54 Vested (2) (156,000 ) 41.57 (24,000 ) 40.82 Canceled and forfeited (40,000 ) 47.02 — — Unvested at March 31, 2017 535,000 $ 46.62 439,000 $ 47.40 (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 fiscal 2017, 2016 and 2015 was $8.3 million, $15.3 million and $11.7 million, respectively. The total grant date fair value of restricted stock units vested during fiscal 2017, 2016 and 2015 was $7.5 million, $8.6 million and $7.4 million, respectively.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Mar. 31, 2017
SHAREHOLDERS' EQUITY [Abstract]
SHAREHOLDERS' EQUITY	NOTE 17. 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 March 31, 2017, $54.0 million of our common stock was available for repurchase under our share repurchase program. Since the share repurchase program began, through March 31, 2017, we have repurchased 1.6 million shares of our common stock at a total cost of $43.3 million, including commission expense. During fiscal 2016, we repurchased 325,000 shares of our common stock at a total cost of $13.0 million and an average per share cost including commission expense of $40.18. During fiscal 2017 and 2015, 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 fiscal 2017, 2016 and 2015 our total quarterly dividend payout was $11.7 million, $10.0 million and $9.0 million, respectively, and were made from retained earnings. See Note 22, “Summary of Quarterly Data (Unaudited)” for further information on quarterly dividends declared on our common stock during the past two fiscal years. See Note 24, “Subsequent Events,” for information regarding cash dividends declared by our Board of Directors after March 31, 2017. Common Stock Warrants As of March 31, 2017 and 2016, there were no warrants outstanding. As of March 31, 2015, there were warrants to purchase 4,000 shares of common stock outstanding at a weighted average exercise price of $3.00 per share, expiring in fiscal years 2016 through 2017. During fiscal 2016 and 2015, we issued 4,000 and 26,000, respectively, shares of common stock upon the exercise of vested warrants at an exercise price of $3.00 per share. During fiscal 2017, we did not issue any shares of common stock pursuant to the exercise of vested warrants. In March 2015, the terms of our agreement with Kansas State University Institute for Commercialization were amended and accordingly, the vesting of these outstanding warrants was accelerated. During the fourth quarter of fiscal 2015, we recorded expense of $0.2 million related to the vesting acceleration using the Black-Scholes option-pricing model.

NET INCOME PER SHARE

NET INCOME PER SHARE	12 Months Ended
	Mar. 31, 2017
NET INCOME PER SHARE [Abstract]
NET INCOME PER SHARE	NOTE 18. NET INCOME PER SHARE The computations for basic and diluted net income from continuing and discontinued operations per share are as follows (in thousands, except share and per share data): Year Ended March 31, 2017 2016 2015 Income from continuing operations $ 32,779 $ 31,074 $ 20,803 Loss from discontinued operations, net of tax (63 ) (3 ) (1,154 ) Gain on sale of discontinued operations, net of tax — 559 7,682 Net income $ 32,716 $ 31,630 $ 27,331 Weighted average common shares outstanding: Basic 22,515,000 22,661,000 22,497,000 Effect of dilutive securities: Stock options — — 1,000 Restricted stock units 282,000 221,000 276,000 Warrants — 1,000 13,000 Diluted 22,797,000 22,883,000 22,787,000 Net income per share: Basic Continuing operations $ 1.46 $ 1.37 $ 0.92 Discontinued operations (0.01 ) 0.03 0.29 Basic net income per share $ 1.45 $ 1.40 $ 1.21 Diluted Continuing operations $ 1.44 $ 1.36 $ 0.91 Discontinued operations — 0.02 0.29 Diluted net income per share $ 1.44 $ 1.38 $ 1.20 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. The performance criteria for our PSUs related to FY2017 PSUs, FY2016 PSUs and FY2015 PSUs were achieved during the applicable performance period, fiscal 2017, 2016 and 2015, respectively, and accordingly, the dilutive effect of the shares were included in the computation of diluted weighted average shares outstanding. Stock options and warrants are excluded from the computation of diluted weighted average shares outstanding if the exercise price of the stock options and warrants is greater than the average market price of our common stock during the period because the inclusion of these stock options and warrants would be antidilutive to net income per share. There were no stock options and warrants excluded from the computation of diluted weighted average shares outstanding during fiscal 2017, 2016 and 2015. We excluded the following restricted stock units from the computation of diluted weighted average shares outstanding because the inclusion of these awards would be antidilutive to net income per share. Year Ended March 31, 2017 2016 2015 Weighted average number of shares underlying antidilutive restricted stock units 2,000 92,000 —

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2017
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 19. INCOME TAXES Income Tax Provision The components of our income tax provision are summarized as follows (in thousands): Year Ended March 31, 2017 2016 2015 Continuing operations: Current: Federal $ 16,629 $ 13,204 $ 12,065 State 2,237 1,562 1,657 Foreign 841 1,290 64 Total current income tax provision 19,707 16,056 13,786 Deferred: Federal (1,126 ) 178 (1,363 ) State (192 ) (128 ) (158 ) Foreign (56 ) (33 ) (26 ) Total deferred income tax provision (benefit) (1,374 ) 17 (1,547 ) Total income tax provision - continuing operations $ 18,333 $ 16,073 $ 12,239 Discontinued operations and gain on sale of discontinued operations: Current: Federal $ (35 ) $ (835 ) $ 5,923 State (3 ) (69 ) 458 Total current income tax provision (benefit) (38 ) (904 ) 6,381 Deferred: Federal — 1,146 (2,258 ) State — 95 (175 ) Total deferred income tax (benefit) — 1,241 (2,433 ) Total income tax provision (benefit) - discontinued operations and gain on sale of discontinued operations $ (38 ) $ 337 $ 3,948 The components of our income before income tax provision are summarized as follows (in thousands): Year Ended March 31, 2017 2016 2015 Continuing operations: United States $ 48,069 $ 43,885 $ 33,489 Foreign 3,043 3,262 (447 ) Total - continuing operations $ 51,112 $ 47,147 $ 33,042 Discontinued operations: United States $ (101 ) $ 893 $ 10,475 The income tax provision from continuing operations differs from the amount computed by applying the federal statutory income tax rate (35 percent) to income from continuing operations before income tax provision as follows (in thousands): Year Ended March 31, 2017 2016 2015 Continuing operations: Income taxes at federal income tax rate $ 17,889 $ 16,502 $ 11,565 State income taxes, net of federal benefits 1,284 917 787 Non-deductible compensation 549 543 880 Research and development tax credits (410 ) (607 ) (383 ) Tax-exempt interest income (1 ) (2 ) (6 ) Qualified production activities income benefit (910 ) (761 ) (866 ) Other (68 ) (519 ) 262 Total income tax provision from continuing operations $ 18,333 $ 16,073 $ 12,239 During fiscal 2017, 2016 and 2015, we recognized $24,000, $1.6 million and $0.9 million, respectively, of tax deductions related to share-based compensation, on a consolidated basis, in excess of recognized share-based compensation expense (“excess benefits”) that was recorded to shareholders’ equity. We record excess benefits to shareholders’ equity when the benefits result in a reduction in cash paid for income taxes. Our policy is to reinvest earnings of our foreign subsidiaries unless such earnings are subject to U.S. taxation. As of March 31, 2017, there are no earnings that have not been subject to U.S. taxation. Unrecognized Tax Benefits During fiscal 2017, we did not recognize any interest and penalties related to unrecognized tax benefits. We file income tax returns in the U.S. federal jurisdiction, Germany, United Kingdom, Hong Kong and various state jurisdictions. The statute of limitations is three years for federal and four years for California. Our federal income tax returns are subject to examination for fiscal years 2014 through 2017. Our California income tax returns are subject to examination for fiscal years 2013 through 2017, with the exception of California tax credit carryovers. To the extent there is a research and development tax credit available for carryover to future years, the statute of limitations with respect to the tax credit begins in the year utilized. As a result of the timing for the utilization of California tax credit carryovers, our California research and development tax credits are subject to examination for fiscal years 2011 through 2017. We are subject to examination in Germany for fiscal years 2014 through 2017, in the United Kingdom for fiscal years 2013 through 2017 and in Hong Kong for fiscal year 2017. Deferred Tax Assets and Liabilities The following table presents the breakdown between current and non-current net deferred tax assets (liabilities) (in thousands): March 31, 2017 2016 Deferred tax assets, current $ 5,644 $ 4,810 Deferred tax assets, non-current 4,392 3,903 Deferred tax liabilities, non-current (234 ) (384 ) Total net deferred tax assets $ 9,802 $ 8,329 Significant components of our deferred tax assets (liabilities) are as follows (in thousands): March 31, 2017 2016 Deferred tax assets: Research and development tax credit carryforwards $ 917 $ 830 Capitalized research and development 45 76 Inventory reserves 598 623 Deferred revenue from extended maintenance agreements 1,074 1,446 Warranty reserves 1,659 1,217 Accrued payroll and other accrued expenses 1,715 1,553 Share-based compensation 4,753 3,822 Alternative minimum tax credits 24 24 Tax on deferred intercompany profit 1,221 601 Other 696 665 Total deferred tax assets 12,702 10,857 Deferred tax liabilities: Depreciation (2,518 ) (2,135 ) Other (382 ) (393 ) Total deferred tax liabilities (2,900 ) (2,528 ) Net deferred tax assets $ 9,802 $ 8,329 A valuation allowance against deferred tax assets is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. As of March 31, 2017, 2016 and 2015, we did not have a valuation allowance. As of March 31, 2017, we had no federal or California net operating loss carryforwards. As of March 31, 2017, our California research and development tax credit carryforwards were $1.4 million. The California research and development tax credit will carryforward indefinitely.

