Enzo Biochem up on improved Q4 results
Enzo Biochem, Inc. (NYSE: ENZ) shares are up after the biotechnology company announced before the bell that it narrowed its fourth-quarter loss to $3.3 million, or $0.09 per share, above analyst estimates of $0.12 per share and from $4.5 million, or $0.14 per share, a year earlier. The New York City-based company’s revenue was bolstered by its acquisition of Axxora Life Sciences Inc.
For the three months ended July 31, the firm’s revenue increased to $17.9 million, above Wall Street projections of $16.3 million and compared with $9.9 million a year earlier.
“We are pleased to report the strong improvement in operating results,” Barry Weiner, Enzo’s president, said in a statement. “Enzo Clinical Labs is gaining solid traction as a result of the expanded relationship with United Healthcare, and in the increase in patients we are servicing from our enlarged facilities. And while we have benefited from only two months inclusion of the Axxora Life Sciences acquisition, its integration into Enzo Life Sciences is proceeding as planned in an efficient and productive manner.”
In morning trading, ENZ shares are up 4.23%, or $0.49, at $12.08. Over the last 52 weeks, shares have ranged from $11.25 to $18.98.
