UPDATE 1-Abaxis Q1 profit tops market estimates, shares rise

* Q1 EPS $0.17 vs est $0.13

* Q1 revenue $29.6 mln vs est $26.6 mln

* Shares rise 11 pct in after-market trade

July 30 (Reuters) - Abaxis Inc (ABAX.O) reported first-quarter profit that topped market estimates on strong consumables sales, sending its shares up 11 percent after the bell.

For the quarter ended June 30, the company's net income rose to $3.8 million, or 17 cents a share, from $2.8 million, or 12 cents a share, a year ago.

Revenue rose 21 percent to $29.6 million.

The maker of blood analysis systems for veterinary and medical processes reported a 40 percent rise in consumables revenue to $20.9 million, while sales in the veterinary market rose 31 percent to $21.8 million.

Analysts on average expected the company to earn 13 cents a share, before special items, on revenue of $26.6 million, according to Reuters Estimates

Shares of Abaxis rose 11 percent to $24.15 in trading after the bell. They closed at $21.84 Thursday on Nasdaq. (Reporting by Anuradha Ramanathan in Bangalore; Editing by Anne Pallivathuckal)