Enzo Biochem Inc - ENZ STOCK NEWS

Enzo Biochem (NYSE: ENZ) has announced its intention to voluntarily delist from the New York Stock Exchange and transfer to the OTCQX Best Market. The decision follows NYSE's notice of non-compliance with continued listing standards regarding market capitalization, stockholder's equity, and average closing stock price.

The delisting is expected to become effective around April 17, 2025, with OTCQX trading anticipated to commence on April 18, 2025. Shareholders will not need to exchange shares, and electronic trading should continue without material disruption. The company will maintain its SEC periodic reporting requirements.

Enzo Biochem operates through its Life Sciences division, focusing on labeling and detection technologies from DNA to whole cell analysis, offering products including antibodies, genomic probes, assays, biochemicals, and proteins.

Enzo Biochem (NYSE: ENZ) reported Q2 FY2025 financial results showing sequential improvements. Q2 revenue reached $7.3 million, up 18% from Q1's $6.2 million, though down 14% year-over-year. Gross margin improved to 52% from 37% in Q1 2025 and 49% in Q2 2024.

The Life Sciences Products segment achieved a $0.5 million operating profit in Q2, marking a $2M improvement from Q1's $1.5M loss. Cost efficiency measures reduced cost of revenues by 14%, while SG&A and R&D expenses decreased by 22% and 27% respectively.

The company ended Q2 with $40.3 million in cash. A class-wide settlement of $7.5M related to an April 2023 cyber incident was reached, with an initial $0.8M payment made. ENZ submitted a plan to address NYSE listing compliance issues regarding market capitalization, stockholder's equity, and stock price deficiencies.

Enzo Biochem (NYSE: ENZ) has received a non-compliance notice from the New York Stock Exchange due to two main issues: (1) its 30-day average market capitalization and stockholder's equity as of October 31, 2024, were both below $50 million, and (2) its average closing stock price was under $1.00 over a 30-day trading period.

The company has 18 months to address the market capitalization and stockholder's equity deficiencies, and 6 months to resolve the stock price issue. To regain compliance on stock price, ENZ must achieve a closing price of at least $1.00 and maintain an average closing price of $1.00 over a 30-day period.

ENZ will notify the NYSE by January 23, 2025, of its intention to submit a compliance plan by February 21, 2025. The stock continues to trade on the NYSE while the company explores solutions to meet listing requirements.

Enzo Biochem (NYSE: ENZ) has reported its fiscal first quarter 2024 results, highlighting a challenging period with revenue declining 20% year-over-year to $6.2 million, primarily due to reduced market demand in the life sciences tools sector. The company maintained a strong cash position of $47.7 million and improved its cash management, reducing operating cash usage by $4.4 million compared to the previous year.

The company recently paid a special cash dividend of $0.10 per share on December 2, 2024, and appointed Jon Couchman, Managing Member of Couchman Management , to its board of directors and various committees effective November 22, 2024.

Enzo Biochem (ENZ) reported financial results for fiscal year 2024, showing revenue growth of 3% to $31.9 million. The company's industrial customer sales increased 46%, driven by drug development and cell therapy focus. Gross margin improved to 46% from 37% last year. Net loss from continuing operations was $9.8 million ($0.19 per share), compared to $25.0 million loss prior year. The company ended Q4 with $52.4 million in cash and announced a $0.10 per share cash dividend payable December 2, 2024. Q4 revenue declined 16% to $7.5 million due to ordering pattern shifts.

Enzo Biochem reported its Q3 FY24 results, showing positive developments in revenue and margins. The Life Science division's revenue increased by 7% year-over-year to $8.0 million, marking four consecutive quarters of growth. Year-to-date revenue for the division was up 10% to $24.4 million. Gross margins improved by 700 basis points to 47% in Q3, driven by revenue increases and cost containment efforts. The division reported a small operating income of $0.3 million, reversing a loss from the previous year. However, the net loss from continuing operations was $2.1 million, and the overall net loss was $3.0 million, though improved from last year's larger losses. Enzo ended the quarter with $57.2 million in cash and a current ratio of 3.5. Recent events include the complete payment of $3.6 million in debentures and the launch of an enhanced e-commerce website. CEO Kara Cannon highlighted the company’s focus on Life Science tools and expects continued growth and improved margins.

Enzo Biochem, Inc. (ENZ) reports a strong second quarter with revenue growth, improved gross margins, and increased net income. The Life Science division saw a 14% revenue increase, driven by a 25% growth in the United States. The company ended the quarter with $60.2 million in cash and cash equivalents.

Enzo Biochem, Inc. announced the voting results from its Annual Meeting, including the election of new Board of Directors members, the non-approval of executive officers' compensation, and the ratification of the appointment of an independent registered public accounting firm. Additionally, Kara Cannon and Patricia Eckert were appointed as permanent Chief Executive Officer and Chief Financial Officer, respectively.

Enzo Biochem, Inc. (NYSE: ENZ) announced a 10% year-over-year revenue improvement in its Life Sciences division for the first quarter ended October 31, 2023. The gross margin increased by approximately 900 basis points, and working capital improved to $59.2 million. However, the net loss was $6.6 million, and SG&A expenses increased by $1.4 million year-over-year. The company aims to drive future growth and increase shareholder value through new products and strengthened service offerings.