During the past year Clinical Labs has extensively updated much of its core operational instrumentation, including the recent addition of robotic specimen handling, and increased its collaborative and internal development program to offer client physicians more genetic and other esoteric assays carrying wider margins. Owing to these and other steps, including reduced staffing costs and other efficiencies, Clinical Labs was cash flow positive in the July 2013 quarter, and was able to reduce uncollectable receivable provisioning by roughly 35% and 59%, respectively, quarter over quarter and the year ago quarter.Enzo Life Sciences’ fourth quarter revenues totaled $9.3 million, approximating that of the April 2013 quarter and compared with $10.6 million a year ago. Excluding royalties and licensing income, product sales were $8.0 million, about 4% lower than the April quarter and about $0.9 million less than the fourth quarter of 2012. However, due to the benefits of a more centralized and efficient operation, gross margin was $5.2 million, compared with $5.0 million sequentially and $5.4 million a year ago. Gross profit, respectively, was 56%, 54% and 51%. Operating income amounted to $1.3 million, up from $0.5 million quarter over quarter and $0.3 million, excluding the aforementioned impairment charge, a year ago. Efforts internally to promote new products, focus on higher margin products while reducing overall marketing, developmental and manufacturing expenses offset an industry-wide slowdown among public and private research laboratories.
Enzo Biochem Reports Fourth Quarter And Fiscal Year Results
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