and you've you to a Good market afternoon results look this them. the We I and year thank fourth chance you. for end after today. joining closed and afternoon distributed had Thank a our hope us quarter at take
months. position some of XX the towards our program and Before I about value-creation would thought I accomplishments financial highlights our we few the and to three-pronged into and from and a talk the year-end, the marketplace. fiscal term take get the discussion operational quarter share The last short results for minutes in a progress
of afternoon, extensive the strategy number of was of years work. articulated culmination this planning Enzo's and structure business in represented As press our a of productive release
to the of ability the in specifically products immunohistochemistry diagnostics, low-cost, in services molecular, and areas offer developed high-performance cytogenetics. and have We
the remain our products While diagnostic well trends these secular over facing positioned reimbursement capitalize long-term. on unique us headwind, pressures a labs to
play our with rapidly enabling molecular genomic a in Our the have analysis, built for pioneering extensive important coupled foundation medicines platforms to and the patent work in an continue role estate to marketplace. growing company
are Enzo and costs insurers. technology solutions to operational private for platforms reduce healthcare government, consumers, and designed unique overall and structure
prospective reduce and specialized multiple platforms offer high our a of technology for demonstrated of reproducibility. current together throughput with and proprietary accuracy customers' variety needs Our instruments high level and the capabilities
personalized on Our large primarily and markets infectious the test health, in women's focused and are area medicine. growing panels diseases, genetic of disorders
new – progress core unlocking The creating relationships, company a thriving by the growth. segment continues laboratory operational and marketplaces, guided diagnostic strategic make value, to paradigm shareholder our of toward and significant for strategy three pillars lab profitability and
we previously objective. is towards One chief are achieve accomplishing despite stated confident this clinical very challenging of laboratory reimbursement goals our as profitability progressing environment. to we We feel a
formatted manufactured replicate and generate integrated validated of Clinical developed products, to extremely costly be businesses at Sciences, and we Life these would diagnostic leverage our units. Our of Enzo the are Labs, difficult two and and and nature Enzo value at as It and perfect separate the synergies. from company’s examples
an and product proprietary are lab-to-lab efficiency services that with cost/higher actively the opportunities are offer and and climate reagents country. products, compatibility margins, tailor-made platforms being profitability, and we both systems sensitivity, cost high pursuing. existing systems creates consumables combination savings this labs for low for that the our and growth sales around adverse that declining importantly, More In benefits shrinking margins for of laboratory-wide
related note important activities. One strategic our to
Relationships Assist noted immunohistochemistry, Venture in across in retained the cytology has four and Strategic Lazard and we to a so company's release molecular, As core New Creation and platforms: immunology.
these of the discussions. by calendar year the update market to We end on expect the
of Clinical Labs Health now the competitive approval over In And State Department company of of the AMPIPROBE monitoring was load B an September, accomplishments New product. highlight performance assay. based last I year. on its some this virus would versus for key FDA-approved HBV Enzo Hepatitis like York to viral the received
portfolio Health approval monitoring viral Hepatitis HCV a growing for load monitoring assay monitoring virus. Enzo's in load for for the of or State New under Department viral C virus viral previous market immunodeficiency development and load includes a assay York
Enzo growing company's increased common one menu to a sexually U.S. comprehensive have in year. were The testing, extending will of reported for most Xth disease allow consecutive the STI's provide segment for the transmitted rapidly panels the healthcare
New direct follows tests business a State and STIs. assay Gonorrhea of of Enzo Chlamydia testing Department was for announcement Approval approval July that the of for extragenital and to Health the York consumer the HBV creating for announcement specimens,
XX company human cost-effective, year dollar multibillion XXXX, for is Furthermore, issued company simple fiscal in across Also testing on company entitled it sample marketplaces. processes test for and Patent the patents XX, scalable technology and is probes of issued a June nucleic probe the the acid worldwide No. was is drug the diagnostic this development in-situ academic Notably, which was research that which developing allows papillomavirus for XXXX. an hybridization directed during U.S. multiple XX,XXX,XXX, types. more new significantly testing, to additional
lower to targets, time competitive avoid with cell disruptions decreased The Compared high of in tissue. clinically and samples probes complexity, integrity. relevant Enzo's can save will approach sensitivity to novel genomic probes, be cost, biopsy and be sample detect used
revenue with is the and initiatives. reductions laboratory growth is investment tests million invested ramping practices such approximately already Currently, cost year initiatives, strategic and This practices Laboratory R&D the and growth divisions resulting up Sciences for in expanding good and in marketing developing facilities, $XX force laboratory in initiatives. and these sales fiscal of operations. as strategic $X strategic associated manufacturing million XXXX, diagnostic Also and developed Enzo company's Life approximately laboratory
million tests. onto $X tests by over with has State Enzo LDTs, by tests Over savings XXX,XXX clinical past Over this systematically its period, Department floor lab its internally-developed York has Health. substituting validated over Enzo five Enzo years, introduced technology in of the are developed of the New run production vendor third-party own through resulting that Enzo's of these
these year increase next $X fiscal to the We to the in from $X expect tests savings and million to following then million in annual year.