SEGMENT REPORTING INFORMATION

SEGMENT REPORTING INFORMATION	12 Months Ended
	Mar. 31, 2017
SEGMENT REPORTING INFORMATION [Abstract]
SEGMENT REPORTING INFORMATION	NOTE 20. 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 because 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 In March 2015, we entered into an asset purchase agreement with Antech pursuant to which we sold substantially all of the assets of our AVRL business to Antech, see Note 3, “Discontinued Operations” for additional information. We have reclassified the assets, liabilities, results of operations and the gain on sale of AVRL in our consolidated balance sheets and statements of income for all periods presented to reflect them as discontinued operations. Previously reported financial information have been revised to reflect the reclassification of AVRL within our veterinary market segment as a discontinued operation. 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 fiscal 2017, 2016 and 2015 (in thousands). Year Ended March 31, 2017 2016 2015 Revenues: Medical Market $ 36,602 $ 37,845 $ 35,364 Veterinary Market 186,661 177,667 164,018 Other (1) 3,957 3,389 3,211 Total revenues 227,220 218,901 202,593 Cost of revenues: Medical Market 19,909 20,223 18,905 Veterinary Market 81,249 75,296 74,577 Other (1) 217 130 141 Total cost of revenues 101,375 95,649 93,623 Gross profit: Medical Market 16,693 17,622 16,459 Veterinary Market 105,412 102,371 89,441 Other (1) 3,740 3,259 3,070 Gross profit $ 125,845 $ 123,252 $ 108,970 (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	12 Months Ended
	Mar. 31, 2017
REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS [Abstract]
REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS	NOTE 21. 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): Year Ended March 31, Revenues by Product Category 2017 2016 2015 Instruments (1) $ 39,257 $ 43,042 $ 48,649 Consumables (2) 175,346 165,025 144,446 Other products (3) 12,617 10,760 9,348 Product sales, net 227,220 218,827 202,443 Development and licensing revenue — 74 150 Total revenues $ 227,220 $ 218,901 $ 202,593 (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): Year Ended March 31, Revenues by Geographic Region 2017 2016 2015 North America $ 181,853 $ 175,019 $ 163,308 Europe 32,764 31,262 30,422 Asia Pacific and rest of the world 12,603 12,620 8,863 Total revenues $ 227,220 $ 218,901 $ 202,593 Significant Concentrations During fiscal 2017, four distributors, MWI Veterinary Supply, Inc., Henry Schein Animal Health, Patterson Companies, Inc. and Abbott Point of Care, Inc. accounted for 21%, 14% , 11% and 10%, respectively, of our total worldwide revenues. During fiscal 2016, four distributors, MWI Veterinary Supply, Inc., Henry Schein, Inc., Patterson Companies, Inc. and Abbott Point of Care, Inc. accounted for 20%, 13%, 11% and 10%, respectively, of our total worldwide revenues. During fiscal 2015, two distributors in the United States, MWI Veterinary Supply, Inc., and Abbott Point of Care, Inc. accounted for 19% and 11%, respectively, of our total worldwide revenues. Starting in fiscal 2016, our revenues from Henry Schein, Inc., include both Henry Schein, Inc. and scil animal care company GmbH, as a result of Henry Schein Inc.’s acquisition of scil animal care company GmbH in Europe. Starting in the second quarter of fiscal 2016, our revenues from Patterson Companies, Inc. include both Patterson’s veterinary business and Animal Health International, Inc., as a result of Patterson’s acquisition of Animal Health International, Inc. Substantially all of our long-lived assets are located in the United States.

SUMMARY OF QUARTERLY DATA (UNAU

SUMMARY OF QUARTERLY DATA (UNAUDITED)	12 Months Ended
	Mar. 31, 2017
SUMMARY OF QUARTERLY DATA (UNAUDITED) [Abstract]
SUMMARY OF QUARTERLY DATA (UNAUDITED)	NOTE 22. SUMMARY OF QUARTERLY DATA (UNAUDITED) The following table is a summary of unaudited quarterly data for fiscal 2017 and 2016 (in thousands, except per share data). Previously reported quarterly amounts have been revised to reflect the reclassification of the AVRL business within our veterinary market segment as discontinued operations. See Note 3, “Discontinued Operations” for additional information. Quarter Ended Fiscal Year Ended March 31, 2017: June 30 September 30 December 31 March 31 Revenues $ 57,696 $ 58,552 $ 52,772 $ 58,200 Gross profit 32,001 32,258 29,404 32,182 Income from continuing operations, net of tax 6,890 11,487 6,859 7,543 Gain (loss) from discontinued operations, net of tax — (55 ) (15 ) 7 Net income $ 6,890 $ 11,432 $ 6,844 $ 7,550 Net income (loss) per share: Basic Continuing operations $ 0.31 $ 0.51 $ 0.30 $ 0.33 Discontinued operations — — — — Basic net income per share $ 0.31 $ 0.51 $ 0.30 $ 0.33 Diluted Continuing operations $ 0.30 $ 0.51 $ 0.30 $ 0.33 Discontinued operations — (0.01 ) — — Diluted net income per share $ 0.30 $ 0.50 $ 0.30 $ 0.33 Cash dividends declared per share $ 0.12 $ 0.12 $ 0.14 $ 0.14 Quarter Ended Fiscal Year Ended March 31, 2016: June 30 September 30 December 31 March 31 Revenues $ 53,090 $ 55,975 $ 52,876 $ 56,960 Gross profit 29,392 31,962 29,602 32,296 Income from continuing operations, net of tax 6,995 7,823 7,954 8,302 Gain (loss) from discontinued operations, net of tax — (7 ) 4 — Gain on sale of discontinued operations, net of tax — — — 559 Net income $ 6,995 $ 7,816 $ 7,958 $ 8,861 Net income per share: Basic Continuing operations $ 0.31 $ 0.34 $ 0.35 $ 0.37 Discontinued operations — — — 0.02 Basic net income per share $ 0.31 $ 0.34 $ 0.35 $ 0.39 Diluted Continuing operations $ 0.31 $ 0.34 $ 0.35 $ 0.36 Discontinued operations — — — 0.03 Diluted net income per share $ 0.31 $ 0.34 $ 0.35 $ 0.39 Cash dividends declared per share $ 0.11 $ 0.11 $ 0.11 $ 0.11

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2017
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 23. RELATED PARTY TRANSACTIONS In May 2016, we entered into a distribution agreement with Visual Dynamix (the “Agreement”). Dr. Craig Tockman, Abaxis’ Vice President of Animal Health Sales and Marketing for North America, is an executive officer of Abaxis, Inc. Mr. Gary Tockman, Dr. Tockman’s brother, is the President and owner of Visual Dynamix. Under the Agreement, we agreed to purchase a minimum of 100 units of microscopes or microscopes and camera systems for exclusive worldwide distribution rights. The price per unit is variable and dependent on the volume of units ordered. The initial term of the Agreement ends in May 2017, and after the initial term, the Agreement renews automatically for successive one-year periods unless terminated by either party based upon a notice of non-renewal of sixty days. During fiscal 2017, we purchased and paid Visual Dynamix $0.5 million for inventory products. We market the products purchased from Visual Dynamix worldwide as the VetScan HDmicroscope.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2017
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 24. SUBSEQUENT EVENTS On April 26, 2017, our Board of Directors declared a quarterly cash dividend of $0.14 per share on our outstanding common stock to be paid on June 15, 2017 to all shareholders of record as of the close of business on June 1, 2017. 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.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Mar. 31, 2017
Schedule II - Valuation and Qualifying Accounts and Reserves [Abstract]
Schedule II - Valuation and Qualifying Accounts and Reserves	Abaxis, Inc. Schedule II Valuation and Qualifying Accounts and Reserves Years ended March 31, 2017, 2016 and 2015 (In thousands) Description Balance at Beginning of Year Additions Charged to Expenses Deductions from Allowance Accounts (a) Balance at End of Year Total Allowance for Doubtful Accounts (b) Year ended March 31, 2017 $ 479 $ 43 $ (250 ) $ 272 Year ended March 31, 2016 $ 247 $ 366 $ (134 ) $ 479 Year ended March 31, 2015 $ 182 $ (24 ) $ 89 $ 247 (a) The deductions related to allowances for doubtful accounts represent net balance of accounts receivable which were written off and recovered. (b) The allowance for doubtful accounts is presented on a consolidated basis.

