Enzo Biochem Reports Increase In Revenues And Profitable Fourth Quarter
Published: Sep 28, 2017
NEW YORK--(BUSINESS WIRE)--Enzo Biochem Inc. (NYSE:ENZ) today reported increased results for the fourth quarter and fiscal year ended July 31, 2017, along with advances in its corporate strategy in molecular diagnostics products and services.
Fourth Quarter Highlights
- Total revenues in the fourth fiscal quarter increased to $28.2 million, or 6%, from $26.6 million in the prior year period.
- Clinical Labs revenue totaled $20.4 million, a 13% increase from $18.1 million in the prior year period, due to an increase in molecular diagnostic (MDx) activity, especially from increased market penetration and wider geographic reach, in addition to growing women’s health diagnostics testing. Gross profit margins in the Lab were 41% compared to 40% in the prior year period.
- Enzo Life Sciences product revenues of $7.5 million were up 2% sequentially, but down 7% from the prior year period as a result of a strategy shift focusing on clinical markets. In addition, academic and government sponsored R&D market remained soft in the U.S. and abroad.
- GAAP and Non-GAAP net income was approximately $0.1 million, compared to a year ago GAAP income of $36.1 million or $0.77 per diluted share and Non-GAAP net loss of ($1.9) million or ($0.04) per share. The prior period included legal settlements and licensing payments of $38.8 million.
- Consolidated cash flows from operations in the quarter were $1.7 million. After investing $1.8 million for the full year in capital expenditures related to the expansion and execution of Enzo’s business plan, total cash and cash equivalents were $64.2 million. Working capital at July 31, 2017 was $71.3 million.
Barry Weiner, President, Comments:
“This quarter was one of tremendous growth across Enzo and an auspicious close to a remarkable year of progress and accomplishment. While more remains to be done to become a leader in providing quality, medically relevant, versatile and cost effective diagnostic products and services to the margin challenged independent lab industry, we have made significant progress due to our vertically integrated structure. We have been rapidly expanding the diagnostic services we provide to patients in the leading national healthcare insurance networks , which has begun to drive fresh growth at Enzo Clinical Labs. Our position as an innovative provider of low cost but highly versatile women’s health diagnostics has likewise resulted in expanding opportunities that soon will allow for diagnosis from a single blood sample for a variety of female infections, making life easier for physician and patient alike. We are completing final steps to launch our AmpiProbe® PCR platform specialized 14-analyte panel, that will further establish Enzo’s strong MDx position in women’s health.