Enzo Biochem, Inc. (NYSE:ENZ) 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. Total revenues for the first quarter of fiscal 2011 increased to $25.7 million, from $25.2 million a year ago, or 2%, despite slightly lower revenues at Life Sciences resulting from a program to emphasize higher margined products, and advanced 3% sequentially. Enzo Clinical Labs benefited from an increase in market share and a new provider contract.
“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 Enzo Biochem. “While we are in the early stages of this comprehensive program, the results experienced to date are very encouraging.”
Gross profit margin improved 17% to $13.5 million, or 53% of revenues, compared to the fiscal 2010 fourth quarter’s $11.5 million and was a slight improvement year over year. R&D expenses were $1.8 million, 28% lower than both a year ago and in the July 2010 quarter, and SG&A declined $0.5 million to $11.0 million, as a percentage of revenues down 3% from a year ago and 1% from the prior quarter.
Overall operating expenses, including R&D, SG&A, legal and provision for uncollectible accounts were $14.6 million, a decline of 4% from last year’s first quarter and 7% from the preceding July period. The operating loss decreased 42%, to ($1.1) million from the corresponding year-ago period, while the net loss of ($1.1) million was 38% lower year over year. EBITDA, adjusted for approximately $1.1 million in both periods for depreciation and amortization, was $23,000, compared to a year ago EBITDA loss of ($959,000), an improvement of $936,000.
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; and Net loss for the quarter was reduced 70%.
Enzo Biochem, Inc., 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 Enzo Biochem’s founding in 1976, Enzo Biochem’s strategic focus has been on the development of enabling technologies in the life sciences field. Enzo Biochem has three divisions: Life Sciences, Clinical Labs, and Therapeutics.
Power3 Medical Products, Inc. (OTCBB:PWRM), a leading proteomics company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases, recently announced that company management believes Power3 is making great progress in its focus on the development, sales, and marketing of its proprietary innovate diagnostic tests for breast cancer, pancreatic cancer, ovarian cancer, colon cancer, and certain neurodegenerative diseases, such as Alzheimer’s and Parkinson’s, to name a few. Rozetta-Cell Life Sciences, Inc. is a medical biotechnology company that focuses on the delivery and imaging of stem cells during therapy. Power3 plans to effect the acquisition of Rozetta-Cell by merging Rozetta-Cell with and into Power3, with Power3 remaining as the surviving company. The acquisition of Rozetta-Cell is expected to be completed in February 2011.
Alzheimer’s disease just isn’t an everyday aspect of increasing age, although the most significant identified risk factor is increasing age, and the most of individuals with Alzheimer’s are 65 and older. Alzheimer’s is just not a illness connected with senior years. As much as five percentage of people with the actual condition have early-onset Alzheimer’s (also called younger-onset), which frequently appears when someone is in an individual’s 40s or 50s.
Parkinson’s disease (PD) is associated with a team of disorders called motor system disorders, which are the result of the losing of dopamine-producing brain cells. Some fundamental symptoms of PD are generally tremor, or moving in hands, arms, legs, jaw, and face; hardness, or maybe tightness of the limbs and trunk; bradykinesia, or slowness of movement; and postural lack of stability, or reduced balance as well as co-ordination. Since these symptoms become more evident, patients may have challenges walking, talking, or performing many other very simple tasks.
After skin cancer, breast cancer is the most common cancer diagnosed in women in the United States. But breast cancer rates have fallen in recent years, though doctors aren’t certain why. Still, for many women, breast cancer is the disease they fear most. Breast cancer is a type of cancer where cells in the breast divide and grow without normal control. About 85 percent of breast cancers begin in the mammary ducts, while about 15 percent arise in the lobules. Tumors in the breast tend to grow slowly. By the time a lump is large enough to feel, it may have been growing for as long as 10 years. However, some tumors can be aggressive, and grow much more rapidly.
Power3 Medical Products, Inc. is a leading bio-technology company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases such as Alzheimer’s disease, Parkinson’s disease and amyotrophic lateral sclerosis (commonly known as ALS or Lou Gehrig’s disease). Power3 applies proprietary methodologies to discover and identify protein biomarkers associated with diseases. Through these processes, Power3 has developed a portfolio of products including BC-SeraPro™, a proteomic blood serum test for the early detection of breast cancer for which Power3 has completed Phase I clinical trials, and NuroPro®, a proteomic blood serum test for the detection of neurodegenerative diseases, including Alzheimer’s, Parkinson’s, and ALS diseases, for which Power3 is currently engaged in Phase II clinical trials.
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