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Enzo Biochem Inc. has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports revenues of $6.2 million for the quarter, a decrease from $7.8 million in the same period the previous year. This decline is attributed to reduced orders from large customers in the clinical market and a lack of repeat large orders from industrial customers.
Cost of revenues for the quarter was $3.7 million, down from $4.4 million in the previous year, with a gross profit margin of 41% compared to 44% in the prior year. The decrease in margin is due to inventory disposals related to a portfolio optimization initiative.
Research and development expenses were reported at $0.5 million, a decrease from $0.8 million in the previous year, reflecting a shift in focus towards manufacturing efforts.
Selling, general, and administrative expenses decreased to $4.9 million from $7.0 million, primarily due to reduced severance provisions and share-based compensation expenses.
Legal and related expenses also decreased to $0.5 million from $1.1 million, as the company required less legal assistance compared to the previous year.
The company reported a net loss of $3.1 million, an improvement from a net loss of $5.7 million in the same quarter last year.
Enzo Biochem's cash and cash equivalents stood at $47.7 million as of October 31, 2024, down from $52.3 million at the end of July 2024, primarily due to operating losses and payments of accrued liabilities.
The company completed the sale of its clinical services business to Labcorp on July 24, 2023, for $113.25 million, classifying the income and expenses from this business as discontinued operations.
Enzo Biochem experienced a ransomware attack in April 2023, affecting critical IT systems. The company has since resolved inquiries from various state attorneys general and is working on settlements for class action lawsuits related to the incident.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enzo Biochem Inc. ($0.01 Par Value) quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.