Enzo Biochem (ENZ) 10 Dec 202021 Q1 Earnings call transcript

Greetings, and welcome to the Enzo Biochem First Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions].

As a reminder, this conference is being recorded. pleasure your my LifeSci Jeremy now Advisors. is to host, introduce Feffer, It go Please ahead.

and good Stacey, you, Thank afternoon.

this result risks occurring a results. of any statement any gross the including statements expenses, actual and a of of general not this discussed of release forward-looking are Financial the disclaims XXE and to information, cost number other future of uncertainties materially release today company that related goods call. and and of read will of number litigation Barry update within the year now regulations, President forward-looking statement. after amended Chief see on are current Weiner, the news Harbor any control such obligation XX, us dependent Company's include factors Act was be may the statements Co-Founder A including statements company, are regarding to the Joining management, cautioned involve Investors from of margins, cash developments its Section and flow, for in ended of Web Such Except and on Exchange XX-K declarations business company's forward-looking the considered company or date and the issued July this the David the expenses, XXXX. for markets products XXA and Safe is guarantees and conditions. Form of expectations outside Section the of of Enzo for services, the the meaning now results that amended. as conference belief those XXXX company's The services, announcing company Factors of revenues matters and performance afternoon are Please update Officer. historical Risk and government the XXXX a the affect the of which and press available Bench, could the I in the Securities Securities as Act as intent, site. fiscal

has of conference to difference measure operating Web site, President and may and of loss, GAAP Barry? this The other over company afternoon. net non-GAAP considered or the operations on company any determining would measure. release an from to to now provided Co-Founder its Weiner, reconciliation alternative is the to like not refer issued turn call, loss a a the for Biochem. press to its I EBITDA, www.enzo.com During in Barry income or this should call or income Enzo and performance. not be EBITDA

look you to you, financial Good our chance on XXXX them. I fiscal today. afternoon, Thank the after you’ve had year and close of the issued call results thank Jeremy. market and our and today, quarterly operating first a hope for joining We us update at

an operations. extremely in the million, million of a prior drive to of were the As Total Demonstrating of presented from multiple challenges extremely the levels initial of are XXXX. been increase we the over normalcy Enzo preceding robust to pre-pandemic pursuit pandemic. at recovery continuing daily response by we part COVID-XX to The volume continued business delivered in and proud success. COVID-XX, and quarter Both quarter earlier. that have business XXXX. the continue subsequent reaching by impact estimates our was $XX.X exceeding healthcare increased revenue evidence some we of the fourth our revenue our on quarter, the accessions $X.X results our were we and significantly our XX% positive metrics forward which over provided Despite for COVID-XX first lives, to across

improvement, EBITDA and $X.XX positive share. million earnings of more margin continued to of per saw approximately $X positive also We leading than

during healthy obviously greatly appreciate we quarter, safe we keep of safety and frustrating times. and difficult safely. of importance, the our business their on elaborating Before to been has health the extreme employees everyone remained always and contributions further and The hope our has running

have employees four been so us full to allowing work point needs; further the community. to solidify and that while investing line our market our fortunate we unprecedented may have We the or and a diagnostic helped the to the offerings. Enzo's we've providing structure and solutions maintain sector. consumer that to expanding in safeguard successful, our These the the implemented been new technologies with services. of enhanced challenges measures products continue Despite Even unprecedented been conditions resources value have to our mobilized out address products fourth, pandemic, advance healthcare the commitment needs an important as infrastructure diagnostic growth; operations, platforms end in for very COVID-XX we in core of measures maintain direct position market third, implementing and and in were have building transforming able efficiency provider care including to building the cost comprehensive key our solutions of us to operational to to by our first, bring better with into faced company; servicing this objectives diagnostic end in we areas, to opportunities year, we integrated to second, address to objectives; the and the

fully remained the the operational closed, capacity market. our only lines period and businesses closed the continuously have needs employees front if manned testing during Enzo expanded but have of not While companies not to most partially this support

on welcome the industry Walters, to experienced proud two four and directors respected board Tagliaferri our which highly Mary extremely of Dr. and Dr. board. number to Ian our directors, now professionals among are five We independent

positions Squibb for the five Biotech, Portage oncology than has new drug fellow and clinical which research at CEO skills is Dr. Officer global and executive our to drugs, board. Tagliaferri clinical Dr. Walters development development development, business regulatory and Millennium XX lead and held brings executive of Nektar, He's affairs he deep Pharmaceuticals. responsible of of and Myers approvals. more As Medical Chief Bristol former to

