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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Enzymotec Ltd. - Ordinary Shares (delisted) | NASDAQ:ENZY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.85 | 0.05 | 199,999.95 | 0 | 01:00:00 |
ENZYMOTEC LTD.
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|||
Date: August 12, 2015
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By:
|
/s/ Oren Bryan | |
Name: Oren Bryan | |||
Title: Chief Financial Officer | |||
Exhibit
|
Description
|
99.1
|
Press release dated August 12, 2015 entitled “Enzymotec Ltd. Reports Second Quarter 2015 Results”.
|
|
·
|
Second quarter net revenues (equity method) increased 49.5% to $13.4 million, compared to the same quarter last year and 18.6%, compared to the first quarter of 2015.
|
|
·
|
Second quarter net revenues (proportionate consolidation method) increased 43.6% to $16.5 million, compared to the same quarter last year and 15.1%, compared to the first quarter of 2015.
|
|
·
|
Second quarter adjusted EBITDA increased 147.5% to $2.9 million*, compared to the second quarter of 2014 and 7.5%, compared to the first quarter of 2015.
|
|
·
|
Second quarter net income increased 494.2% to $2.3 million, or $0.10 per diluted share, compared to the second quarter of 2014 and 30.2%, compared to the first quarter of 2015.
|
|
·
|
Second quarter non-GAAP net income increased 417.2% to $2.7 million, or $0.11 per diluted share*, compared to the second quarter 2014 and 25.7%, compared to the first quarter of 2015.
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|
·
|
The Company provides updated guidance for the full fiscal year ended December 31, 2015.
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|
·
|
Commenced an investigator initiated clinical trial of Vayarin® in managing ADHD in children with Epilepsy.
|
|
·
|
Received GRAS status from the FDA for Sharp PS® GREEN the Company's novel non-GMO and soy-allergens free Phosphatidylserine ingredient which promotes brain health. This status allows the marketing and use of Sharp PS® GREEN in a wide selection of foods and beverages in the USA.
|
|
·
|
Received Novel Food approval from the European Commission ("EC") for the Company's high potency K·Real® krill oil. Enzymotec is currently the only krill oil manufacturer that offers EC-approved high grades of krill oil solutions and the approval allows the Company's customers that purchase high grades of K·REAL® krill oil to label their products with additional health claims in Europe, beyond the standard heart health-related claim of other krill oils.
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|
·
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Granted new patent related to InFat® in Singapore for inducing a beneficial effect on the immune system of a subject by promoting development of beneficial gut flora and for reducing the frequency and duration of infant crying.
|
|
·
|
The U.S. Patent and Trademark Office (“USPTO”) determined that 26 of 28 challenged claims in Neptune's U.S. Patent No. 8,278,351 are unpatentable. The Company intends to appeal the USPTO decision regarding the two remaining challenged claims during the third quarter. Neptune is not entitled to royalty payments in North America unless the final outcome, following the appeal and subject to the settlement agreement terms, is unfavorable to Enzymotec. The final outcome of the appeal is not expected before the second half of 2016.
|
|
·
|
Re-examination on Neptune's patent in Australia is still ongoing. Neptune is not entitled to royalty payments in Australia unless the final outcome is unfavorable to Enzymotec.
|
|
·
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The hearing as part of the Company's arbitration with AAK was held during June 2015, and a decision is expected by no later than December 31, 2015.
|
Three Months Ended June 30, 2015
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||||||||||||||||||||
|
Nutrition Segment
|
VAYA Pharma Segment
|
Total Segment Results of Operations
|
Elimination(1)
|
Consolidated Results of Operations
|
|||||||||||||||
U.S. dollars in thousands
|
||||||||||||||||||||
|
||||||||||||||||||||
Net revenues
|
$
|
14,683
|
$
|
1,841
|
$
|
16,524
|
$
|
(3,129)
|
$
|
13,395
|
||||||||||
Cost of revenues(2)
|
7,850
|
371
|
8,221
|
(2,991)
|
5,230
|
|||||||||||||||
Gross profit(2)
|
6,833
|
1,470
|
8,303
|
(138)
|
8,165
|
|||||||||||||||
Operating expenses(2)
|
3,516
|
2,449
|
5,965
|
(3)
|
5,962
|
|||||||||||||||
Depreciation and amortization
|
505
|
40
|
545
|
|||||||||||||||||
Adjusted EBITDA(3)
|
$
|
3,822
|
$
|
(939)
|
$
|
2,883
|
Three Months Ended June 30, 2014
|
||||||||||||||||||||
|
Nutrition Segment
|
VAYA Pharma Segment
|
Total Segment Results of Operations
|
Elimination(1)
|
Consolidated Results of Operations
|
|||||||||||||||
U.S. dollars in thousands
|
||||||||||||||||||||
|
||||||||||||||||||||
Net revenues
|
$
|
10,046
|
$
|
1,457
|
$
|
11,503
|
$
|
(2,546)
|
$
|
8,957
|
||||||||||
Cost of revenues(2)
|
5,390
|
370
|
5,760
|
(2,360)
|
3,400
|
|||||||||||||||
Gross profit(2)
|
4,656
|
1,087
|
5,743
|
(186)
|
5,557
|
|||||||||||||||
Operating expenses(2)
|
3,208
|
1,883
|
5,091
|
—
|
5,091
|
|||||||||||||||
Depreciation and amortization
|
459
|
54
|
513
|
|||||||||||||||||
Adjusted EBITDA(3)
|
$
|
1,907
|
$
|
(742)
|
$
|
1,165
|
(1)
|
Represents the change from proportionate consolidation to the equity method of accounting.
