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Enzo Biochem Reports Fourth Quarter Results And Announces Realignment Program Expected To Reduce Annualized Costs $6 Million Commencing With Fiscal First Quarter

Stocks in this article: ENZ

The Company had, as of July 31, 2012, working capital of $21.5 million, including $15.1 million in cash and equivalents and a current ratio of 2.1-to-1. There is no debt.

Product Development

Enzo Labs continues to benefit from growth of the ColonSentry™ test, introduced this past year, which provides an assessment of a patient’s risk of having colorectal cancer. The simple blood test is indicative of the emerging demand for simpler, effective and cost effective approaches to speed diagnosis and effect treatment, where necessary. In addition, Enzo expects to introduce several new molecular diagnostic products and other tests that it is already offering or plans to do so, including but not limited to:

  • Our proprietary AmpiProbe™ highly sensitive Real Time Amplification Detection platform, currently awaiting New York State Department of Health evaluation, that enables multiple tests from a single specimen, thus offering sharply lower expenses for clinical laboratories affected by what is currently a highly cost-conscious market.
  • A highly comprehensive panel of products to identify women’s health diseases that would make diagnosis simpler and be more patient friendly also based on the AmpiProbe™ platform.
  • A planned roll out in the next quarter of Enzo’s laboratory developed test for the identification of integrated Human papillomavirus.

Conference Call

The Company will conduct a conference call on October 16, 2012 at 8:30 AM ET. The call can be accessed by dialing 1-888-459-5609. International callers can dial 1-973-321-1024. Please reference PIN number 39091633. Interested parties may also listen over the Internet at http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=94391&eventID=4846551. To listen to the live call on the Internet, please go to the web site at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available approximately two hours after the end of the live call, through midnight (ET) on October 30, 2012. The replay of the conference call can be accessed by dialing 1-800-585-8367, and when prompted, use PIN number 39091633. International callers can dial 1-404-537-3406, using the same PIN number.

NON-GAAP Financial Measures

To comply with Regulation G promulgated pursuant to the Sarbanes-Oxley Act, Enzo Biochem attached to this news release and will post to the Company's investor relations web site ( www.enzo.com) any reconciliation of differences between non-GAAP financial information that may be required in connection with issuing the Company's quarterly financial results.

The Company uses EBITDA, as a measure of performance to demonstrate earnings exclusive of interest, taxes, depreciation and amortization. Adjustments to EBITDA are for items of a non-recurring nature and are reconciled on the table provided. The Company manages its business based on its operating cash flows. The Company, in its daily management of its business affairs and analysis of its monthly, quarterly and annual performance, makes its decisions based on cash flows, not on the amortization of assets obtained through historical activities. The Company, in managing its current and future affairs, cannot affect the amortization of the intangible assets to any material degree, and therefore uses EBITDA as its primary management guide. Since an outside investor may base its evaluation of the Company's performance based on the Company's net loss not its cash flows, there is a limitation to the EBITDA measurement. EBITDA is not, and should not be considered, an alternative to net loss, loss from operations, or any other measure for determining operating performance of liquidity, as determined under accounting principles generally accepted in the United States (GAAP). The most directly comparable GAAP reference in the Company's case is the removal of interest, taxes, depreciation and amortization.

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