15.10.2007 20:10:00
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Enzo Reports Improved Fourth Quarter and Fiscal 2007 Results
Enzo Biochem, Inc. (NYSE:ENZ), a leading biotechnology company
specializing in gene identification and genetic and immune regulation
technologies for diagnostic and therapeutic applications, today
announced increased revenue and improved operating results for its
fourth fiscal quarter and year ended July 31, 2007.
Revenues for the quarter increased 81% to $17.9 million compared to $9.9
million in the year ago period. The gain reflected a 46% increase in
Clinical Lab revenues, an increase of $1.2 million in royalty and
license fee income and $3.1 million in product revenues attributed to
the acquisition of Axxora Life Sciences Inc., ("Axxora”).
Gross profit increased to $9.2 million, compared to $5.4 million in the
corresponding year-ago period, a gain of 70%. Despite increases in legal
expenses for the quarter ($3.1 million vs. $2.2 million a year ago), the
provision for uncollectible accounts receivables primarily connected to
Clinical Labs ($1.2 million vs. $0.8 million), and selling, general and
administrative expenses (SG&A) of $1.2 million, inclusive of Axxora, the
net loss declined to $3.3 million, or $.09 per share from $4.5 million
last year or $.14 per share, an improvement of 26%.
Full year fiscal 2007 total revenues amounted to $52.9 million, up 33%
from last fiscal year’s $39.8 million. Gross
profit totaled $29.7 million, up 26% from fiscal 2006’s
$23.5 million. Royalty and license fee income improved 85% to $5.8
million. Included in fiscal 2007 was the previously disclosed $2.0
million gain on the settlement of a legal action with Sigma Aldrich.
Reflecting the benefits of increased operating leverage, SG&A, as a
percentage of total revenues for the year, improved to 50.0%, from
62.7%. Legal expenses increased to $10.3 million, from $7.4 million and
the provision for uncollectibles was $4.6 million, compared with $3.6
million in the year earlier period.. Interest income increased $1.9
million over the prior year due to increased invested balances. The net
loss for the year decreased to $13.3 million or $.38 per share, compared
with $15.7 million or $.49 per share a year ago.
Enzo remains in strong financial condition. As of July 31, 2007, Enzo
had working capital of $113.9 million, cash and cash equivalents of
$105.1 million, equity of $141.9 million and no debt. During fiscal
2007, the Company completed two Registered Direct Offerings and received
net proceeds of approximately $57 million and used approximately $17
million for the Axxora acquisition.
"We are pleased to report the strong
improvement in operating results,” said Barry
W. Weiner, President of Enzo. "Enzo Clinical
Labs is gaining solid traction as a result of the expanded relationship
with United Healthcare, and in the increase in patients we are servicing
from our enlarged facilities. And while we have benefited from only two
months inclusion of the Axxora Life Sciences acquisition, its
integration into Enzo Life Sciences is proceeding as planned in an
efficient and productive manner. Enzo Life Sciences will benefit from
Axxora’s strong global distribution and
marketing capabilities, and particularly its electronic marketplace that
provides rapid access to over 25,000 life sciences products.” "Enzo Therapeutics continues to move its
pre-clinical and clinical activities forward, particularly with
modalities targeted to treat sufferers of Crohn’s
disease, uveitis, HIV and osteoporosis.
The court’s decision in the Applera matter,
which we are appealing, was disappointing. Nonetheless we and our
attorneys believe there are strong reasons that the U.S. Appeals Court
may act favorably on our motions. We remain confident that our
considerable investments in protecting our intellectual property will
yield important results, and we also look eagerly to resolution of the
patent interference actions instituted by the U.S. Patent Office
involving key patents in which we have been named senior party.” "Our focus going forward is on continuing to
improve our financial results and expanding our worldwide operations,
while pursuing our promising therapeutic products and bringing to a
successful conclusion the legal actions that we anticipate will inure to
shareholder value.” Enzo Clinical Labs
Fiscal fourth quarter revenues increased to $11.9 million from $8.2
million in the corresponding year ago period, an increase of 46%. Gross
profit totaled $6.5 million compared to $4.5 million, and pre-tax
operating income for the fourth quarter increased to $1.6 million
compared to $0.1 million over the year-ago period.
For the full year, revenues increased to $40.4 million as compared to
$31.9 million last year, a gain of 27%. Pre-tax operating income grew to
$3.3 million as compared to $0.1 million in the prior year. Gross profit
increased to $22.2 million or 23% for the year. With SG&A holding steady
in the 12-month period, as a percentage of revenues, the ratio improved
to 36% from 45% for the year. The provision for uncollectible accounts
receivable increased approximately $1 million primarily due to increased
revenue levels.
Enzo Life Sciences
Fourth quarter revenues, including royalties and licensing fee income,
was $6.0 million as compared to $1.7 million in the corresponding prior
year quarter, reflecting $3.3 million in revenue from Axxora from May
31, 2007, the date of acquisition. Gross profit for the quarter was $2.7
million. Revenues also benefited from higher royalty and licensing fee
income of $1.2 million due to increased royalties from Digene, and a new
licensing agreement with Abbott Molecular. Gross profit was negatively
affected by $0.7 million adjustment relating to the acquisition of Axxora’s
inventory at the estimated market value. Segment pre-tax operating
results for the quarter improved by $1.0 million over the prior year
quarter.
