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Enzo Biochem's Q3 Revenues Rise 3 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Enzo Biochem reported after the close of the market Wednesday that its third-quarter revenues increased 3 percent with slight gains for both its life sciences and clinical lab businesses.

The New York-based firm brought in total revenues of $23.8 million for the three-month period ended April 30, compared with $23.1 million for the third quarter of 2009. Its life sciences business contributed $13 million of that revenues, up from $12.4 million year over year. Its clinical lab business had revenues of $10.8 million versus $10.6 million.

Enzo said that the revenue increase for its life science business was due to "a shift from contract revenue to higher-margin products," as well as contributions from Assay Designs, the research kits and reagents maker that the firm purchased in March 2009 for around $12.2 million.

Enzo posted a net loss of $4.6 million, or $.12 per share, compared to a net loss of $4.2 million, or $.11 per share, for Q3 2009.

The firm said that its operating expenses, including SG&A and legal costs, increased 27 percent to 44.8 million. It did not disclose its R&D spending.

Enzo Biochem finished the quarter with $34.4 million in cash, cash equivalents, and short-term investments.