NEW YORK (GenomeWeb News) – Enzo Biochem reported after the close of the market on Friday that its fourth-quarter revenues rose 8 percent year over year while its clinical laboratory service business jumped 22 percent.
For the three months ended July 31, total revenues came in at $26.8 million, compared to $24.9 million for the fourth quarter of 2010. Clinical laboratory revenues increased to $14.3 million, up from $11.7 million a year ago, while product revenues were flat at $10.5 million, and royalty and license fee income slipped 22 percent to $2.1 million from $2.7 million.
The company said that growth in Enzo Clinical Labs resulted from increased clients and test offerings and a new payer contract, which increased access to physicians.
"As a result of the company's strategy to increasingly integrate its operating business, Enzo Clinical Labs is increasingly focusing on the development of in-house developed tests, plus the addition of other esoteric assays to its menu," the firm said in a statement.
Barry Weiner, president of Enzo, added that the firm is focusing more attention to developing proprietary technology and products to serve the "rapidly growing molecular diagnostics market. Such products have the potential to continue to drive revenue growth and to enhance margins."
The firm also continues in its efforts to improve profitability in its Life Sciences division with "innovative" products, improving processes, and managing costs.
"We also believe that our broad and deep intellectual property portfolio has the potential to deliver significant value through licensing opportunities," Weiner said.
The firm posted a loss of $4 million, or $.11 per share, for the fourth quarter, a 27 percent improvement from a loss of $5.5 million, or $.15 per share, a year ago.
For fiscal-year 2011, Enzo Biochem posted revenues of $102 million, up 5 percent from $97.1 million in fiscal 2010.
Net loss for 2011 was $13 million, or $.34 per share, a 41 percent improvement from a loss of $22.2 million, or $.59 per share, a year ago. In 2010 the company took a $3.7 million adjustment resulting from the settlement of a lawsuit with former Secretary and Treasurer Shahram Rabbani, who was terminated by Enzo in November 2009.
The company ended the year with $24.2 million in cash, cash equivalents, and short-term investments.