Enzo Biochem reports Q2 revenues $16.3M vs. $34M last year

Revenues reached $16.3M in the second quarter, a decrease of 52% compared to $34.0M in the second quarter of last year and a decrease of 11% sequentially compared to the first quarter of FY23. The decrease compared to Q2 FY22 was driven by the decline of COVID testing and timing of bulk product orders. Q2 FY23 revenues for Enzo Life Sciences were $7.5 million. After adjusting for a bulk order in the prior year, Q2 FY23 revenues were near flat compared to Q2 FY22. Revenues grew 6% when compared to the sequential period of Q1 FY23, with Europe contributing approximately 20% growth. The January 2023 revenue was the second highest monthly revenue in over 10 years. Q2 FY23 revenues for the Clinical Lab segment were $8.8 million, a decrease of 63% compared to the $23.7 million in the second quarter of last year, primarily impacted by the decline in COVID testing revenues. Non-COVID testing accessions grew 7% compared to the same period in the prior year, but those revenues declined due to payer and liquidation rate adjustments, as well as a charge to revenue due to a Medicaid audit.