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  • Tuesday, January, 2021| Today's Market | Current Time: 07:36:11
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    One New York diagnostics company thrived in 2020 by helping other companies manage COVID-19 spread

    Published on January 26, 2021

    New York diagnostics company Enzo Biochem saw its business decline rapidly in March when COVID-19 hit. The demand for tests to confirm STDs and other health issues shrank dramatically. But then the phone started ringing with companies and schools asking for guidance on how to keep employees, students and faculty safe. Enzo quickly recognized both a way to help New York’s businesses survive the pandemic and a major new business opportunity.

    Enzo quickly shifted resources to do more COVID-19 testing including launching an online platform called GoTestMeNow to let people make reservations for tests to avoid long lines and waits. But they also used their experience in testing to help schools and businesses introduce their own testing programs. The service was so successful that Enzo announced plans to double its manufacturing and laboratory facilities in New York to meet demand. After business fell off sharply in March, the company reported a profit in Q3 of 2020 based on an annual revenue rate of $115 million.

    Enzo is a great example of an established New York company (they were founded 30 years ago and are traded on the NY Stock Exchange) that had to rapidly rethink its business model to survive this unprecedented event. They established protocols for testing programs at schools and companies that kept thousands of people safe and business up and running. 

    Might you be interested in an interview with Barry Weiner, President of Enzo Biochem, to discuss how COVID threatened their business and how they were able to restructure operations to help other companies stay up and running during the pandemic? Barry can discuss the advanced technologies they applied to testing programs to make them effective and also discuss how COVID-19 has changed the diagnostic testing business in many ways that will last for years.