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Enzo Biochem Reports Flat Q3 Revenues

NEW YORK (GenomeWeb) – Enzo Biochem today reported flat year-over-year revenues for its fiscal third quarter. 

For the three months ended April 30, the firm recorded total revenues of $24 million, the same as a year ago. Enzo Clinical Labs' revenues were up 8 percent to $15.7 million from $14.5 million, but Life Sciences revenues, which comprise Enzo's product revenues, slid 9 percent to $7.9 million from $8.7 million due to the effects of currency exchange and the timing of customer reordering patterns, Enzo said. Royalty and license fee income dropped to $423,000 from $729,000. 

Its net loss for the recently completed quarter was $2.9 million, or $.06 per share, compared to a net loss of $455,000, or $.01 per share, a year ago. On a non-GAAP basis, Enzo had a net loss of $.07 per share in Q3 2015, up from $.05 a year ago. 

The company said that total operating expenses rose to $26.8 million from $24.5 million a year ago. Excluding legal settlements, expenses in Q3 2015 were $600,000 lower than in the year-ago quarter. 

On the legal front during the quarter, a federal appeals court reversed in part an earlier decision that found Life Technologies guilty of infringing a patent held by Enzo Biochem, and remanded in part the case back to a US district court.  

Also, Enzo sued Hologic for patent infringement. The firm has several other lawsuits alleging intellectual property infringement, and in a statement Enzo President Barry Weiner said that moving forward the firm's legal expenses will continue to be "substantial and remain a necessary but important strategic investment."

Enzo finished the quarter with $14.4 million in cash and cash equivalents. 

Weiner said that the firm has created new projects that will reduce costs and improve efficiency. Additionally, Enzo is developing new programs in molecular diagnostic testing "that are materially strengthening Enzo's outlook. 

"Mounting importance of molecular diagnostic testing, together with greater in-house development of new higher-margin testing capabilities, underscores our successful strategy to use, partner, and develop tools that are in the forefront of identifying complex and life-threatening diseases to materially aid patient care," Weiner said.