DESCRIPTION OF BUSINESS AND S33

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2017
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Principles of Consolidation	Principles of Consolidation.
Discontinued Operations	Discontinued Operations.
Reclassifications	Reclassifications.
Management Estimates	Management Estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents.
Investments	Investments. Realized gains and losses from investments are included in “Interest and other income (expense), net,” computed using the specific identification cost method. We assess whether an other-than-temporary impairment loss on our investments has occurred due to declines in fair value or other market conditions. Declines in fair value that are determined to be other-than-temporary, if any, are recorded as charges against “Interest and other income (expense), net” in the consolidated statements of income. We did not recognize any impairment loss on investments during fiscal 2017, 2016 or 2015.
Concentration of Credit Risks and Certain Other Risks	Concentration of Credit Risks and Certain Other Risks. We sell our products to distributors and direct customers located primarily in North America, Europe and other countries. Credit is extended to our customers and we generally do not require our customers to provide collateral for purchases on credit. Credit risks are mitigated by our credit evaluation process and monitoring the amounts owed to us, taking appropriate action when necessary. Starting in fiscal 2016, we entered into sales contracts as the lessor of instruments under sales-type lease agreements with our customers, whereby we retain a security interest in certain of the underlying assets and monitor the amounts owed to us. Collection of receivables may be affected by changes in economic or other industry conditions and may, accordingly, impact our overall credit risk. We maintain an allowance for doubtful accounts, but historically have not experienced any material losses related to an individual customer or group of customers in any particular industry or geographic area. Concentration of credit risk with respect to accounts receivable is primarily limited to certain distributors to whom we make significant sales. Three distributors accounted for 26%, 13% and 10%, respectively, of our total receivable balance as of March 31, 2017. Two distributors accounted for 25% and 14%, respectively, of our total receivable balance as of March 31, 2016. We are subject to certain risks and uncertainties and believe that changes in any of the following areas could have a material adverse effect on our future financial position or results of operations: continued Food and Drug Administration compliance or regulatory changes; uncertainty regarding health care reforms; fundamental changes in the technology underlying blood testing; the ability to develop new products and services that are accepted in the marketplace; competition, including, but not limited to, pricing and products or product features and services; the adequate and timely sourcing of inventories; foreign currency fluctuations; litigation, product liability or other claims against Abaxis; the ability to attract and retain key employees; stock price volatility due to general economic conditions or future issuances and sales of our stock; changes in legal and accounting regulations and standards; and changes in tax regulations.
Fair Value Measurements	Fair Value Measurements. 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 because 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. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Our financial instruments include cash, cash equivalents, investments, receivables, accounts payable and certain other accrued liabilities. The fair value of cash, cash equivalents, receivables, accounts payable and certain other accrued liabilities are valued at their carrying value, which approximates fair value due to their short maturities. See Note 5, “Fair Value Measurements” for further information on fair value measurement of our financial and nonfinancial assets and liabilities.
Inventories	Inventories.
Investments in Unconsolidated Affiliates	Investments in Unconsolidated Affiliates. We assess the potential impairment of our equity method investments when indicators such as a history of operating losses, a negative earnings and cash flow outlook, and the financial condition and prospects for the investee’s business segment might indicate a loss in value. We did not recognize any impairment loss on investments in unconsolidated affiliates during fiscal 2017, 2016 or 2015. In January 2017, we early adopted Accounting Standards Update (“ASU”) No. 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting” (“ASU 2016-07”), which eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. See Note 7, “Investments in Unconsolidated Affiliates” for further information on investments in unconsolidated affiliates.
Property and Equipment	Property and Equipment. Asset Classification Estimated Useful Life Machinery and equipment 2-15 years Furniture and fixtures 3-8 years Computer equipment 2-7 years Building 25 years Leasehold improvements Shorter of estimated useful life or remaining lease term Construction in progress primarily consists of purchased material and internal payroll and related costs used in the development of production lines. We did not capitalize interest on constructed assets during fiscal 2017, 2016 or 2015 due to immateriality. Property and equipment includes instruments transferred from inventory and held for loan or evaluation or demonstration purposes to customers. Units held for loan, evaluation or demonstration purposes are carried at cost and depreciated over their estimated useful lives of three to five years. Depreciation expense related to these instruments is recorded in cost of revenues or in the respective operating expense line based on the function and purpose for which it is being used. Proceeds from the sale of evaluation units are recorded as revenue. Transfers of equipment between inventory to property and equipment, net, during fiscal 2017, 2016 and 2015 were $4.5 million, $1.0 million and $2.3 million, respectively.
Intangible Assets	Intangible Assets.
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets.
Revenue Recognition	Revenue Recognition. • Evidence of an arrangement exists: Persuasive evidence of an arrangement with a customer that reflects the terms and conditions to deliver products or render services must exist in order to recognize revenue. • Upon shipment of the products or rendering of services to the customer: Delivery is considered to occur at the time of shipment of products to a distributor or direct customer, as title and risk of loss have been transferred to the distributor or direct customer on delivery to the common carrier. Rights of return are not provided. For services, delivery was considered to occur as the service was provided. Service revenues were primarily generated from veterinary reference laboratory diagnostic and consulting services for veterinarians. Net service revenues were recognized at the time services were performed. • Fixed or determinable sales price: When the sales price is fixed or determinable that amount is recognized as revenue. • Collection is reasonably assured: Collection is deemed probable if a customer is expected to be able to pay amounts under the arrangement as those amounts become due. Revenue is recognized when collectibility of the resulting receivable is reasonably assured. Amounts collected in advance of revenue recognition are recorded as a current or non-current deferred revenue liability based on the time from the balance sheet date to the future date of revenue recognition. We recognize revenue associated with extended maintenance agreements ratably over the life of the contract. Until March 2015, we offered discounts on AVRL services for a specified period as incentives. Discounts were reductions to invoiced amounts within a specified period and were recorded at the time services are performed. Multiple Element Revenue Arrangements . A multiple element arrangement includes the sale of one or more tangible product offerings with one or more associated services offerings, each of which are individually considered separate units of accounting. We allocate revenues to each element in a multiple element arrangement based upon the relative selling price of each deliverable. When applying the relative selling price method, we determine the selling price for each deliverable using vendor-specific objective evidence (“VSOE”) of selling price, if it exists, or third-party evidence (“TPE”) of selling price. If neither VSOE nor TPE of selling price exist for a deliverable, we use our best estimate of selling price for that deliverable. Revenues allocated to each element are then recognized when all revenue recognition criteria are met for each element. Revenues from our multiple element arrangements are allocated separately to the instruments, consumables, extended maintenance agreements and incentives based on the relative selling price method. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product when it is sold separately. Revenues allocated to each element are then recognized when the basic revenue recognition criteria, as described above, are met for each element. Revenues associated with incentives in the form of free goods are deferred until the goods are shipped to the customer. Revenues associated with incentives in the form of extended maintenance agreements are deferred and recognized ratably over the life of the extended maintenance contract, generally one to three years. For our selling arrangements in the veterinary market that include multiple deliverables, such as instruments, consumables or service agreements (prior to the sale of AVRL in March 2015) associated with our veterinary reference laboratory, revenue is recognized upon delivery of the product or performance of the service during the term of the service contract when the basic revenue recognition criteria, as described above, are met for each element. We allocate revenues to each element based on the relative selling price of each deliverable. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately. Until March 2015, we offered customer incentives consisting of arrangements with customers to include discounts on future sales of services associated with our veterinary reference laboratory. We applied judgment in determining whether future discounts are significant and incremental. When the future discount offered was not considered significant and incremental, we did not account for the discount as an element of the original arrangement. To determine whether a discount was significant and incremental, we looked to the discount provided in comparison to standalone sales of the same product to similar customers, the level of discount provided on other elements in the arrangement, and the significance of the discount to the overall arrangement. If the discount in the multiple element arrangement approximated the discount typically provided in standalone sales, that discount is not considered incremental. During fiscal 2015, our customer incentive programs with future discounts were not significant and in fiscal 2017 and 2016 we did not offer any such incentives. Customer Programs . Instrument Trade-In Programs Instrument Rental Programs Lease Programs . We estimate the fair value of our leased products for the purposes of lease classification. In accordance with FASB ASC Topic 840, Leases (“ASC 840”), we define the fair value of a leased product at lease inception as its normal selling price, reflecting any volume or discounts that may apply. We estimate the fair value of our leased products based upon transacted cash sales prices. Estimating the fair value of our leased products can be subjective and thus subject to significant judgment. The present value of lease receivables, including accrued interest, was $9.1 million and $2.1 million, as of March 31, 2017 and 2016, respectively. Our short-term and long-term lease receivables are recorded within “Receivables” and “Other Assets,” respectively, on our consolidated balance sheets. Revenue from sales-type lease arrangements is recognized upon shipment of the products to the customer, assuming all other revenue recognition criteria have been met. Revenues from sales-type leases are presented as product revenue. Interest income is recognized monthly over the lease term using the effective-interest method. Sales Incentive Programs • Volume-based Incentives • Distributor Rebate Incentives. • End-User Rebates and Discounts Royalty Revenues . Allowance for Doubtful Accounts . In the event we determine that a lease receivable may not be paid, we include in our allowance an amount for the outstanding balance related to the lease receivable. We regularly review the adequacy of the allowances for outstanding lease receivables either on an individual or a collective basis. When evaluating the lease receivables, we consider historical experience, credit quality and age of receivable balances, and economic conditions that may affect a customer’s ability to pay. Our ongoing consideration of all these factors could result in an increase in our allowance for loss on lease receivables in the future, which could adversely affect our operating results. Lease receivables are charged off at the point when they are considered uncollectible.
Shipping and Handling	Shipping and Handling.
Research and Development Expenses	Research and Development Expenses.
Advertising Expenses	Advertising Expenses.
Income Taxes	Income Taxes. We recognize and measure benefits for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of evidence indicates that it is more likely than not that the tax position will be sustained upon audit, including resolution of any related appeals or litigation processes. For tax positions that are more likely than not to be sustained upon audit, the second step is to measure the tax benefit as the largest amount that is more than 50 percent likely to be realized upon settlement. Significant judgment is required to evaluate uncertain tax positions. At March 31, 2017 and 2016, we had no significant uncertain tax positions. Our policy is to include interest and penalties related to gross unrecognized tax benefits within our provision for income taxes. For fiscal 2017, 2016 and 2015, we did not recognize any interest or penalties related to uncertain tax positions in the consolidated statements of income, and at March 31, 2017 and 2016, we had no accrued interest or penalties.
Share-Based Compensation Expense	Share-Based Compensation Expense.
Net Income Per Share	Net Income Per Share.
Comprehensive Income	Comprehensive Income.
Foreign Currency	Foreign Currency.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Revenue from Contracts with Customers: The new guidance allows for the standard and all subsequent amendments to be applied either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are continuing to evaluating the impact of the adoption of this standard and all subsequent amendments on our consolidated financial statements and have not elected a transition method. Simplifying the Measurement of Inventory: Balance Sheet Classification of Deferred Taxes: Recognition and Measurement of Financial Assets and Financial Liabilities: Leases: Employee Share-Based Payment Accounting: Investments – Equity Method and Joint Ventures: Financial Instruments - Credit Losses: Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments:

DESCRIPTION OF BUSINESS AND S34

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2017
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Estimated Useful Lives of Property and Equipment	The table below provides estimated useful lives of property and equipment by asset classification. Asset Classification Estimated Useful Life Machinery and equipment 2-15 years Furniture and fixtures 3-8 years Computer equipment 2-7 years Building 25 years Leasehold improvements Shorter of estimated useful life or remaining lease term

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Mar. 31, 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.
Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the acquisition date fair value of net tangible assets acquired and liabilities assumed from QCR and Trio (in thousands): Fair Value Net tangible assets acquired $ 5,248 Intangible assets: Customer relationships 1,535 Tradename 16 Deferred tax liabilities (336 ) Total $ 6,463

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Mar. 31, 2017
DISCONTINUED OPERATIONS [Abstract]
Results from Discontinued Operations	The following table summarizes the components of the gain recognized in fiscal 2016 and 2015 (in thousands): Year Ended March 31, 2016 2015 Cash proceeds received or realized $ 900 $ 20,100 Less: Book value of net assets sold — (618 ) Less: Costs incurred directly attributable to the transaction — (5,211 ) Net proceeds from sale of discontinued operations 900 14,271 Less: Disposal and impairment of long-lived assets — (1,941 ) Gain on sale of discontinued operations 900 12,330 Income tax expense 341 4,648 Net gain on sale of discontinued operations $ 559 $ 7,682 The results from discontinued operations were as follows (in thousands): Year Ended March 31, 2017 2016 2015 Discontinued operations: Revenues $ 713 $ 760 $ 14,202 Cost of revenues 713 985 12,614 Gross profit (loss) — (225 ) 1,588 Operating expenses 101 (91 ) 3,442 Other income (expense), net — 127 — Loss before income tax provision (101 ) (7 ) (1,854 ) Income tax benefit (38 ) (4 ) (700 ) Net loss of discontinued operations $ (63 ) $ (3 ) $ (1,154 ) Gain on sale of discontinued operations, net of tax $ — $ 559 $ 7,682 The current and non-current assets and liabilities of discontinued operations were as follows (in thousands): March 31, 2017 2016 Receivables, net $ 66 $ 949 Prepaid expenses and other current assets — 12 Total current assets of discontinued operations $ 66 $ 961 Other current liabilities $ 85 $ 112 Total current liabilities of discontinued operations $ 85 $ 112

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Mar. 31, 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 March 31, 2017 and 2016 (in thousands): 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 Available-for-Sale Investments March 31, 2016 Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Corporate bonds $ 7,037 $ — $ (12 ) $ 7,025 Total available-for-sale investments $ 7,037 $ — $ (12 ) $ 7,025 Held-to-Maturity Investments March 31, 2016 Amortized Cost Gross Unrecognized Gain Gross Unrecognized (Loss) Fair Value Certificates of deposit $ 2,737 $ 3 $ — $ 2,740 Commercial paper 12,455 — (6 ) 12,449 Corporate bonds 41,715 — (117 ) 41,598 Total held-to-maturity investments $ 56,907 $ 3 $ (123 ) $ 56,787
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 March 31, 2017 and 2016 (in thousands): 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 March 31, 2016 March 31, 2016 Available-for-Sale Investments Held-to-Maturity Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 4,314 $ 4,311 $ 37,163 $ 37,128 Due in 1 to 2 years 2,723 2,714 19,744 19,659 Total investments $ 7,037 $ 7,025 $ 56,907 $ 56,787

