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Conference call and live webcast scheduled for today,
Wednesday, December 9, 2020 at 4:30 pm (ET)
NEW YORK, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (NYSE:ENZ), a leading biosciences and diagnostics company, today reported financial results for the first quarter ended October 31, 2020 and provided a business update on recent corporate and operational developments.
“During this quarter we exceeded guidance and achieved profitability based on strong results that reflect our strategy to both streamline our operations and expand our product and platform capabilities as an integrated solutions provider of products and services in molecular diagnostics, immunoassays, cytology, and immunohistochemistry,” said Elazar Rabbani, PhD., Chairman and Chief Executive Officer of Enzo. “The rapid application of our proprietary GenFlex™ platform in response to the COVID-19 pandemic is the most recent reflection of the strength and flexibility of our molecular diagnostic capabilities. We have also worked aggressively to expand our operations to focus on more advanced, higher margin market opportunities that reflect the core strengths of Enzo and our team. Our portable microplate reader brings new potential capabilities in point-of-care testing to researchers and healthcare providers while our GoTestMeNow.com online portal represents a major step forward in bringing access to diagnostic testing directly to people who need it conveniently and quickly.”
“During this very strong quarter for our company we also added two outstanding industry leaders to our Board of Directors. Drs. Mary Tagliaferri and Ian Walters significantly expand the operational and commercial expertise of our Company’s board, particularly concerning companion diagnostics and other therapeutic opportunities. We continue to execute on our strategy to position Enzo as a leading vertically integrated end–to-end diagnostic company capitalizing on our multi-platform technologies and products now and in a post-COVID-19 environment,” said Barry Weiner, President of Enzo.
Operational Highlights:
Corporate & Organizational Highlights:
Financial Highlights:
First Quarter 2021 Financial Results
Conference Call and Webcast Information
The Company will host a conference call on Wednesday, December 9, 2020, at 4:30 pm, Eastern Standard Time, to review the operational, corporate, and financial highlights. To participate in the conference call, please dial the following numbers prior to the start of the call or click the webcast link below to participate over the internet:
Domestic: | 877-407-0792 |
International: | 201-689-8263 |
Conference ID: | 13713236 |
Webcast: | http://public.viavid.com/index.php?id=142445 |
A replay of the call will be available via webcast for on-demand listening shortly after completion of the call on the Investor Relations section of the Company’s website, https://www.enzo.com, and will remain available for approximately 90 days. Please access the Company’s website at least 15 minutes ahead of the conference to register, download, and install any necessary audio software.
Adjusted Financial Measures
To comply with Regulation G promulgated pursuant to the Sarbanes-Oxley Act, Enzo Biochem attached to this news release and will post to the investor relations section of the Company’s website (https://www.enzo.com) any reconciliation of differences between GAAP and Adjusted financial information that may be required in connection with issuing the Company's quarterly financial results.
The Company uses EBITDA as a measure of performance to demonstrate earnings exclusive of interest, taxes, depreciation and amortization. Adjustments to EBITDA are for items of a non-recurring nature and are reconciled on the table provided. The Company manages its business based on its operating cash flows. The Company, in its daily management of its business affairs and analysis of its monthly, quarterly and annual performance, makes its decisions based on cash flows, not on the amortization of assets obtained through historical activities. The Company, in managing its current and future affairs, cannot affect the amortization of the intangible assets to any material degree, and therefore uses EBITDA as its primary management guide. Since an outside investor may base its evaluation of the Company's performance based on the Company's net loss not its cash flows, there is a limitation to the EBITDA measurement. EBITDA is not, and should not be considered, an alternative to net loss, loss from operations, or any other measure for determining operating performance of liquidity, as determined under accounting principles generally accepted in the United States (GAAP). The most directly comparable GAAP reference in the Company's case is the removal of interest, taxes, depreciation and amortization.
We refer you to the tables attached to this press release, which includes reconciliation tables of GAAP to Adjusted net income (loss) and EBITDA to Adjusted EBITDA.
Enzo Biochem is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and intellectual property through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards. A global company, Enzo Biochem utilizes cross-functional teams to develop and deploy products, systems and services that meet the ever-changing and rapidly growing needs of health care today and into the future. Underpinning Enzo Biochem’s products and technologies is a broad and deep intellectual property portfolio, with 475 issued patents worldwide along with extensive enabling technologies and platforms.