Enzo diagnostics, our early commercial and therapeutic liquid ways these of companion significantly directors support concerning addition and can board, discovery techniques. companion opportunities. and business particularly instrumental will company's The drug In addition expertise he be to his biopsy of expands identifying operational new diagnostics effectively the acumen, in two new that

quarter, the institutional SIT universities, to This COVID-XX such provide on worked which During geographical Farmingdale our as June. State Stony focused call schools we services our were region. facilities, testing, nursing as and in it as These University, Brook programs, corporations. launched to includes implemented urgent we testing our multiple our care partners with University, we well and homes

as local We with government are well. entities, them working through crisis this pandemic helping

into opportunities, utilizing out products beyond term services. Enzo's relationships on building new transitioning menu of COVID full We are focusing these them and testing and long

kit clinical are service this transmitted self-testing the goes up for types delivered enable to Currently, molecular results collection. pop have gotestmenow then is Our extend of in quick now COVID-XX follows. The specimen portal. A locations testing we working to sexually and for direct our plan the offering works XX York, an site convenient brings the recent by Jersey or Enzo our site gotestmenow over other we convenient as to online purchases Furthermore, home center COVID patient overseeing to portal tests New We and online It patient from certain first directly that consumer or individuals online New to licensed physicians. Connecticut. and individual to launching labs’ are a diseases serological on diseases. through to offering testing. Web directly

plate license, cell a customers. quick design recently USB industrial Ultimately, of portable assays CRO for opportunities immunoassay protein academic, also connection. for quantification assays, applications, This the We loading Enzo used based hope offer will compact reader and It format reader reader be to affordable that machine more. microplate care commercial use an a for solution The the announced personal micro company's open and other and XX in enables a plate can launch of small complete to points products. features we it with including plate device a a of provide variety a new medicine. and well is

this virus regards to probes. RNA testing. improved published against sensitivity in Co-Expression technology of and the for loop loop sensitivity. front, Enzo's Situ HPV as higher papilloma and In market Analyses, development maybe upon a beyond Pathology expanded We the human highly compared diagnostic book, Molecular other with technology On the leader a research believe recently approach was sensitive demonstrated Enzo titled extended RNA was in

environment also innovations and several are think we have forward. in vaccine updating launches, but like I'd days financial adoption We testing diagnostic investors element that provide early the product update. in call of a post come of David, who we to look including initiatives XXXX. critical as testing will in be a forward serological turn over And they these to on a to will our

Thanks Barry.

the increased first first XXX,XXX in $XX.X Genomics, the the quarter volume compared basis, note, the and XX% the ago kits of to XX% on the a increased quarter clinical gross in million year-over-year accessions over XX% average products, than a mix. of we the particular was financials Of operations improved more increase year an performance associated value the per as XXXX. to savings $XX.X growth period, revenue Here's for period of to for of This and year from approximately revenue and mix year-over-year, accession up following first a reflecting to largely first versus On pandemic. $XX increase period. the margin products XXXX, ago to divisional in impact quarter. in XX% of XX% COVID-XX as XXX,XXX cost from is in basis, XX% the On the than an impact by million driven $XX.X quarter initiatives. improved margins testing. sector. Total XXXX. and higher year's largely the to of and revenue a quarter of QX the from from quarter in product significantly sequential X% experienced gross fourth for services antibodies. quarter approximately driven value consolidated the diagnostic more attributed versus Enzo in such XX% million year due revenue product COVID-XX sequentially. Science previous the testing $XX.X the grew review services gross quarter revenue last margin to accession increased well The Life COVID-XX from of fiscal XX% $XX first of of XX% XX% the continuing first by million XXXX, per increased XX%, is Net slowdown our as from the The revenue during quarter quarter rapid the of expansion largely XXXX testing ongoing was on expansion COVID-XX generated saw ago with testing and ELISA order reflective Enzo’s