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Mar. 31, 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 March 31, 2017 and 2016 (in thousands): As of March 31, 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 $ 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 March 31, 2016 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 $ 9,834 $ — $ — $ 9,834 Available-for-sale investments: Corporate bonds — 7,025 — 7,025 Total assets at fair value $ 9,834 $ 7,025 $ — $ 16,859

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Mar. 31, 2017
INVENTORIES [Abstract]
Components of Inventories	Components of inventories at March 31, 2017 and 2016 were as follows (in thousands): March 31, 2017 2016 Raw materials $ 16,567 $ 15,737 Work-in-process 4,212 6,039 Finished goods 18,231 13,355 Inventories $ 39,010 $ 35,131

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Mar. 31, 2017
PROPERTY AND EQUIPMENT, NET [Abstract]
Property and Equipment, Net	Property and equipment, net, at March 31, 2017 and 2016 consisted of the following (in thousands): March 31, 2017 2016 Property and equipment at cost: Machinery and equipment $ 41,874 $ 37,352 Furniture and fixtures 4,149 3,878 Computer equipment 7,882 6,593 Building and leasehold improvements 14,871 11,663 Construction in progress 9,815 6,858 78,591 66,344 Accumulated depreciation and amortization (44,331 ) (39,502 ) Property and equipment, net $ 34,260 $ 26,842

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Mar. 31, 2017
INTANGIBLE ASSETS, NET [Abstract]
Intangible Assets, Net	Intangible assets, net, at March 31, 2017 and 2016 consisted of the following (in thousands): Balance, March 31, 2017 Cost Accumulated Amortization Net Book Value Customer relationships $ 1,535 $ 364 $ 1,171 Total intangible assets $ 1,535 $ 364 $ 1,171 Balance, March 31, 2016 Cost Accumulated Amortization Net Book Value Customer relationships $ 1,535 $ 211 $ 1,324 Total intangible assets $ 1,535 $ 211 $ 1,324
Estimated Future Annual Amortization Expense	Based on our intangible assets subject to amortization as of March 31, 2017, the estimated amortization expense for succeeding years is as follows (in thousands): Estimated Future Annual Amortization Expense Fiscal Year Ending March 31, Total 2018 2019 2020 2021 2022 Thereafter Amortization expense $ 1,171 $ 154 $ 154 $ 154 $ 154 $ 154 $ 401

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2017
OTHER NON-CURRENT ASSETS [Abstract]
Summary of Other Non-Current Assets	Other non-current assets consist of the following (in thousands): March 31, 2017 2016 Non-current lease receivables $ 7,476 $ 1,712 Other assets 148 238 Total other non-current assets $ 7,624 $ 1,950
Future Minimum Lease Payments Receivable	Future minimum lease payments to us on lease receivables as of March 31, 2017 is summarized as follows (in thousands): Fiscal Year Amount 2018 $ 1,659 2019 1,736 2020 1,704 2021 1,667 2022 1,658 Thereafter 711 Total 9,135 Less: Current portion (1,659 ) Non-current lease receivable $ 7,476

WARRANTY RESERVES (Tables)

WARRANTY RESERVES (Tables)	12 Months Ended
	Mar. 31, 2017
WARRANTY RESERVES [Abstract]
Change in Accrued Warranty Reserve	The change in our accrued warranty reserve during fiscal 2017, 2016 and 2015 is summarized as follows (in thousands): Year Ended March 31, 2017 2016 2015 Balance at beginning of period $ 3,208 $ 3,156 $ 1,868 Provision for warranty expense 2,621 1,615 2,647 Warranty costs incurred (1,471 ) (1,340 ) (1,359 ) Adjustment to pre-existing warranties — (223 ) — Balance at end of period 4,358 3,208 3,156 Non-current portion of warranty reserve 2,695 1,927 1,733 Current portion of warranty reserve $ 1,663 $ 1,281 $ 1,423

OTHER CURRENT ACCRUED LIABILI44

OTHER CURRENT ACCRUED LIABILITIES (Tables)	12 Months Ended
	Mar. 31, 2017
OTHER CURRENT ACCRUED LIABILITIES [Abstract]
Schedule of Other Current Accrued Liabilities	Other current accrued liabilities at March 31, 2017 and 2016 consisted of the following (in thousands): March 31, 2017 2016 Accrued liabilities for customer sales incentive programs $ 7,181 $ 4,973 Installment payment obligation accrued related to acquisition — 1,077 Other current accrued liabilities 3,825 3,343 Total other current accrued liabilities $ 11,006 $ 9,393

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Mar. 31, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
Contractual Obligations for Operating Lease Obligations for Succeeding Years	As of March 31, 2017, our contractual obligations for our operating lease obligations for succeeding years are as follows (in thousands): Payments Due by Period Due in Fiscal Total 2018 2019 2020 2021 2022 Thereafter Operating lease obligations $ 25,375 $ 2,694 $ 2,704 $ 2,643 $ 2,673 $ 2,836 $ 11,825

EQUITY COMPENSATION PLANS AND46

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 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 for fiscal 2017, 2016 and 2015, which is included in our consolidated statements of income (in thousands, except per share data): Year Ended March 31, 2017 2016 2015 Cost of revenues (1) $ 1,453 $ 1,261 $ 1,409 Research and development 2,349 2,056 1,574 Sales and marketing (2) 2,851 3,189 3,156 General and administrative 4,426 4,594 3,648 Share-based compensation expense before income taxes 11,079 11,100 9,787 Income tax benefit (3,834 ) (3,903 ) (3,293 ) Total share-based compensation expense after income taxes $ 7,245 $ 7,197 $ 6,494 Net impact of share-based compensation on: Basic net income per share $ 0.32 $ 0.32 $ 0.29 Diluted net income per share $ 0.32 $ 0.31 $ 0.28 (1) Cost of revenues reported in the table include share-based compensation expense from continuing and discontinued operations. Share-based compensation expense included in cost of revenues from continuing operations during fiscal 2017, 2016 and 2015, was $1.5 million, $1.1 million and $1.1 million, respectively, and from discontinued operations during fiscal 2017, 2016 and 2015, was $0, $0.1 million and $0.3 million, respectively. (2) Sales and marketing expenses reported in the table include share-based compensation expense from continuing and discontinued operations. Share-based compensation expense included in sales and marketing expenses from continuing operations during fiscal 2017, 2016 and 2015 was $2.9 million, $3.0 million and $2.4 million, respectively, and from discontinued operations during fiscal 2017, 2016 and 2015 was $0, $0.2 million and $0.7 million, respectively.
Stock Option Activity	Stock option activity under all stock plans is summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Outstanding at March 31, 2014 (2,000 shares exercisable at a weighted average exercise price of $13.24 per share) 2,000 $ 13.24 Granted — — Exercised (2,000 ) 13.24 Canceled or forfeited — — Outstanding at March 31, 2015 — $ —
Restricted Stock Unit Activity	The following table summarizes restricted stock unit activity during fiscal 2017, 2016 and 2015. 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) Unvested at March 31, 2014 774,000 $ 30.98 113,000 $ 42.43 Granted 189,000 43.85 172,000 40.82 Vested (2) (272,000 ) 27.24 — — Canceled and forfeited (12,000 ) 30.37 (137,000 ) 42.15 Unvested at March 31, 2015 679,000 $ 36.08 148,000 $ 40.82 Granted 188,000 52.90 187,000 55.08 Vested (2) (288,000 ) 30.06 — — Canceled and forfeited (55,000 ) 36.48 (24,000 ) 55.08 Unvested at March 31, 2016 524,000 $ 45.37 311,000 $ 48.29 Granted 207,000 46.05 152,000 44.54 Vested (2) (156,000 ) 41.57 (24,000 ) 40.82 Canceled and forfeited (40,000 ) 47.02 — — Unvested at March 31, 2017 535,000 $ 46.62 439,000 $ 47.40 (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)	12 Months Ended
	Mar. 31, 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 from continuing and discontinued operations per share are as follows (in thousands, except share and per share data): Year Ended March 31, 2017 2016 2015 Income from continuing operations $ 32,779 $ 31,074 $ 20,803 Loss from discontinued operations, net of tax (63 ) (3 ) (1,154 ) Gain on sale of discontinued operations, net of tax — 559 7,682 Net income $ 32,716 $ 31,630 $ 27,331 Weighted average common shares outstanding: Basic 22,515,000 22,661,000 22,497,000 Effect of dilutive securities: Stock options — — 1,000 Restricted stock units 282,000 221,000 276,000 Warrants — 1,000 13,000 Diluted 22,797,000 22,883,000 22,787,000 Net income per share: Basic Continuing operations $ 1.46 $ 1.37 $ 0.92 Discontinued operations (0.01 ) 0.03 0.29 Basic net income per share $ 1.45 $ 1.40 $ 1.21 Diluted Continuing operations $ 1.44 $ 1.36 $ 0.91 Discontinued operations — 0.02 0.29 Diluted net income per share $ 1.44 $ 1.38 $ 1.20
Antidilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding	We excluded the following restricted stock units from the computation of diluted weighted average shares outstanding because the inclusion of these awards would be antidilutive to net income per share. Year Ended March 31, 2017 2016 2015 Weighted average number of shares underlying antidilutive restricted stock units 2,000 92,000 —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2017
INCOME TAXES [Abstract]
Components of Income Tax Provision	The components of our income tax provision are summarized as follows (in thousands): Year Ended March 31, 2017 2016 2015 Continuing operations: Current: Federal $ 16,629 $ 13,204 $ 12,065 State 2,237 1,562 1,657 Foreign 841 1,290 64 Total current income tax provision 19,707 16,056 13,786 Deferred: Federal (1,126 ) 178 (1,363 ) State (192 ) (128 ) (158 ) Foreign (56 ) (33 ) (26 ) Total deferred income tax provision (benefit) (1,374 ) 17 (1,547 ) Total income tax provision - continuing operations $ 18,333 $ 16,073 $ 12,239 Discontinued operations and gain on sale of discontinued operations: Current: Federal $ (35 ) $ (835 ) $ 5,923 State (3 ) (69 ) 458 Total current income tax provision (benefit) (38 ) (904 ) 6,381 Deferred: Federal — 1,146 (2,258 ) State — 95 (175 ) Total deferred income tax (benefit) — 1,241 (2,433 ) Total income tax provision (benefit) - discontinued operations and gain on sale of discontinued operations $ (38 ) $ 337 $ 3,948
Component of Income before Income Tax Provision	The components of our income before income tax provision are summarized as follows (in thousands): Year Ended March 31, 2017 2016 2015 Continuing operations: United States $ 48,069 $ 43,885 $ 33,489 Foreign 3,043 3,262 (447 ) Total - continuing operations $ 51,112 $ 47,147 $ 33,042 Discontinued operations: United States $ (101 ) $ 893 $ 10,475
Effective Income Tax Rate Reconciliation	The income tax provision from continuing operations differs from the amount computed by applying the federal statutory income tax rate (35 percent) to income from continuing operations before income tax provision as follows (in thousands): Year Ended March 31, 2017 2016 2015 Continuing operations: Income taxes at federal income tax rate $ 17,889 $ 16,502 $ 11,565 State income taxes, net of federal benefits 1,284 917 787 Non-deductible compensation 549 543 880 Research and development tax credits (410 ) (607 ) (383 ) Tax-exempt interest income (1 ) (2 ) (6 ) Qualified production activities income benefit (910 ) (761 ) (866 ) Other (68 ) (519 ) 262 Total income tax provision from continuing operations $ 18,333 $ 16,073 $ 12,239
Breakdown Between Current and Non-Current Net Deferred Tax Assets (Liabilities)	The following table presents the breakdown between current and non-current net deferred tax assets (liabilities) (in thousands): March 31, 2017 2016 Deferred tax assets, current $ 5,644 $ 4,810 Deferred tax assets, non-current 4,392 3,903 Deferred tax liabilities, non-current (234 ) (384 ) Total net deferred tax assets $ 9,802 $ 8,329
Significant Components of Deferred Tax Assets and Liabilities	Significant components of our deferred tax assets (liabilities) are as follows (in thousands): March 31, 2017 2016 Deferred tax assets: Research and development tax credit carryforwards $ 917 $ 830 Capitalized research and development 45 76 Inventory reserves 598 623 Deferred revenue from extended maintenance agreements 1,074 1,446 Warranty reserves 1,659 1,217 Accrued payroll and other accrued expenses 1,715 1,553 Share-based compensation 4,753 3,822 Alternative minimum tax credits 24 24 Tax on deferred intercompany profit 1,221 601 Other 696 665 Total deferred tax assets 12,702 10,857 Deferred tax liabilities: Depreciation (2,518 ) (2,135 ) Other (382 ) (393 ) Total deferred tax liabilities (2,900 ) (2,528 ) Net deferred tax assets $ 9,802 $ 8,329

