On this page of StockholderLetter.com we present the latest annual shareholder letter from ENZO BIOCHEM INC — ticker symbol ENZ. Reading current and past ENZ letters to shareholders can bring important insights into the investment thesis.

Enzo Biochem Today
Enzo Biochem, Inc. has operated as a life sciences company for over 45 years. The
primary business of Enzo today is conducted through its Life Sciences division, Enzo Life
Sciences, which focuses on labeling and detection technologies from DNA to whole cell
analysis, including a comprehensive portfolio of thousands of high-quality products,
including antibodies, genomic probes, assays, biochemicals, and proteins. The Company s
proprietary products and technologies play central roles in translational research and drug
development areas, including cell biology, genomics, assays, immunohistochemistry, and
small molecule chemistry. The Company monetizes its technology primarily via sales
through our global distribution network and licensing.

To Our Shareholders:
At Enzo Biochem, we use scientific innovation to create and support a broad portfolio of products that
researchers worldwide need. As a life sciences tools provider, we support researchers focused on
various stages of discovery at a variety of institutions, including pharmaceutical companies,
biotechnology companies, and academic institutions. Regardless of type or location, we strive to exceed
our customers expectations and anticipate their needs. We devote attention to every detail because we
understand that scientific discovery depends on a chain built on a results-driven process. Each link in the
chain must be reliable, consistent, and strongly connected to enable progress.
Our continued goal is to develop and manufacture high-value, reliable life sciences products and
services using our scientific know-how, proprietary technologies, and intellectual property. We leverage
decades of innovation and technical expertise to support research, drug discovery and development,
and diagnostic solutions through our core technology platforms. In 2024, Enzo was awarded a
researchers choice award, citing, among other things, our scientific support and quality products
provided to this demanding market.
Despite the challenges in the life sciences market, including increasing price pressures and regulatory
changes, we were pleased to report single-digit revenue growth for fiscal year 2024, along with
improvements in gross margin and operating profit. Since exiting the clinical lab business, Enzo has
focused on stabilizing revenue, optimizing global infrastructure, enhancing gross margin performance,
and launching new products.
Here are some recent highlights:
x
The Company's revenues in the 2024 period of $31.9 million improved year-over-year by 3%. In
particular, Enzo s sales to its industrial customers, which include biotech and pharmaceutical
companies, increased, driven by our drug development and cell and gene therapy focus.
x
The Company launched an enhanced website with e-commerce functionality and an optimized
user experience, which we expect will provide our customers better access to the products and
support they need.
x
An agreement was reached with the Attorneys General of New York, New Jersey, and
Connecticut, resolving inquiries pertaining to the ransomware attack the Company experienced
in April 2023.
x
Our Board of Directors declared a special cash dividend for the first time. The cash dividend of
$0.10 per share on its common stock is payable on December 2, 2024 to the holders of record as
of November 15, 2024.
x
In November 2024, our board of directors appointed Jon Couchman to the Board and its Audit
Committee, Compensation Committee, and Nominating/Governance Committee. Mr. Couchman
is the Managing Member of Couchman Management LLC, a private investment management
company. He also has significant experience from other director positions and several executive
officer roles.
x
Brian Fisher joined the Company as its General Counsel in May 2024. Before joining the
Company, Mr. Fisher served in various roles within the legal department of Tenerity, Inc.,

including as its general counsel for the last ten years. Before that, Mr. Fisher was a corporate
attorney for Akin, Gump, Strauss, Hauer & Feld, LLP, and Sidley Austin LLP. Mr. Fisher holds a
Juris Doctor from New York University School of Law and an A.B. degree in Economics from
Harvard University.
We have identified three key critical areas that will drive us forward in addressing the changing needs of
our customers and enhancing value for our shareholders:
Enabling Innovation and Quality
With a rich history in labeling and detection technologies, we are focused on providing quality life
science products and services backed by expert scientific support and delivered with an elevated
customer experience.
We leverage over 45 years of innovation and technical expertise to support research, drug discovery and
development, and diagnostic solutions through our core technology platforms. With over 160,000
citations and GMP and ISO certification, our highly sensitive, quality products are tested, validated, and
trusted, delivering consistent results. We maintain product integrity and reliability with our in-house
U.S. manufacturing facility. We deploy our bench of expert PhD scientists, 25% of our workforce, to
provide technical, tailored support for our customers and their projects.
Enabling Partnerships
Adapting to our customers' needs is our specialty. Our customer-focused approach enables us to be true
scientific partners. Accessible and dedicated, we deliver custom technical expertise to each unique
project large or small. We know why you research and why you discover. We are scientists enabling
scientists. We are nimble and flexible, allowing us to easily adjust to specialized projects. Our scientists
and manufacturing teams are skilled and experienced, ready to scale up projects fast and efficiently.
Enabling Efficiency
With in-house U.S. manufacturing, direct sales offices in six countries, two logistics centers in the United
States and Europe, and a network of over 45 distributors, Enzo is able to deliver our products to our
customers when they need them often shipping within 24 to 48 hours. To accelerate responsiveness to
customer needs, we offer sales and technical support in local languages across the globe.
Together, we expect these efforts will lead to increased market presence and improved financial results,
ultimately delivering greater value to our shareholders. For the first time, our Board of Directors
declared a special cash dividend to be paid to our shareholders. I am appreciative of the support
received from our shareholders and Board of Directors. Finally, I would like to express my gratitude to
our employees for their hard work and dedication this past year.
Kara Cannon
Chief Executive Officer

•

11/29/2024 Letter Continued (Full PDF)
•

12/21/2023 ENZ Stockholder Letter
•

More "Diagnostics" Category Stockholder Letters
•

ENZ Benford's Law Stock Score = 89

ENZ Shareholder/Stockholder Letter Transcript:

Enzo Biochem, Inc.
2024 Annual Report

Enzo Biochem Today
Enzo Biochem, Inc. has operated as a life sciences company for over 45 years. The
primary business of Enzo today is conducted through its Life Sciences division, Enzo Life
Sciences, which focuses on labeling and detection technologies from DNA to whole cell
analysis, including a comprehensive portfolio of thousands of high-quality products,
including antibodies, genomic probes, assays, biochemicals, and proteins. The Company s
proprietary products and technologies play central roles in translational research and drug
development areas, including cell biology, genomics, assays, immunohistochemistry, and
small molecule chemistry. The Company monetizes its technology primarily via sales
through our global distribution network and licensing.