is out as XX% point overall of third the is testing the up quarter it lab, fiscal in grew volume quarter, versus in that activity to XXXX. fourth revenues lab quarter this the noteworthy sequentially At
Our expanding one recent diagnostic the approval most panel testing, the the by we STI enhanced extensive is of panel women's including of diagnostic health comprehensive are highly offering. available,
the a quarter I'd few spend like year. to the reviewing results of financial minutes the and
$XX by which X%. fourth about of the total sequential million rates. X%, PAMA revenues results, industry-wide amounted in at Also, to sharply a new Looking reflecting year-ago compared reimbursement decline operating period, lower to the million $XX.X quarter total increased testing volume reflecting
and increased of Lab reduced initiatives. due $XX.X quarter's declined payments insurance is were product reimbursement period, while $XX.X and services to marketing for for successful This to Sequentially, sales and of payers. new procedural revenue from million the to XX% from a result revenues up revenues period. clinical by requirements over prior genetic the the million medical as implementation the year-ago $XX.X year the changes laboratory X% in prior million, quarter the testing
$X.X $X.X X% product XX% clinical than Overall, gross doubling to by to and margin from $X.X profit gross $X.X lab profit increasing improved million sequentially million million. with more million gross to
balances Under XX, reflect reports in responsibility for revenues July recognition on the associated new As clinical rules uncollectible new with revenue reduction ended as of previously, retrospective the adoption full services fourth rules, a accounting a and XXXX revenues. net Enzo noted patient basis. year the quarter full
XXXX Historically, quarter XXXX years in respective these expenses operating provision accounts and fourth ended the receivable million amounts XX, million and amounted as uncollectible and periods. and million $X.X were separately July and fiscal for the a $X.X classified in to million $X.X $X respectively for
gross compared The year the Consolidated from quarter and improved to of both and sequentially. XX.X% sequentially a margins quarter. testing margins points ago enhanced ago margins a basis up basis XX.X% XX.X% increased efficiency. compared and points. year were with XX% XXX gross up to were and services was XXX Clinical higher for the improvement gross from sequentially volume third XX% the for quarter Product XX.X% reflected
or fee quarter compared adjusted net sequentially XX% fourth sequentially $X to to year $XX remained declined settlements. were $X.X by million both and declined year-over-year million million last and $X.X in periods. expenses Legal the expenses flat million flat, of for legal Operating
to improvement ago $X.XX and compared share. quarter was loss proceeding $X.X or per was share, loss a in of $X.XX net ago million X% net year $X.X GAAP $X.X net loss or non-GAAP an the million $X.X per The million year a $X.X million of million to compared quarter.
on On an ago approximated third decreased $X from $X.XX a million a and per equals per basis. and $X.X quarter in adjusted non-GAAP EBITDA on ago the loss an share share year adjusted the sequentially the respectively and loss million quarter $X.XX basis, XXXX and with basis. $X.X compared $X.XX in million year
decline to procedural newly for testing reimbursement and of company and were revenues earlier total results, claim a operating year noted full to year insurance requirements a $XX.X $XXX payers. instituted compared million at and medical by ago, as changes reflected million payments, reduced rejections, genetic Looking XX%
was $XX.X XX.X% $XX.X profit tailed and declined compared gross sharply $XX.X declined year XX.X% prior million Legal Gross year, from $XX.X end, while million and with $X respectively. million the at XX% million SG&A by off margins to to fees million. towards to
million. a loss of amounted XXXX legal compared Non-GAAP basis net or $XX.X or fiscal a settlements loss compared income per $XX.X earlier. to net a non-GAAP share a a million on to of $X.XX amounted share net $XX.X approximately loss $X.XX diluted $X.X to of GAAP million loss million year per excluding to
million and totaled and was year cash million. $X.X amounted $X.X and to At restricted million. to equivalents compared a $XX of working close capital EBITDA cash loss EBITDA $XX.X to ago cash year-end, million
time. turn to in this would I for like questions this at point over
