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  Title	Enzo Biochem Reports First Quarter Fiscal Year 2025 Results and Provides a Company Update
  ID	5146519
  External ID	211700463
  Author
  Published Date	Dec. 16, 2024, 3:17 p.m.
  Summary	Enzo Biochem Reports First Quarter Fiscal Year 2025 Results and Provides a Company Update Enzo Biochem, Inc. Mon, Dec 16, 2024, 4:17 PM 6 min read In This Article: ENZ -0.98% Show Quick Summary Enzo B
  Tags	press-release
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  Sentiment	Negative: 0.97196    Neutral: 0.02071    Positive: 0.00733
  Relevance	0.04348

• Content Details

  Content ID	3098141
  Key	7bf71170-238e-4a86-9eed-7b5200b2e2b8
  Content	Enzo Biochem Reports First Quarter Fiscal Year 2025 Results and Provides a Company Update Enzo Biochem, Inc. Mon, Dec 16, 2024, 4:17 PM 6 min read In This Article: ENZ -0.98% Show Quick Summary Enzo Biochem reported its first quarter fiscal year 2025 results, with revenue declining 20% year-over-year to $6.2 million due to decreased demand in the life sciences tools space. The company ended the quarter with $47.7 million in cash and cash equivalents, and its net cash used in operating activities decreased by $4.4 million compared to the prior year. Enzo also declared a special cash dividend of $0.10 per share and appointed a new director, Jon Couchman, to its board. The company's net loss for the quarter was $3.4 million, or $0.07 per share, which includes a one-time inventory provision and discrete legal matters. Generated by Yahoo Finance AI Yahoo Finance used generative AI to summarize key information from this article. Some details may be inaccurate. We take that seriously. Reporting mistakes helps us improve these summaries. Was this helpful? Yes No Enzo Biochem, Inc. FARMINGDALE, N.Y., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (NYSE: ENZ) (“Enzo” or the “Company”) today announced financial results for the fiscal first quarter ended October 31, 2024. First Quarter Highlights Enzo ended the first quarter with aggregate cash and cash equivalents of $47.7 million. The net cash used in operating activities during the first quarter decreased by $4.4 million compared to the prior year. The Company's first-quarter revenue of $6.2 million declined year-over-year by 20% due to declining market demand related to general continued headwinds in the life sciences tools space. Recent Events The declared special cash dividend of $0.10 per share on its common stock was paid on December 2, 2024 to the holders of record as of the close of business on November 15, 2024. Jon Couchman became a director of the Company and member of the Company’s Audit Committee, Nominating & Governance Committee and Compensation Committee effective November 22, 2024. Mr. Couchman is the Managing Member of Couchman Management LLC, an investment management company through which he manages private investments. Mr. Couchman has significant public company director experience and has served in various executive leadership roles. About Enzo Biochem Enzo Biochem, Inc. has operated as a life sciences company for over 45 years. The primary business of Enzo today is conducted through its Life Sciences division, Enzo Life Sciences, which focuses on labeling and detection technologies from DNA to whole cell analysis, including a comprehensive portfolio of thousands of high-quality products, including antibodies, genomic probes, assays, biochemicals, and proteins. The Company’s proprietary products and technologies play central roles in translational research and drug development areas, including cell biology, genomics, assays, immunohistochemistry, and small molecule chemistry. The Company monetizes its technology primarily via sales through our global distribution network and licensing. For more information, please visit enzo.com or follow Enzo Biochem on X and LinkedIn . Forward-Looking Statements Except for historical information, the matters discussed in this release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management, including those related to cash flow, gross margins, revenues and expenses, which are dependent on a number of factors outside of the control of the Company, including, inter alia, the markets for the Company’s products, cost of goods sold, other expenses, government regulations, litigation, and general business conditions. See Risk Factors in the Company’s Form 10-K for the fiscal year ended July 31, 2024. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this release. Story Continues Enzo Biochem Contacts For Enzo Biochem: Patricia Eckert, Chief Financial Officer Enzo Biochem 631-755-5500 peckert@enzo.com Use of Non-GAAP Financial Measures by Enzo The non-GAAP financial measures contained in this press release (including, without limitation, Adjusted net loss, EBITDA, and Adjusted EBITDA) are not GAAP measures of the Company’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures is included in the presentation of the Company’s financial results for the quarter ended October 31, 2024 contained herein and is also available in the investor relations section of the Company’s website ( https://www.enzo.com ). The Company believes the presentation of these non-GAAP measures provides useful additional information to investors because they provide information consistent with that on which management evaluates the financial performance of the Company. The Company manages its business based on its operating cash flows. It refers to EBITDA as its primary indicator of performance and refers to Adjusted EBITDA to further exclude items of a non-recurring nature. It is reasonable to expect that one or more excluded items will occur in future periods, though the amounts recognized can vary significantly from period to period. You are encouraged to evaluate each adjustment used to determine a non-GAAP financial measure and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. We refer you to the tables attached to this press release, which includes reconciliation tables of GAAP net loss to Adjusted net loss and GAAP net loss to EBITDA and Adjusted EBITDA. ENZO BIOCHEM, INC. (in thousands, except per share data) Three months ended Selected operations data: October 31, (unaudited) 2024 2023 Revenues $ 6,213 $ 7,806 Gross profit 2,280 3,455 Gross profit % 37 % 44 % Operating loss (3,622 ) (5,476 ) Net loss from continuing operations (3,071 ) (5,675 ) Net loss from discontinued operations (305 ) (941 ) Net loss $ (3,376 ) $ (6,616 ) Net loss per common share – basic and diluted – Continuing Operations ($0.07 ) ($0.11 ) Net loss per common share – basic and diluted – Discontinued Operations $0.00 ($0.02 ) Total net loss per basic and diluted common share ($0.07 ) ($0.13 ) Weighted average common shares outstanding – basic and diluted 52,244 50,184 Selected balance sheet data: 10/31/2024 (unaudited) 7/31/2024 (unaudited) Cash and cash equivalents $ 47,735 $ 52,371 Working capital 36,264 45,237 Stockholders' equity 47,658 56,112 Total assets 75,291 85,764 The following table presents a reconciliation of reported net loss and basic and diluted net loss per share to Adjusted net loss and Adjusted basic and diluted net loss per share for the three months ended October 31, 2024. ENZO BIOCHEM, INC. Non-GAAP Reconciliation Table (Unaudited, in thousands, except per share data) Three months ended October 31, 2024 Reported GAAP loss $ (3,376 ) Adjusted for: Discrete legal matters 288 One time inventory provision 252 Net loss from discontinued operations 305 Adjusted net loss $ (2,531 ) Weighted Shares Outstanding: Basic and diluted 52,244 Basic and diluted earnings per share: Basic and diluted net loss per share GAAP ($0.07 ) Basic and diluted net loss per share non-GAAP ($0.05 ) The following table presents a reconciliation of reported GAAP net loss for the three months ended October 31, 2024 to EBITDA and Adjusted EBITDA: ENZO BIOCHEM, INC. EBITDA & Adjusted EBITDA Reconciliation Table (Unaudited, in thousands) Three months ended October 31, 2024 GAAP net loss $ (3,376 ) Plus (minus): Depreciation and amortization 319 Interest (income) expense, net (620 ) EBITDA (3,677 ) Adjusted for: Discrete legal matters 288 One time inventory provision 252 Net loss from discontinued operations 305 Foreign exchange loss 192 Adjusted EBITDA $ (2,640 ) View Comments Terms and Privacy Policy Privacy Dashboard Recommended Stories
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