To Our Shareholders:
At Enzo Biochem, we use scientific innovation to create and support a broad portfolio of products that
researchers worldwide need. As a life sciences tools provider, we support researchers focused on
various stages of discovery at a variety of institutions, including pharmaceutical companies,
biotechnology companies, and academic institutions. Regardless of type or location, we strive to exceed
our customers expectations and anticipate their needs. We devote attention to every detail because we
understand that scientific discovery depends on a chain built on a results-driven process. Each link in the
chain must be reliable, consistent, and strongly connected to enable progress.
Our continued goal is to develop and manufacture high-value, reliable life sciences products and
services using our scientific know-how, proprietary technologies, and intellectual property. We leverage
decades of innovation and technical expertise to support research, drug discovery and development,
and diagnostic solutions through our core technology platforms. In 2024, Enzo was awarded a
researchers choice award, citing, among other things, our scientific support and quality products
provided to this demanding market.
Despite the challenges in the life sciences market, including increasing price pressures and regulatory
changes, we were pleased to report single-digit revenue growth for fiscal year 2024, along with
improvements in gross margin and operating profit. Since exiting the clinical lab business, Enzo has
focused on stabilizing revenue, optimizing global infrastructure, enhancing gross margin performance,
and launching new products.
Here are some recent highlights:
x
The Company's revenues in the 2024 period of $31.9 million improved year-over-year by 3%. In
particular, Enzo s sales to its industrial customers, which include biotech and pharmaceutical
companies, increased, driven by our drug development and cell and gene therapy focus.
x
The Company launched an enhanced website with e-commerce functionality and an optimized
user experience, which we expect will provide our customers better access to the products and
support they need.
x
An agreement was reached with the Attorneys General of New York, New Jersey, and
Connecticut, resolving inquiries pertaining to the ransomware attack the Company experienced
in April 2023.
x
Our Board of Directors declared a special cash dividend for the first time. The cash dividend of
$0.10 per share on its common stock is payable on December 2, 2024 to the holders of record as
of November 15, 2024.
x
In November 2024, our board of directors appointed Jon Couchman to the Board and its Audit
Committee, Compensation Committee, and Nominating/Governance Committee. Mr. Couchman
is the Managing Member of Couchman Management LLC, a private investment management
company. He also has significant experience from other director positions and several executive
officer roles.
x
Brian Fisher joined the Company as its General Counsel in May 2024. Before joining the
Company, Mr. Fisher served in various roles within the legal department of Tenerity, Inc.,

including as its general counsel for the last ten years. Before that, Mr. Fisher was a corporate
attorney for Akin, Gump, Strauss, Hauer & Feld, LLP, and Sidley Austin LLP. Mr. Fisher holds a
Juris Doctor from New York University School of Law and an A.B. degree in Economics from
Harvard University.
We have identified three key critical areas that will drive us forward in addressing the changing needs of
our customers and enhancing value for our shareholders:
Enabling Innovation and Quality
With a rich history in labeling and detection technologies, we are focused on providing quality life
science products and services backed by expert scientific support and delivered with an elevated
customer experience.
We leverage over 45 years of innovation and technical expertise to support research, drug discovery and
development, and diagnostic solutions through our core technology platforms. With over 160,000
citations and GMP and ISO certification, our highly sensitive, quality products are tested, validated, and
trusted, delivering consistent results. We maintain product integrity and reliability with our in-house
U.S. manufacturing facility. We deploy our bench of expert PhD scientists, 25% of our workforce, to
provide technical, tailored support for our customers and their projects.
Enabling Partnerships
Adapting to our customers' needs is our specialty. Our customer-focused approach enables us to be true
scientific partners. Accessible and dedicated, we deliver custom technical expertise to each unique
project large or small. We know why you research and why you discover. We are scientists enabling
scientists. We are nimble and flexible, allowing us to easily adjust to specialized projects. Our scientists
and manufacturing teams are skilled and experienced, ready to scale up projects fast and efficiently.
Enabling Efficiency
With in-house U.S. manufacturing, direct sales offices in six countries, two logistics centers in the United
States and Europe, and a network of over 45 distributors, Enzo is able to deliver our products to our
customers when they need them often shipping within 24 to 48 hours. To accelerate responsiveness to
customer needs, we offer sales and technical support in local languages across the globe.
Together, we expect these efforts will lead to increased market presence and improved financial results,
ultimately delivering greater value to our shareholders. For the first time, our Board of Directors
declared a special cash dividend to be paid to our shareholders. I am appreciative of the support
received from our shareholders and Board of Directors. Finally, I would like to express my gratitude to
our employees for their hard work and dedication this past year.
Kara Cannon
Chief Executive Officer

11/29/2024 Letter Continued (Full PDF)

ENZ Shareholder/Stockholder Letter Transcript:

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