NEW YORK (GenomeWeb News) – Enzo Biochem today reported that its first-quarter 2011 revenues increased 2 percent as increased sales for its clinical labs business offset lower revenues for its life sciences unit.
The New York-based research products and testing firm brought in total revenues of $25.7 million for the three-month period ended Oct. 31, compared to revenues of $25.2 million for the first quarter of fiscal 2010.
Revenues for the Enzo Clinical Labs jumped 12 percent year over year to $12.4 million from $11.1 million, while product revenues, royalties, and license fees for Enzo Life Sciences declined 6 percent to $13.3 million from $14.1 million.
Enzo Biochem's net loss fell to $1.1 million, or $.03 per share, from $1.8 million, or $.05 per share, year over year.
The firm's R&D spending for Q1 was down 28 percent to $1.8 million, and its SG&A spending decreased 4 percent to $11 million.
Enzo finished the quarter with $31.6 million in cash, cash equivalents, and short-term investments.