Life science boost

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Related tags: Life, Revenue, Generally accepted accounting principles

Strong sales from its life science unit helped US biotechnology
company Enzo Biochem, that specialises in gene identification
technologies, post total revenues of $13.1 million, compared with
$11.8 million in the corresponding year ago.

US biotechnology company Enzo Biochem that specialises in gene identification technologies, announced continued growth in operating results for the fiscal second quarter and six months ended 31 January 2003.

"Results in the January quarter benefited from increased shipments of life science products to our customers and the strong improvement we are witnessing at our clinical lab,"​ said Barry W. Weiner, president of the company. "We are highly encouraged about the outlook and prospects for our company,"​ he continued.

For the three months ended 31 January 2003, total revenues amounted to $13.1 million, compared with $11.8 million in the corresponding year ago period, a gain of 11 per cent. Operating income reached approximately $2.0 million, double operating income of $1.0 million a year ago. Net income improved by a massive 75.9 per cent, to $1.4 million, or $0.05 per share on a diluted basis, compared with $0.8 million, or $0.03 per share, on a diluted basis, in the corresponding year-ago period.

At Enzo Life Sciences, sales of research products, particularly the BioArray line of labelling and detection products for the genomics market, rose 10 per cent for the second quarter, to $6.0 million, with operating income for the quarter increasing to $3.4 million and the operating profit margin rising to 56.4 per cent, from 44.7 per cent a year ago. Research product revenues continued to be strong, although lower sequentially from the prior quarter which benefited from unusually high volume.

"Both Enzo Life Sciences and Enzo Therapeutics are moving aggressively forward, "​ added Weiner.

Related topics: Markets & Regulations, Regulations

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