Enzo Biochem Inc (ENZ) 2022 Q3 法說會逐字稿

Greetings, and welcome to the Enzo Biochem Third Quarter 2022 Financial Results and Business Update.

您好，歡迎來到 Enzo Biochem 2022 年第三季度財務業績和業務更新。

(Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Chris Calabrese, LifeSci Advisors, Investor Relations for Enzo Biochem. Thank you. You may begin.

（操作員說明）作為提醒，本次會議正在錄製中。我現在想把會議轉交給你的主持人，Chris Calabrese，生命科學顧問，Enzo Biochem 的投資者關係。謝謝你。你可以開始了。

Thank you, Melissa, and good morning, everyone. Joining us today from the company are Hamid Erfanian, Chief Executive Officer; and David Bench, Chief Financial Officer.

謝謝你，梅麗莎，大家早上好。今天從公司加入我們的是首席執行官 Hamid Erfanian；和首席財務官 David Bench。

Enzo issued a press release detailing our financial results for the third quarter of the fiscal year this morning and is now available on the Investor section of the Enzo website.

Enzo 今天上午發布了一份新聞稿，詳細介紹了我們本財年第三季度的財務業績，現在可以在 Enzo 網站的投資者部分獲得。

Before we begin, I would like to read the company's safe harbor statement. Except for historical information, the matters discussed in this news release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.

在開始之前，我想閱讀公司的安全港聲明。除歷史信息外，本新聞稿中討論的事項可能被視為經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條含義內的前瞻性陳述。

Such statements include declarations regarding the intent, belief or current expectations of the company and its management including those related to cash flow, gross margins, revenues and expenses, which are dependent on a number of factors outside of the control of the company, including the markets for the company's products and services, cost of goods and services, other expenses, government regulations, litigation and general business conditions. Please see risk factors in the company's Form 10-K for the fiscal year ended July 31, 2021.

此類聲明包括關於公司及其管理層的意圖、信念或當前期望的聲明，包括與現金流、毛利率、收入和費用相關的聲明，這些聲明取決於公司無法控制的許多因素，包括公司產品和服務的市場、商品和服務成本、其他費用、政府法規、訴訟和一般商業條件。請參閱公司截至 2021 年 7 月 31 日的財政年度的 10-K 表格中的風險因素。

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The company disclaims any obligations to update any forward-looking statements as a result of developments occurring after the date of this conference call.

投資者請注意，任何此類前瞻性陳述均不能保證未來業績，並涉及許多可能對實際結果產生重大影響的風險和不確定性。由於本次電話會議之後發生的事態發展，公司不承擔任何更新任何前瞻性陳述的義務。

During this conference call, the company may refer to EBITDA, a non-GAAP measure. EBITDA is not and should not be considered an alternative to net income/loss, income/loss from operations or any other measure for determining operating performance.

在這次電話會議中，公司可能會參考 EBITDA，這是一種非公認會計原則的衡量標準。 EBITDA 不是也不應被視為淨收入/虧損、運營收入/虧損或確定運營業績的任何其他衡量標準的替代方案。

The company has provided a reconciliation of the difference to GAAP on its website, www.enzo.com, and in its press release issued this morning. I would like now to turn the call over to Hamid Erfanian, Chief Executive Officer of Enzo Biochem. Hamid, please go ahead.

該公司已在其網站 www.enzo.com 和今天上午發布的新聞稿中提供了與 GAAP 差異的對賬。我現在想把電話轉給 Enzo Biochem 的首席執行官 Hamid Erfanian。哈米德，請繼續。

Thank you, Chris. Good morning, and thank you for joining us on our third quarter business and financial update call today.

謝謝你，克里斯。早上好，感謝您今天加入我們的第三季度業務和財務更新電話會議。

Yesterday, we issued our third quarter 2022 financial and operating results, and we hope you've had some time to review. We will begin the call discussing our corporate strategy, operational focus, vision while summarizing some key achievements of this quarter.

昨天，我們發布了 2022 年第三季度財務和經營業績，希望您有時間回顧一下。我們將開始電話會議，討論我們的公司戰略、運營重點和願景，同時總結本季度的一些關鍵成就。

We will also provide perspectives on the current laboratory testing landscape and life sciences margin. I will then pass the call over to Mr. David Bench, our CFO, after my opening remarks, to review the financials in greater detail. And then we will open the call for a question-and-answer session.

