- Total revenues increased to $27.1 million, a 2% increase from $26.4 million in the prior year period.
- Clinical Labs revenues totaled $19.6 million, an 8% increase over the prior year period and the sixth straight quarterly increase, reflecting continued growth in volume of high margin molecular diagnostic tests (MDx). Gross margins advanced 300 basis points, to 42%.
- Consolidated gross margin was 45%, a 200 basis points improvement over the prior year period.
- With operating expenses lower, including legal costs, Enzo recorded a GAAP loss of $71,000, or $0.00 per share. EBITDA, a non-GAAP measure, was $0.7 million, a $1.8 million improvement over the prior year period.
- Enzo Life Sciences' revenue was $7.5 million, an 9% decline from $8.3 million in the prior year period. This was due to timing of product shipments, continued reduction in the product mix to emphasize higher margins, and industrywide weakness in the academic and governmental markets. Despite reduced revenues, the segment remained profitable and cash flow positive.
- Consolidated cash flows from operations in the quarter were $0.9 million. After investing $0.7 million in capital expenditures related to expansion in the Clinical Labs, total cash and cash equivalents increased $0.2 million over the second fiscal quarter 2017. Working capital at April 30, 2017 was in excess of $70.5 million.
- As previously announced, New York State Department of Health's recent conditional approval of three new diagnostics for the company's cost efficient AmpiProbe® PCR platform paves the way for their additions to Enzo's expected specialized 14-analyte panel, anticipated to be available by fall, that will further establish Enzo's strong MDx position in women's health.
Enzo Biochem Inc. (NYSE:ENZ) today announced growth in operating results for the third fiscal quarter and nine months ended April 30, 2017. Third Quarter Highlights