Enzo Biochem, Inc. ENZ delivered a loss per share of 19 cents from continuing operations in fiscal 2024, narrower than the loss of 51 cents per share in the comparable fiscal 2023 period.

Enzo Biochem’s Revenues in Detail

Enzo Biochem’s Life Sciences Products reporting unit operates in one reportable segment, Products.

The company’s Products revenues were $7.5 million in the fiscal fourth quarter, down 16% year over year. This was due to a shift in ordering patterns.

The company’s Products revenues were $31.9 million in fiscal 2024, up 2.7% from the comparable fiscal 2023 period. This was driven by an increase in the marketing effort in drug development and cell and gene therapy markets.

Shares of this company gained 2.7% in pre-market trading.

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ENZ’s Geographic Details

Enzo Biochem’s operations consist of three geographic regions — the United States, Europe and Asia Pacific.

For fiscal 2024, the United States reported revenues of $19.5 million, up 5.1% from the comparable fiscal 2023 period.

Revenues in the Europe segment totaled $8.6 million, up 1.3% from the comparable fiscal 2023 period, while the Asia Pacific segment generated revenues of $3.9 million, down 5% from the comparable fiscal 2023 period.

Enzo Biochem’s Gross Margin

For the fiscal fourth quarter, Enzo Biochem’s gross margin was 43% compared with the year-ago quarter’s 35%. The 800-basis point improvement was driven by the non-repeating nature of the inventory provision, the mix of products sold and ongoing cost containment initiatives.

For fiscal 2024, the gross margin was 45.9% compared with 42.5% in the comparable fiscal 2023 period. Fiscal 2024 gross profit was positively impacted by the more profitable mix of the types of products sold, higher revenues sourced from the U.S. market and lower input costs.

ENZ’s Operating Expenses Analysis

Selling, general and administrative expenses for fiscal 2024 decreased 20.1% to $21.7 million. Research and development expenses decreased 32.3% from the comparable fiscal 2023 period to $2.6 million.

Enzo Biochem’s Profitability

The operating loss for fiscal 2024 totaled $12.4 million, narrower than the prior-fiscal year’s operating loss of $24.7 million.

Enzo Biochem’s adjusted EBITDA for fiscal 2024 was a loss of $6.5 million.

For fiscal 2024, Enzo Biochem’s net loss from continuing operations was $9.8 million, narrower than the prior-fiscal year’s net loss of $25 million.

ENZ’s Liquidity & Debt Management

Enzo Biochem exited fiscal 2024 with cash and cash equivalents of $52.4 million compared with $82.4 million at fiscal 2023-end.

Total long-term debt at fiscal 2024-end was $0.2 million compared with $0.3 million at the end of fiscal 2023.

Cumulative net cash used in operating activities at the end of fiscal 2024 was $26.3 million compared with $36.9 million a year ago.

Our Take

Enzo Biochem exited fiscal 2024 with encouraging top-line and bottom-line results. Robust performances by the majority of its geographic regions were impressive. The expansion of gross margin bodes well.

However, Enzo Biochem’s continued loss per share in the reported quarter was disappointing. The decline in the revenues from the Asia Pacific region was discouraging.

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