Enzo Biochem(ENZ)

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Enzo Biochem(ENZ) - 2022 Q4 - Annual Report
2022-10-13 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 001-09974 ENZO BIOCHEM, INC. (Exact name of registrant as specified in its charter) | --- | --- | --- | |-------- ...
Enzo Biochem(ENZ) - 2022 Q3 - Earnings Call Transcript
2022-06-10 14:17
Financial Data and Key Metrics Changes - Total revenue for Q3 2022 was $26.2 million, a decrease of 20% from $32.8 million in Q3 2021, attributed to declining COVID-19 testing volumes and economic shutdowns in Asia [29][30] - Enzo Clinical Lab Service revenue was $18.6 million, down 26% from $25 million in the same quarter last year, although routine testing revenue increased by 10% [30] - Enzo Life Sciences revenue was $7.6 million, slightly down year-over-year but up 9% year-to-date, indicating stability in the customer base [32] Business Line Data and Key Metrics Changes - Enzo Clinical Lab's non-COVID revenue increased by 3% year-over-year, demonstrating recovery in core testing [30] - The company added 43 new tests in Q3, totaling 126 new tests year-to-date, focusing on specialty testing [31] - Enzo Life Sciences faced challenges due to economic shutdowns in Asia and supply chain issues in Europe, but anticipates overall annual growth of 10% for fiscal year 2022 [32] Market Data and Key Metrics Changes - The blended gross margin for the quarter declined to 39% from 49% year-over-year, impacted by both Enzo Clinical Lab and Enzo Life Sciences [33] - Enzo Clinical Lab's margin decreased from 49% to 40% due to reduced higher-margin COVID tests, while Life Sciences gross margin fell to 36% due to increased manufacturing costs [33][34] Company Strategy and Development Direction - The company is focused on a corporate structure that supports three separate businesses: Enzo Life Sciences, Enzo Clinical Labs, and Enzo Diagnostics, which allows for synergies and tailored solutions [12][11] - Enzo is committed to investing in technology and strategic partnerships to accelerate growth in core life sciences and clinical lab businesses [19] - The company is preparing to launch new diagnostic platforms and has received approvals for several molecular tests, indicating a strong focus on expanding its diagnostic capabilities [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic vision and ability to execute on growth initiatives, particularly in Life Sciences and Diagnostic platforms [40][28] - The company is exploring strategic alternatives with the help of Jefferies LLC, indicating a proactive approach to enhancing shareholder value [39][28] Other Important Information - Cash and cash equivalents totaled $32.1 million as of April 30, 2022, down from $44.3 million at the end of fiscal year 2021, due to various strategic initiatives [37] - The company maintains a goal of achieving an additional $10 million in cost savings, with $5 million targeted for calendar year 2022 [38] Q&A Session Summary Question: Clarification on the Jefferies process and its differences from the prior process - Management indicated that they are not making public comments on the specifics but are picking up where they left off in the previous process [42]
Enzo Biochem(ENZ) - 2022 Q3 - Quarterly Report
2022-06-08 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Mark one ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number 001-09974 ENZO BIOCHEM, INC. | --- | --- | |-------------------------------------------------- ...
Enzo Biochem(ENZ) - 2022 Q2 - Earnings Call Transcript
2022-03-15 02:30
Enzo Biochem, Inc. (NYSE:ENZ) Q2 2022 Earnings Conference Call March 14, 2022 4:30 PM ET Company Participants David Holmes - Investor Relations Hamid Erfanian - Chief Executive Officer David Bench - Chief Financial Officer Conference Call Participants Paul Nouri - Noble Equity Fund Christian Schwab - Craig Hallum Kenan Lucas - Harbert Management Corporation Dan Weston - WestCap Management Operator Greetings. And welcome to the Enzo Biochem Second Quarter 2022 Financial Results and Business Update Conferenc ...
