Enzo Biochem Reports Fourth Quarter and Fiscal Year 2024 Results and Announces Cash Dividend

Core Viewpoint - Enzo Biochem, Inc. reported financial results for the fiscal year and fourth quarter ended July 31, 2024, highlighting a year-over-year revenue growth of 3% and significant improvements in gross margin despite challenges in the life sciences market [1][2][6]. Full Year Highlights - The company's total revenues for FY24 were $31.9 million, an increase of 3% compared to the previous year [2]. - Sales to industrial customers, including biotech and pharmaceutical companies, surged by 46% due to a focus on drug development and cell and gene therapy [2]. - The gross margin for FY24 improved to 46%, up from 37% in the prior year, attributed to the non-repeating nature of a previous inventory provision, increased revenue, and cost containment measures [2]. - The Life Sciences Products segment reported an operating loss of $0.6 million, a significant improvement from a $4.7 million loss in the prior year [2]. - The net loss from continuing operations for FY24 was $9.8 million, or ($0.19) per share, compared to a net loss of $25.0 million, or ($0.51) per share, in the previous year [2]. - The total net loss for FY24, including discontinued operations, was $26.1 million, or ($0.51) per share, compared to a net income of $20.3 million, or $0.41 per share, in the prior year [2]. Fourth Quarter Highlights - The fourth-quarter revenue was $7.5 million, reflecting a decline of 16% year-over-year due to a shift in ordering patterns [3]. - The gross margin for the fourth quarter was 43%, an improvement from 35% in the prior year, driven by the non-repeating nature of the previous inventory provision and ongoing cost containment initiatives [3]. Recent Events - The Board of Directors declared a cash dividend of $0.10 per share, payable on December 2, 2024, to shareholders of record as of November 15, 2024 [4]. - The company resolved inquiries related to a ransomware attack from April 2023, agreeing to monetary relief of $4.5 million, which was paid in September 2024 [5]. Management Commentary - The CEO of Enzo Biochem expressed satisfaction with the company's performance in a challenging life sciences market, noting single-digit revenue growth and significant gross margin improvement [6].