Enzo Biochem Reports 2008 Fiscal First Quarter Results
10 Dezembro 2007 - 7:15PM
Business Wire
Enzo Biochem, Inc. (NYSE:ENZ), a leading biotechnology company
specializing in gene identification and genetic and immune
regulation technologies for diagnostic and therapeutic
applications, today announced results for the fiscal first quarter
ended October 31, 2007. -- Total revenue increased 86%, to $19.4
million, compared to $10.4 million in the corresponding year ago
period, and up 8.5% from $17.9 million in the preceding fourth
quarter of fiscal 2007. � -- Product sales at Enzo Life Sciences
advanced to $5.9 million, from $1.1 million, a year ago. � --
Royalty and license income of $2.3 million increased 79% and 12%,
respectively, as compared to the year ago quarter and preceding
three-month period. � -- Clinical Labs revenues increased to $11.3
million, up from $8.1 million, or a 40% gain, as compared to the
year ago period. � -- Gross profit for the fiscal 2008 first
quarter amounted to $9.9 million, up from $6.3 million a year-ago
and $9.2 million in the preceding quarter. � -- Net loss for the
fiscal 2008 first quarter was $1.2 million, which included a
non-cash $600,000 pre-tax inventory adjustment related to the
purchase accounting of Axxora. This compared to a year-ago net loss
of $1.2 million, which included a $2.0 million gain on a litigation
settlement, and a loss of $3.3 million in the fiscal 2007 fourth
quarter. �This quarter continued the trend of improved operating
results in both Enzo Life Sciences and Enzo Clinical Labs,� said
Barry Weiner, President of Enzo. �We are excited about the
continued benefits we are experiencing from the Axxora acquisition,
where we anticipate that we will see the benefit from expanded
distribution capabilities and a broader product line during fiscal
2008. Our Clinical Labs division continues to benefit from greater
testing volume over the year ago period, increased esoteric testing
and enhanced contractual relationships, which contributed to
another quarter of strong growth. We also continue to move key
programs in areas such as Crohn�s Disease, non alcoholic
steatohepatitis and uveitis, among others, through the therapeutic
development process.� Selling, general and administrative expenses
(SG&A), reflective of Axxora in the current period, increased
34% to $7.4 million year over year, but as a percentage of revenue
declined to 38%, from 53% in the fiscal 2007 first quarter and 41%
in the preceding fourth quarter. The provision for Clinical Labs
uncollectible accounts receivable increased to $1.2 million, but
declined as a percentage of revenue. Reflecting increased
litigation activity, legal expenses for the quarter rose
approximately $300,000 year-over-year to $2.4 million. Interest
income amounted to $1.5 million, compared to $0.9 million a year
ago, and taxes reflected a benefit of $0.1 million, compared to a
$0.05 million charge last year. At Enzo Clinical Labs, the enhanced
provider agreement with United Healthcare/Oxford helped raise
revenues for the quarter to $11.3 million, up from $8.1 million
last year, an increase of 40%. Operating income for the division
also increased, to $1.4 million from $0.4 million last year.
Revenue increases are also reflective of a greater volume of
esoteric testing. Enzo Life Sciences posted a sharp increase in
revenues, which rose $4.8 million to $5.9 million due to Axxora�s
contribution of $5.1 million, and increased royalty and license fee
income. Operating income amounted to $1.1 million, compared to an
operating income a year ago of $0.5 million (excluding the
aforementioned litigation settlement), an improvement of $0.6
million. Enzo Therapeutics� Alequel�, the Company�s innovative
immune regulation medicine for treatment of Crohn�s disease, is
nearing completion of a Phase II study in Israel. A selection
review is in process to determine appropriate sites in the U.S. for
a continuation of this study, pending FDA approval. A Phase II
double blind study is currently being conducted on EGS21, which is
being evaluated as a potential product for treatment of fatty
liver, or non alcoholic steatohepatitis, otherwise known as NASH.
