First Quarter Highlights
- The Company's Life Sciences division's first quarter revenue improved year-over-year by 10% driven by increased demand in multiple product areas, and stability in our multi-pronged channel to market approach.
- The Life Sciences division's first quarter gross margin was 44.3%, which improved sequentially and year-over-year by approximately 900 basis points. This favorable result was driven by cost containment initiatives, manufacturing improvements and realignment of the product portfolio.
- Enzo’s working capital improved from
$58.5 million atJuly 31, 2023 to$59.2 million atOctober 31, 2023 . We ended the first quarter with aggregate cash and cash equivalents of$69.2 million , a reduction of$13.2 million fromJuly 31, 2023 primarily due to the significant paydown of accounts payable and other payables post the clinical lab asset sale.
- Corporate SG&A expenses for the continuing operations increased by
$1.4 million year-over-year which is due to severance provisions and a one-time accelerated recognition of share-based compensation related to a former senior officer of$1.5 million .
- Net loss, representing the results of continuing and discontinued operations for Q1 FY24, was
$6.6 million , or ($0.13 ) per common share, compared to a net loss in the prior year’s first quarter of$10.6 million , or ($0.22 ) per common share. The weighted average basic common shares outstanding as of10/31/23 were 50.2 million.
“In light of difficult market conditions, we are pleased to report strong first quarter performance that highlights the return to revenue growth in our Life Sciences division as well as tighter expense control which drove improved profitability,” said
About
Forward-Looking Statements
Except for historical information, the matters discussed in this 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, including those related to cash flow, gross margins, revenues, and expenses which are dependent on a number of factors outside of the control of the Company including, inter alia, the markets for the Company’s products and services, costs of goods and services, other expenses, government regulations, litigation, and general business conditions. See Risk Factors in the Company’s Form 10-K for the fiscal year ended
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Enzo Biochem Contacts | ||
For | For Investors: | |
631-755-5500 peckert@enzo.com | 917-680-5608 ccalabrese@lifesciadvisors.com |
Source:
2023 GlobeNewswire, Inc., source