Enzo Biochem Q4 revenues of $25.7 million were up 3%
Staff writer ▼ | October 14, 2015
Enzo Biochem reported results for the fiscal quarter and year ended July 31, 2015. Q4 revenues of $25.7 million were up 3% over the prior year quarter, despite decreased royalty income.Article continues below
Clinical Labs’ revenues of $17.2 million were up 11% over the same period in the prior year while Life Sciences product revenues were essentially unchanged on a constant currency basis.
Clinical Lab’s gross margins were 39% and have increased 500 basis points over the prior year period as a result of the shift to higher valued molecular diagnostic testing. Consolidated gross margins increased 3% as a percentage of sales while gross profit remained unchanged at 44%.
Both Clinical Labs and Life Sciences were profitable and cash flow from operations reached $4.5 million.
Aided by legal settlements in the fiscal 2015 fourth quarter of $11.3 million, net income for the period ended July 31, 2015 was $8.4 million, or $0.18 per share, compared to net loss of $3.2 million or ($0.07) in the same period a year earlier.
Continued integration of business units yielding enabling platforms that allow for the Company to uniquely service other clinical laboratories by offering both products and services. New products, such as FlowScript™, are helping to grow the Lab’s high value testing menu.
Liquidity and working capital materially strengthened at July 31, 2015 with cash of over $18 million and working capital in excess of $22.5 million, compared to cash of $17.5 million and $15.7 million of working capital at July 31, 2014. ■ What to read next
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