我們還將提供有關當前實驗室測試前景和生命科學利潤的觀點。在我的開場白之後，我將把電話轉給我們的首席財務官 David Bench 先生，以更詳細地審查財務狀況。然後我們將開啟問答環節。

But first, let me quickly run through some top line financials. Total revenue for the third quarter ending April 30 was $26.2 million, lower sequentially and year-over-year due to anticipated waning of COVID-19 testing volumes and the economic shutdowns in Asia.

但首先，讓我快速瀏覽一些頂級財務數據。截至 4 月 30 日的第三季度總收入為 2620 萬美元，環比和同比均有所下降，原因是 COVID-19 檢測量的預期下降和亞洲經濟停擺。

Enzo Life Sciences revenue was $7.6 million in Q3, consistent year-over-year and an increase of 9% on a year-to-date basis, demonstrating stability in the ELS customer base.

Enzo Life Sciences 第三季度收入為 760 萬美元，與去年同期持平，今年迄今增長 9%，表明 ELS 客戶群穩定。

Despite shortfalls in COVID revenue, Enzo Clinical Lab routine revenue increased 10%, and overall non-COVID revenue increased 3% on a year-over-year basis. We have made great progress with regards to operations, strategy and positioning of Enzo.

儘管 COVID 收入出現短缺，但 Enzo Clinical Lab 的常規收入增長了 10%，而非 COVID 的整體收入同比增長了 3%。我們在 Enzo 的運營、戰略和定位方面取得了很大進展。

I want to highlight a few important recent milestones as we build the future Enzo. Number one, Enzo's corporate structure and our focused return; number two, building the future management team; number three, our corporate governance; number four, adding strategic partnerships and growth revenue initiatives.

在我們打造未來的 Enzo 時，我想強調一些重要的近期里程碑。第一，Enzo 的企業結構和我們專注的回報；第二，打造未來的管理團隊；第三，我們的公司治理；第四，增加戰略合作夥伴關係和增長收入計劃。

As for number one, Enzo's structure and focused return, we mentioned on the past earnings call that we are taking a renewed focused approach to Enzo's portfolio of assets. The maturation of our corporate structure is important to support this approach.

至於第一點，Enzo 的結構和集中回報，我們在過去的財報電話會議上提到，我們正在對 Enzo 的資產組合採取新的集中方法。我們公司結構的成熟對於支持這種方法很重要。

Enzo's corporate structure is supported by 3 separate businesses that make the entire organization stronger, work independently, but also leverage one another. We often use the analogy of a string or rope when we discuss it internally to help visualize the 3 aspects of the business.

Enzo 的公司結構由 3 個獨立的業務支持，這些業務使整個組織更加強大，獨立工作，但也相互促進。當我們在內部討論時，我們經常使用繩子或繩子的類比來幫助可視化業務的三個方面。

Enzo Life Sciences, our global product division, Enzo Clinical Labs, our services division and Enzo Diagnostics, emerging diagnostic platforms for clinical labs and point-of-care settings. This structure allows Enzo to generate synergies across a multitude of assets and resources.

Enzo Life Sciences，我們的全球產品部門，Enzo Clinical Labs，我們的服務部門和 Enzo Diagnostics，用於臨床實驗室和護理點設置的新興診斷平台。這種結構使 Enzo 能夠在眾多資產和資源中產生協同效應。

As we implement our integrated end-to-end solutions we are able to pass on significant cost savings to our clients and inherently understand their pain points and provide tailored solutions. After all, we are eating our own home cooking, whereas others in our industry are simply selling to others. We successfully compete by offering our products and services to a range of end-user segments from academic institutions and industrial clients to clinical laboratories and urgent care facilities, all supported by a deep portfolio of IP and assets.

當我們實施集成的端到端解決方案時，我們能夠為客戶節省大量成本，並從本質上了解他們的痛點並提供量身定制的解決方案。畢竟，我們在吃自己的家常菜，而我們行業的其他人只是在賣給別人。我們通過向從學術機構和工業客戶到臨床實驗室和緊急護理設施的一系列最終用戶細分市場提供我們的產品和服務，從而成功地競爭，所有這些都得到了深厚的知識產權和資產組合的支持。

While revenue declined this, quarter largely due to COVID-19 testing volume, we remained on plan for both operational and revenue budget perspective. Our team remains proactive in positioning the company around core competencies to generate recurring revenue opportunities that are profitable and invest in growth segments where there are higher returns on investment.