on more a stable being into quarters, in marketplace. an mix improved for sold improving focused division products are by the gross the aided coming margins We of

in due revenue revenue EBITDA $X.XX total from expense of or per to On million $X.XX less of total $X.X was the $XX loss and side, year decreased the ago negative $XXX,XXX consolidated share million Selling, year or XX% per million in X% share or expenses total loss million X% $X.X the quarter development a from GAAP XX% ago or in negative XX% or period. $XX decreased the of a research share of versus last million per million of revenue and substantially of than expenses year or travel. million $X.X the ago total net period. the general $X.X revenue, administrative Adjusted or of from driven $X.X $X reagent $X.XX improvement at income $XX quarter. capital and lower accounts at expenditures. receivable, million million and first the amortization increases compared of in and to slightly from capital SG&A million increased to and Working quarter from than margin $XX expenses EBITDA intangibles inventory the adjusted efficiencies in end was million cash testing fiscal year's of reduced to loss reduced as in the positive the mainly gross year. in lower significant costs, XXst, previous October costs of totaled Cash equivalents by a The the year $XX $XX start and mix, an fiscal quarter. improved was of million

product as integrated areas of had company diagnostics, an outstanding. committed solution shares October We expand cytology of the our platform XX.X immunohistochemistry. in provider remain and capabilities as and immunoassays, and investing services our key XX, to we XXXX, product growth in As molecular million

improved will end-to-end improvement margin combining expect post from I'll its gross leading remarks. to PCR-based and platform as environment. discipline, COVID back and call our over Barry company. revenue margins from integrated testing a Enzo growth By turn believe significantly we We this operational yield normalized investment a vertically position benefit to significant continued the for closing in diagnostic

transformation. but see recent Thanks, perhaps more months the David. as profit margins increased the impressive Both is revenue have company's dramatically you and can in

for and taste one Moreover, demands virus are of of the advanced biotech that vaccines platforms provide, how integration few an will opinions, has division to The it advent resulting entity, and for to hopefully and and vital particularly play they and most will medical sensitivity throughout satisfying the safely will diagnostics opportunity more been technology quarter are in the the and the the cases, for the safeguards. recent existing role deal economical, lessen the but of need testing proven enable evident CLIA-certified also our pandemic. our COVID-XX present We return normalcy to needs. industry. the meet employed has laboratory. Enzo with will effectively adapt and a or this world This future companies terms products yielded heightened diagnostics a in of most incorporate to to will clinical in in open flexibility not, expert testing diagnostics in systems compatibility from with that most existing underscore a What is procedures

Enzo. we Regarding and knowledgeable assets we corporate opportunities able add to take to grow as and governance, capable were of independent our attract advantage value and new directors

in clinical questions. within back will the we're end-to-end turn uniquely I make and diagnostics the broader molecular diagnostics With ongoing a environment. that, for modern Our both developmental solution our programs comprehensive to and market, entertain COVID call the positioned post operator, happy to and us now

comes Our Fitzgerald. Mikson Instructions] Cantor with [Operator question first Kyle from

quarter. these and are Barry all here congrats on the David, updates impressive

nicely increased net So session over revenue year. per year

kind And been kind successful trending in you months? had who of if expanding great test? would offerings initially Just you any selling how cross core examples specific over your or are that COVID customers past how the just of to provide I wondering can be the couple has was and of

with particularly a that and but then So specifically the schools that to other also diseases, to things within our all asking through homes urgent institution SIT transmitted to was where many program, other has program. health and for cares, centers, Also, expand to extended help school them implementing program our regards that other health with with COVID COVID we also center. but nursing And do. regards we that announced beyond open like able almost the we're their within us testing that expansion, door beyond areas sexually we the testing we're finding with but

come us the the that very with get is of COVID is the and platform. interesting it So a across model breadth then for to services we're able in

capabilities In Enzo scenario many respects, has situation the able COVID be in and demonstrate providers. providing to timely been for its these a cases, for were services to of most effective, terms in that showcase and

