Mon, Dec 16, 9:17 PM (63 days ago)
Enzo Biochem, Inc. (ENZ) reported a net loss of $3,376,000 for the quarter ending October 31, 2024, a significant improvement from the $6,616,000 loss in the same quarter of 2023, reflecting a 46% reduction in losses. Revenue decreased by 20% to $6,213,000, primarily due to reduced orders from key clinical customers and the absence of a large industrial order from the previous year. Operating costs also declined by 26% to $9,835,000, driven by lower selling, general, and administrative expenses, and reduced legal costs following a ransomware attack. Cash and cash equivalents decreased to $47,735,000 from $52,371,000, influenced by the net loss and operational cash flow. However, the release of $5 million from escrow related to the Labcorp asset sale partially offset cash outflows. Overall, Enzo's liquidity remains adequate for operational needs, with working capital at $36,300,000. The company's focus on optimizing inventory and reducing costs is expected to support future operational stability, despite ongoing market challenges in the life sciences sector.