儘管該季度的收入下降主要是由於 COVID-19 測試量，但我們仍按運營和收入預算的計劃進行。我們的團隊仍然積極圍繞核心競爭力定位公司，以創造可盈利的經常性收入機會，並投資於投資回報率更高的增長領域。

Now turning to point number 2, building the future management team. As promised in previous quarters, Enzo has focused considerable time and resources during the last quarter to bring together an executive team to lead a global workforce, poised for success and with the ability to drive our initiative of focused returns.

現在轉向第 2 點，建立未來的管理團隊。正如前幾個季度所承諾的那樣，Enzo 在上個季度投入了大量時間和資源，以組建一支執行團隊來領導全球員工隊伍，為成功做好準備，並有能力推動我們的重點回報計劃。

We're rounding off the management team by adding commercial leaders to our team. In March, we announced the appointment of David Bench and Kara Cannon to new expanded executive management positions.

我們通過在我們的團隊中增加商業領袖來完善管理團隊。 3 月，我們宣布任命 David Bench 和 Kara Cannon 擔任新的擴展執行管理職位。

Kara was named Chief Operating Officer from her previous role as Chief Commercial Officer; and David Bench, our current Chief Financial Officer, was named to additional roles of Senior Vice President, Treasurer and Corporate Secretary.

Kara 之前擔任首席商務官，被任命為首席運營官；我們現任首席財務官 David Bench 被任命為高級副總裁、財務主管和公司秘書。

These 2 executives are instrumental in leading Enzo along with me into the future. In yesterday's earnings release, we announced the addition of several new key employees, including a Head of Clinical Laboratory Sales, a regional sales leader for our Enzo Life Sciences division, and a Head of Quality & Regulatory affairs.

這兩位高管在帶領恩佐和我走向未來方面發揮了重要作用。在昨天的收益發布中，我們宣布增加了幾名新的關鍵員工，包括臨床實驗室銷售主管、我們 Enzo 生命科學部門的區域銷售主管以及質量和法規事務主管。

Our new Head of Laboratory Sales brings 2 decades of experience in the clinical laboratory market that will be extremely valuable as the lab extends its operations.

我們新的實驗室銷售主管帶來了在臨床實驗室市場上 2 年的經驗，隨著實驗室擴展其運營，這將非常有價值。

The Senior Regional Sales Leader brings over 25 years of experience in life sciences business, development and strategic partnerships and the lead efforts in our geographical expansion and market penetration.

高級區域銷售主管在生命科學業務、開發和戰略合作夥伴關係以及我們的地域擴張和市場滲透方面的領導工作方面擁有超過 25 年的經驗。

Our new Head of Quality Assurance & Regulatory affairs comes to Enzo with 25-plus years of regulatory expertise, product development and commercialization, and compliance experience that will be instrumental towards FDA submissions of our proprietary GENFLEX molecular platform as well as our path forward in completion of ISO 9000 certification of our manufacturing facilities.

我們新的質量保證和監管事務主管來到 Enzo，他擁有 25 多年的監管專業知識、產品開發和商業化以及合規經驗，這將有助於我們向 FDA 提交我們專有的 GENFLEX 分子平台以及我們的完成之路我們的製造設施通過了 ISO 9000 認證。

We continue to deliver on our commitment to strengthen the leadership team and expect more announcements in regard -- in that regard in Q4 2022.

我們將繼續履行加強領導團隊的承諾，並期待在 2022 年第四季度發布更多相關公告。

Regarding point number 3, corporate governance, we have made significant progress in this quarter. We recently came to terms with our -- one of Enzo's largest shareholder, Harbert Discovery Fund, which enables the Board and management to focus on operational issues.

關於第 3 點，公司治理，我們在本季度取得了重大進展。我們最近與 Enzo 的最大股東之一 Harbert Discovery Fund 達成協議，該基金使董事會和管理層能夠專注於運營問題。

As we prioritize transparency -- it is important to highlight that Enzo management team has been refreshed and 4 of 5 current Enzo Board members have been appointed in the past 24 months, each of them brings a wealth of experience to the company to guide it in this critical time of growth.

