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Enzo Biochem's Q1 Revenues Rise 8 Percent on Biomol Contribution

NEW YORK (GenomeWeb News) – Enzo Biochem reported after the close of the market on Thursday that its first-quarter 2009 revenues increased around 8 percent due to the contribution of Biomol, which Enzo acquired earlier this year for $18 million plus earn-outs over the next two years.
 
The firm’s Life Sciences group, which sells labeling and detection products for genetic research applications, brought in total revenues of $12.9 million for the quarter, which ended Oct. 31, up 58 percent year over year from $8.2 million.
 
Biomol, which is part of the Life Sciences group, sells enzymes, peptides, substrates, and antibodies for signal transduction, lipid research, apoptosis, neuroscience and drug discovery, with a research focus on the functional proteomics field. The firm has annual revenues of roughly $11.5 million with 9 percent annual growth at the time of the acquisition.
 
Revenues for Enzo Clinical Labs dropped 27 percent to $8.2 million from $11.3 million. Enzo said the decrease was due to contractual adjustments that reduced payor reimbursements. However, Enzo also said that it expects Clinical Labs revenues to “return to customary levels” in the next quarter.
 
Overall, Enzo’s revenues were $21.1 million for the quarter compared to $19.4 million in the first quarter of 2008.
 
The firm’s net loss jumped to $6.4 million, or $.17 per share, from $1.2 million, or $.03 per share, year over year.
 
Enzo said that its R&D costs increased around 18 percent to $2 million from $1.7 million, which it said was due primarily to the expansion of product development programs at Enzo Life Sciences.
 
Enzo finished the quarter with $76.6 million in cash, cash equivalents, and short-term investments.
 
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