SEGMENT REPORTING INFORMATION (

SEGMENT REPORTING INFORMATION (Tables)	12 Months Ended
	Mar. 31, 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 fiscal 2017, 2016 and 2015 (in thousands). Year Ended March 31, 2017 2016 2015 Revenues: Medical Market $ 36,602 $ 37,845 $ 35,364 Veterinary Market 186,661 177,667 164,018 Other (1) 3,957 3,389 3,211 Total revenues 227,220 218,901 202,593 Cost of revenues: Medical Market 19,909 20,223 18,905 Veterinary Market 81,249 75,296 74,577 Other (1) 217 130 141 Total cost of revenues 101,375 95,649 93,623 Gross profit: Medical Market 16,693 17,622 16,459 Veterinary Market 105,412 102,371 89,441 Other (1) 3,740 3,259 3,070 Gross profit $ 125,845 $ 123,252 $ 108,970 (1) Represents unallocated items, not specifically identified to any particular business segment.

REVENUES BY PRODUCT CATEGORY 50

REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS (Tables)	12 Months Ended
	Mar. 31, 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): Year Ended March 31, Revenues by Product Category 2017 2016 2015 Instruments (1) $ 39,257 $ 43,042 $ 48,649 Consumables (2) 175,346 165,025 144,446 Other products (3) 12,617 10,760 9,348 Product sales, net 227,220 218,827 202,443 Development and licensing revenue — 74 150 Total revenues $ 227,220 $ 218,901 $ 202,593 (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): Year Ended March 31, Revenues by Geographic Region 2017 2016 2015 North America $ 181,853 $ 175,019 $ 163,308 Europe 32,764 31,262 30,422 Asia Pacific and rest of the world 12,603 12,620 8,863 Total revenues $ 227,220 $ 218,901 $ 202,593

SUMMARY OF QUARTERLY DATA (UN51

SUMMARY OF QUARTERLY DATA (UNAUDITED) (Tables)	12 Months Ended
	Mar. 31, 2017
SUMMARY OF QUARTERLY DATA (UNAUDITED) [Abstract]
Summary of Unaudited Quarterly Data	The following table is a summary of unaudited quarterly data for fiscal 2017 and 2016 (in thousands, except per share data). Previously reported quarterly amounts have been revised to reflect the reclassification of the AVRL business within our veterinary market segment as discontinued operations. See Note 3, “Discontinued Operations” for additional information. Quarter Ended Fiscal Year Ended March 31, 2017: June 30 September 30 December 31 March 31 Revenues $ 57,696 $ 58,552 $ 52,772 $ 58,200 Gross profit 32,001 32,258 29,404 32,182 Income from continuing operations, net of tax 6,890 11,487 6,859 7,543 Gain (loss) from discontinued operations, net of tax — (55 ) (15 ) 7 Net income $ 6,890 $ 11,432 $ 6,844 $ 7,550 Net income (loss) per share: Basic Continuing operations $ 0.31 $ 0.51 $ 0.30 $ 0.33 Discontinued operations — — — — Basic net income per share $ 0.31 $ 0.51 $ 0.30 $ 0.33 Diluted Continuing operations $ 0.30 $ 0.51 $ 0.30 $ 0.33 Discontinued operations — (0.01 ) — — Diluted net income per share $ 0.30 $ 0.50 $ 0.30 $ 0.33 Cash dividends declared per share $ 0.12 $ 0.12 $ 0.14 $ 0.14 Quarter Ended Fiscal Year Ended March 31, 2016: June 30 September 30 December 31 March 31 Revenues $ 53,090 $ 55,975 $ 52,876 $ 56,960 Gross profit 29,392 31,962 29,602 32,296 Income from continuing operations, net of tax 6,995 7,823 7,954 8,302 Gain (loss) from discontinued operations, net of tax — (7 ) 4 — Gain on sale of discontinued operations, net of tax — — — 559 Net income $ 6,995 $ 7,816 $ 7,958 $ 8,861 Net income per share: Basic Continuing operations $ 0.31 $ 0.34 $ 0.35 $ 0.37 Discontinued operations — — — 0.02 Basic net income per share $ 0.31 $ 0.34 $ 0.35 $ 0.39 Diluted Continuing operations $ 0.31 $ 0.34 $ 0.35 $ 0.36 Discontinued operations — — — 0.03 Diluted net income per share $ 0.31 $ 0.34 $ 0.35 $ 0.39 Cash dividends declared per share $ 0.11 $ 0.11 $ 0.11 $ 0.11

DESCRIPTION OF BUSINESS AND S52

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2017USD ($)SegmentCustomer	Mar. 31, 2016USD ($)Customer	Mar. 31, 2015USD ($)
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Number of reportable segments | Segment	2
Investments [Abstract]
Impairment losses	$ 0	$ 0	$ 0
Property, Plant and Equipment [Line Items]
Transfers of equipment between inventory and property and equipment, net	4,549	987	2,295
Valuation of Long-Lived Assets [Abstract]
Impairment of long-lived assets	$ 0	$ 13	1,941
Lease Programs [Abstract]
Period for instrument and consumable purchases under lease agreement	6 years	6 years
Lease receivables including accrued interest	$ 9,100	$ 2,100
Sales Incentive Programs [Abstract]
Promotional period	5 years
Advertising Expense [Abstract]
Advertising expense	$ 700	700	900
Income Taxes [Abstract]
Percentage to measure tax benefit	50.00%
Income tax penalties and interest expense on unrecognized tax benefits	$ 0	0	0
Income tax penalties and interest accrued on uncertain tax positions	0	0
Foreign currency [Abstract]
Foreign exchange gains and (losses)	$ (627)	$ 149	$ (1,794)
Minimum [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Life of extended maintenance contract	1 year
Maximum [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Life of extended maintenance contract	3 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Computer Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Computer Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	Shorter of estimated useful life or remaining lease term
Units Held for Loan, Evaluation or Demonstration Purposes [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Units Held for Loan, Evaluation or Demonstration Purposes [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Intangible Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life	10 years
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Number of major customers | Customer	3	2
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor One [Member]
Concentration Risk [Line Items]
Accounts receivable by major customer	26.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Two [Member]
Concentration Risk [Line Items]
Accounts receivable by major customer	13.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Three [Member]
Concentration Risk [Line Items]
Accounts receivable by major customer	10.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Four [Member]
Concentration Risk [Line Items]
Accounts receivable by major customer		25.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Five [Member]
Concentration Risk [Line Items]
Accounts receivable by major customer		14.00%

ACQUISITIONS (Details)

ACQUISITIONS (Details) £ in Thousands, $ in Thousands	1 Months Ended		3 Months Ended				12 Months Ended
	Nov. 30, 2014USD ($)		Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2015USD ($)	Dec. 31, 2015GBP (£)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2016GBP (£)	Mar. 31, 2015USD ($)
Business Combination, Consideration Transferred [Abstract]
Settlement of preexisting business relationship at fair value							$ 0	$ 0		$ 931
Outstanding stock acquired	100.00%
Customer Relationships [Member]
Acquisition of assets and liabilities assumed [Abstract]
Intangible asset useful life	10 years
Tradename [Member]
Acquisition of assets and liabilities assumed [Abstract]
Intangible asset useful life	2 years
QCR AND Trio [Member]
Business Combination, Consideration Transferred [Abstract]
Cash	$ 3,196
Installment payment obligations	2,336	[1]	$ 800	£ 750					£ 750
Settlement of preexisting business relationship at fair value	931
Total	$ 6,463
Outstanding stock acquired	100.00%
First installment obligation paid					$ 1,100	£ 750
Post-closing indemnification obligations of certain of the sellers			$ 100
Acquisition of assets and liabilities assumed [Abstract]
Net tangible assets acquired	$ 5,248
Deferred tax liabilities	(336)
Total	6,463
QCR AND Trio [Member] | Customer Relationships [Member]
Acquisition of assets and liabilities assumed [Abstract]
Intangible assets	1,535
Intangible asset useful life							10 years
QCR AND Trio [Member] | Tradename [Member]
Acquisition of assets and liabilities assumed [Abstract]
Intangible assets	$ 16
Intangible asset useful life							2 years
[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									12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Summary of gain on sale of discontinued operation [Abstract]
Cash proceeds received or realized										$ 0	$ 900	$ 20,100
Less: Book value of net assets sold											0	(618)
Less: Costs incurred directly attributed to the transaction											0	(5,211)
Net Proceeds from sale of discontinued operations											900	14,271
Less: Disposal and impairment of long-lived assets											0	(1,941)
Gain on sale of discontinued operations											900	12,330
Income tax expense											341	4,648
Net gain on sale of discontinued operations					$ 559	$ 0	$ 0	$ 0		0	559	7,682
Discontinued operations [Abstract]
Revenues										713	760	14,202
Cost of revenues										713	985	12,614
Gross profit (loss)										0	(225)	1,588
Operating expense										101	(91)	3,442
Other income (expense), net										0	127	0
Loss before income tax provision										(101)	(7)	(1,854)
Income tax benefit										(38)	(4)	(700)
Net income (loss) of discontinued operations	$ 7	$ (15)	$ (55)	$ 0	0	4	(7)	0		(63)	(3)	(1,154)
Gain on sale of discontinued operations, net of tax					559	$ 0	$ 0	$ 0		0	559	7,682
Current and non-current assets and liabilities of discontinued operations [Abstract]
Receivables, net	66				949					66	949
Prepaid expenses and other current assets	0				12					0	12
Total current assets of discontinued operations	66				961					66	961
Other current liabilities	85				112					85	112
Total current liabilities of discontinued operations	$ 85				$ 112					$ 85	$ 112
Antech Diagnostics Inc. [Member]
Summary of gain on sale of discontinued operation [Abstract]
Purchase price									$ 21,000			$ 21,000
Recorded costs associated with the sale of discontinued operations									$ 7,800

