Thu, Jun 13, 8:17 PM (86 days ago)
Enzo Biochem, Inc.'s Form 10-Q for the quarter ended April 30, 2024, reports a net loss of $3.0 million, a significant improvement from the $15.2 million loss in the same period last year. Revenues increased by 7% to $8.0 million, driven by strong performance in European and Asia-Pacific markets. The cost of revenues decreased slightly, leading to an improved gross profit margin of 47%, up from 40% in the prior year. Operating expenses saw substantial reductions, particularly in selling, general, and administrative expenses, which decreased by 28%, and legal expenses, which declined by 84%. Interest income of $0.7 million contributed positively, offsetting some losses. The company experienced a $0.4 million fair value adjustment expense on convertible debentures. Cash and cash equivalents decreased to $57.2 million from $83.4 million, primarily due to operating losses and paydowns of accounts payable and accrued liabilities. The company remains focused on managing its financial health and operational efficiencies while addressing legal and cybersecurity challenges.