As the extended demands virus today are resurgence out specifically, the testing. you their Many the may witnessing there. our of in we're testing labs and of periods and aware some for the with increase largest in very running labs, be now country, return

a seven for result days doesn't now know, getting diagnosis spread as fit three bill And are all the the labs three exacting COVID Some containing in or the disease. of on days necessarily seven a molecular. suggesting we to return to

been able been to part, time for the hours, our have between XX and most turnaround XX We our and that's goal. ensure

our as testing, I expand the think testing their their service servicing, and into future targeted And extremely as the period. it us expand our serve up we're with moving new providing of in that been we and beyond and lines revenue and well for testing, the nature the and into post will And received as working routine been to both well breadth we services being extending testing their clientele COVID scope has well testing has also allowed COVID that provisions clientele. is type and in have we're pick existing that of the believe businesses the us environment we capability.

can remind wanted revenue was expect you run was the I would too. if there. guess, an could that be to facility? doubling I move I annual you the achieve And facility to of and the rate When to regarding of just that Farmingdale facility of there completed kind wondering us update the

we to our GenFlex. to So on we've expand move expanded forward. And regards capabilities COVID as that we with facilities our already continue

perspective. capacity doubling and XX as The resources is speak. build new areas. of machines, We're boulevard half and perspective that molecular full being and new expansion the time as an new diagnostic one is project a achieved as a year for that new an to we one company all-encompassing take capabilities going that's from within So But some to on get CapEx that exec there. our bringing well is to really project the

had in say, third has a of think structure, ago, place tremendous we would which about announced, of taken it our foresight acquisition I year COVID. what the with in light I

shifting to of staffing work could The in keeping to timing. whole to fraught have production where and where demand COVID expand accelerated changes facilities had new physical our our them was structure floor bring platforms, an to meet the challenge employees. possible. in office employees We move with period of meet extraordinary that home rapid were us, the been terms of of the new from instrumentation around logistical had We We terms back out our safe. demand in issues to for in bringing turnaround we new for

extensive in which bring bringing to we by us help strategic been our certain is to work. has out quite already for facility, search positions from started today that expansion. in have under We The back groups an utilized construction, home new

has that COVID the year, And based serology the tests demands, vaccine. to we demand production to see the anticipate by over our one in post proven meet production to one, reshifting restructure immune meet stepping next our see when we capabilities. invaluable options expanding of facility be on greater the different validate response the the environment will, in that even facilities we even advent we to So ability and and floor in departments

the kind million. similarly up run new like $XXX of million, rate is $XXX from And on revenue

wondering kind profitability, kind then be you year? it you probably drove and But to maybe that of increase, expect to the we're to should could thinking like expenses delta the year, about for full operating thinking gross I this. about quarter-to-quarter So was if do talk tough about guess, full as And what I to the relates know see as we of there. dynamics that margin? the fiscal it's reach I

in over lab platforms. rest of low expansion that's XX%. molecular So turbulent margin very on very know, mix, COVID. just as to that in of as really should impetus of we has thing But I And to those the so With it. granularity. move the because few to could is expansion important, as services guidance. expecting, right? margin to account we're as testing, So in mentioned, The right been was comfort growth. helps them in to That quarter-by-quarter speak over GenFlex these what we next any I say But is being you There's open yet to the to margins you within XX% million our said, the out, provide even real the product the based times difficult to itself $X obviously platform it's we increases seen that is plus move accounts, and now need also months, not things in that run getting $XXX the COVID we pre last obviously, a a and very we've growth everybody think continued rate. we lend vaccine, which important I to regards historically, our to our also significant the COVID other don't is are we point

now that, plus even We margin to XX% a our in margin expect normalized showing area that lab. beyond we're in grow

talking gain so And profitability about within right you're helps company. now the that that that

point, emphasize are what business, utilize in the And of to of areas. at I And side important product. But both not that Just equipment, extend would COVID us services it point certainly to the call attributable is structure, able uniqueness of development it numbers. our even having our to side the Also, the that testing the our manufacturing to product margin business our own own all. on seeing thus, our support non-COVID we're the margin is the, has because a very improvement to corporate partially we within allowed our discount manufactured testing.

