NEW YORK (GenomeWeb News) – Enzo Biochem reported after the close of the market Monday that its first-quarter revenues declined 1 percent year over year as a decline in product revenues was offset by growth for its clinical lab services.
The New York-based provider of research products and molecular biology reagents brought in total revenues of $25.6 million for the three months ended Oct. 31, compared to $25.8 million for the first quarter of Fiscal Year 2012. Its product revenues fell to $8.4 million from $9.7 million, while its clinical lab sales jumped to $15.2 million from $14.2 million. Royalty and license fee income was $2 million versus $1.9 million.
The firm noted that its clinical lab business was negatively impacted by around $700,000 due to Hurricane Sandy, which resulted in sharply diminished specimen counts over the last three days of the quarter.
Enzo posted a net loss of $3.7 million, or $.09 per share, for the quarter, compared to a net loss of $4.5 million, or $.12 per share, for the first quarter of FY 2012.
"We are making noteworthy progress and have yet to fully benefit from the anticipated $6 million in annual cost savings that will result from last year's realignment," Enzo President Barry Weiner said in a statement. "We anticipate that new products, operating efficiencies, enhanced marketing efforts and improved cash utilization will drive stronger operating results as the year develops."
The firm announced during its fourth-quarter conference call in October that it would realign its operations with the aim of reducing its cash burn.
Enzo finished the quarter with $13.4 million in cash, cash equivalents, and short-term investments. It also held working capital of $18.3 million.
Subsequent to the end of its first quarter, Enzo won a patent infringement case against Life Technologies. The jury in that case awarded Enzo $48.6 million in damages, though Life Tech intends to appeal the decision.