Enzo Biochem(ENZ) - 2022 Q2 - Quarterly Report
2022-03-13 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Mark one ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number 001-09974 ENZO BIOCHEM, INC. | --- | --- | |------------------------------------------------ ...
Enzo Biochem(ENZ) - 2022 Q1 - Earnings Call Transcript
2021-12-16 00:09
Enzo Biochem, Inc. (NYSE:ENZ) Q1 2022 Results Conference Call December 15, 2021 4:30 PM ET Company Participants David Holmes - LifeSci Advisors IR Hamid Erfanian - CEO David Bench - CFO Conference Call Participants Paul Nouri - Noble Equity Fund Operator Greetings. Welcome to the Enzo Biochem First Quarter 2022 Financial Results and Business Update Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructi ...
Enzo Biochem(ENZ) - 2022 Q1 - Quarterly Report
2021-12-14 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Mark one ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number 001-09974 ENZO BIOCHEM, INC. | --- | --- | |------------------------------------------------ ...
Enzo Biochem(ENZ) - 2021 Q1 - Quarterly Report
2020-12-11 21:49
Financial Performance - Revenues for the three months ended October 31, 2020, increased to $28.655 million, a 42% increase from $20.207 million in the same period of 2019[135] - Operating income improved to $497,000 for the three months ended October 31, 2020, compared to a loss of $8.203 million in the prior year[135] - Net income for the three months ended October 31, 2020, was $299,000, a significant recovery from a net loss of $7.648 million in the same period of 2019[135] Cost Management - Cost of revenues decreased by 15% to $16.758 million from $14.521 million year-over-year[135] - Research and development expenses decreased by 29% to $746,000 compared to $1.054 million in the prior year[135] - Selling, general, and administrative expenses decreased by 10% to $10.014 million from $11.139 million in the same period of 2019[135] - Legal and related expenses decreased significantly by 62% to $640,000 from $1.696 million year-over-year[135] Government Assistance - The company received approximately $750,000 from the CARES Act Relief Payment grant in April 2020 and another $750,000 in July 2020[124] Intellectual Property - Enzo has a substantial portfolio of 495 issued patents worldwide and 71 pending patent applications, enhancing its competitive position in the market[127] Future Outlook - Enzo anticipates improved profitability with increased service volume from the introduction of new molecular and esoteric tests[130] Clinical Services Performance - Clinical Services revenues for the 2021 period were $21.2 million, an increase of $8.4 million or 66% year-over-year compared to $12.8 million in 2020[138] - Diagnostic testing volume increased by 49% period over period due to COVID-19, contributing to the revenue increase in the 2021 period[138] - The gross profit margin on Clinical Services revenues improved to 39% in the 2021 period from 14% in the 2020 period[141] Product Revenues - Product revenues remained at $7.4 million for both the 2021 and 2020 periods, with declines in the U.S. market offset by increases in international markets[140] Cash Flow and Liquidity - Net cash used in operating activities decreased by approximately $0.9 million to $1.2 million in the fiscal 2021 period[150] - The Company had cash and cash equivalents of $45.9 million as of October 31, 2020, a decrease from $47.9 million at July 31, 2020[149] Accounts Receivable - As of October 31, 2020, approximately 70% of the Company's net accounts receivable relates to its Clinical Laboratory Services business[168] - The total net accounts receivable increased to $12.051 million as of October 31, 2020, from $9.141 million as of July 31, 2020, representing a growth of approximately 32.9%[170] - Clinical Services net receivables totaled $8.415 million as of October 31, 2020, with third-party payers contributing $3.990 million or 48%[170] - Foreign receivables for Life Science products accounted for $1.2 million or 33% of total receivables as of October 31, 2020[169] - Approximately 18% of Clinical Labs receivables are from one payer, indicating a concentration risk[172] Risk Management - The Company has not engaged in any hedging or market risk management tools, exposing it to foreign currency exchange rate risks[187] - A hypothetical 10% increase in the value of the U.S. dollar could decrease the Company's net sales by $1.0 million annually[188] - The Company has fixed interest rate financing on a building mortgage and equipment finance leases as of October 31, 2020[190] - The Company assesses the collectability of receivables based on the quality of its billing processes, which could impact future estimates[172] - The Company performs annual impairment tests for goodwill and long-lived assets, with potential risks from the COVID-19 pandemic[186]