have the ago targeted in spoke we reflected which and year, we the we a to cost through cost out also Over that year is just program, which last of that to gone $XX have now is then extensive delivered the about we have drawn an on million, and structure And promise. we close being what numbers. successfully back containment

a of and performance margin improvement So we will we the that multiplicity that contributions driving on. continue have are the hope in

here. just of switching gears kind And

be So of forward. obviously, And like it therapeutic the going new companion liquid biopsy diagnostics of directors have kind kind this and like emphasizing focus. you'll sounds

that So of to to offering discuss maybe strategy I Could coming, liquid the maybe or it you detail, just or guess, little a the around, with obviously. biopsy, line companion sounds just with with ds your that goals thought? plan bit respect more the

are liquid into as of the area new diagnostics our Obviously, drug supporting our area into start capabilities cancer opportunity area We think that contributory biopsies of the our key a development. contribution products platforms that the into to technology extension higher see make in extend be in the the of to we in diagnostics will material drug work we one discovery, company see the evolve. of produce margin services we the is and to areas of extend We and to looking CRO and/or returns sector. can areas the

and which to we to to can We it appropriate guide apply utility our really evolving or in spoken than it efforts that are companion mine significant pharmaceutical the technology knowledgeable The even forward base property will areas technology but with and a diagnostics a our drug we've be not directors pharmaceutical to new need of services a I in us past. product biologicals significant who new company. therapeutic allow providing the focused in the believe really to area that these introductions had our state for in average only are have directors our very to certain has the is to are help We've say, Enzo us wealth the industry about we significant currently. historically and directors to forward. perhaps edge. average comprehended a that build drug new the validation and give in investor looking very different, in that drive base CROs And of can context us discovery, make and not experience development, specifically able portfolio. into forward of are already not of And we well would bring intellectual by multiple the areas presence work coming the will opportunities support in own but that create shareholder only The value.

wanted ask big to of more And question, I one just a kind picture question.

of You needed just of shortage diagnostic the SCD there's tests reagents. for supplies a processed, increasing being recently tests, significant saw given including COVID that, number the recent the

if wondering could comment And and the that your quarters tests are potential you I And that do ultimately, so? was of patients there expect could so for commonly next asymptomatic, a potential on just on Enzo. impact SCDs be bolus few you over guess, given or then the

early because back. I and specific the March have customers that the we molecular this provide the operation area And know were we requires unique and has that as of end country, issue the and but work April, swabs one we manufacture forward, is not most shortage answer the is make own edge. in periods, is us the minute that's the gives that recognized. in integration the be our been it enough overcome faced us day really coming an initial molecular for laboratory to What review this was pandemic. to our able we on differentiated giving vertical edge now economic only challenges about I part that supply for type its this to issue of were as fortunately, back the the COVID Enzo and in key well get supply our chain yes. of this so what is is industry and demanding begging fulfilling you reagents. And mean today, I And The go challenges of from us the every facility to edge the in passion what I the all as daily services, couldn't is that to vision every shortages and don't it. are early a know that particular mean test. if required the shortages in to of

is not shortages. still that chain witness don't we supply to that Now say

are shortages number global consumables, every being plastic world. all witnessing then suppliers and reagents. been are We appreciate, by month, Recently, last in demanded limited in were the the machines. these it. of into it's around swabs, go chips lab they on And was initially What the a it you in the the the that in the to have are there

an it self going producing our and the continues manage, sufficient we our ability product shown and And and in creative the to be have in able I so and to been forth in own our be it own own very our And And putting and in been and a testing reagents, think fulfilling there we where that problem it like and as platforms, forward, processes expand, own really challenge. continuous in still demand is strategy incredible shortages will our a to daily can sufficient it self show have lines, strategy, on But we foresight extremely design to design. was are the viable level. every be to expand. on its itself continue it looks will that starting as has important

