NEW YORK – Enzo Biochem reported after the close of the market on Wednesday that its fiscal year 2021 third quarter revenues rose 94 percent year over year, driven by a surge in its Clinical Lab revenues.
For the three months ended April 30, the diagnostics company reported total revenues of $32.8 million compared to $16.9 million in the year-ago quarter.
Its Q3 Clinical Lab revenues climbed to $25.0 million, up 138 percent year over year from $10.5 million, reflecting heightened testing activity, and its Life Sciences revenues grew to $7.8 million, up 22 percent year over year compared to $6.4 million.
Enzo Biochem "delivered another solid quarter … with significant profitability during an extraordinary period of transformation for the lab testing market," Elazar Rabbani, the firm's chairman and CEO, said in a statement. As COVID-19 testing volumes normalize, "Enzo's fully integrated diagnostic approach will evolve to address broader market needs," he said.
The recent quarter reflected growing demand for testing services and a steady improvement in sales of its products and services, the firm said.
Enzo noted that among its Q3 business highlights, it received US Food and Drug Administration Emergency Use Authorization for its Ampicollect Sample Collection kit.
The company's go-forward commercial strategy involves leveraging its higher-margin testing model demonstrated during COVID-19 to other markets such as women’s health, sexually transmitted diseases, and other applications for its Genflex molecular platform. The platform is in the early stage of commercialization, the firm said, adding that it intends to target it toward laboratories, academic institutions, and other commercial entities throughout the US.
The company reported net income of $2.0 million, or $.04 per share, compared to a net loss of $9.9 million, or $.21 per share, a year earlier.
Enzo's Q3 R&D expenses fell 27 percent to $800,000 from $1.1 million a year ago, while its SG&A expenses rose 9 percent to $12.1 million from $11.1 million in the prior-year quarter.
At the end of the quarter, Enzo had cash, cash equivalents, and marketable securities of $45.0 million.
The company said it expects to see COVID-19 testing volumes decline in the quarters ahead.