Enzo Biochem, Inc. - ENZ STOCK NEWS

Bradley L. Radoff, a major shareholder of Enzo Biochem (NYSE: ENZ), has expressed disappointment with the company's independent directors' inadequate response to his concerns regarding corporate governance and long-term performance. Radoff's letter criticizes the Board's lack of engagement and transparency, particularly regarding a new CEO search and addressing shareholder unrest. He accuses the directors of ignoring fiduciary duties and of conducting a sham process for electing new board members. Radoff plans to proceed with an election contest to address these governance issues.

Enzo Biochem has expanded its GoTestMeNow™ online portal, allowing direct access to physician-authorized testing for sexually transmitted infections (STIs). This move addresses privacy concerns and improves convenience, as patients can now order tests online without needing to visit a doctor’s office. The CDC reports approximately 20 million new STI cases annually in the U.S., with significant increases in recent years. The updated service is part of Enzo's strategy to enhance testing accessibility, previously demonstrated through COVID-19 testing.

Enzo Biochem, Inc. (NYSE:ENZ) has appointed Hamid Erfanian as its new Chief Executive Officer, effective early November 2021. Dr. Elazar Rabbani, remaining Chairperson of the Board, will also serve as Chief Scientific Officer. Erfanian, a healthcare executive with over 28 years of experience, previously grew sales significantly at EUROIMMUN. He aims to enhance Enzo's GENFLEX® platform and expand product offerings in diagnostics. The Board expresses confidence in Erfanian's ability to drive growth through innovative platforms and a strong patent base.

Enzo Biochem reported FY 2021 revenues of $117.7 million, marking a 55% increase YoY, with a 4Q revenue of $24.8 million (up 27% YoY). The company achieved an EPS of $0.16, recovering from a loss of $(0.60) the previous year. Key developments include an expanded FDA Emergency Use Authorization for SARS-CoV-2 testing, enhancing its extraction process. The GoTestMeNow service is set to provide direct-to-consumer STI testing. Cost-saving initiatives yielded $10 million in savings, while net income reached $7.9 million. Earnings growth reflects strategic alignment and operational efficiency.

Enzo Biochem (NYSE:ENZ) is set to announce its fourth quarter and fiscal year 2021 financial results on October 12, 2021, before the market opens. Following the announcement, there will be a live audio webcast and conference call at 8:30 am ET. Enzo is known for its innovations in molecular diagnostics and has a significant intellectual property portfolio. The company aims to address the evolving demands of the healthcare sector, though specifics regarding financial performance remain undisclosed in the release.

Enzo Biochem, a prominent biosciences and diagnostics firm, will present at the H.C. Wainwright 23rd Annual Global Investment Conference from September 13-15, 2021. An on-demand presentation will be available for 90 days starting September 13 at 7:00 am ET on their website. Management encourages investors to schedule virtual 1-on-1 meetings during the conference. For further details, attendees can visit the H.C. Wainwright conference website.

Enzo Biochem (NYSE:ENZ) has expanded its FDA Emergency Use Authorization (EUA) for a rapid extraction method on its proprietary SARS-CoV-2 test system. This advancement reduces testing time by over one hour, enhancing throughput significantly. The method is compatible with various platforms, including Enzo's GENFLEX® system. Enzo's tests can identify emerging SARS-CoV-2 variants like Delta and Lambda, meeting rising testing demands. The company emphasizes its integrated business model, allowing quick adaptation to diagnostics needs during the COVID-19 pandemic.

Enzo Biochem (NYSE:ENZ) has partnered with CLX Health to provide rapid COVID-19 PCR testing for international travelers in New York and New Jersey. The TrustAssure™ Global Testing Platform enables online scheduling of tests with results delivered before travel. This collaboration enhances convenience for travelers, providing access to Enzo's testing sites and compliance notifications for airlines. The demand for PCR testing has shifted as international travel resumes, emphasizing the need for quick and reliable availability of test results.

Enzo Biochem reported a record third-quarter revenue of $32.8 million, marking a 94% increase year-over-year. The gross margin improved to 49% from 26%, showcasing enhanced profitability. The company achieved its third consecutive quarter of positive earnings with an EPS of $0.04, compared to a loss of ($0.21) a year prior. Adjusted EBITDA reached $2.7 million. Enzo's operational strategies have yielded an operating profit of $2.0 million, a significant turnaround from a $9.7 million loss in Q3 2020.