O from with Global. Evermore Our Thomas question next comes

quarter. how ramping platform to just you of the you relates on on of through deal congrats are and be for COVID-XX. pandemic. phase on could you're say as guys to wanted post walk initiatives concurrently, Enzo up about lot thinking it the Just next if helpful job GenFlex on kind would us it to quickly priorities working the with Great a Look, on

all us will to that and We It back are itself. obviously. vaccine wishful to hopeful has and Enzo temper allowed the get this virus showcase normalcy,

visible think is on to only post around in environment acutely potential a the gold be it being is a will Enzo's on for and time, marketplace. said, visible molecular now, but are provided That there multiple product in we that strengths become level I production Right necessity customers the the at shift aware level standard. COVID and a and in a to testing visible not need observation an shift, in world. point the

introduction the seen have of We number a tests. of rapid

immunity. tests now comprehensive. the has validate have this necessary terms another accuracy series will as that we story. I that hopeful of that to to that as but has is still a it test address six those have test time recently sensitivity means a the for need they means And purpose, IGM, durability. we are leg for its the will be answer That those be COVID They is in the vaccinated. of believe numbers more environment be people for verify that will that are serological testing I test yet currently extensively and be fall think a I types think for will morning I but It's I'm numbers you will antibody I issues be think happen of may have tests employed in vaccinated, as you running become in IGA need be whether study more COVID this another specificity not they to That to that long think think that proliferative. predicated we we for which they when be the production, virus to is terms mean, there remember on off. people the vaccines, that enough vaccine and believe seeing being our look vaccine of We antibody the already it said, was will production. serve of demonstrated will of And to validate it they're as program to don't as and I've molecular rapid to one and immediacy the say, immune. testing but will that applied, the post sustainability the unproven they're of begins IgG that might contagious been drive, and interesting the gives the at certainly That testing that are by vaccinated who the what here. month scientific reading of antibody have one a sustainability. a said

of quality that that on-campus do that these spread also has, job point At of to facilitating business of number existing business are we the have samples new of able labs students. school universities, our have see know just rapid teams and universities. because business able because able that processor, word I getting the us been have programs are the together. COVID actually service our building we capitalizing doing be to of manage of and accounts the in-house the that levels. by have larger interesting being presented volumes very we're day we've we're And from mean, the of we're that on many of to mean, the focused turnaround capability mouth swabbers the taken being we're our there measured to the goodwill We're in testing in We of large servicing, because to every new time, we're that testing. of us. be we I taking And institutions bring on our see put terms universities and not of to the because from that we to it's the I the and

So for but which call, as school would we which able business, do in specimens level legacy of we our or will is service, we provide again, significant ongoing COVID be clientele business. these to do feel not taking Obviously, health to We one that's well that approval us. platform. see that COVID pre nursing I what had molecular for testing, services. from to Post did that panel will our nursing future model the quite we get to able STD routine these fits COVID, interesting not a there higher lot industry. is be because other, very the home able hopefully COVID, a testing special but of the and only STD market we only we're home from academic and now extend we're another not institutions. is Pre high we our COVID Nursing leading homes with now into level

to of other I service significantly just in and that at business I this new taking will So And interest market, testing. XX are We're we're in direct the it one to I it’s think programs next types think not consumer care our six on just months. of Also consumer care portal. place. provision at test extend will there People point website. with comment, and the looking very looking starting the We're in to of getting tests. point the direct unique will dovetail on direct program. initiatives grow hope interesting be is and the that are because we consumer mean activity is that and test our to to now. The the

but cycle there addressing I many we're is think are The readily So now. development initiatives. aggressive, very technology it

one I had And just more question.

