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TheStreet Open House

Enzo Biochem Reports Improved Second Quarter Results

Stocks in this article: ENZ

Enzo Biochem Inc. (NYSE:ENZ) today reported improved results for the fiscal quarter ended January 31, 2012. Among the quarter’s highlights:

  • Total revenues increased 5% year over year, led by strong organic growth at Enzo Clinical Labs and increased royalty and licensee income;
  • Gross margin was up 12%;
  • Operating results improved by $1.5 million;
  • Approval received by New York State Department of Health for ColonSentry, a proprietary assay for assessment of a patient’s risk of having colorectal cancer;
  • AmpiProbe™ HCV Assay, first of Company’s proprietary nucleic acid amplification technology, to be unveiled at leading European medical meeting.

“The quarter was another period of progress, both on the operational and development fronts. Enzo Clinical Labs posted another quarter of strong organic growth. At Enzo Life Sciences margins have begun improving as our efforts to streamline the product mix, improve marketing and enhance manufacturing start to yield results. Our recent announcements related to molecular diagnostics further support our progress in the development of novel assays that hold promise to contribute to the advancement of healthcare,” said Barry Weiner, President.

Second Quarter Results

Revenues for the second fiscal quarter were $25.0 million, compared with $23.7 million a year ago, an increase of 5%, as a result of both continued growth at Enzo Clinical Labs and an increase in royalty and licensing fee income. Gross profit improved to 46%, from 44% year over year. Operating expenses declined $0.5 million to $15.4 million, due to a reduction in legal and R&D expenses, partially offset by an increased provision for uncollectible accounts receivable due to higher service volume at Enzo Clinical Labs. However, the Company increased its developmental effort in the area of new molecular tests and technology platform development. Selling, general and administrative expenses as a percentage of revenues declined to 46% from 49% in the year ago period. The net loss for the period was reduced by $1.5 million or ($.04) per diluted share, declining to $4.2 million or ($.11) loss per diluted share. EBITDA loss was lower by $1.4 million or 32% to $3.0 million. Total cash used was $2.8 million, which included a non-recurring cash payment of $1.1 million for the final earn-out from a previous acquisition and cash used in operations of $1.3 million.

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