Forward-Looking Statements
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, including those related to cash flow, gross margins, revenue, and expenses which are dependent on a number of factors outside of the control of the Company including, inter alia, the markets for the Company’s products and services, costs of goods and services, other expenses, government regulations, litigation, and general business conditions. See Risk Factors in the Company’s Form 10-K for the fiscal year ended July 31, 2020. 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.
Contacts:
Enzo Biochem, Inc.
David Bench, CFO
212-583-0100
dbench@enzo.com
Investors:
LifeSci Advisors, LLC
Jeremy Feffer
212-915-2568
jeremy@lifesciadvisors.com
Anreder & Company
Steven Anreder
212-532-3232
Steven.anreder@anreder.com
Media:
Berry & Company Public Relations
Marisa Monte
212-253-8881
mmonte@berrypr.com
ENZO BIOCHEM, INC. | |||||||
(in thousands, except per share data) | |||||||
Three months ended | |||||||
Selected operations data: | October 31 | ||||||
(unaudited) | |||||||
2019 | 2019 | ||||||
Total revenues | $ | 28,655 | $ | 20,207 | |||
Gross profit | $ | 11,897 | $ | 5,686 | |||
Gross profit % | 42 | % | 28 | % | |||
Income (loss) before income taxes | 299 | (7,648 | ) | ||||
Benefit for income taxes | - | - | |||||
Net income (loss) | $ | 299 | $ | (7,648 | ) | ||
Basic net income (loss) per share | $ | 0.01 | $ | (0.16 | ) | ||
Diluted net income (loss) per share | $ | 0.01 | $ | (0.16 | ) | ||
Weighted average shares outstanding - basic | 47,895 | 47,557 | |||||
Weighted average shares outstanding - diluted | 47,905 | 47,557 | |||||
Selected balance sheet data: |
10/31/2020 (unaudited) |
7/31/2020 (unaudited) |
|||||
Cash and cash equivalents (including restricted cash of $750) | $ | 46,664 | $ | 48,615 | |||
Working capital | $ | 36,694 | $ | 35,694 | |||
Stockholders' equity | $ | 59,018 | $ | 58,381 | |||
Total assets | $ | 113,503 | $ | 112,538 | |||
The following table presents a reconciliation of reported net income (loss) and basic and diluted net income (loss) per share to non-GAAP net income (loss) and basic and diluted net income (loss) per share for the three months ended October 31, 2020 and 2019:
ENZO BIOCHEM, INC. | ||||||
Non-GAAP Reconciliation Table | ||||||
(Unaudited, in thousands, except per share data) | ||||||
Three months ended | ||||||
October 31 | ||||||
2020 | 2019 | |||||
Reported GAAP net income (loss) | $ | 299 | $ | (7,648 | ) | |
Adjusted for: | ||||||
Legal expenses related to contingencies | - | 800 | ||||
Contested proxy expenses | - | 645 | ||||
Non-GAAP net income (loss) | $ | 299 | $ | (6,203 | ) | |
Weighted Shares Outstanding: | ||||||
Basic | 47,895 | 47,557 | ||||
Diluted | 47,905 | 47,557 | ||||
Basic and diluted earnings per share: | ||||||
Basic net income (loss) per share GAAP | $ | 0.01 | $ | (0.16 | ) | |
Diluted net income (loss) per share GAAP | $ | 0.01 | $ | (0.16 | ) | |
Basic net income (loss) per share non-GAAP | $ | 0.01 | $ | (0.13 | ) | |
Diluted net income (loss) per share non-GAAP | $ | 0.01 | $ | (0.13 | ) | |
The following table presents a reconciliation of reported net income (loss) for the three months ended October 31, 2020 and 2019, respectively to EBITDA and Adjusted EBITDA:
ENZO BIOCHEM, INC. | ||||||
EBITDA & Adjusted EBITDA Reconciliation Table | ||||||
(Unaudited, in thousands) | ||||||
Three months ended | ||||||
October 31 | ||||||
2020 | 2019 | |||||
GAAP net income (loss) | $ | 299 | $ | (7,648 | ) | |
Plus (minus): | ||||||
Depreciation and amortization | 660 | 725 | ||||
Interest expense (income) | 51 | (237 | ) | |||
EBITDA | $ | 1,010 | $ | (7,160 | ) | |
Adjusted for: | ||||||
Legal expenses related to contingencies | - | 800 | ||||
Contested proxy expenses | - | 645 | ||||
Adjusted EBITDA | $ | 1,010 | $ | (5,715 | ) | |
Released December 9, 2020