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Free Post Earnings Research Report: Enzo Biochem’s Revenue Grew 5%; Net Loss Narrowed

LONDON, UK / ACCESSWIRE / January 09, 2018 / Active-Investors.com has just released a free earnings report on Enzo Biochem, Inc. (NYSE: ENZ). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ENZ. The Company reported its first quarter fiscal 2018 operating results on December 07, 2017. The life sciences and biotechnology Company outperformed revenue expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Enzo Biochem most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the first fiscal quarter ended October 31, 2017, Enzo Biochem's total revenues increased 5% to $27.7 million compared to $26.3 million in Q1 FY17, driven by increased Clinical Labs Services revenue from MDx tests. The Company's revenue numbers topped analysts' expectations by $0.22 million.

For Q1 FY18, Enzo Biochem's gross profit was $12.2 million, or 44% of total revenues. The Company's total operating expenses were $12.9 million in the reported quarter, reflecting a decline of 4% on a y-o-y basis.

Enzo Biochem's GAAP and non-GAAP net loss amounted to $0.6 million, or $0.01 per fully diluted share, compared to a net loss of $1.5 million, or $0.03 per fully diluted share, for the year ago, representing an improvement of $0.8 million. The Company's reported numbers were in-line with market expectations for a net loss of $0.01 per share.

Enzo Biochem's earnings before interest, tax, depreciation, and amortization (EBITDA) and adjusted EBITDA were essentially break-even compared to a loss of $0.6 million a year ago, reflecting a $0.5 million improvement on a y-o-y basis.

Quarterly Segment Results

During Q1 FY18, Enzo Clinical Labs segment's revenues increased 10% to $20.3 million compared to $18.6 million in Q1 FY17, attributed to the expansion of its diagnostics services to additional nearby geographical locations, the increased product mix of diagnostic tests, particularly in the women's health field, and greater volume. The segment's gross profit increased to $8.3 million in the reported quarter from $7.7 million in the year earlier comparable quarter, with a gross margin as a percentage of revenues of 41% for both the current and year ago quarters. Enzo Clinical Labs segment's total operating expenses increased 3.6% to $6.9 million, while its operating income amounted to $1.4 million, reflecting a nearly 40% increase.

For Q1 FY18, Enzo Life Sciences segment's revenues were $7.1 million compared to $7.4 million a year ago, reflecting a decline of 5%. The segment's gross profit approximated $4 million, and gross margin as a percentage of revenue was 54% compared to $4.4 million and 57%, respectively, in the year ago same period. With the continued focus on reducing costs and improving efficiency, Enzo Life Sciences segment's selling, general, and administrative expenses (SG&A) declined 11% to $2.6 million, with total operating expenses declining 12% to $3.2 million.

Operational Update

During Q1 FY18, the New York State Health Department issued conditional approval of the final three women's health related molecular diagnostic tests which completes a 13-analyte panel, placing Enzo Biochem in a leading position to benefit from higher-margin proprietary women's health diagnostics.

Cash Matters

As of October 31, 2017, Enzo Biochem's working capital amounted to $71.4 million. The Company's total cash and cash equivalents was $66.8 million at October 31, 2017, an increase of $2.7 million from July 31, 2017. Tight cost controls and efficiencies resulted in positive $2.6 million cash flow from operations in the reported quarter. The Company had no debt on its books, except capital leases.

Stock Performance Snapshot

January 08, 2018 - At Monday's closing bell, Enzo Biochem's stock fell 2.75%, ending the trading session at $8.13.

Volume traded for the day: 104.74 thousand shares.

Stock performance in the last twelve-month period – up 13.71%

After yesterday's close, Enzo Biochem's market cap was at $381.54 million.

The stock is part of the Healthcare sector, categorized under the Medical Laboratories & Research industry.

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