Enzo Biochem Reports Second Quarter Fiscal Year 2025 Results

Core Viewpoint - Enzo Biochem, Inc. reported financial results for the fiscal second quarter ended January 31, 2025, showing improvements in revenue, gross margin, and operating profit/loss compared to the previous quarter [1]. Financial Highlights - The second-quarter revenue reached $7.3 million, an increase of $1.1 million (18%) from $6.2 million in Q1 FY25, although it represented a 14% decline year-over-year due to timing of large order fulfillment and market slowdown in the US [5]. - Gross margin percentage improved to 52%, up from 37% in Q1 FY25 and 49% in the same quarter of the previous year [5]. - The Enzo Life Sciences Products segment achieved an operating profit of $0.5 million in Q2 FY25, a $2 million improvement from a $1.5 million operating loss in Q1 FY25 [5]. - Cost of revenues was reduced by 14%, while SG&A and R&D expenses decreased by 22% and 27%, respectively [5]. - The company ended the second quarter with cash and cash equivalents of $40.3 million [5]. Recent Events - Enzo Biochem reached a class-wide settlement agreement related to an April 2023 cyber incident, with a settlement value of $7.5 million, which had been accrued in prior financial statements [5]. - The company submitted a plan to the NYSE to address deficiencies in market capitalization, stockholder's equity, and average closing stock price, which is currently under review [5]. - Enzo has increased product launches, doubling the count of new products compared to the previous full year, to bolster its base business [5].