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Enzo Biochem Inc - ENZ STOCK NEWS

Welcome to our dedicated page for Enzo Biochem news (Ticker: ENZ), a resource for investors and traders seeking the latest updates and insights on Enzo Biochem stock.

Enzo Biochem Inc (ENZ) delivers essential tools for molecular diagnostics and biomedical research through its innovative platforms. This news hub provides investors and researchers with timely updates on the company’s developments in life sciences, financial performance, and strategic initiatives.

Access comprehensive coverage of ENZ’s press releases including earnings reports, regulatory milestones, product launches, and partnership announcements. Our curated collection ensures you stay informed about advancements in antibody development, genomic analysis technologies, and clinical laboratory solutions.

Key updates feature progress in translational research applications, intellectual property developments, and global distribution network expansions. All content is verified for accuracy and relevance to support informed decision-making in the bioscience sector.

Bookmark this page for direct access to ENZ’s latest innovations in diagnostic reagents, detection systems, and research methodologies that power modern healthcare discoveries.

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Enzo Biochem, Inc. announced financial results for Q4 2023 and FY 2023. They closed the sale of assets for $113.3 million, divesting their clinical laboratory operations. Enzo Life Sciences' Q4 revenue increased by 20% sequentially and 13% YoY. Gross margin improved to 53.3% (excluding inventory provision). Cash and cash equivalents increased to $83.4 million. Full-year highlights include increased revenues in the US market and improved margin to 42.5%. Net income for FY23 was $20.3 million. Steven J. Pully was appointed Chairman of the Board, and Kara Cannon became Interim CEO.
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Enzo Biochem, Inc. appoints Steven J. Pully as Chairperson of the Board and Chair of the Audit Committee. Pully brings legal, corporate governance, and financial skills to facilitate the company's growth strategy. He is a partner at Speyside Partners and serves on the boards of various companies. Pully's experience spans multiple industries and he will play a central role in Enzo's future growth.
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Enzo Biochem CEO resigns, COO becomes interim CEO
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Enzo Biochem has completed the sale of certain assets of Enzo's Clinical laboratory division to Laboratory Corporation of America Holdings (Labcorp) for a purchase price of $113,250,000 in cash. Enzo Biochem will cease its clinical laboratory operations as a result of this transaction.
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Enzo Biochem, a biosciences and diagnostics company, has scheduled a Special Meeting of Shareholders on May 22, 2023, to vote on the proposed sale of its clinical laboratory assets to Labcorp. The meeting will address the Asset Purchase Agreement dated March 16, 2023, which outlines the terms of the sale, including the assignment of certain liabilities. Shareholders are urged to vote by proxy before the meeting. The company has filed a proxy statement with the SEC detailing the transaction to inform shareholders adequately. Enzo Biochem is recognized for its innovative diagnostic technologies and holds a significant intellectual property portfolio.

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Enzo Biochem (NYSE:ENZ) filed its Q2 FY23 report, revealing revenues of $16.3 million, marking a 52% decrease from $34.0 million in Q2 FY22 due to reduced COVID testing. The Clinical Labs segment contributed $8.8 million, a 63% decline year-over-year, while Enzo Life Sciences generated $7.5 million, stabilizing near Q2 FY22 levels. Notably, January 2023 saw the firm's second-highest monthly revenue in over a decade. The company entered an asset purchase agreement for its Clinical Labs assets, aiming to unlock shareholder value and optimize its remaining assets. No financial call was held for this quarter.

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Enzo Biochem has announced its agreement with Labcorp for the sale of its Clinical Laboratory division, part of its strategy to enhance shareholder value. This move follows the company's focused return initiative initiated in 2022. CEO Hamid Erfanian emphasized that the sale will enable Enzo to explore further actions to maximize value and strengthen its position in the life sciences sector. The transaction is contingent on shareholder approval and customary conditions. Enzo's remaining division, Enzo Life Sciences, continues to offer products essential for drug discovery and research, including antibodies and biochemicals.

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Enzo Biochem Inc

NYSE:ENZ

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18.29M
41.04M
21.68%
34.81%
0.52%
Diagnostics & Research
Services-medical Laboratories
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United States
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