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viewEnzo Biochem, Inc.

Enzo Biochem shares slip after posting fiscal fourth-quarter loss of $5.8m

The company also reported this quarter that it received approval from the New York State Department of Health for an additional three women’s health infectious disease diagnostic assays

Scientist with a microscope
The company was hit by higher legal expenses in the quarter that related partly to a pending patent infringement case

Shares in Enzo Biochem (NYSE:ENZ) slipped Tuesday a day after the diagnostics and research company swung to a fiscal fourth quarter loss of $5.8 million after breaking even in the year-ago quarter.

In the three months ended at the close of July, the New York-based company posted total revenue of $24.5 million, which fell from $28.2 million in the year-ago quarter. Its clinical services revenue, meanwhile, came in at $16.8 million, down from $20.4 million in the same period last year.

In the quarter, the company also reported that it received approval from the New York State Department of Health for an additional three women’s health infectious disease diagnostic assays to expand its women’s health panel to 16 pathogens on its AmpiProbe platform.

The panel, which is performed using a single swab, now includes Ureaplasma spp./M. genitalium/M. hominis (UMM) in addition to Chlamydia trachomatisNeisseria gonorrhoeaeTrichomonas vaginalisCandida spp (C. albicansC. glabrataC. kruseiC. parapsilosisC. tropicalis), Atopobium vaginaeGardnerella vaginalisLactobacillus sppMegasphera spp, and BVAB2.

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

“Our focus is centered on providing cost efficient products and services utilizing our proprietary assays optimized for our automated, open system platforms that are compatible with existing sample collection devices as well as our own lower cost option,” Enzo President Barry Weiner said in a statement.

“Besides the number of assays already approved, in process is the development of a screening assay for oncogenic forms of HPV, among others,” Weiner added.

For the year, the company saw its loss widen to $10.3 million, or $0.22 per share while its revenue came in at $104.7 million, down from $107.8 million last year.

Its total legal expenses also climbed in the quarter to $5.1 million compared to $1.7 million in the year-ago quarter due partly to costs related to a patent infringement case.

Enzo Biochem shares slipped 5.3% on Tuesday to $3.91.

Contact Ellen Kelleher at [email protected]

Quick facts: Enzo Biochem, Inc.

Price: 2.39 USD

NYSE:ENZ
Market: NYSE
Market Cap: $113.66 m
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