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Enzo Biochem Reports Fourth Quarter Results And Announces Realignment Program Expected To Reduce Annualized Costs $6 Million Commencing With Fiscal First Quarter

Among the changes involved in the realignment has been an extensive repositioning of Enzo Life Sciences manufacturing facilities, which has resulted in centering production in Ann Arbor, Michigan and developmental activities in New York. Also involved was a consolidation of Life Sciences sales offices. Division-wide staff levels since the last acquisition in 2009 have been materially reduced, and now stand at approximately 50% below the level of three years ago. Marginally profitable life science products have been eliminated, resulting in enhanced margins, despite reduced revenue levels, and the division’s ability to refocus its products and efforts on the pharmaceutical and diagnostic markets. Company-wide, the investments and realignments that we have made are expected, to enhance operating results through the year.

The results of this realignment are expected to yield the following results, among others:
  • Generate increased opportunities in molecular and esoteric testing areas.
  • A fully consolidated Life Science division that will provide synergies that fit in with the growth of Enzo Clinical Labs capabilities as a premier provider and distributor of diagnostic services in one of the leading healthcare markets geographically, and with an increasing ability to reach out nationally.
  • Improved development capabilities of Life Sciences due to a more efficient organization and centralized laboratory and manufacturing.
  • Enable Clinical Labs to continue its rapid growth and offerings of advanced diagnostic products and technology.

“The aggressive steps we have taken are designed to improve cash utilization and reposition Enzo to capitalize on the current market opportunities. While it may take several quarters to see the full impact of the realignment, we expect that it will begin to affect our results immediately, and will also position Enzo for the longer term by enhancing our ability to produce results that will reflect the Company’s proprietary development of molecular diagnostic tests and complementary products.”

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