NEW YORK – Enzo Biochem reported after the close of the market on Wednesday that revenues for its fiscal year 2021 first quarter rose 42 percent year over year, driven by a 66 percent increase in revenues from its clinical lab business.
For the three months ended Oct. 31, the diagnostics company reported total revenues of $28.7 million compared to $20.2 million in the year-ago quarter. Enzo also noted that it has registered steady gains in its monthly revenues since April, following a slowdown in operations at the beginning of the pandemic as a result of a sharp falloff in medical visits and the closure of many of its customers' facilities.
Clinical Services revenues rose to $21.2 million from $12.8 million in Q1 2020. The growth was driven by an increase in the volume of accessions to 300,000 from approximately 200,000 in the previous year's first quarter, Enzo said. Net revenue per accession increased to more than $69 compared to $62 in Q1 2020.
Revenues in the firm's life sciences unit also rose in Q1, increasing 27 percent to $7.4 million from $5.8 million in Q1 2020, reflecting the beginning of a recovery from the impact of the COVID-19 pandemic, the company said.
"During this quarter, we exceeded guidance and achieved profitability based on strong results that reflect our strategy to both streamline our operations and expand our product and platform capabilities as an integrated solutions provider of products and services in molecular diagnostics, immunoassays, cytology, and immunohistochemistry," Enzo Chairman and CEO Elazar Rabbani said in a statement. "The rapid application of our proprietary GenFlex platform in response to the COVID-19 pandemic is the most recent reflection of the strength and flexibility of our molecular diagnostic capabilities."
Rabbani also noted that the company's deployment of its portable microplate reader shows its potential capabilities in point-of-care testing, and its GoTestMeNow online portal "represents a major step forward in bringing access to diagnostic testing directly to people who need it conveniently and quickly."
The company reported net income for the quarter of $299,000, or $.01 per share, compared to a net loss of $7.6 million, or $.16 per share, a year earlier. On an adjusted basis, Enzo also reported net income of $.01 per share for the quarter.
Enzo's Q1 R&D expenses fell 29 percent to $800,000 from $1.1 million in the year-ago period, while SG&A expenses fell 10 percent to $10.0 million from $11.1 million.
At the end of the quarter, Enzo had cash and cash equivalents of $46.6 million, including restricted cash of $750,000.