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 7,059	$ 7,037
Gross Unrealized Gain	0	0
Gross Unrealized (Loss)	(20)	(12)
Fair Value	7,039	7,025
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	66,693	56,907
Gross Unrecognized Gain	1	3
Gross Unrecognized (Loss)	(191)	(123)
Fair Value, Total investments	66,503	56,787
Available-for-sale securities and Held-to-maturity securities [Abstract]
Other-than-temporary impairment	0	0	$ 0
Unrealized loss on available-for-sale investments, net of related income taxes	(12)	(7)
Redemptions of investments with callable provisions	0	0	$ 1,300
Available-for-sale investments by stated maturity, amortized cost [Abstract]
Amortized Cost, Due in less than one year	6,381	4,314
Amortized Cost, Due in 1 to 3 years	678
Amortized Cost, Due in 1 to 2 years		2,723
Amortized Cost	7,059	7,037
Available-for-sale investments by stated maturity, fair value [Abstract]
Fair Value, Due in less than one year	6,377	4,311
Fair Value, Due in 1 to 3 years	662
Fair Value, Due in 1 to 2 years		2,714
Fair Value, Total investments	7,039	7,025
Held-to-maturity investments by stated maturity, amortized cost [Abstract]
Amortized Cost, Due in less than one year	45,184	37,163
Amortized Cost, Due in 1 to 3 years	21,509
Amortized Cost, Due in 1 to 2 years		19,744
Amortized Cost, Total investments	66,693	56,907
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Due in less than one year	45,124	37,128
Fair Value, Due in 1 to 3 years	21,379
Fair Value, Due in 1 to 2 years		19,659
Fair Value, Total investments	66,503	56,787
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,381	7,037
Gross Unrealized Gain	0	0
Gross Unrealized (Loss)	(4)	(12)
Fair Value	6,377	7,025
Available-for-sale investments by stated maturity, amortized cost [Abstract]
Amortized Cost	6,381	7,037
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	678
Gross Unrealized Gain	0
Gross Unrealized (Loss)	(16)
Fair Value	662
Available-for-sale investments by stated maturity, amortized cost [Abstract]
Amortized Cost	678
Certificates of Deposit [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,735	2,737
Gross Unrecognized Gain	1	3
Gross Unrecognized (Loss)	(1)	0
Fair Value, Total investments	3,735	2,740
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Total investments	3,735	2,740
Commercial Paper [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	5,588	12,455
Gross Unrecognized Gain	0	0
Gross Unrecognized (Loss)	(3)	(6)
Fair Value, Total investments	5,585	12,449
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Total investments	5,585	12,449
Corporate Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	57,009	41,715
Gross Unrecognized Gain	0	0
Gross Unrecognized (Loss)	(186)	(117)
Fair Value, Total investments	56,823	41,598
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Total investments	56,823	$ 41,598
Municipal Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	361
Gross Unrecognized Gain	0
Gross Unrecognized (Loss)	(1)
Fair Value, Total investments	360
Held-to-maturity investments by stated maturity, fair value [Abstract]
Fair Value, Total investments	$ 360

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Assets [Abstract]
Asset transfers Level 1 to Level 2	$ 0	$ 0	$ 0
Asset transfers Level 2 to Level 1	0	0	0
Asset transfers into Level 3	0	0	0
Asset transfers out of Level 3	0	0	0
Liabilities [Abstract]
Liabilities transfers Level 1 to Level 2	0	0	0
Liabilities transfers Level 2 to Level 1	0	0	0
Liability transfers into Level 3	0	0	0
Liability transfers out of Level 3	0	0	$ 0
Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Cash equivalents	584	9,834
Available-for-sale Investments [Abstract]
Corporate bonds	6,377	7,025
Municipal bonds	662
Total assets at fair value	7,623	16,859
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member]
Assets [Abstract]
Cash equivalents	584	9,834
Available-for-sale Investments [Abstract]
Corporate bonds	0	0
Municipal bonds	0
Total assets at fair value	584	9,834
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	6,377	7,025
Municipal bonds	662
Total assets at fair value	7,039	7,025
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
Total assets at fair value	0	0
Liabilities [Abstract]
Total liabilities at fair value	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
INVENTORIES [Abstract]
Raw materials	$ 16,567	$ 15,737
Work-in-process	4,212	6,039
Finished goods	18,231	13,355
Inventories	$ 39,010	$ 35,131

INVESTMENTS IN UNCONSOLIDATED58

INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Feb. 28, 2011	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Payment to acquire equity ownership interest in unconsolidated affiliate			$ 2,999	$ 0	$ 0
Proceeds from sale of equity method investment			8,526	0	0
Gain on sale of equity method investment			6,053	0	0
SMB [Member]
Schedule of Equity Method Investments [Line Items]
Equity ownership interest purchased		15.00%
Payment to acquire equity ownership interest in unconsolidated affiliate		$ 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
Equity method investment, carrying value			0	2,700
Allocated portion of unconsolidated affiliate's net income (loss)			(34)	22	$ 37
Investment in a Privately-held Company [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment net loss			(200)
Equity method investment, carrying value			2,900	$ 0
Cost method investment						$ 3,000
Upfront payment			300
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

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Property and Equipment, Net [Abstract]
Property and equipment, at cost	$ 78,591	$ 66,344
Accumulated depreciation and amortization	(44,331)	(39,502)
Property and equipment, net	34,260	26,842
Depreciation and amortization from continuing operations	7,200	6,500	$ 6,300
Depreciation and amortization from discontinued operations	0	0	900
Impairment charge related to sale of assets			$ 1,600
Machinery and Equipment [Member]
Property and Equipment, Net [Abstract]
Property and equipment, at cost	41,874	37,352
Furniture and Fixtures [Member]
Property and Equipment, Net [Abstract]
Property and equipment, at cost	4,149	3,878
Computer Equipment [Member]
Property and Equipment, Net [Abstract]
Property and equipment, at cost	7,882	6,593
Land, Buildings and Improvements [Member]
Property and Equipment, Net [Abstract]
Property and equipment, at cost	14,871	11,663
Construction in Progress [Member]
Property and Equipment, Net [Abstract]
Property and equipment, at cost	$ 9,815	$ 6,858

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 30, 2014	Jan. 31, 2009	Mar. 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Cost				$ 1,535	$ 1,535
Accumulated amortization				364	211
Net book value				1,171	1,324
Percentage of outstanding stock acquired	100.00%
Impairment charge			$ 400	0	13	$ 0
Amortization expense from continuing operations				200	200	$ 1,200
Estimated Amortization Expense for Intangible Assets [Abstract]
Total				1,171	1,324
2,018				154
2,019				154
2,020				154
2,021				154
2,022				154
Thereafter				401
QCR [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment charge					13
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Cost				1,535	1,535
Accumulated amortization				364	211
Net book value				1,171	1,324
Intangible assets amortization period	10 years
Estimated Amortization Expense for Intangible Assets [Abstract]
Total				$ 1,171	$ 1,324
Tradename [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period	2 years
Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		$ 5,000

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other non-current assets [Abstract]
Non-current lease receivables	$ 7,476	$ 1,712
Other assets	148	238
Total other non-current assets	$ 7,624	$ 1,950
Period for instrument and consumable purchases under lease agreement	6 years	6 years
Lease receivables including accrued interest	$ 9,100	$ 2,100
Future minimum lease payments [Abstract]
2,018	1,659
2,019	1,736
2,020	1,704
2,021	1,667
2,022	1,658
Thereafter	711
Total	9,135
Less: Current portion	(1,659)
Non-current lease receivable	$ 7,476

WARRANTY RESERVES (Details)

WARRANTY RESERVES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Change in accrued warranty reserve [Roll Forward]
Balance at beginning of period	$ 3,208	$ 3,156	$ 1,868
Provision for warranty expense	2,621	1,615	2,647
Warranty costs incurred	(1,471)	(1,340)	(1,359)
Adjustment to pre-existing warranties	0	(223)	0
Balance at end of period	4,358	3,208	3,156
Non-current portion of warranty reserve	2,695	1,927	1,733
Current portion of warranty reserve	$ 1,663	1,281	1,423
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]
Provision for warranty expense	$ 400	400	$ 200
Warranty reserve, balance at end of period	$ 600	$ 500

BORROWINGS (Details)

BORROWINGS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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	$ 278	$ 379
Maturity date	Dec. 31, 2020

OTHER CURRENT ACCRUED LIABILI64

OTHER CURRENT ACCRUED LIABILITIES (Details) £ in Thousands, $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Nov. 30, 2014USD ($)	[1]	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Mar. 31, 2016GBP (£)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
OTHER CURRENT ACCRUED LIABILITIES [Abstract]
Accrued liabilities for customer sales incentive programs						$ 7,181	$ 4,973
Installment payment obligation accrued related to acquisition						0	1,077
Other current accrued liabilities						3,825	3,343
Total other current accrued liabilities						$ 11,006	$ 9,393
QCR AND Trio [Member]
Business Acquisition [Line Items]
Second installment obligation paid	$ 2,336		$ 800	£ 750	£ 750
[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.