當我們優先考慮透明度時 - 重要的是要強調 Enzo 管理團隊已經更新，並且在過去 24 個月中任命了 5 名現任 Enzo 董事會成員中的 4 名，他們每個人都為公司帶來了豐富的經驗來指導它這個關鍵的成長時期。

More notably, in April 2022, the company announced the approval of all 4 proposals presented at the 2022 Annual Meeting of Shareholders. These modifications improved the company's corporate governance and allowed a newly formed leadership team to further prioritize shareholder-friendly initiatives.

更值得注意的是，2022 年 4 月，公司宣布通過 2022 年年度股東大會提交的全部 4 項議案。這些修改改善了公司的公司治理，並允許新成立的領導團隊進一步優先考慮對股東友好的舉措。

It is important to note that this approval required the vote of 80% of the outstanding shares of Enzo Biochem, certainly not an easy feat to achieve. But together, we were able to accomplish that goal.

值得注意的是，這項批准需要 Enzo Biochem 80% 的流通股投票，這當然不是一件容易的事。但我們齊心協力，實現了這一目標。

Regarding point number four, strategic partnerships and growth initiatives, we continue to make careful investments intended to further accelerate growth of our core life sciences and clinical lab business as well as invest in our third pillar diagnostic platforms.

關於第四點，戰略合作夥伴關係和增長計劃，我們繼續謹慎投資，旨在進一步加速我們的核心生命科學和臨床實驗室業務的增長，並投資於我們的第三支柱診斷平台。

We remain committed to investing in technology that enables our business, including launching a refreshed quality management system, rolling out multifactor authentication and investing in a global website, which will be completed in early calendar year 2023.

我們將繼續致力於投資支持我們業務的技術，包括推出更新的質量管理系統、推出多因素身份驗證和投資全球網站，這些工作將於 2023 年初完成。

This new website is specifically designed to optimize our transactional capabilities and rival other e-commerce sites in life sciences area. While strengthening Enzo's brand awareness, facilitating customer integration and an easy-to-use portal to review product details and providing a frictionless reordering platform, we will continue to invest in technology initiatives where there is ability to save costs, enhance our products and service or accelerate revenues.

這個新網站專門設計用於優化我們的交易能力並與生命科學領域的其他電子商務網站競爭。在加強 Enzo 的品牌知名度、促進客戶整合和易於使用的門戶以查看產品詳細信息並提供無摩擦的重新訂購平台的同時，我們將繼續投資能夠節省成本、增強我們的產品和服務或加速收入。

Enzo Life Sciences achieved growth in United States despite channel issues in Europe and economic shutdowns in various segments of Asia. We added 2 new distributors in Asia, a target area that we believe is poised for growth.

儘管歐洲的渠道問題和亞洲各個領域的經濟停擺，Enzo Life Sciences 在美國實現了增長。我們在亞洲增加了 2 家新分銷商，我們認為該目標區域有望增長。

Additionally, our GMP facilities in Farmingdale enables the company to continue to expand from basic research to more industrial clients. In fact, our average order -- our average product order remained above $1,000 per order for seventh straight quarter despite not having any bulk orders in this quarter.

此外，我們在法明代爾的 GMP 設施使公司能夠繼續從基礎研究擴展到更多的工業客戶。事實上，我們的平均訂單——儘管本季度沒有任何大宗訂單，我們的平均產品訂單連續第七個季度保持在每筆訂單 1,000 美元以上。

Our enhanced product offering, expanded personnel, refreshed sales and the upcoming website launch will most certainly contribute to our growth in ELS division in the very near term.

我們增強的產品供應、擴大的人員、更新的銷售和即將推出的網站肯定會在短期內為我們在 ELS 部門的增長做出貢獻。

We had a productive quarter in our clinical laboratory which we believe will provide us with significant momentum as we move into the fourth fiscal quarter of 2022 and prepare for fiscal year 2023.

我們的臨床實驗室有一個富有成效的季度，我們相信隨著我們進入 2022 年第四財季並為 2023 財年做準備，這將為我們提供巨大的動力。

We delivered on our commitment to expand the product menu, adding over 43 net new tests in the quarter and 92 net new tests on a year-to-year date basis. This growth, in high-margin markets, will drive greater revenue per test in both the near and future term and over the long term.