Also in progress is the next phase in the evaluation of Optquel�
(B27PD), Enzo�s therapeutic candidate for the treatment of uveitis,
and a Phase I/II study of HGTV43� at the University of California
San Francisco designed to increase the percentage of engineered
CD4+ cells that contain the anti-HIV-1 antisense genes. Enzo also
has a number of new compounds in preclinical development that could
provide therapy for treating bone disorders, including
osteoporosis, bone loss, fractures, abnormalities, diseases and
other applications. Conference Call A conference call conducted by
Enzo Biochem, Inc. management will take place on Tuesday, December
11, 2007 at 8:30 AM E.T. It can be accessed by dialing
1-888-562-3356. International callers can dial 1-973-582-2700.
Please reference PIN number 26951925. Interested parties may also
listen over the Internet at www.investorcalendar.com. To listen to
the live call on the Internet, please go to the web site at least
fifteen minutes early to register, download and install any
necessary audio software. For those who cannot listen to the live
broadcast, a replay will be available approximately two hours after
the end of the live call, through midnight (ET) on December 25,
2007. The replay of the conference call can be accessed by dialing
1-800-642-1687, and, when prompted, use PIN number 26951925.
International callers can dial 1-706-645-9291, using the same PIN
number. About Enzo Enzo Biochem is engaged in the research,
development, manufacture and licensing of innovative health care
products and technologies based on molecular biology and genetic
engineering techniques, and in providing diagnostic services to the
medical community. Enzo�s Life Sciences division develops, produces
and markets proprietary labeling and detection products for gene
sequencing, genetic analysis and immunological research among
others. Its catalog of over 25,000 products serves the molecular
biology, drug discovery and pathology research markets. The
Company's therapeutic division is in various stages of clinical
evaluation of its proprietary gene medicine for HIV-1 infection and
its proprietary immune regulation medicines for uveitis, Crohn's
Disease, and NASH (non-alcoholic steatohepatitis), and conducts
pre-clinical research on several candidate compounds aimed at
producing new mineral and organic bone, including technology that
could provide therapy for osteoporosis and fractures, among other
applications. Enzo�s Clinical Labs division provides routine and
esoteric reference laboratory services for physicians in the New
York Metropolitan and New Jersey areas. Underpinning the Company�s
technology and operations is an extensive intellectual property
estate in which Enzo owns or licenses over 200 patents worldwide,
and has pending applications for over 180 more. For more
information visit our website www.enzo.com. Except for historical
information, the matters discussed in this news release may be
considered "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended. Such
statements include declarations regarding the intent, belief or
current expectations of the Company and its management. Investors
are cautioned that any such forward-looking statements are not
guarantees of future performance and involve a number of risks and
uncertainties that could materially affect actual results. The
Company disclaims any obligations to update any forward-looking
statement as a result of developments occurring after the date of
this press release. ENZO BIOCHEM, INC (in thousands, except per
share data) � � Selected operations data; � Three months ended �
October 31, (unaudited) � � 2007 2006 � Product revenue $ 5,863 $
1,092 Royalty and license fee income 2,318 1,297 Clinical
laboratory services � 11,266 � � 8,053 � � Total revenues $ 19,447
� A $ 10,442 � � Gross profit � 9,882 � B � 6,337 � � Loss before
income tax benefit (provision) (1,347 ) C (1,201 ) � Benefit
(provision) for income taxes 115 D (45 ) � � Net loss � ($1,232 ) �
($1,246 ) � Basic and diluted loss per share � ($0.03 ) � ($0.04 )
� � Weighted average shares - basic and diluted � 36,717 � � 32,279
� � � Selected balance sheet data: � October 31, 2007 July 31, 2007
(unaudited) Cash and cash equivalents $ 103,786 $ 105,149 � Working
capital 113,197 113,850 � Stockholders' equity 141,441 141,894 �
Total assets 157,384 159,002 � Notes: � A- 2007 period includes
$5.1 million in products sales from Axxora Life Sciences, Inc.
acquired May 31, 2007. B- 2007 period includes $0.6 million for
inventory fair value adjustment relating to the Axxora acquisition.
C- 2006 period includes $2 million gain on patent litigation
settlement. D- All periods reflect effective tax rates below the
statutory rate due to limitation on recording future tax benefits.
Enzo Biochem (NYSE:ENZ)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Enzo Biochem (NYSE:ENZ)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024