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%.
Enzo Biochem is a growth-oriented integrated life sciences and biotechnology company focused on harnessing biological process to develop research tools, diagnostics and therapeutics, and serves as a provider of test services, including esoteric tests, to the medical community. Since our founding in 1976, our strategic focus has been on the development of enabling technologies in the life sciences field. Enzo Life Sciences develops, produces and markets proprietary labeling and detection products for gene sequencing, genetic analysis and immunological research, among others. Its catalog of over 30,000 products serves the molecular biology, drug discovery and pathology research markets worldwide.
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