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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, Inc. (NYSE:ENZ) has launched a compact microplate reader that enhances drug discovery and clinical testing capabilities. This portable device facilitates point-of-care testing in urgent care, hospitals, and physicians' offices. Enzo's advanced technology allows precise and accurate results, making it suitable for a range of immunoassay applications. With a potential market expansion into the $18B point-of-care testing sector, this innovation aims to deliver high-quality diagnostics outside traditional labs. Enzo is positioning itself to meet growing healthcare needs with this versatile product.
Enzo Biochem, Inc. (NYSE:ENZ) has launched GoTestMeNow™, a direct-to-consumer platform for accessing physician-authorized laboratory testing without needing a doctor's visit. Initially focused on COVID-19 molecular and antibody testing, the platform aims to enhance accessibility to various medical tests. The service includes online ordering, prompt test authorization, convenient testing locations, and secure online result access. Enzo envisions expanding GoTestMeNow™ to cover a broader range of tests, improving public health access through advanced laboratory services.
Enzo Biochem reported fourth-quarter revenue of $19.5 million, with a net loss of $3.3 million or ($0.07) per share. Despite a 6.6% year-on-year revenue decline, sequential growth was 15%. The company received Emergency Use Authorization for its COVID-19 testing platforms, enhancing its testing capabilities. Recent partnerships and increased operational efficiencies showcase its agility amidst COVID-19 challenges. The current year revenue run-rate exceeds $100 million, indicating potential 30% annual growth.
Enzo Biochem, Inc. (NYSE:ENZ) will report its fourth quarter and fiscal year 2020 financial results on October 13, 2020, after market close. The event will be followed by a live audio webcast and conference call at 4:30 pm ET. Investors and analysts can join the call by dialing 877-407-0792 (domestic) or 201-689-8263 (international), with Conference ID 13711603. Enzo Biochem specializes in molecular diagnostics, integrating clinical laboratories and life sciences, supported by a robust intellectual property portfolio.
Enzo Biochem has expanded its manufacturing capacity and molecular testing services at its Farmingdale, NY facility to meet surging demand for COVID-19 testing.
This expansion will enhance the company's ability to process up to one million molecular tests annually, supporting various testing programs across the New York metropolitan region. The ongoing demand highlights the importance of Enzo’s open system approach to molecular testing, positioning it favorably against competitors relying on closed systems. The company aims to increase product offerings and improve efficiencies in diagnostics.
Enzo Biochem, Inc. (NYSE:ENZ) has partnered with CPESN NY to provide COVID-19 testing at 52 independent pharmacies across New York. This initiative aims to enhance community access to testing, essential during the pandemic. The program leverages Enzo's AMPIPROBE® SARS-CoV-2 swab molecular test, known for its rapid results within two to three days. Enzo's extensive experience in diagnostics and support services bolsters this effort, offering reliable testing solutions to communities in need.
Enzo Biochem, Inc. (NYSE: ENZ) has received Emergency Use Authorization (EUA) from the FDA for its AMPIPROBE® SARS-CoV-2 Test System, allowing use on three platforms: its own GENFLEX™ platform, Qiagen’s QIAsymphony® SP, and a manual workflow. This authorization enables laboratories to utilize the test without additional validation. The AMPIPROBE® system includes components for sample collection, processing, and detection, aimed at addressing COVID-19 testing needs amidst supply limitations.
Enzo Biochem partners with Farmingdale State College to provide molecular and antibody testing for COVID-19 as the college reopens. This collaboration falls under Enzo's School and Institution Testing (SIT) Program, aiming to ensure safety and compliance for students and staff. Testing will be available to all campus members at no financial cost, leveraging Enzo's Long Island-based resources. The initiative includes onsite testing clinics and prioritizes immediate testing needs. Enzo aims to support educational institutions nationwide with similar COVID-19 testing solutions.
Enzo Biochem reported third quarter revenues of $16.9 million, a 14% decline from last year, primarily due to COVID-19 impacts. The company faced a net loss of ($9.9) million or ($0.21 per share). Clinical Services revenue decreased to $10.5 million, driven by a 28% reduction in accession volume. Despite challenges, Enzo launched an extensive COVID-19 program and saw improvements in clinical services gross margins, now at 12.9%. Cash and equivalents reached $55 million, indicating proactive financial management amid ongoing challenges.
Enzo Biochem, Inc. (NYSE: ENZ) will announce its third quarter 2020 financial results on June 8, 2020, after market close. Following the release, President Barry Weiner and CFO David Bench will host a conference call at 5:00 PM ET to discuss the financial results and address investor questions. The call will be accessible via an audio webcast.
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