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Enzo Biochem Fiscal Q2 Revenues Rise 8 Percent

NEW YORK — Enzo Biochem on Monday reported an 8 percent year-over-year increase in revenues for its fiscal second quarter on increased sales in its life science segment and ongoing COVID-19 testing revenues.

For the three-month period ended Jan. 31, Enzo's revenues increased to $34.0 million from $31.5 million the year before. Life science revenues were up 39 percent to $10.4 million from $7.5 million during the quarter, while clinical lab revenues rose 20 percent to $23.7 million from $19.7 million year on year.

"We are leveraging our success during the pandemic to expand [our] higher margin testing business and new customer groups while building our product menu," Enzo CEO Hamid Erfanian said in a statement. "While current data suggest that COVID-19 testing will remain an important modality for identifying disease and guiding clinical care, we are building on our success in this area by prioritizing resources and technology to expand our focus on other business segments and growth areas" such as women's health, sexually transmitted infection testing, and lab-to-lab services.

The Farmingdale, New York-based company posted a fiscal Q2 net loss of $2.7 million, or $.05 per share, compared with a profit of $2.3 million, or $.05 per share, in the same period a year earlier. On an adjusted basis, the company reported earnings per share of $.03.

While R&D spending remained flat year-over-year in the quarter at $800,000, SG&A costs jumped 32 percent to $14.5 million from $11.0 million as Enzo made investments in sales, marketing, and IT and incurred $1.7 million in compensation expenses.

At the end of January, Enzo had $34.6 million in cash, cash equivalents, restricted cash, and marketable securities