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Enzo Biochem Announces First Quarter Results

Enzo Biochem, Inc. (NYSE:ENZ) today reported improved sequential results for the first fiscal quarter ended October 31, 2010, the result of recent programs to reduce expenses, consolidate activities and expand operations.

“We are pleased to report that our program instituted this quarter aimed at making Enzo more efficient and designed to produce more effective use of our assets is beginning to show results, as demonstrated by improved performance, ” said Barry Weiner, President. “While we are in the early stages of this comprehensive program, the results experienced to date are very encouraging.”

“Moreover, in the first quarter, we achieved several milestones. We submitted Colon Sentry, a unique assay for risk-stratification of colon cancer occurrence, to the New York State Department of Health for approval. In addition, we began enrolling the first patients in our clinical trial of Optiquel™, our candidate therapeutic for the treatment of autoimmune uveitis. We also continued to roll out proprietary products and systems designed to aid in drug development,” he added.

Among the quarter’s highlights (all references are to sequential quarter over quarter results, normalized for an inventory charge and severance of $1.8 million where applicable):

  • Enzo Life Sciences, benefiting from increased emphasis on higher margin products, realized a greater than 100% gain in operating income.
  • Enzo Clinical Labs increased revenues 6%, while reducing the operating loss 62%.
  • Company-wide, gross margin increased $2.0 million or 17%.
  • Operating expenses decreased 7%, or to 57% of revenues, from 63%.
  • EBITDA, a non-GAAP measure, was $23,000, an improvement of $2.9 million from the prior quarter.
  • Net loss for the quarter was reduced 70%.

Quarter’s Results

Total revenues for the first quarter of fiscal 2011 increased to $25.7 million, from $25.2 million a year ago, or 2%, despite slightly lower revenues at Life Sciences resulting from a program to emphasize higher margined products, and advanced 3% sequentially. Enzo Clinical Labs benefited from an increase in market share and a new provider contract.

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