Enzo Biochem, Inc. (ENZ) stock soared 48.65% in the extended trading session on Monday, March 15, 2021, after the Company revealed its financial figures for the 2nd quarter ended January 31, 2021.
Financial highlights for the 2nd quarter of 2021
- ENZ earned a revenue of 31.5 million in the reported quarter with an increase of 62% compared to the same quarter last year
- Enzo Clinical Lab generated a revenue of $24.0 million for the reported quarter.
- Enzo Life Sciences revenue was $7.5 million.
- ENZ spend $0.8 million in Research and development expenses, and it spent $11 million in Selling, general and administrative expenses for the reported quarter.
- ENZ net income (GAAP) was $2.3 million or 0.05 per share, with an improvement of almost $10 million compared to the same quarter in the prior year.
- Adjusted EBITDA in the reported quarter was $4.3 million.
- As of January 31, 2021ENZ had Cash and cash equivalents of $44.5 million
Financial highlights of 2021 first half
- ENZ earned a revenue of $60.1 million in the first half of 2021 ended January 2021.
- Enzo Clinical Lab revenue was $45.2 million, and Enzo Life Sciences revenue was $14.9 million during the six months ended January 31, 2021
- It spent $1.6 million in Research and development expenses and $21.0 million in Selling, general and administrative expenses for the six months ended January 31, 2021.
- ENZ net income was $2.6 million or $0.05 per share for the reported half-year.
ENZ Corporate update
The Company also made some important announcements regarding its management team.
Dr. Elazar Rabbani, the Founder and CEO of ENZ will step down after a long-dedicated service as CEO and transition to a scientific role with the Company. ENZ will use Korn Ferry to identify the best CEO candidates. Gary M. Huff is appointed as a Strategic Consultant to Board, and Enzo kept Cain Brothers to help identify, evaluate, and execute strategic initiatives.
Participation in the Global Life Sciences Conference
ENZ participated in H.C. Wainwright Global Life Sciences Conference, held virtually from March 9-10, 2021.
Successful COVID-19 variants detection by GENFLEX™
On March 2, 2021, ENZ announced that the Company’sGENFLEX™ molecular diagnostic platform could detect the presence of currently known variants of COVID-19 successfully. Other Rapid antigen tests presently available in the marketplace do not have this capability.