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Enzo Biochem, Inc. (NYSE: ENZ) is a bioscience company headquartered in Farmingdale, New York. It specializes in manufacturing, developing, and selling proprietary solutions and platforms to clinical laboratories, specialty clinics, researchers, and physicians worldwide. Enzo Biochem’s core operations are divided into three segments: Enzo Clinical Labs, Enzo Life Sciences, and Enzo Therapeutics. The company's primary revenue driver is its Clinical Labs segment.
Enzo Biochem has established itself as a pioneer in molecular diagnostics and has built a comprehensive portfolio of products, including antibodies, genomic probes, assays, biochemicals, and proteins. The company's products play crucial roles in biomedical research and drug development, addressing needs in cell biology, genomics, immunohistochemistry, and small molecule chemistry.
In recent developments, Enzo Biochem reported revenues of $7.5 million in its Life Sciences division for Q3 FY23, with notable margin improvements. The company also completed the sale of substantially all operating assets of its Enzo Clinical Labs division to Labcorp for $113.25 million. This strategic move, approved by shareholders and regulatory authorities, aims to maximize the potential of Enzo's remaining assets and may include distributions to shareholders.
Recently, Enzo Biochem announced a return to revenue growth in its Life Sciences division, driven by its technological innovations and market focus. The company's latest product offerings, such as the Life Science Validation service and AMPIVIEW™ RNA probes, demonstrate its commitment to delivering technically relevant products that meet the demands of drug development clients.
Enzo Biochem is also recognized for its extensive intellectual property portfolio, with patents covering key enabling technologies. The company's cross-functional teams work collaboratively to develop and deploy products that meet the rapidly evolving needs of the healthcare sector.
For over 45 years, Enzo Biochem has been at the forefront of innovation and product development, supporting academic research centers and industry partners globally. With a consistent focus on revenue growth, margin improvement, and cost containment, Enzo Biochem continues to shape the future of healthcare.
For more information, please visit Enzo.com or follow Enzo Biochem on social media platforms like Twitter and LinkedIn.
Enzo Biochem reported FY 2022 revenues of $32.6 million, reflecting an 8% growth. The company launched its AMPIVIEW™ gene expression platform using LoopRNA™ ISH technology, enhancing its oncology position. Despite macroeconomic challenges and reduced COVID-19 testing, Enzo aims for strategic growth, targeting new customer bases and expanding services. FY 2022 net loss was $(18.3) million, compared to $7.9 million profit in 2021. Cash and equivalents stood at $21.6 million, with a strong current ratio of 2.2x.
Enzo Biochem (NYSE:ENZ) will report its fourth quarter 2022 financial results on October 14, 2022, before market open. A live audio webcast and conference call will follow at 8:30 AM ET. The company is a leader in biosciences and diagnostics, focused on developing unique diagnostic technologies and possesses a robust intellectual property portfolio.
Enzo Biochem, Inc. (NYSE: ENZ) has officially launched a new 100,000 square foot laboratory and research facility in Farmingdale, New York. This expansion supports the company’s growth in clinical laboratory services, drug development services, and product innovations. With approximately 500 employees, Enzo plans to further increase job opportunities. The event included discussions on local business growth and featured comments from community leaders. The opening is expected to enhance Enzo’s leadership in life sciences and deepen its commitment to Long Island.
Enzo Biochem, Inc. (NYSE: ENZ) has launched the AMPIVIEW™ RNA gene expression platform, utilizing its innovative LoopRNA™ ISH technology for enhanced detection of biomarkers. This new platform focuses on HPV detection, significantly strengthening Enzo's presence in the oncology sector. The spatial biology market is projected to hit $2.15B by 2030, highlighting growth potential. Enzo's advancements in HPV testing align with its commitment to women's health, with the HPV testing market expected to reach $7.3B by 2028.
Enzo Biochem (NYSE: ENZ) has announced its clinical laboratory will start accepting specimens for monkeypox testing this week. Amidst rising monkeypox cases in the U.S. and globally, the company aims to enhance public health responses. The FDA-cleared PCR-based DNA assay developed by the CDC will be utilized. Enzo is also advancing its technical capabilities to improve collection methods and test turnaround times while ensuring high analytical sensitivity and specificity.
Enzo Biochem (NYSE: ENZ) appointed Matthew Kupferberg as its in-house General Counsel, enhancing its executive team during a strategic growth phase. CEO Hamid Erfanian highlighted Kupferberg’s extensive experience with health and wellness companies, which aligns with Enzo’s focus on expanding its biotechnology and diagnostics offerings. This role will support the company in navigating legal matters and pursuing regulatory reviews for its molecular platforms. Enzo continues searching for additional executive talent to bolster its leadership and strategic initiatives.
Enzo Biochem reported third quarter revenue of $26.2 million, reflecting a 20% decline from the prior year, primarily due to reduced COVID-19 testing. The Enzo Clinical Lab revenues decreased by 26% to $18.6 million, attributed to lower accession counts. Conversely, Enzo Life Sciences revenue remained steady at $7.6 million, while non-COVID revenue rose by 3%. The company appointed new executives and received New York State approval for its AMPIPROBE® HPV tests. A net loss of $4.9 million was reported, down from a profit of $2.0 million last year.
Enzo Biochem (NYSE:ENZ) will report Q3 2022 financial results on June 9, 2022, post-market. A conference call is set for June 10, 2022, at 8:30 AM ET to discuss these results. Investors can join via domestic and international numbers or through a webcast. Enzo Biochem specializes in molecular diagnostics and aims to address the changing healthcare landscape with innovative technologies and a strong intellectual property portfolio.
Enzo Biochem, a leader in biosciences and diagnostics, will announce its third quarter 2022 financial results on June 9, 2022, after market close. A conference call and webcasting session are scheduled for the same day at 4:30 PM ET. Investors can participate by calling specific numbers or joining the webcast through a provided link. Enzo Biochem focuses on innovative diagnostic technologies, supported by a strong intellectual property portfolio, to meet evolving healthcare needs. For more details, visit their official website.
Enzo Biochem announces the approval of its AMPIPROBE® HPV test by the New York State Department of Health. This PCR-based test detects 14 high-risk HPV variants, enhancing the GenFlex® platform which already includes COVID-19 and other tests. The approval is crucial for advancing women's health diagnostics, as high-risk HPV is linked to cervical cancer. The CDC estimates 79 million Americans are currently infected with HPV, highlighting the test's importance in early detection and management.
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