Enzo Biochem, Inc. (NYSE:ENZ)
Enzo Biochem, Inc., a life sciences and biotechnology company, engages in the research, development, manufacture, and marketing of diagnostic and research products based on genetic engineering, biotechnology, and molecular biology. ENZ operates in three segments: Enzo Life Sciences, Enzo Clinical Labs, and Enzo Therapeutics.
The Enzo Life Sciences segment manufactures, develops, and markets functional biology and cellular biochemistry products and tools to research and pharmaceutical customers. It offers products applied in the fields of antibiotics, autophagy, cancer, cell cycle, cell death, cell signaling, cell trafficking, genomics/molecular biology, immunology, inflammation, lipid signaling, neurobiology, protein degradation, ROS/RNS, and stress/heat shock.
The Enzo Clinical Labs segment offers routine and esoteric clinical laboratory tests or procedures used in general patient care by physicians to establish or support a diagnosis, monitor treatment or medication, and search for an otherwise undiagnosed condition. It also operates a full-service clinical laboratory, a network of 30 patient service centers, a stand alone or rapid response laboratory, and a full-service phlebotomy department.
The Enzo Therapeutics segment engages in the research and development of various therapeutic drug candidates based on cell signaling, immune regulation, and gene regulation for the treatment of gastrointestinal, infectious, ophthalmic, and metabolic diseases. ENZ sells its products through direct sales force and distributors in the United States, Switzerland, the United Kingdom, Belgium, and Germany. ENZ was founded in 1976 and is headquartered in New York, New York.
Enzo Biochem, Inc. reported this week 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.
“We are pleased to report that our program instituted this quarter aimed at making Enzo more efficient and designed to produce more effective use of our assets is beginning to show results, as demonstrated by improved performance, ” said Barry Weiner, President of ENZ. “While we are in the early stages of this comprehensive program, the results experienced to date are very encouraging.”
“Moreover, in the first quarter, we achieved several milestones. We submitted Colon Sentry, a unique assay for risk-stratification of colon cancer occurrence, to the New York State Department of Health for approval. In addition, we began enrolling the first patients in our clinical trial of Optiquel, our candidate therapeutic for the treatment of autoimmune uveitis. We also continued to roll out proprietary products and systems designed to aid in drug development,” he added.
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%.
To learn more about ENZ visit: http://www.enzo.com
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