我們兌現了擴大產品菜單的承諾，在本季度增加了超過 43 項淨新測試，並在同比基礎上增加了 92 項淨新測試。在高利潤市場中，這種增長將在近期和未來以及長期內推動每次測試的更大收入。

We are also targeting new customer groups, adding new patient service centers and using our COVID-19 success as a model for higher-margin testing. Enzo Diagnostics platforms, including our molecular platforms and point-of-care initiatives are positioned for success. At the beginning of pandemic, Enzo pivoted the GENFLEX molecular platform, which was being developed for women's health to process COVID-19 test samples.

我們還瞄準了新的客戶群，增加了新的患者服務中心，並將我們的 COVID-19 成功作為更高利潤測試的模型。 Enzo 診斷平台，包括我們的分子平台和即時護理計劃，都為成功做好了準備。在大流行開始時，Enzo 使用了 GENFLEX 分子平台，該平台是為女性健康而開發的，用於處理 COVID-19 測試樣本。

The success of processing over 1 million COVID-19 tests on the platform and meeting the FDA's stringent policy standards has led management to revert back to developing other molecular tests on the platform.

在該平台上成功處理了超過 100 萬個 COVID-19 測試並滿足 FDA 嚴格的政策標準，這導致管理層重新開始在該平台上開發其他分子測試。

We are leveraging our higher-margin testing model demonstrated during COVID-19 to other market segments such as the women's health, sexually transmitted diseases and other molecular testing needs, based on the applications and versatility of the GENFLEX platform.

基於 GENFLEX 平台的應用和多功能性，我們正在利用我們在 COVID-19 期間展示的利潤率更高的測試模型來滿足其他細分市場的需求，例如女性健康、性傳播疾病和其他分子測試需求。

As you may recall, in January, we received New York State approval for the use of Enzo's chlamydia gonorrhea and trichomonas test on GENFLEX, building out our portfolio of laboratory-developed tests using the GENFLEX platform.

您可能還記得，1 月份，我們獲得了紐約州批准在 GENFLEX 上使用 Enzo 的淋病衣原體和滴蟲測試，從而構建了我們使用 GENFLEX 平台開發的實驗室測試產品組合。

Furthermore, we are extremely excited to report this quarter that Enzo received another New York State Department of Health approval for its HPV molecular diagnostics test on the GENFLEX platform.

此外，我們非常高興地報告本季度 Enzo 在 GENFLEX 平台上的 HPV 分子診斷測試獲得了紐約州衛生部的另一項批准。

We received approval for these PCR-test-based tests that are designed to detect 14 high-risk HPV variants. HPV testing is part of Enzo's focus on women's health, sexually transmitted infections and oncology, and leverages its long history in HPV detection.

我們獲得了這些基於 PCR 測試的批准，這些測試旨在檢測 14 種高危 HPV 變體。 HPV 檢測是 Enzo 關注女性健康、性傳播感染和腫瘤學的一部分，並利用其在 HPV 檢測方面的悠久歷史。

Enzo is on pace to have the entire menu of tests submitted to New York State approval this fiscal year and begin submissions to the FDA for 510(k) approval in 2023.

Enzo 有望在本財年將整個測試菜單提交給紐約州批准，並在 2023 年開始向 FDA 提交 510(k) 批准。

Continuing on the diagnostic platform side, we are preparing the launch of an in situ hybridization ISH LoopRNA probes in the late summer, which will give us access to 50 million gene expression and spatial biology market.

繼續在診斷平台方面，我們正準備在夏末推出原位雜交 ISH LoopRNA 探針，這將使我們能夠進入 5000 萬個基因表達和空間生物學市場。

AMPIVIEW RNA ISH probes uniquely combine the precision of targeted sequence-specific RNA probes with the superior sensitivity of Enzo's patented LoopRNA technology. AMPIVIEW RNA ISH probes enable scientists to visualize the expression and spatially localized nucleic acid targets in tissue and cells while preserving the method -- morphology of the sample.

AMPIVIEW RNA ISH 探針獨特地結合了靶向序列特異性 RNA 探針的精度和 Enzo 專利 LoopRNA 技術的卓越靈敏度。 AMPIVIEW RNA ISH 探針使科學家能夠可視化組織和細胞中的表達和空間定位的核酸靶標，同時保留方法 - 樣品的形態。

The novel technology of AMPIVIEW RNA ISH probes will be great addition to Enzo's Life Sciences drug development and discovery and Enzo's Clinical Anatomic Pathology portfolios. We believe this product deleverage Enzo's core competency and be able to further list our Life Sciences division growth in fiscal year 2023.

