Enzo Biochem Reports Third Quarter Fiscal 2024 Results and Provides Business Update

Core Viewpoint - Enzo Biochem, Inc. reported significant financial improvements in its Life Science division for the fiscal third quarter ended April 30, 2024, with a focus on drug development tools driving growth and margin expansion [2][23]. Financial Performance - The Life Science division's third-quarter revenue reached $8.0 million, a 7% increase year-over-year, marking four consecutive quarters of revenue growth [2]. - Year-to-date revenue for the nine months ended April 30, 2024, was $24.4 million, reflecting a 10% improvement compared to the same period in the prior year [2]. - The gross margin for the third quarter improved to 47%, up 700 basis points from 40% year-over-year, with a nine-month year-to-date margin also at 47%, representing a 900 basis point improvement [2]. - The Life Science division reported an operating income of $0.3 million for the third quarter, a turnaround from a $1.0 million operating loss in the prior year [2]. - The net loss from continuing operations for Q3 FY24 was $2.1 million, or ($0.04) per common share, compared to a net loss of $7.9 million, or ($0.16) per common share in the prior year [2]. Cash Position and Debt Management - Enzo ended the third quarter with cash and cash equivalents of $57.2 million, a decrease of $3.1 million during the quarter [2]. - The outstanding principal of the Company's debentures of $3.6 million was paid in full on May 20, 2024, upon maturity [3]. Strategic Developments - The Company launched an enhanced website with e-commerce functionality in May 2024, aimed at improving customer access to products and support [3]. - The transition to a focused manufacturer of Life Science tools is progressing favorably, with significant revenue growth and margin expansion reported [23]. Market Position and Future Outlook - Enzo Biochem is recognized as a pioneer in molecular diagnostics, with a comprehensive portfolio supporting biomedical research and translational science needs [4]. - The Company has a broad intellectual property portfolio, which is crucial for its competitive positioning in the market [11].