Break Out Ahead? Enzo Biochem, Inc. (NYSE:ENZ) Jumps After Earnings

Enzo Biochem, Inc. (NYSE:ENZ) is one of the biggest gainers in the pre-market session on Wednesday as investors are reacting positively to the company’s quarterly results.

Major Trigger:

Enzo Biochem Reports Third Quarter Fiscal 2021 Results

Key Highlights:

  • Total third quarter revenues amounted to $32.8 million, a 94% improvement over $16.9 million a year ago and a $1.3 million improvement sequentially.
  • Enzo Life Sciences revenue was $7.8 million, an increase of 22% compared with $6.4 million in the year ago period. Product orders have averaged over $1,000 for the last three quarters.
  • Gross margin was 48.4%, or 53% prior to intercompany eliminations, compared to 47.9% gross margin in the year ago period, slightly higher than the previous quarterly margins.
  • Consolidated gross margin amounted to 49%, compared to 26% a year ago. Operating income totaled $2.1 million compared to a year-ago operating loss of $9.7 million, an $11.8 million YOY improvement.
  • GAAP net income totaled $2.0 million, or $0.04 per share, compared with a loss of ($9.9) million, or ($0.21), in the year-ago quarter, an improvement of almost $12 million. Adjusted EBITDA in the quarter totaled $2.7 million, versus an adjusted EBITDA loss of ($7.0) million in the third quarter of 2020.
  • Cash, cash equivalents and marketable securities amounted to $45.1 million as of April 30, 2021.

Market Reaction

As of 8:23, ENZ is trading at $3.44, up 7.50%. So far more than 112K shares have exchanged hands.

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