AMPIVIEW RNA ISH 探針的新技術將極大地補充 Enzo 的生命科學藥物開發和發現以及 Enzo 的臨床解剖病理學產品組合。我們相信，該產品可以降低 Enzo 的核心競爭力，並能夠進一步列出我們生命科學部門在 2023 財年的增長。

We continue to achieve milestones with regards to development of a clear wave point-of-care device for clinical testing. I will provide additional details on this platform on future calls. Last but not least, as you may have read in our press release, we have engaged an investment banking firm to explore strategic alternatives.

我們繼續在開髮用於臨床測試的透明波點護理設備方面取得里程碑式的成就。我將在未來的電話會議上提供有關此平台的更多詳細信息。最後但同樣重要的是，正如您在我們的新聞稿中所讀到的，我們已經聘請了一家投資銀行公司來探索戰略替代方案。

David will further elaborate to that end. We are very excited for the opportunities that lie ahead, finishing 2022 strong and prepare for a year of revenue growth in fiscal year 2023, particularly regarding life sciences and diagnostic platforms.

為此，大衛將進一步闡述。我們對即將到來的機遇感到非常興奮，我們將在 2022 年強勢結束，並為 2023 財年的收入增長做準備，特別是在生命科學和診斷平台方面。

During the next few quarters, I expect to provide our investors with updates regarding our progress towards delivery of our initiatives during our quarterly calls as well as providing more information about our strategy and opportunities on a global work basis.

在接下來的幾個季度中，我希望在我們的季度電話會議期間向我們的投資者提供有關我們在實施我們的舉措方面取得的進展的最新信息，並提供有關我們在全球工作基礎上的戰略和機會的更多信息。

With these insights, I would like to turn the call over to our CFO, Mr. David Bench for a detailed review of our third quarter financials. David?

有了這些見解，我想把電話轉給我們的首席財務官 David Bench 先生，詳細審查我們第三季度的財務狀況。大衛？

Thanks, Hamid. I'll now provide a review of the financials for the fiscal third quarter ending April 30, 2022. Total revenue reached $26.2 million for the third quarter, a decrease of 20% from $32.8 million in the third quarter last year.

謝謝，哈米德。我現在將對截至 2022 年 4 月 30 日的第三財季財務狀況進行回顧。第三季度總收入達到 2620 萬美元，比去年第三季度的 3280 萬美元下降 20%。

This is a decline on a sequential as well as year-over-year basis was due to the previously anticipated waning of COVID-19 volumes on the lab side and the economic shutdowns in Asia on the product side.

這是由於先前預期的實驗室方面 COVID-19 數量的減少以及亞洲產品方面的經濟停擺所致。

On a divisional basis, Enzo Clinical Lab service revenue for the third quarter was $18.6 million, a decrease of 26% from $25 million in the third quarter fiscal year 2021. This decline was driven by service accession count declining into the spring season.

在部門基礎上，Enzo Clinical Lab 第三季度的服務收入為 1860 萬美元，比 2021 財年第三季度的 2500 萬美元下降了 26%。這一下降是由於春季服務加入數量下降所致。

While the decline in COVID-19 revenue was certainly a factor, our routine testing revenue increased 10%, and our overall non-COVID revenue increased 3% on a year-over-year basis, thereby demonstrating core testing recovery.

雖然 COVID-19 收入的下降肯定是一個因素，但我們的常規測試收入增長了 10%，我們的整體非 COVID 收入同比增長了 3%，從而證明了核心測試的恢復。

Enzo added 43 new tests in the third quarter, reaching a total of 126 new tests added year-to-date on a gross basis. We are targeting specialty testing and have hired a sales leader that focus on catering to these specialists.

Enzo 在第三季度增加了 43 項新測試，今年迄今總共增加了 126 項新測試。我們的目標是專業測試，並聘請了一位專注於迎合這些專家的銷售負責人。

On the Enzo Life Sciences side of the business, revenue for the third quarter was $7.6 million, a slight increase year-over-year, and revenue increased 9% on a year-to-date basis, demonstrating stability in the ELS customer base.

