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Enzo Biochem Fiscal Q3 Revenues Rise 10 Percent

NEW YORK (GenomeWeb) – Enzo Biochem reported today that its fiscal third quarter revenues climbed 10 percent over last year on a strong performance for its clinical lab and life science divisions.

For the three-month period ended April 30, the company reported total revenues of $26.4 million compared to $24 million in the same period a year earlier. Clinical lab services revenues grew 16 percent to $18.2 million from $15.7 million, while life sciences revenues edged up to $8 million from $7.9 million. 

"The clinical labs division remains on a solid growth trend, with molecular diagnostics increasingly predominant in its activities, as physician-clients recognize its unique capabilities and especially the lab's ability to provide services, assays and tests, particularly in the realm of women's health issues," Enzo President Barry Weiner said in a statement. "Meanwhile, life sciences is achieving improved results following several challenging quarters, during which it has aggressively moved to reposition itself by narrowing its product mix to concentrate on improved profitability, while also adding staff more experienced with the operations."

Enzo's net loss for the quarter fell to $2.1 million, or $.05 a share, from $2.9 million, or $.06 per share, the year before. It's non-GAAP loss was $.04 per share.

The company's fiscal Q3 SG&A spending edged up to $10.9 million from $10.2 million, primarily due to increased selling expenses and higher lab costs due to new business.

Meanwhile, Enzo's legal expenses dropped 17 percent in the quarter to $1.6 million. Of 11 patent infringement cases originally brought by Enzo in the United States District Court for the District of Delaware against various companies, seven remain pending. Another patent infringement case remains on the trial docket in the Southern District of NY Federal Court.

In January, Enzo received $9 million from Agilent Technologies to settle their case. In May, it received $35 million to settle a case against Life Technologies.

At the end of its fiscal third quarter, Enzo had cash and cash equivalents totaling $32.4 million. Including the Life Tech settlement, the company said it has cash and cash equivalents exceeding $50 million.

During early morning trading on the New York Stock Exchange, shares of Enzo were down $.27 at $5.82.