For the year, revenues, including royalties and licensing fee income,
totaled $12.5 million as compared to $7.9 million in the prior year,
inclusive of $3.3 million in revenue from Axxora. Royalty and licensing
fee income increased $2.7 million or 85% attributed to the Digene
royalties and the licensing agreement with Abbott Molecular. Gross
profit grew to $7.4 million, inclusive of the impact of the inventory
adjustment resulting from recording the acquisition of Axxora. For the
year, pre-tax operating results improved to $4.0 million from a loss of
$0.2 million in the prior year.
Enzo Therapeutics
Enzo Therapeutics’ progress continues on a
number of fronts:
Alequel™, the Company’s
innovative immune regulation medicine for treatment of Crohn’s
disease, is currently undergoing an expanded study at Hadassah Hospital
in Israel in order to broaden the diversity of the patient population.
A selection review is in process to determine appropriate trial sites to
continue the study of Alequel in the U.S.
A Phase II randomized double blind study of EGS21 is being conducted to
evaluate the candidate drug as a potential product for treatment of NASH
(non-alcoholic steatohepatitis) and its associated metabolic syndrome.
A Phase I/II clinical trial of the Company’s
StealthVector®HGTV43™
gene medicine for HIV infection was initiated at the University of
California San Francisco. This trial is designed to increase the
percentage of circulating CD4+ immune cells that contain the anti-HIV-1
antisense genes.
Enzo’s candidate drug B27PD for treatment of
autoimmune uveitis is undergoing evaluation in preparation for
regulatory submission. Uveitis, an inflammatory disease of the eye is a
leading cause of blindness and current treatments are associated with
significant toxicities. B27PD has been granted orphan status in Europe,
and plans are to apply to have it similarly designated in the U.S.
Enzo presently has in preclinical development new compounds that could
provide therapy for treating bone disorders, including osteoporosis,
bone loss, fractures, abnormalities, diseases and other applications.
Data from preclinical animal studies of one of the Company’s
lead compounds, as previously reported, were presented at the annual
meeting of the American Society of Bone Mineral Research. The data
suggest that this small molecule compound could serve as an attractive
non-hormonal therapeutic agent for prevention of periodontal bone loss.
A conference call conducted by Enzo Biochem, Inc. management will
take place on Tuesday, October 16, 2007 at 8:30 AM E.T. It can be
accessed by dialing 1-888-562-3356. International callers can dial
1-973-582-2700. Please reference PIN number 9318768. Interested
parties may also listen over the Internet at www.investorcalendar.com.
To listen to the live call on the Internet, please go to the web site at
least fifteen minutes early to register, download and install any
necessary audio software. For those who cannot listen to the live
broadcast, a replay will be available approximately two hours after the
end of the live call, through midnight (ET) on October 30, 2007. The
replay of the conference call can be accessed by dialing 1-877-519-4471,
and, when prompted, use PIN number 9318768. International callers can
dial 1-973-341-3080, using the same PIN number. About Enzo
Enzo Biochem is engaged in the research, development, manufacture and
licensing of innovative health care products and technologies based on
molecular biology and genetic engineering techniques, and in providing
diagnostic services to the medical community. Enzo’s
Life Sciences division develops, produces and markets proprietary
labeling and detection products for gene sequencing, genetic analysis
and immunological research among others. Its catalog of over 25,000
products serves the molecular biology, drug discovery and pathology
research markets. The Company's therapeutic division is in various
stages of clinical evaluation of its proprietary gene medicine for HIV-1
infection and its proprietary immune regulation medicines for uveitis,
Crohn's Disease, and NASH (non-alcoholic steatohepatitis), and conducts
pre-clinical research on several candidate compounds aimed at producing
new mineral and organic bone, including technology that could provide
therapy for osteoporosis and fractures, among other applications. Enzo’s
Clinical Labs division provides routine and esoteric reference
laboratory services for physicians in the New York Metropolitan and New
Jersey areas. Underpinning the Company’s
technology and operations is an extensive intellectual property estate
in which Enzo owns or licenses over 200 patents worldwide, and has
pending applications for over 180 more. For more information visit our
website www.enzo.com.
Except for historical information, the matters discussed in this news
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. 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 press release. ENZO BIOCHEM INC.
(in thousands, except per share date)
Selected Operations Data:
Fiscal year ended July 31
Three months ended July 31
(unaudited)
2007 Notes 2006 2007 Notes 2006
Total revenues
$52,908
A
$39,826
$17,912
A
$9,915
Gross profit
29,675
B
23,509
9,193
B
5,408
Loss before income tax benefit
(13,175)
(17,009)
(3,443)
(4,955)
(Provision) benefit for income taxes
(85)
C
1,342
114
C
449
Net loss
($13,260)
($15,667)
($3,329)
($4,506)
Basic and diluted loss per share
($0.38)
($0.49)
($0.09)
($0.14)
Weighted average shares - basic and diluted
35,017
32,215
36,674
32,258
Selected balance sheet data:
July 31, 2007
July 31, 2006
Cash and cash equivalents
$105,149
$69,854
Working capital
113,850
80,161
Stockholders' equity
141,894
95,587
Total assets
159,002
101,524
Notes:
A- Includes $3.3 million in products sales from Axxora Life
Sciences, Inc. acquired May 31, 2007.
B- Includes $0.7 million for inventory fair value adjustment
relating to the Axxora acquisition.
C- All periods reflect effective tax rates below the statutory rate
due to limitation on recording future tax benefits.
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