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Enzo Biochem’s $22 million in fiscal 3Q net income includes $29 million stemming from legal settlement

Cash and cash equivalents were $64 million and working capital $71 million
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Enzo researches, develops, manufactures, and markets diagnostic and research products

Enzo Biochem Inc (NYSE:ENZ) reported fiscal third-quarter net income of $22.3 million, which included nearly $29 million in cash stemming from an intellectual property settlement.

On a per-share basis, the New York-based company earned $0.47 per share, compared to a net loss of $3 million, or $0.06 per share, in the year-ago quarter.

Enzo said revenue for the quarter, which ended April 30, was $19.7 million – an increase of 2% from the prior-year quarter.

Cash and cash equivalents at the end of the quarter were $64 million and working capital was $71 million, the company said.

Three-pronged strategy

Enzo also announced three-pronged short-term value creation and growth strategy, which includes strategic relationships with leading global life sciences and medical device companies, building a new model for the diagnostic marketplace and returning to operating profitability and growth in the lab segment.

“Enzo is poised to leverage and capitalize on our deep-rooted, proprietary technology, product development and intellectual property portfolio in very real, short-term strategic initiatives designed to unlock the value we know exists across our business,” said CEO Elazar Rabbani.

Enzo researches, develops, manufactures, and markets diagnostic and research products based on genetic engineering, biotechnology, and molecular biology.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

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