Enzo Biochem(ENZ) - 2021 Q1 - Earnings Call Transcript
2020-12-10 05:14
Financial Data and Key Metrics Changes - Total revenue for Q1 2021 was $28.7 million, a 47% increase from the previous quarter and a 42% increase year-over-year from $20.2 million [7][16] - Consolidated gross margin improved to 42%, up from 28% in the year-ago period [16] - Positive EBITDA of over $1 million and net income of approximately $0.01 per share, compared to a loss of $3.3 million or negative $0.07 per share in the previous quarter [7][19] Business Line Data and Key Metrics Changes - Clinical services revenue increased 66% to $21.2 million from $12.8 million in Q1 2020, driven by volume growth to approximately 300,000 accessions [17] - Net revenue per accession grew to over $69 from $62 in Q1 2020, reflecting an improved testing mix [18] - Enzo Life Science gross margin was 49%, compared to 52% a year ago, with a 3% increase from the previous quarter [18] Market Data and Key Metrics Changes - The company expanded its operational capacity to meet the increased demand for COVID-19 testing, which has positively impacted revenue and margins [10][20] - The company has established partnerships with universities and local government entities for COVID-19 testing services, which are expected to transition into long-term opportunities [12] Company Strategy and Development Direction - Enzo aims to transform into an integrated end-to-end diagnostic products and solutions company, focusing on building infrastructure for growth and enhancing value in the diagnostic sector [9][21] - The company is expanding into new areas such as point of care and direct-to-consumer offerings, with plans to launch home testing kits for various diseases [10][13] - The addition of new independent directors with expertise in drug discovery and companion diagnostics is expected to enhance the company's capabilities in these areas [11][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to the ongoing challenges posed by COVID-19 and highlighted the importance of diagnostics in the future healthcare landscape [22][43] - The company anticipates continued demand for COVID-19 testing and serological tests to validate immunity post-vaccination [43] - Management emphasized the importance of maintaining operational efficiency and cost containment measures, which have contributed to margin improvements [32] Other Important Information - Cash and cash equivalents totaled $46 million as of October 31, 2020, slightly down from $48 million at the end of the fiscal year [20] - The company is committed to investing in key growth areas to expand its product and platform capabilities [20] Q&A Session Summary Question: How successful is the company in expanding or cross-selling core offerings to customers who initially had the COVID test? - Management noted that the SIT program has extended beyond COVID testing to include other health services, indicating a successful cross-selling strategy [24] Question: What is the update on the Farmingdale facility expansion? - The doubling of the facility's capacity is ongoing, with new machines and resources being added [27] Question: What dynamics drove the increase in the run rate revenue? - Management indicated that increased COVID testing and account growth contributed to the revenue increase, along with margin expansion from the molecular platform [31] Question: What is the strategy regarding companion diagnostics and liquid biopsy? - The company is focused on extending its capabilities into cancer diagnostics and drug discovery, leveraging its technology portfolio [34][35] Question: How is the company addressing supply shortages for diagnostic tests? - Management highlighted that vertical integration allows the company to manufacture most of its own reagents, providing a competitive edge despite ongoing supply chain challenges [39] Question: What are the company's priorities post-pandemic? - Management emphasized the need for ongoing COVID testing and the potential for new business opportunities in various sectors, including nursing homes and educational institutions [44]
Enzo Biochem(ENZ) - 2020 Q4 - Annual Report
2020-10-19 20:54
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 001-09974 ENZO BIOCHEM, INC. (Exact name of registrant as specified in its charter) New York 13-2866202 (State or ...