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Enzo Q3 Revenues Flat, Net Loss Widens

NEW YORK (GenomeWeb News) – Enzo Biochem reported after the close of the market on Monday that revenues for the fiscal third quarter inched up slightly year over year, but that net loss increased.

During the three months ended April 30, the New York-based company recorded $25.9 million in revenues, up from $25.8 million in the year-ago period. Clinical laboratory services increased to $15.2 million, up 10percent from $13.8 million, but product revenues slid 12 percent to $9.6 million from $10.9 million. Royalty and licensing fees were essentially flat at $1.1 million.

In its Form 10-Q filed with the US Securities and Exchange Commission, Enzo said that R&D costs shrank 24 percent year over year to $1.6 million from $2.1 million, while SG&A costs grew 9 percent to $11.9 million from $10.9 million a year ago.

Enzo's net loss for the third quarter was $3.4 million, or $.09 per share, compared to a net loss of $2.1 million, or $.05 per share, a year ago.

The company finished the quarter with $15.3 million in cash, cash equivalents, and short-term investments.

Enzo President Barry Weiner said in a statement that its Clinical Labs segment, which saw a 10 percent increase in organic revenues year over year during the quarter, "is making important progress both organically and in terms of market share."

The Life Science segment, he said, saw revenues decrease by 11 percent to $10.7 million, compared to $12.0 million a year ago, as academic budgets were reduced. Moving forward, that segment "is focusing more intensively on the pharma industry, where there are growth opportunities, especially in personalized medicine.

"In addition, we continue to rationalize and integrate our operations, and identify operational efficiencies, from which we expect future benefits," Weiner continued. "Enzo has a strong, proprietary base of products and technologies, as well as a unique infrastructure with Clinical Lab and Life Science sectors that can closely interact and that enables us to be especially competitive. Our efforts over the next few quarters are being directed at realizing gains in both top and bottom line results, improving cash flow and maximizing value."

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