Enzo Biochem's 3rd-qtr losses widen

USA-based Enzo Biochem says that, for the nine months ended April 30, 2006, it saw total revenue of $9.6 million, down 12.7% on the same period last year, which it says reflects recent price competition in the life sciences and genomics markets. The company also reported net losses of $11.2 million, or $0.35 per fully diluted share, and added that this figure included the $14.0 million it had received from the Digene patent suit settlement.

The firm added that, despite having reduced its R&D expenses by $1.9 million, any resulting cost-savings had been absorbed by a 13% hike in its selling, general and administrative expenses that hit $6.2 million in the reported nine-month period.

On the positive side, the company's Clinical Labs division did achieve a $500,000 reduction in its annual provision for uncollectible accounts receivable, thanks to improvements to its claim processing and collection procedure. Additionally, the unit has been approved for use by a major health care insurer covering the New York metropolitan area.