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viewEnzo Biochem, Inc.

Enzo Biochem reports a wider-than-expected earnings loss due to decrease in service revenues

The biotech saw a more than 7% drop in service revenues in the quarter

Lab scientist
The company missed analyst estimates on earnings and revenue

Enzo Biochem Inc (NYSE:ENZ) announced its fiscal third-quarter results, reporting a wider-than-expected earnings loss and a decrease in revenue.

The diagnostics and research firm reported a loss of US$0.06 per share on revenue of US$25.6mln compared with flat earnings on revenue of US$27.09mln in the previous year’s third quarter.

The New York-based company fell below Wall Street estimates of an earnings loss of US$0.02 EPS on revenue of $27.92mln.

The biotech uses genetic processes to develop diagnostics and therapeutics. It also provides the medical community with reference laboratory services.

The company points to a decrease in service revenues as the reason behind the earnings loss, reporting US$18.1mln this quarter versus US$19.6mln in the prior year’s third quarter.

“Our quarterly services revenue and gross margin was adversely impacted by a customer shift to internalizing genetic ordering, adverse weather, and payment practices at a commercial insurance payor,” said CEO Barry Weiner.

Shares of the company were down less than 1% to US$6.65 in Monday after-hours trading.

Quick facts: Enzo Biochem, Inc.

Price: 2.63 USD

NYSE:ENZ
Market: NYSE
Market Cap: $125.07 m
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