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Enzo Reports 11 Percent Decline in Q2 Revenues

NEW YORK (GenomeWeb News) – Enzo Biochem reported after the close of the market on Tuesday that revenues for its fiscal second quarter dropped 11 percent year over year.

Total revenues for the three months ended Jan. 31 fell to $22.2 million from $25.0 million a year ago. By segment, clinical laboratory services shrank 6 percent to $13.3 million from $14.1 million, while product revenues slid 17 percent to $7.9 million from $9.5 million, and royalty and license fee revenues were down 23 percent to $1.0 million from $1.3 million.

Operating expenses were down by $500,000 in the quarter to $28.2 million as R&D as well as SG&A expenses were reduced. This was partially offset by increased legal expenses related to litigation against Life Technologies over a patents dispute. In November, a jury found Life Tech guilty of patent infringement and awarded Enzo $48.6 million.

Enzo's net loss for the quarter increased to $5.7 million, or $.14 per share, from a net loss of $4.2 million, or $.11 per share, a year ago.

In a statement, Enzo President Barry Weiner said that Hurricane Sandy "significantly impacted our clinical lab business" as it delayed patient visits to doctors and delayed new product approvals during the quarter, reducing revenues by an estimated $2.2 million.

"We expect clinical labs to return to the pattern of growth it had previously demonstrated during the upcoming months," he said in a statement. "In addition, we anticipate many of our newly introduced diagnostic tests should enhance results in the coming months."

Enzo finished the FY2013 second quarter with $10.0 million in cash and cash equivalents.

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