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Enzo Biochem Inc. has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing reports a decrease in revenues to $7.3 million from $8.5 million in the same quarter the previous year. This decline is attributed to reduced demand across all geographic areas, particularly outside the U.S.
Cost of revenues for the quarter was $3.5 million, representing 52% of sales, compared to 49% in the same quarter of the previous year. The gross profit margin improved due to a more profitable product mix and cost containment measures.
Research and development expenses decreased to $0.5 million from $0.6 million, reflecting a shift in focus towards manufacturing efforts.
Selling, general, and administrative expenses were reduced to $4.6 million from $5.1 million, mainly due to lower headcount, sales commissions, and travel expenses.
Legal and related expenses decreased significantly to $0.4 million from $0.8 million, as the previous year required more legal expertise.
Interest income, net, declined to $0.5 million from $0.9 million due to a decrease in cash balances and lower interest rates.
The company recorded a foreign exchange loss of $0.2 million compared to a gain of $0.7 million in the previous year, due to currency revaluation effects.
Net loss for the quarter was $1.5 million, compared to a net loss of $3.1 million in the previous year. The decrease in net loss is primarily due to reduced operating expenses.
The filing also details the impact of a ransomware attack in April 2023, which led to regulatory inquiries and class action lawsuits, with a settlement agreement for $7.5 million pending final court approval.
Enzo Biochem continues to focus on its life sciences division, which provides labeling and detection technologies, and is exploring strategic alternatives to maximize shareholder value.
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 March 17, 2025. To report an error, please email earnings@qz.com.