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Enzo Reports Record Revenues Of $102 Million For Fiscal Year 2011

Enzo Biochem, Inc. (NYSE:ENZ) today reported operating results for the quarter and fiscal year ended July 31, 2011, including the following highlights for the quarter:
  • EBITDA (earnings before interest, taxes, depreciation and amortization, a non-GAAP measure) improvement of 36.3%, or $1.7 million;
  • 11.6% increase in aggregate product and clinical lab revenues from a year ago;
  • Clinical Labs revenue increase of 22%;
  • 27% reduction, or $1.5 million improvement, in the quarter’s net loss as compared to a year ago;
  • Gross Margin improvement to 45% from 41%.

“We continued to deliver improved operating results in the fourth quarter year over year, driven by significant revenue growth and an improving bottom line at Enzo Clinical Labs,” said Barry Weiner, President. “Moreover, we are increasingly focused on 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. We are also continuing to manage our Life Sciences division to improve profitability through a combination of innovative products, process improvement, and cost management. We also believe that our broad and deep intellectual property portfolio has the potential to deliver significant value through licensing opportunities.”

Fourth Quarter Operating Results

Total revenues increased to $26.8 million, up from $25.8 million in the preceding April 2011 quarter and from $24.9 million in the corresponding year-ago period. Clinical Labs revenues were $14.3 million, increasing 3.5% sequentially and 22% year over year. Product revenues approximated $10.5 million in the current and year ago periods. Royalty and licensing declined $700,000 to $2.0 million over the year ago period.

As a result of both increased overall revenue and improved cost structure, gross profit improved to $12.0 million, from $10.2 million a year ago, a 17.8% improvement, with the gross margin at 45% for the 2011 quarter, compared to 41% year over year. Selling, general and administrative expenses, as a percentage of total revenues, improved to 44%, from 46% a year ago. The net loss for the period declined to ($4.0) million, or ($0.11) per diluted share, from a net loss a year ago of ($5.5) million or ($0.15) per diluted share last year. EBITDA loss for the period improved to ($3.0) million as compared to ($4.7) million in the year ago period, a 36% improvement.

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