Page 1

March 15 , 2021 Enzo Enzo Biochem Reports Second Quarter Fiscal 2021 Results ; Company Provides Leadership and Corporate Updates • Total second quarter revenue of $ 31.5 million increased 62 % year - over - year on continued recovery and expansion from impact of COVID - 19 pandemic • Second quarter clinical laboratory revenue of $ 24.0 million increased 92 % on significant volume and pricing growth due to improved product mix • Consolidated quarterly gross margin of 50 % improved 2000 basis points year - over- year • Achieved adjusted EBITDA at $ 4.3 million for the quarter with increases in sequential and YOY profitability • EPS of $ 0.05 for the quarter vs. EPS loss of ( $ 0.16 ) in Q2 2020 • Dr. Elazar Rabbani , Founder and CEO , to step down as CEO and transition to a scientific role with the Company once a qualified successor is identified and hired by the Board • Executive search firm Korn Ferry engaged to identify CEO candidates • Gary M. Huff , former LabCorp Diagnostics CEO , named Strategic Consultant to Board • Enzo retains Cain Brothers to help identify , evaluate , and execute strategic initiatives Conference call and live webcast scheduled for today , Monday , March 15 , 2021 at 4:30 pm ( ET ) NEW YORK , March 15 , 2021 ( GLOBE NEWSWIRE ) -- Enzo Biochem , Inc ( NYSE : ENZ ) , a leading biosciences and diagnostics company , today reported financial results for the second quarter ended January 31 , 2021 and provided a business update on recent corporate and operational developments . " The Company's strong financial performance in the second quarter is another reflection of the strength of our new business model for integrated diagnostic product and services . The high gross margins achieved this quarter further validate the strength of Enzo's strategy , " said Elazar Rabbani , Ph.D. , Enzo's Chairman and CEO . “ These results are especially indicative of the advancements we have made in development of proprietary products , notably our versatile GENFLEX ™ molecular diagnostic platform , as well as our integrated end - to - end business strategy that ranges from research through final diagnostic products and services . " Enzo's financial improvement from an operating loss of $ 16.2 million in 1H 2020 to an operating profit of $ 2.2 million in 1H 2021 , an $ 18.4 million improvement , supported by management's strategic shift to addressing the COVID - 19 pandemic on its proprietary