Enzo Biochem Reports Revenue Growth Despite Losses

Enzo Biochem ( (ENZ) ) has realeased its Q4 earnings. Here is a breakdown of the information Enzo Biochem presented to its investors.

Enzo Biochem, Inc. is a life sciences company specializing in labeling and detection technologies, focusing on DNA to whole-cell analysis with a broad portfolio of products, including antibodies, genomic probes, and assays. For its fiscal year ending July 31, 2024, Enzo Biochem reported a 3% increase in revenues amounting to $31.9 million, with substantial growth in sales to biotech and pharmaceutical customers. The company also declared a cash dividend of $0.10 per share. Notably, Enzo improved its gross margin to 46%, up from 37% the previous year, attributed to the elimination of a one-time inventory provision and effective cost-containment strategies. Despite these advances, the company reported a net loss of $26.1 million for the fiscal year, significantly impacted by discontinued operations, compared to a net income in the previous year driven by asset sales. However, losses from continuing operations narrowed to $9.8 million, reflecting operational improvements. Looking ahead, Enzo Biochem remains focused on stabilizing revenue and enhancing efficiency as it navigates a challenging market landscape driven by pricing pressures and regulatory shifts.