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Enzo Biochem Reports Fiscal Second Quarter Results

Stocks in this article: ENZ

About Enzo Biochem

Enzo Biochem is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and therapeutics through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards. A global company, Enzo Biochem utilizes cross-functional teams to develop and deploy products systems and services that meet the ever-changing and rapidly growing needs of health care both today and into the future. Underpinning Enzo Biochem’s products and technologies is a broad and deep intellectual property portfolio, with patent coverage across a number of key enabling technologies.

Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management, including those related to cash flow, gross margins, revenues, and expenses are dependent on a number of factors outside of the control of the company including, inter alia, the markets for the Company’s products and services, costs of goods and services, other expenses, government regulations, litigations, and general business conditions. See Risk Factors in the Company’s Form 10-K for the fiscal year ended July 31, 2012. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release.

(in thousands, except per share data)
Three months ended Six months ended

Selected operations data:

January 31,

January 31,
(unaudited) (unaudited)
  2013     2012     2013     2012  
Clinical laboratory services $ 13,320 $ 14,123 $ 28,497 $ 28,310
Product revenues $ 7,876 $ 9,542 $ 16,309 $ 19,245
Royalty and license fee income $ 1,014   $ 1,308   $ 3,033   $ 3,170  
Total revenues $ 22,210   $ 24,973   $ 47,839   $ 50,725  
Gross profit $ 8,642   $ 11,579   $ 20,377   $ 23,380  
Gross profit %   39 %   46 %   43 %   46 %
Loss before income taxes ($5,854 ) ($4,076 ) ($9,607 ) ($8,402 )
Benefit (provision) for income taxes (A) 180 (145 ) 242 (313 )
Net loss   ($5,674 )   ($4,221 )   ($9,365 )   ($8,715 )
Basic and diluted loss per share   ($0.14 )   ($0.11 )   ($0.24 )   ($0.23 )
Weighted average shares outstanding - basic and diluted   39,312     38,616     39,295     38,607  

Reconciliation of GAAP Net Loss to EBITDA:

Net loss ($5,674 ) ($4,221 ) ($9,365 ) ($8,715 )
Add-back (deduct):
Depreciation and amortization 1,186 1,045 2,336 2,259
Interest expense (income) 7 (14 ) 15 (12 )
(Benefit) provision for income taxes   (180 )   145     (242 )   313  
EBITDA (B)   ($4,661 )   ($3,045 )   ($7,256 )   ($6,155 )


A- All periods reflect effective tax rates below the statutory rate due to inability to recognize future tax benefits.
B- EBITDA is a non-GAAP measure, as described in the attached press release

Selected balance sheet data:

Jan. 31, 2013 July 31, 2012
Cash and cash equivalents $ 10,023 $ 15,076
Working capital $ 13,673 $ 21,412
Stockholders' equity $ 40,290 $ 49,101
Total assets $ 62,226 $ 69,123

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