COMMITMENTS AND CONTINGENCIES65

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Contractual Obligations for Operating Lease Obligations for Succeeding Years [Abstract]
Total	$ 25,375
2,018	2,694
2,019	2,704
2,020	2,643
2,021	2,673
2,022	2,836
Thereafter	11,825
Rent expense from continuing operations under operating leases	2,900	$ 2,300	$ 2,000
Rent expense from discontinued operations under operating leases	12	$ 0	$ 200
Commitments [Abstract]
Total purchase commitments	$ 5,600

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
EMPLOYEE BENEFIT PLAN [Abstract]
Employer matching contribution (cash)	$ 0.5	$ 0.7	$ 0.7
Employer matching contribution (Common Stock)	$ 0	$ 0	$ 0

EQUITY COMPENSATION PLANS AND67

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands		Oct. 26, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015	Oct. 22, 2014
Net impact of share-based compensation on [Abstract]
Capitalized share-based compensation costs			$ 200	$ 100	$ 100
Excess tax benefits classified as financing cash inflow			$ 330	1,621	961
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Maximum shares authorized for issuance (in shares)			2,612,409
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
Shares available for future issuance (in shares)			1,307,000
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			$ 11,079	11,100	9,787
Income tax benefit			(3,834)	(3,903)	(3,293)
Total share-based compensation expense after income taxes			$ 7,245	$ 7,197	$ 6,494
Net impact of share-based compensation on [Abstract]
Basic net income per share (in dollars per share)			$ 0.32	$ 0.32	$ 0.29
Diluted net income per share (in dollars per share)			$ 0.32	$ 0.31	$ 0.28
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	[1]		$ 1,453	$ 1,261	$ 1,409
Restricted Stock Units (RSUs) [Member] | Cost of Revenues [Member] | Continuing Operations [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense before income taxes			1,500	1,100	1,100
Restricted Stock Units (RSUs) [Member] | Cost of Revenues [Member] | Discontinued Operations [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense before income taxes			0	100	300
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			2,349	2,056	1,574
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	[2]		2,851	3,189	3,156
Restricted Stock Units (RSUs) [Member] | Sales and Marketing [Member] | Continuing Operations [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense before income taxes			2,900	3,000	2,400
Restricted Stock Units (RSUs) [Member] | Sales and Marketing [Member] | Discontinued Operations [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense before income taxes			0	200	700
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			$ 4,426	$ 4,594	$ 3,648
[1]	Cost of revenues reported in the table include share-based compensation expense from continuing and discontinued operations. Share-based compensation expense included in cost of revenues from continuing operations during fiscal 2017, 2016 and 2015, was $1.5 million, $1.1 million and $1.1 million, respectively, and from discontinued operations during fiscal 2017, 2016 and 2015, was $0, $0.1 million and $0.3 million, respectively.
[2]	Sales and marketing expenses reported in the table include share-based compensation expense from continuing and discontinued operations. Share-based compensation expense included in sales and marketing expenses from continuing operations during fiscal 2017, 2016 and 2015 was $2.9 million, $3.0 million and $2.4 million, respectively, and from discontinued operations during fiscal 2017, 2016 and 2015 was $0, $0.2 million and $0.7 million, respectively.

EQUITY COMPENSATION PLANS AND68

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION, Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Additional disclosures [Abstract]
Proceeds from the exercise of stock options	$ 0	$ 0	$ 31
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of grant	10 years
Unrecognized compensation expense	$ 0	$ 0
Options, number of shares [Roll Forward]
Outstanding, beginning of period (in shares)	0	0	2,000
Granted (in shares)	0	0	0
Exercised (in shares)	0	0	(2,000)
Canceled or forfeited (in shares)	0	0	0
Outstanding, end of period (in shares)	0	0	0
Options, average exercise price per share [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 0	$ 0	$ 13.24
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	0	0	13.24
Canceled or forfeited (in dollars per share)	0	0	0
Outstanding, end of period (in dollars per share)	$ 0	$ 0	$ 0
Stock options exercisable (in shares)	0	0	0
Total intrinsic value of stock options exercised	$ 0	$ 0	$ 92
Additional disclosures [Abstract]
Proceeds from the exercise of stock options	$ 0	$ 0	$ 31
Stock Options [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Stock Options [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

EQUITY COMPENSATION PLANS AND69

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION, Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
		Dec. 31, 2016	Dec. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015	Jan. 25, 2017
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense				$ 11,079	$ 11,100	$ 9,787
Restricted Stock Units Activity, Weighted Average Grant Date Fair Value [Roll Forward]
Total intrinsic value				8,300	15,300	11,700
Total grant date fair value				$ 7,500	$ 8,600	$ 7,400
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				$ 17,900
Weighted average service period for recognition of unrecognized compensation costs				1 year 10 months 24 days
Restricted Stock Unit Activity, Number of Shares [Roll Forward]
Unvested, beginning of period (in shares)			524,000	524,000	679,000	774,000
Granted (in shares)				207,000	188,000	189,000
Vested (in shares)	[1]			(156,000)	(288,000)	(272,000)
Canceled and forfeited (in shares)				(40,000)	(55,000)	(12,000)
Unvested, end of period (in shares)				535,000	524,000	679,000
Restricted Stock Units Activity, Weighted Average Grant Date Fair Value [Roll Forward]
Unvested, beginning of period (in dollars per share)	[2]		$ 45.37	$ 45.37	$ 36.08	$ 30.98
Granted (in dollars per share)	[2]			46.05	52.90	43.85
Vested (in dollars per share)	[1],[2]			41.57	30.06	27.24
Canceled and forfeited (in dollars per share)	[2]			47.02	36.48	30.37
Unvested, end of period (in dollars per share)	[2]			$ 46.62	$ 45.37	$ 36.08
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				$ 8,900
Weighted average service period for recognition of unrecognized compensation costs				1 year 8 months 12 days
Restricted Stock Unit Activity, Number of Shares [Roll Forward]
Unvested, beginning of period (in shares)			311,000	311,000	148,000	113,000
Granted (in shares)				152,000	187,000	172,000
Vested (in shares)	[1]			(24,000)	0	0
Canceled and forfeited (in shares)				0	(24,000)	(137,000)
Unvested, end of period (in shares)				439,000	311,000	148,000
Restricted Stock Units Activity, Weighted Average Grant Date Fair Value [Roll Forward]
Unvested, beginning of period (in dollars per share)	[2]		$ 48.29	$ 48.29	$ 40.82	$ 42.43
Granted (in dollars per share)	[2]			44.54	55.08	40.82
Vested (in dollars per share)	[1],[2]			40.82	0	0
Canceled and forfeited (in dollars per share)	[2]			0	55.08	42.15
Unvested, end of period (in dollars per share)	[2]			$ 47.40	$ 48.29	$ 40.82
FY 2015 Performance RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved restricted stock unit awards (performance vesting) (in shares)				172,000
Aggregate estimated grant date fair value				$ 7,000
FY 2015 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 2015 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 2015 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 2015 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 2016 Performance RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved restricted stock unit awards (performance vesting) (in shares)				187,000
Aggregate estimated grant date fair value				$ 10,300
FY 2016 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 2016 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 2016 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 2016 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]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved restricted stock unit awards (performance vesting) (in shares)				152,000
Aggregate estimated grant date fair value				$ 6,800
Share based compensation expense		$ 0	$ 600
FY 2017 Performance RSUs Vesting 1 [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 Vesting 1 [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 Vesting 1 [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 Vesting 1 [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 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]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate estimated grant date fair value							$ 4,000
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
Aggregate estimated grant date fair value				$ 6,300
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%
Continuing 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%
Continuing 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 Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2016	Mar. 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015	Jul. 31, 2013
Share Repurchase Program [Abstract]
Repurchases of common stock				$ 13,040
Payments of Dividends [Abstract]
Total dividend payout			$ 11,715	$ 9,970	$ 9,006
Common Stock Warrants [Abstract]
Compensation expense recognized on accelerated vesting of warrants		$ 200			$ 168
Share Repurchase Program [Member]
Share Repurchase Program [Abstract]
Authorized amount of stock repurchase	$ 97,300					$ 67,300
Increase to existing share repurchase program	$ 30,000
Share repurchases yet to be purchased under authorization			$ 54,000
Stock repurchased and retired to date (in shares)			1,600,000
Stock repurchased and retired to date			$ 43,300
Repurchase of common stock (in shares)			0	325,000	0
Repurchases of common stock				$ 13,000
Average cost per share including commissions (in dollars per share)				$ 40.18
Common Stock Warrants [Member]
Common Stock Warrants [Abstract]
Warrants outstanding (in shares)		4,000	0	0	4,000
Weighted average exercise price (in dollars per share)		$ 3		$ 3	$ 3
Common stock issued upon exercise of vested warrants (in shares)			0	4,000	26,000

