Enzo Biochem(ENZ) - 2024 Q4 - Annual Results

Revenue Performance - The Company's revenues for FY24 were $31.9 million, reflecting a year-over-year increase of 3%[2] - The Company's fourth-quarter revenue was $7.5 million, a decline of 16% year-over-year due to a shift in ordering patterns[7] Sales and Market Focus - Sales to industrial customers increased by 46%, driven by a focus on drug development and cell and gene therapy[2] Gross Margin and Cost Management - FY24 gross margin improved to 46%, up from 37% in the prior year, due to the non-repeating nature of a prior inventory provision and ongoing cost containment initiatives[3] - The fourth-quarter gross margin was 43%, an improvement from 35% in the prior year, attributed to the non-repeating nature of the inventory provision and product mix[7] Operating Loss and Financial Performance - The Life Sciences Products segment reported an operating loss of $0.6 million, significantly improved from a $4.7 million loss in the prior year[4] - The net loss from continuing operations for FY24 was $9.8 million, or ($0.19) per common share, compared to a net loss of $25.0 million, or ($0.51) per common share in the prior year[5] - The total net loss for FY24, including discontinued operations, was $26.1 million, or ($0.51) per common share, compared to a net income of $20.3 million in the prior year[6] Cash Position and Dividends - Enzo ended the fourth quarter with cash and cash equivalents of $52.4 million[5] - The Board of Directors declared a cash dividend of $0.10 per share, payable on December 2, 2024[8]