ENZO BIOCHEM REPORTS FIRST QUARTER FISCAL 2024 RESULTS AND PROVIDES BUSINESS UPDATE

FARMINGDALE, NY, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (NYSE: ENZ) (“Enzo” or the “Company”) today announced financial results for the first quarter ended October 31, 2023.

First Quarter Highlights

• The Company's Life Sciences division's first quarter revenue improved year-over-year by 10% driven by increased demand in multiple product areas, and stability in our multi-pronged channel to market approach.
   
• The Life Sciences division's first quarter gross margin was 44.3%, which improved sequentially and year-over-year by approximately 900 basis points.  This favorable result was driven by cost containment initiatives, manufacturing improvements and realignment of the product portfolio.  
   
• Enzo’s working capital improved from $58.5 million at July 31, 2023 to $59.2 million at October 31, 2023. We ended the first quarter with aggregate cash and cash equivalents of $69.2 million, a reduction of $13.2 million from July 31, 2023 primarily due to the significant paydown of accounts payable and other payables post the clinical lab asset sale.
   
• Corporate SG&A expenses for the continuing operations increased by $1.4 million year-over-year which is due to severance provisions and a one-time accelerated recognition of share-based compensation related to a former senior officer of $1.5 million.
   
• Net loss, representing the results of continuing and discontinued operations for Q1 FY24, was $6.6 million, or ($0.13) per common share, compared to a net loss in the prior year’s first quarter of $10.6 million, or ($0.22) per common share.  The weighted average basic common shares outstanding as of 10/31/23 were 50.2 million.

“In light of difficult market conditions, we are pleased to report strong first quarter performance that highlights the return to revenue growth in our Life Sciences division as well as tighter expense control which drove improved profitability,” said Kara Cannon, Enzo’s Interim CEO. “These accomplishments are attributed to our focus on our core technology and assets. Our technical team continues to build and release new products and to strengthen our service offering, which are expected to drive future growth and increase shareholder value. We are extremely grateful for the dedication of our global employees, and also appreciative of the support of our shareholders and our Board of Directors.”