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Enzo Biochem Posts 3 Percent Revenue Gain for Q2

NEW YORK (GenomeWeb News) – Enzo Biochem reported after the close of the market Tuesday that its second quarter revenues increased 3 percent year over year, with growth posted for both its life sciences products and clinical lab services.

The New York-based diagnostics firm brought in total revenues of $22.9 million for the three months ended Jan. 31, up from $22.2 million for the second quarter of 2013.

Sales for its Enzo Life Sciences products grew to $8 million from $7.9 million, while its clinical lab revenues were up 4 percent year over year to $13.8 million from $13.3 million.

Barry Weiner, president of Enzo Biochem, said in a statement that the firm's results "displayed strong resiliency and growth." He cited challenges in the healthcare sector, regulatory issues, and adverse weather conditions that affected patient volume for its clinical lab business.

"Nonetheless, the transformation of Enzo continues, as we increasingly and successfully reposition Life Sciences utilizing more focused marketing programs directed at higher margin products, and as our Clinical Labs enjoys and benefits from greater recognition from a growing roster of women's health and other diagnostics tests, along with heightened efficiency at both units," he added. "Our AmpiProbe platform is being designed to provide a next-generation of molecular-based diagnostics that can impart higher sensitivity at lower cost than currently available assays."

Enzo reported a net loss of $3.6 million, or $.09 per share, for the quarter, versus a Q2 2013 net loss of $5.7 million, or $.14 per share.

Enzo finished the quarter with $7.6 million in cash and cash equivalents.