Business & Finance
Enzo Biochem incurs higher Q1 GAAP net loss of USD7.6m
11 December 2019 -

Life sciences company Enzo Biochem Inc (NYSE:ENZ) disclosed on Tuesday its GAAP net loss of USD7.6m (USD0.16 per share) for the fiscal first quarter ended 31 October 2019.

This is a decrease in earnings when compared with net loss of USD6.0m (USD0.13 per share) in the comparable period in the year earlier.

Total operating revenues of USD20.2m were generated for the fiscal first quarter ended 31 October 2019, a 5% decline with clinical accession volume up 4% over USD21.3m in the same the year prior period.

EBITDA was negative USD7.1m for the fiscal first quarter ended 31 October 2019, versus negative EBITDA of USD5.5m a year ago.

The company added that it has elected David A. Bench as its new chief financial officer. Recently, Bench has served as chief financial officer at ELLKAY, LLC, president of DBC Group LLC as well as worked at the investment banking firms of Lazard and Arnhold and S. Bleichroeder.

Under the company's continued focus on actively managing the portfolio to create value for shareholders, it said it will consider various avenues to unlock value in its Therapeutics subsidiary and plans to serve as a "central capability" for small- to medium-sized labs. Also, it has formalized three labs to labs relationships and is negotiating terms for additional relationships with other small- to medium-sized clinical laboratories.