在 Enzo 生命科學業務方面，第三季度收入為 760 萬美元，同比略有增長，收入同比增長 9%，表明 ELS 客戶群穩定。

The economic shutdown in Asia affected sales as do the supply chain issues in Europe. Thus, assuming return to a normal market environment, we remain confident that overall annual growth should reach 10% for the year ending fiscal year 2022.

亞洲的經濟停擺影響了銷售，歐洲的供應鏈問題也影響了銷售。因此，假設市場環境恢復正常，我們仍然相信，截至 2022 財年的年度整體年增長率應達到 10%。

We have added new talent that comes with pre-existing relationships and connections globally. The blended gross margin for the quarter declined to 39% from the year ago period gross margin of 49% on a consolidated basis. This was negatively impacted by both Enzo Clinical Lab as well as Enzo Life Science in the quarter.

我們增加了新的人才，這些人才具有全球現有的關係和聯繫。本季度的綜合毛利率從去年同期的 49% 綜合毛利率下降至 39%。這在本季度受到 Enzo Clinical Lab 和 Enzo Life Science 的負面影響。

In the Clinical Lab, margin decreased from 49% to 40% on a year-over-year basis due to the reduction of higher-margin COVID test. Enzo maintains Clinical services margin of at least 40%, which is considered healthy for a laboratory and demonstrates the initial success of our cost-savings initiatives.

在臨床實驗室中，由於利潤率較高的 COVID 測試的減少，利潤率同比從 49% 下降至 40%。 Enzo 將臨床服務利潤率保持在至少 40%，這對實驗室來說被認為是健康的，並表明我們的成本節約計劃取得了初步成功。

Enzo Life Science gross margin declined to 36% when compared to the year ago period. While there were several factors, including increased manufacturing head count and higher cost of materials, we expect margins to return to historical levels in the coming quarters.

與去年同期相比，恩佐生命科學毛利率下降至 36%。雖然有幾個因素，包括製造人數增加和材料成本增加，但我們預計未來幾個季度利潤率將恢復到歷史水平。

Research and development expenses increased modestly to $1.1 million or 4% of total revenue, consistent with the year-ago period. Selling, general and administrative expenses decreased to $11.4 million from $12.1 million in the year-ago period.

研發費用小幅增加至 110 萬美元，佔總收入的 4%，與去年同期持平。銷售、一般和行政費用從去年同期的 1,210 萬美元降至 1,140 萬美元。

The lower SG&A expense was primarily due to lower commission compensation earned on services revenue. Legal and other expenses decreased as well, primarily due to litigation and other legal matters.

較低的 SG&A 費用主要是由於從服務收入中獲得的佣金補償較低。法律和其他費用也減少了，主要是由於訴訟和其他法律事務。

GAAP net loss totaled $4.9 million or negative $0.10 per share compared with net income of $2.0 million or $0.04 per share in the year-ago quarter.

GAAP 淨虧損總計 490 萬美元或每股負 0.10 美元，而去年同期的淨收入為 200 萬美元或每股 0.04 美元。

Adjusted EBITDA loss in the quarter totaled $1.8 million versus adjusted EBITDA of $2.7 million in the third quarter of 2021.

本季度調整後 EBITDA 虧損總額為 180 萬美元，而 2021 年第三季度調整後 EBITDA 為 270 萬美元。

Cash and cash equivalents, restricted cash and marketable securities totaled $32.1 million as of April 30, 2022, compared to $44.3 million at the end of fiscal year 2021 due to strategic initiatives, Board and corporate matters, investments in inventory, higher A/R, lower accounts payable and greater investments in capital assets.

截至 2022 年 4 月 30 日，現金和現金等價物、受限現金和有價證券總額為 3210 萬美元，而 2021 財年末為 4430 萬美元，原因是戰略舉措、董事會和公司事務、庫存投資、更高的應收賬款、應付賬款減少，資本資產投資增加。

We expect corporate expenses to decline due to reduced legal expenses and the restructuring of the corporate management team. Days sales outstanding in Enzo Clinical Labs continue to trend at approximately 30 days.

由於法律費用減少和企業管理團隊重組，我們預計企業費用將下降。 Enzo Clinical Labs 的銷售天數繼續保持在大約 30 天的趨勢。

Life Sciences day sales outstanding increased by 7 days over the past year due to larger order sizes and longer required lead times. As of April 30, 2022, the company had 48.7 million shares outstanding.

