Enzo Biochem 2Q loss widens on costs
Biotechnology company Enzo Biochem Inc. said Friday its 2010 fiscal second-quarter loss widened on a boost in proxy-related and legal costs.
The company provides diagnostic services and makes research products and medical tools.
For the three months that ended Jan. 31, the company lost $10.3 million, or 27 cents per share, compared with a loss of $7.7 million, or 20 cents per share, a year ago. Revenue rose 11 percent to $23.2 million from $20.9 million.
"The fiscal second quarter reflected another quarter of improved operating results, excluding unusually high proxy related costs and a one-time payment to a former officer to settle litigation and the related legal costs," said President Barry Weiner, in a statement.
The company's gross profit margin rose to 47 percent from 38 percent.
Revenue from tests and other products rose 13 percent to $10.8 million while revenue from clinical lab services rose 11 percent to $10.6 million. Royalties and license fee revenue fell 3 percent to $1.8 million.
Enzo shares rose 8 cents to close at $6.23.