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Enzo Biochem Reports 27 Percent Increase in Q4 Revenues

NEW YORK – Enzo Biochem reported before the opening of the market on Tuesday that its fiscal fourth quarter revenues rose 27 percent year over year, reflecting strong product sales that were moderated by a slowdown in COVID-19 testing during the summer months.

For the three months ended July 31, the diagnostics company reported revenues of $24.8 million, up from $19.5 million a year earlier. Clinical lab revenues rose 30 percent to $16.8 million from $12.9 million in Q4 2020. The year-over-year improvement was driven by an increased accession count and a 6 percent growth in net revenue per accession due to factors related to the pandemic, the company said. Life sciences revenues increased 38 percent to $8.1 million from $5.8 million in the year-ago quarter.

"Fiscal 2021 was a validating and extraordinary year for Enzo as our team once again demonstrated unprecedented levels of innovation amid the most transformative time of our 45-year history," Enzo President Barry Weiner said in a statement. "We have successfully modified our clinical services and products to profitably operate in the new COVID-19 pandemic with multiple variants where we anticipate testing to ebb and flow for the next 12-18 months."

He highlighted the October 2020 launch of the company's GoTestMeNow platform, a direct-to-consumer offering through which the company provides physician-authorized laboratory tests directly to patients for COVID-19. In the fall, the platform will also begin providing tests for sexually transmitted infections.

Weiner also said the company is working to broaden its menu of molecular tests on the GenFlex platform in 2022.

"Enzo's GenFlex sales and marketing strategy is undergoing multiple regulatory approvals for test submissions," he added. "The company's vigorous R&D program includes a focus on cytology, immunodiagnostics, and immunohistochemistry involving locating antigens in biopsy tissue to diagnose some types of cancer. Enzo is also actively involved in the development and future commercialization of point-of-care platforms that are gaining increasing interest in clinical diagnostics."

For Q4, Enzo recorded net income of $3.3 million, or $.07 per share, compared to a net loss of $3.3 million, or $.07 per share, a year earlier. On an adjusted basis, the company also reported net income of $.07 per share for the quarter.

R&D expenses for Q4 decreased 26 percent to $900,000 from $1.2 million in the year-ago period. SG&A expenses increased 18 percent to $11.8 million.

For full-year fiscal 2021, the company reported revenues of $117.7 million, an increase of 55 percent compared to revenues of $76.0 million for 2020. The increase was primarily due to COVID-19 testing services and accelerated growth in sales of the firm's products. Clinical lab revenues for the year increased 81 percent to $87 million, while life sciences revenues rose 16 percent to $30.7 million.

For fiscal 2021, Enzo recorded net income of $7.9 million, or $.16 per share, compared to a net loss of $28.5 million, or $.60 per share, a year earlier. On an adjusted basis, the company reported net income of $.21 per share for the year.

R&D expenses fell to $3.3 million for 2021 from $4.4 million in 2020. SG&A expenses for fiscal 2021 rose to $44.9 million from $43.0 million.

Enzo ended the fiscal year with $43.5 million in cash, cash equivalents, and short-term investments.

The firm's shares were down more than 9 percent to $3.71 in morning trading on the New York Stock Exchange.

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