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ENZ, CISG, MYL, CA - Market Report From DrStockPick.com!

Enzo Biochem, Inc. (NYSE:ENZ) is a leading life sciences and biotechnology company focused on harnessing genetic processes to develop research tools, diagnostics and therapeutics and provides reference laboratory services to the medical community.

 
PRLog - Dec. 15, 2010 - Enzo Biochem, Inc. (NYSE:ENZ) is a leading life sciences and biotechnology company focused on harnessing genetic processes to develop research tools, diagnostics and therapeutics and provides reference laboratory services to the medical community.

The business activities of Enzo Biochem are performed by the company’s three wholly owned subsidiaries . . . Enzo Life Sciences, Enzo Therapeutics and Enzo Clinical Labs. Such activities include research and development, manufacturing and marketing of biomedical research products and tools through Enzo Life Sciences and research and development of therapeutic products through Enzo Therapeutics and the operation of a regional clinical reference laboratory through Enzo Clinical Labs.





Enzo Biochem, Inc. reported improved sequential results for the first fiscal quarter ended October 31, 2010, the result of recent programs to reduce expenses, consolidate activities and expand operations.

The Company's financial condition remained strong, with working capital of $42.1 million. As of October 31, 2010, cash and cash equivalents, plus short term investments in US Treasury Bills, totaled $31.6 million. At November 30, 2010 Enzo’s cash, and cash equivalents and short-term investments were $33.9 million, which exceeded the July 31, 2010 balance by $0.3 million. Cash utilization in operations declined year over year by approximately $1 million to $1.8 million principally due to the reduced loss in the 2011 period. Management’s plan is to move towards being cash flow positive from operations in calendar 2011. There was no debt.

Among the quarter’s highlights (all references are to sequential quarter over quarter results, normalized for an inventory charge and severance of $1.8 million where applicable):

* Enzo Life Sciences, benefiting from increased emphasis on higher margin products, realized a greater than 100% gain in operating income.
* Enzo Clinical Labs increased revenues 6%, while reducing the operating loss 62%.
* Company-wide, gross margin increased $2.0 million or 17%.
* Operating expenses decreased 7%, or to 57% of revenues, from 63%.
* EBITDA, a non-GAAP measure, was $23,000, an improvement of $2.9 million from the prior quarter.
* Net loss for the quarter was reduced 70%.

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CA Technologies (Nasdaq:CA) announced the results of an independent study revealing that North American businesses are collectively losing $26.5 billion in revenue each year as a result of slow recovery from IT system downtime. In fact, such downtime reduces the average company’s ability to generate revenue by 29 percent.

CA Technologies, together with its subsidiaries, engages in the design, development, marketing, licensing, and support of information technology (IT) management software products that operate on a range of hardware platforms and operating systems. It offers Enterprise IT Management software for organizations to manage IT computing environments, which include people, information, processes, systems, networks, and applications, as well as databases regardless of the hardware or software.

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Mylan, Inc. (Nasdaq:MYL) announced recently that its subsidiary, Mylan Pharmaceuticals Inc., has received final approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Nifedipine Extended-release Tablets USP, 30 mg, 60 mg and 90 mg, the generic version of Bayer’s Adalat® CC Tablets, a treatment for hypertension. Nifedipine Tablets had U.S. sales of approximately $82 million for the 12 months ending June 30, 2010, according to IMS Health.

Mylan Inc. and its subsidiaries engage in the development, manufacture, marketing, licensing, and distribution of generic and branded generic pharmaceuticals, specialty pharmaceuticals, and active pharmaceutical ingredients (APIs) worldwide. It operates in two segments, Generics and Specialty. The Generics segment offers generic or branded generic pharmaceutical products in tablet, capsule, or transdermal patch form.

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Cninsure Inc. (Nasdaq:CISG) issued on December 06, 2010, statements of clarification relating to some misunderstandings on CNinsure’s sales agent incentive program and CNinsure’s relationship with Finestart Holding Limited. To protect the Company’s reputation, CNinsure hereby clarifies as follows: Firstly, CNinsure reiterates that the so-called share incentive certificate of CNinsure is nothing but scorecard for points. The Company has never published any presentation on share incentive certificate. Any publication that describes CNinsure’s scorecard system as share incentive is not in conformity with fact. Secondly, Finestart is an affiliated entity of Chengdu Jingshi Investment Co., Ltd.. Finestart does not have any interest or economic ties with CNinsure. Thirdly, as of December 3, 2010, the management of CNinsure has purchased an aggregate of 100,000 ADS at an average price of $20.5603 in the open market since November 24, 2010.

CNinsure Inc., together with its subsidiaries, provides insurance brokerage and agency services, and insurance claims adjusting services in the People's Republic of China.

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Source:Karl McMahon
Industry:Business, Finance, Stocks
Tags:biomedical, biotechnology, cninsure, enz, enzo biochem, genetic process, life sciences, medicine, mylan, nasdaq:ca
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