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Enzo's Q2 Revenues Increase 11 Percent; Legal Costs Hit Bottom Line

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Enzo Biochem reported after the close of the market Friday that its second-quarter 2010 revenues had risen 11 percent, but its net loss increased 34 percent on legal costs.

The New York-based firm brought in total revenues of $23.2 million for the three-month period ended Jan. 31, compared to $20.9 million for the second quarter of 2009.

Revenues for the firm's life sciences division increased 11 percent to $12.6 million year over year, and its clinical labs revenue also increased 11 percent to $10.6 million.

Enzo's product revenues climbed to $10.8 million from $9.5 million year over year, while its royalty and license fee revenues were $1.8 million versus $1.9 million. Its clinical lab services revenue was $10.6 million, up from $9.5 million year over year.

Enzo's net loss for the quarter was $10.3 million, or $.27 per share, compared to a net loss of $7.7 million, or $.20 per share, for Q2 2009. A primary driver of the increased loss was a $3.7 million charge for litigation settlement and related legal costs. The firm had been sued by its former Secretary and Treasurer Shahram Rabbani, who was terminated by the firm in November 2009.

The company's R&D spending for the quarter increased around 5 percent to $2.3 million from $2.2 million, while its SG&A spending climbed 27 percent to $13.5 million from $10.6 million.

Enzo finished the quarter with $44.5 million in cash, cash equivalents, and short-term investments.

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