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
NET INCOME PER SHARE [Abstract]
Income from continuing operations	$ 7,543	$ 6,859	$ 11,487	$ 6,890	$ 8,302	$ 7,954	$ 7,823	$ 6,995	$ 32,779	$ 31,074	$ 20,803
Loss from discontinued operations, net of tax	7	(15)	(55)	0	0	4	(7)	0	(63)	(3)	(1,154)
Gain on sale of discontinued operations, net of tax					559	0	0	0	0	559	7,682
Net income	$ 7,550	$ 6,844	$ 11,432	$ 6,890	$ 8,861	$ 7,958	$ 7,816	$ 6,995	$ 32,716	$ 31,630	$ 27,331
Weighted average common shares outstanding [Abstract]
Basic (in shares)									22,515,000	22,661,000	22,497,000
Effect of dilutive securities [Abstract]
Stock options (in shares)									0	0	1,000
Restricted stock units (in shares)									282,000	221,000	276,000
Warrants (in shares)									0	1,000	13,000
Diluted (in shares)									22,797,000	22,883,000	22,787,000
Basic [Abstract]
Continuing operations (in dollars per share)	$ 0.33	$ 0.30	$ 0.51	$ 0.31	$ 0.37	$ 0.35	$ 0.34	$ 0.31	$ 1.46	$ 1.37	$ 0.92
Discontinued operations (in dollars per share)	0	0	0	0	0.02	0	0	0	(0.01)	0.03	0.29
Basic net income per share (in dollars per share)	0.33	0.30	0.51	0.31	0.39	0.35	0.34	0.31	1.45	1.40	1.21
Diluted [Abstract]
Continuing operations (in dollars per share)	0.33	0.30	0.51	0.30	0.36	0.35	0.34	0.31	1.44	1.36	0.91
Discontinued operations (in dollars per share)	0	0	(0.01)	0	0.03	0	0	0	0	0.02	0.29
Diluted net income per share (in dollars per share)	$ 0.33	$ 0.30	$ 0.50	$ 0.30	$ 0.39	$ 0.35	$ 0.34	$ 0.31	$ 1.44	$ 1.38	$ 1.20
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)									2,000	92,000	0
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares underlying antidilutive securities (in shares)									0	0	0
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares underlying antidilutive securities (in shares)									0	0	0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Deferred [Abstract]
Total deferred income tax provision (benefit)	$ (1,319,000)	$ 1,317,000	$ (3,954,000)
Total income tax provision	$ 18,333,000	16,073,000	12,239,000
Income before income taxes [Abstract]
Federal statutory income tax rate	35.00%
Income Tax Provision Reconciliation [Abstract]
Income taxes at federal income tax rate	$ 17,889,000	16,502,000	11,565,000
State income taxes, net of federal benefits	1,284,000	917,000	787,000
Non-deductible compensation	549,000	543,000	880,000
Research and development tax credits	(410,000)	(607,000)	(383,000)
Tax-exempt interest income	(1,000)	(2,000)	(6,000)
Qualified production activities income benefit	(910,000)	(761,000)	(866,000)
Other	(68,000)	(519,000)	262,000
Total income tax provision	18,333,000	16,073,000	12,239,000
Excess tax benefits from share-based awards and other tax adjustments	24,000	1,621,000	946,000
Foreign earnings that have not been subject to US taxation	0
Breakdown Between Current and Non-current Deferred Tax Assets (Liabilities) [Abstract]
Deferred tax assets, current	5,644,000	4,810,000
Deferred tax assets, non-current	4,392,000	3,903,000
Deferred tax liabilities, non-current	(234,000)	(384,000)
Total net deferred tax assets	9,802,000	8,329,000
Deferred tax assets [Abstract]
Research and development tax credit carryforwards	917,000	830,000
Capitalized research and development	45,000	76,000
Inventory reserves	598,000	623,000
Deferred revenue from extended maintenance agreements	1,074,000	1,446,000
Warranty reserves	1,659,000	1,217,000
Accrued payroll and other accrued expenses	1,715,000	1,553,000
Share-based compensation	4,753,000	3,822,000
Alternative minimum tax credits	24,000	24,000
Tax on deferred intercompany profit	1,221,000	601,000
Other	696,000	665,000
Total deferred tax assets	12,702,000	10,857,000
Deferred tax liabilities [Abstract]
Depreciation	(2,518,000)	(2,135,000)
Other	(382,000)	(393,000)
Total deferred tax liabilities	(2,900,000)	(2,528,000)
Net deferred tax assets	9,802,000	8,329,000
Valuation allowance	0	0	0
Income Tax Contingency [Line Items]
Penalties and interest related to unrecognized tax benefits	0	0	0
Continuing Operations [Member]
Current [Abstract]
Federal	16,629,000	13,204,000	12,065,000
State	2,237,000	1,562,000	1,657,000
Foreign	841,000	1,290,000	64,000
Total current income tax provision (benefit)	19,707,000	16,056,000	13,786,000
Deferred [Abstract]
Federal	(1,126,000)	178,000	(1,363,000)
State	(192,000)	(128,000)	(158,000)
Foreign	(56,000)	(33,000)	(26,000)
Total deferred income tax provision (benefit)	(1,374,000)	17,000	(1,547,000)
Total income tax provision	18,333,000	16,073,000	12,239,000
Income before income taxes [Abstract]
United States	48,069,000	43,885,000	33,489,000
Foreign	3,043,000	3,262,000	(447,000)
Total - continuing operations	51,112,000	47,147,000	33,042,000
Income Tax Provision Reconciliation [Abstract]
Total income tax provision	18,333,000	16,073,000	12,239,000
Discontinued Operations [Member]
Current [Abstract]
Federal	(35,000)	(835,000)	5,923,000
State	(3,000)	(69,000)	458,000
Total current income tax provision (benefit)	(38,000)	(904,000)	6,381,000
Deferred [Abstract]
Federal	0	1,146,000	(2,258,000)
State	0	95,000	(175,000)
Total deferred income tax provision (benefit)	0	1,241,000	(2,433,000)
Total income tax provision	(38,000)	337,000	3,948,000
Income before income taxes [Abstract]
United States	(101,000)	893,000	10,475,000
Income Tax Provision Reconciliation [Abstract]
Total income tax provision	$ (38,000)	$ 337,000	$ 3,948,000
Federal [Member]
Income Tax Contingency [Line Items]
Statute of limitations	3 years
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 0
Federal [Member] | Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,014
Federal [Member] | Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,017
State of California [Member]
Income Tax Contingency [Line Items]
Statute of limitations	4 years
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 0
Tax Credit Carryforward [Line Items]
Tax credit carryforward with indefinite life	$ 1,400,000
State of California [Member] | Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,013
State of California [Member] | Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,017
State of California [Member] | Research and Development Tax Credit [Member] | Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,011
State of California [Member] | Research and Development Tax Credit [Member] | Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,017
Germany [Member] | Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,014
Germany [Member] | Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,017
United Kingdom [Member] | Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,013
United Kingdom [Member] | Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,017
Hong Kong [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2,017

SEGMENT REPORTING INFORMATION73

SEGMENT REPORTING INFORMATION (Details) $ in Thousands		3 Months Ended								12 Months Ended
		Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2017USD ($)Segment	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
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		$ 58,200	$ 52,772	$ 58,552	$ 57,696	$ 56,960	$ 52,876	$ 55,975	$ 53,090	$ 227,220	$ 218,901	$ 202,593
Cost of revenues										101,375	95,649	93,623
Gross profit		$ 32,182	$ 29,404	$ 32,258	$ 32,001	$ 32,296	$ 29,602	$ 31,962	$ 29,392	125,845	123,252	108,970
Other Market [Member]
Segment Reporting Information [Line Items]
Revenues	[1]									3,957	3,389	3,211
Cost of revenues	[1]									217	130	141
Gross profit	[1]									3,740	3,259	3,070
Reportable Segments [Member] | Medical Market [Member]
Segment Reporting Information [Line Items]
Revenues										36,602	37,845	35,364
Cost of revenues										19,909	20,223	18,905
Gross profit										16,693	17,622	16,459
Reportable Segments [Member] | Veterinary Market [Member]
Segment Reporting Information [Line Items]
Revenues										186,661	177,667	164,018
Cost of revenues										81,249	75,296	74,577
Gross profit										$ 105,412	$ 102,371	$ 89,441
[1]	Represents unallocated items, not specifically identified to any particular business segment.

REVENUES BY PRODUCT CATEGORY 74

REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Revenue from External Customer [Line Items]
Product sales, net										$ 227,220	$ 218,827	$ 202,443
Development and licensing revenue										0	74	150
Total revenues		$ 58,200	$ 52,772	$ 58,552	$ 57,696	$ 56,960	$ 52,876	$ 55,975	$ 53,090	227,220	218,901	202,593
Instruments [Member]
Revenue from External Customer [Line Items]
Product sales, net	[1]									39,257	43,042	48,649
Consumables [Member]
Revenue from External Customer [Line Items]
Product sales, net	[2]									175,346	165,025	144,446
Other Products [Member]
Revenue from External Customer [Line Items]
Product sales, net	[3]									$ 12,617	$ 10,760	$ 9,348
[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 75

REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS, Revenues By Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 58,200	$ 52,772	$ 58,552	$ 57,696	$ 56,960	$ 52,876	$ 55,975	$ 53,090	$ 227,220	$ 218,901	$ 202,593
North America [Member] | Reportable Geographical Components [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									181,853	175,019	163,308
Europe [Member] | Reportable Geographical Components [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									32,764	31,262	30,422
Asia Pacific and Rest of the World [Member] | Reportable Geographical Components [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									$ 12,603	$ 12,620	$ 8,863

REVENUES BY PRODUCT CATEGORY 76

REVENUES BY PRODUCT CATEGORY AND GEOGRAPHIC REGION AND SIGNIFICANT CONCENTRATIONS, Concentration Risk (Details) - Worldwide Revenues [Member] - Customer Concentration Risk [Member] - Customer	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Concentration Risk [Line Items]
Number of major customers	4	4	2
MWI Veterinary Supply, Inc. [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer	21.00%	20.00%	19.00%
Henry Schein, Inc. [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer	14.00%	13.00%
Patterson Companies, Inc. [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer	11.00%	11.00%
Abbott Point of Care, Inc. [Member]
Concentration Risk [Line Items]
Revenue or accounts receivable by major customer	10.00%	10.00%	11.00%

SUMMARY OF QUARTERLY DATA (UN77

SUMMARY OF QUARTERLY DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
SUMMARY OF QUARTERLY DATA (UNAUDITED) [Abstract]
Revenues	$ 58,200	$ 52,772	$ 58,552	$ 57,696	$ 56,960	$ 52,876	$ 55,975	$ 53,090	$ 227,220	$ 218,901	$ 202,593
Gross profit	32,182	29,404	32,258	32,001	32,296	29,602	31,962	29,392	125,845	123,252	108,970
Income from continuing operations, net of tax	7,543	6,859	11,487	6,890	8,302	7,954	7,823	6,995	32,779	31,074	20,803
Gain (loss) from discontinued operations, net of tax	7	(15)	(55)	0	0	4	(7)	0	(63)	(3)	(1,154)
Gain on sale of discontinued operations, net of tax					559	0	0	0	0	559	7,682
Net income	$ 7,550	$ 6,844	$ 11,432	$ 6,890	$ 8,861	$ 7,958	$ 7,816	$ 6,995	$ 32,716	$ 31,630	$ 27,331
Basic [Abstract]
Continuing operations (in dollars per share)	$ 0.33	$ 0.30	$ 0.51	$ 0.31	$ 0.37	$ 0.35	$ 0.34	$ 0.31	$ 1.46	$ 1.37	$ 0.92
Discontinued operations (in dollars per share)	0	0	0	0	0.02	0	0	0	(0.01)	0.03	0.29
Basic net income per share (in dollars per share)	0.33	0.30	0.51	0.31	0.39	0.35	0.34	0.31	1.45	1.40	1.21
Diluted [Abstract]
Continuing operations (in dollars per share)	0.33	0.30	0.51	0.30	0.36	0.35	0.34	0.31	1.44	1.36	0.91
Discontinued operations (in dollars per share)	0	0	(0.01)	0	0.03	0	0	0	0	0.02	0.29
Diluted net income per share (in dollars per share)	0.33	0.30	0.50	0.30	0.39	0.35	0.34	0.31	1.44	1.38	1.20
Cash dividend declared (in dollars per share)	$ 0.14	$ 0.14	$ 0.12	$ 0.12	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.52	$ 0.44	$ 0.40

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2016MicroscopeandCameraSystem	Mar. 31, 2017USD ($)
Related Party Transaction [Line Items]
Period of agreement renews automatically		1 year
Period of agreement non-renewal		60 days
Payment to related party | $		$ 0.5
Minimum [Member]
Related Party Transaction [Line Items]
Number of units purchased | MicroscopeandCameraSystem	100

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Apr. 26, 2017	Apr. 30, 2017
Subsequent Event [Line Items]
Contractual obligations estimated period		4 years
Maximum [Member]
Subsequent Event [Line Items]
Contractual agreement payment		$ 10.2
Quarterly Dividend [Member]
Subsequent Event [Line Items]
Dividend declared date	Apr. 26, 2017
Quarterly dividend amount (in dollars per share)	$ 0.14
Dividend payment date	Jun. 15, 2017
Record date	Jun. 1, 2017

Schedule II - Valuation and Q80

Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands		12 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	[1]	$ 479	$ 247	$ 182
Additions charged to expenses	[1]	43	366	(24)
Deductions from reserves	[1],[2]	(250)	(134)	89
Balance at end of year	[1]	$ 272	$ 479	$ 247
[1]	The allowance for doubtful accounts is presented on a consolidated basis.
[2]	The deductions related to allowances for doubtful accounts represent net balance of accounts receivable which were written off and recovered.