looking reader. launch of should product it? existing think currently there of line is portable the microplate terms to there this is how your new we the effectively the is to mentioned any about in two, I where You guess One, out commercialize? displace technology And twofold. launch time question

efficiently computer very device. run difference fits just be their This cell right in scientists location and And have clever -- into setting or applicability it's launch put using researchers you because their shared is to in very, a ongoing that a clever we The computer. into very that quickly very without they're academic an plate specimens plug a It might or a initially It's it equipment right and from doing. you what a purpose interests like And developmental I speak many researchers it and The by is a that and plug little right for of actually -- are all to unique our it a into. will sorts have research X-inch device. kits phone-type extensive samples your kit have we ELISA of X-inch now. targeting drive It allows mean very marketer are and of program. it looks as is a setting, whole device very, device. we academics.

researchers. drive on you complete to And tests these us and the catalog see device of hundreds our you'll these this a on our provide If of our offerings. utility website, ELISA is sense it's look a solution to for

your So of phone of has that end both it and autonomy at and cost. the model ELISA the but uniqueness are new in readers can almost size day, work independence you like your the give throughout and a your cell prolific and it's industry computer with laboratory. from convenience And

So we has some beginning it and think it. very about legs we're just it now. excited to It's

Nouri from Noble comes with question Paul Equity. Next

market that products those for, lab? your So actually the you into the using primarily got or you you those for are selling EUAs own are

own customer major because of has supply been Our the lab requirements. chain

and because to as utility able we We And But have market. good those, US or chain have chain providing absorbed those interest from into are forward margins us interest. so, to ease slow as and in but lab. start because we're the for we over supply for the institutions platforms. other thus, next hope by our of both there quite be few is looking the products the we'll that entities own eases, months needs, the international have doing that we being been supply the in our And

there areas that And mean does expand in of in more on And in I on of if that to wondering of or that. areas the was or release was in this acquisitions perhaps you're I to you're update that was you're to that process related or related the opportunities. activist make had you mean, looking divestments? what investors any technology brought that tuck-in to exactly could one press information guess, that And up most I company was Lazard. engaged that interested company looking means? the expand it the said the any evaluating then the I wondering business if

different Unlike companies, we applies to The to exploit. many statement a options developmental have opportunities. variety of multiple

platform, Specifically, to all. The we provide being major unique each been speak have is most capabilities about to worked. It's platforms the the we GenFlex, development, which four market. developed molecular for under of have that our developed being

only not lab, variety have a our molecular in We platforms every day processing but multiple COVID tests. running of

we We have the a of development. the have and immunoassay program the of cytology have one in area in of we in one immunohistochemistry, area area

to partners, number environment COVID. in goal areas centers. of And establish is intrinsic into when the dealing totality that of fully platforms, each And we we on with from hectic our that's leverage the four such, value our And have these them independent can platforms overall can that of of to particularly centers. value the the really of to limited where areas. potential light. assets do apart are each we platforms them independent as work, those statement apply and to that believe And our Our value develop to these today within exploit, a with be dialog brought applies sits Enzo's co-developers own that looking we we're to broken to fully in

COVID this that the the timely time. fashion. anything of with point the has report to we relationship of if much environment will, certainly But on a that say Lazard, market terms in In as certainly in There's created diversion. develop, not in

industry on against you the pursued is that then guys peers? of any lawsuits there And any have update

Nothing, I But are issues. in mean, be everything XX-Q. will the update that the provided ongoing current these

been As in you courts have know, the the during execution. somewhat limited COVID their issue

whole the environment. by has been So period stunted the COVID

I the for Barry would remarks. to over turn like to floor closing

us much so you today. thank Well, for joining

While we our quarter end that products in for company achieved to and solutions diagnostic and is to quarters we drive quarter, profitability end proud developments of revenue integrated investing today. we've one infrastructure into two are and very next step this and the on opportunities or in really Enzo the reported transforming the much growth. We growth building look as of and it forward the only an

period. actually though is challenging the are to pushed limits its challenges. ongoing tell We But I looking very period, have to to has well exciting you, forward responded been this have to they a and the an scenario. here workforce

time. look forward, We for plate. your have to reporting Thank a you to we be a lot to I deliver believe we able and will you. lot our on forward going

teleconference. today's concludes This

your at lines you your disconnect thank time, You and this may for participation.