由於更大的訂單規模和更長的交貨時間，生命科學領域的日銷售額在過去一年中增加了 7 天。截至 2022 年 4 月 30 日，公司已發行股票 4870 萬股。

The company continues to explore cost savings opportunities, and we have maintained our previously announced goal of an additional $10 million of savings with $5 million of which targeted for calendar year 2022.

公司繼續探索節省成本的機會，我們保持了之前宣布的額外節省 1000 萬美元的目標，其中 500 萬美元的目標是在 2022 日曆年。

As you may have noted in the press release, we are pleased to engage with one of the premier health care banking firms to assist with strategic initiatives.

正如您在新聞稿中可能提到的那樣，我們很高興與一家主要的醫療保健銀行公司合作，以協助制定戰略計劃。

To this end, we recently engaged Jefferies LLC to provide advisory services, including the evaluation of strategic alternatives for the company, its Enzo Clinical Lab and Enzo Life Sciences division as well as its various assets.

為此，我們最近聘請 Jefferies LLC 提供諮詢服務，包括評估公司、其 Enzo 臨床實驗室和 Enzo 生命科學部門以及其各種資產的戰略選擇。

Jefferies is an American multinational independent investment bank and financial services company that is headquartered in New York City.

Jefferies 是一家美國跨國獨立投資銀行和金融服務公司，總部位於紐約市。

I will now turn the call back over to Hamid for closing remarks.

我現在將電話轉回給 Hamid 進行結束髮言。

Thank you, David. Over the past months, we took key steps designed to increase our efficiency, enlarge our revenue base and position ourselves for new levels of growth. We're well positioned as we work to execute on key elements of our focused return strategy.

謝謝你，大衛。在過去的幾個月裡，我們採取了旨在提高效率、擴大收入基礎並為新的增長水平做好準備的關鍵步驟。在我們努力執行我們專注的回報戰略的關鍵要素時，我們處於有利地位。

We remain confident in our strategic vision and our ability to execute on it in the year ahead to a growing and well-positioned company, thereby building both short-term and long-term shareholder value through our Focused Return approach.

我們仍然對我們的戰略願景以及我們在未來一年執行該願景的能力充滿信心，以成為一家成長中且處於有利地位的公司，從而通過我們的專注回報方法建立短期和長期股東價值。

On behalf of the management team, I would like to take a moment to thank the entire Enzo team for their dedication and determination as we move into a new era at Enzo Biochem.

我謹代表管理團隊感謝整個 Enzo 團隊在 Enzo Biochem 進入新時代時所付出的奉獻和決心。

At this time, operator, please open the floor for questions.

此時，接線員，請開場提問。

(Operator Instructions) Our first question comes from the line of P.J. Solit with Potomac Capital.

（操作員說明）我們的第一個問題來自 P.J. Solit 與 Potomac Capital 的對話。

Could you just clarify regarding the Jefferies process, what the difference is versus the prior process? And I guess related to that, since you aren't starting from scratch on this process, is it too optimistic to think that this can be a faster process than if you were starting from day 1?

您能否澄清一下 Jefferies 流程，與之前的流程有什麼區別？我想與此相關，因為您不是從頭開始進行此過程，因此認為這可能比您從第一天開始更快的過程是否過於樂觀？

So at this stage, we're not going to make any public comments in regards to that, but we are picking up where we left off. Let's just leave it at that. Thank you for the question.

所以在這個階段，我們不會就此發表任何公開評論，但我們會從上次中斷的地方繼續。讓我們就這樣吧。感謝你的提問。

(Operator Instructions) Ladies and gentlemen, this concludes our question-and-answer session. I'll turn the floor back to Mr. Erfanian for any final comments.

（操作員說明）女士們，先生們，我們的問答環節到此結束。我將把發言權轉回 Erfanian 先生，以徵求任何最終意見。

Thank you very much for joining us today. We are extremely proud of the team's achievements and growth this last quarter. We remain committed to generating value for our shareholder, and look forward to discussing further progress with you on our fiscal fourth quarter earnings call this fall.

非常感謝您今天加入我們。我們為團隊在上個季度取得的成就和增長感到非常自豪。我們仍然致力於為我們的股東創造價值，並期待在今年秋季的第四財季財報電話會議上與您討論進一步的進展。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝你。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。