NEW YORK, Dec. 16 - Enzo Biochem today reported strong first-quarter revenue growth atop an increase in R&D spending and a jump in net income. However, a top executive hinted the results were largely due to "unusually strong"--yet short-lived--demand.
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Total revenue for the period ended Oct. 31 was $17.4 million compared with $13.4 million one year ago, and R&D spending grew almost 34 percent, to $1.8 million.
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Still, Enzo managed to post first quarter net income of $3.7 million, or $.13 per share, compared with $1.8 million, or $.06 per share, year over year.
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The company said it had roughly $73.2 million in cash and cash equivalents as of Oct. 31.
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However, Enzo President Barry Weiner cautioned that while the three months ended Oct. 31 amounted to "a quarter of growth" for the company, investors should not "construe" the results as "indicative of what successive future quarters will look like." Still, he stressed the outlook "remains favorable."