|
(2)
|
Includes depreciation and amortization, but excludes share-based compensation expense.
|
(3)
|
Adjusted EBITDA is a non-GAAP financial measure. For a definition and a reconciliation of adjusted EBITDA to our GAAP net income, see “Non-GAAP Financial Measures” below.
|
Six Months Ended June 30, 2015
|
||||||||||||||||||||
|
Nutrition Segment
|
VAYA Pharma Segment
|
Total Segment Results of Operations
|
Elimination(1)
|
Consolidated Results of Operations
|
|||||||||||||||
U.S. dollars in thousands
|
||||||||||||||||||||
Net revenues
|
$
|
26,929
|
$
|
3,948
|
$
|
30,877
|
$
|
(6,183)
|
$
|
24,694
|
||||||||||
Cost of revenues(2)
|
14,648
|
785
|
15,433
|
(5,936)
|
9,497
|
|||||||||||||||
Gross profit(2)
|
12,281
|
3,163
|
15,444
|
(247)
|
15,197
|
|||||||||||||||
Operating expenses(2)
|
6,444
|
4,514
|
10,958
|
(3)
|
10,955
|
|||||||||||||||
Depreciation and amortization
|
992
|
88
|
1,080
|
|||||||||||||||||
Adjusted EBITDA(4)
|
$
|
6,829
|
$
|
(1,263)
|
$
|
5,566
|
Six Months Ended June 30, 2014
|
||||||||||||||||||||
|
Nutrition Segment
|
VAYA Pharma Segment
|
Total Segment Results of Operations
|
Elimination(1)
|
Consolidated Results of Operations
|
|||||||||||||||
U.S. dollars in thousands
|
||||||||||||||||||||
|
||||||||||||||||||||
Net revenues
|
$
|
32,463
|
$
|
2,762
|
$
|
35,225
|
$
|
(8,417)
|
$
|
26,808
|
||||||||||
Cost of revenues(2)
|
17,583
|
737
|
18,320
|
(8,063)
|
10,257
|
|||||||||||||||
Gross profit(2)
|
14,880
|
2,025
|
16,905
|
(354)
|
16,551
|
|||||||||||||||
Operating expenses(3)
|
6,871
|
3,652
|
10,523
|
—
|
10,523
|
|||||||||||||||
Depreciation and amortization
|
1,143
|
113
|
1,256
|
|||||||||||||||||
Adjusted EBITDA(4)
|
$
|
9,152
|
$
|
(1,514)
|
$
|
7,638
|
(1)
|
Represents the change from proportionate consolidation to the equity method of accounting.
|
(2)
|
Includes depreciation and amortization, but excludes share-based compensation expense.
|
(3)
|
Includes depreciation and amortization, but excludes share-based compensation expense and secondary offering related expenses.
|
(4)
|
Adjusted EBITDA is a non-GAAP financial measure. For a definition and a reconciliation of adjusted EBITDA to our net income, see “Non-GAAP Financial Measures” below.
|
|
·
|
Net revenues, based on the equity method of accounting, of between $53 million and $59 million
|
|
·
|
Net revenues, based on the proportionate consolidation method, of between $66 million and $74 million
|
|
·
|
Non-GAAP net income of between $6.5 million and $8.5 million
|
|
·
|
Non-GAAP diluted earnings per share (EPS) of between $0.28 and $0.36
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
U.S. dollars in thousands
|
||||||||||||||||
Reconciliation of adjusted EBITDA to net income:
|
||||||||||||||||
Adjusted EBITDA
|
$ | 2,883 | $ | 1,165 | $ | 5,566 | $ | 7,638 | ||||||||
Accounting for joint venture
|
(135 | ) | (186 | ) | (244 | ) | (354 | ) | ||||||||
Depreciation and amortization
|
(545 | ) | (513 | ) | (1,080 | ) | (1,256 | ) | ||||||||
Secondary offering related expenses
|
- | - | - | (393 | ) | |||||||||||
Share-based compensation expenses
|
(410 | ) | (136 | ) | (798 | ) | (273 | ) | ||||||||
Operating income
|
1,793 | 330 | 3,444 | 5,362 | ||||||||||||
Financial expenses (income) - net
|
(427 | ) | 34 | (526 | ) | 10 | ||||||||||
Income before taxes on income
|
2,220 | 296 | 3,970 | 5,352 | ||||||||||||
Taxes on income
|
(70 | ) | (60 | ) | (164 | ) | (143 | ) | ||||||||
Share in profits of equity investee
|
114 | 145 | 197 | 282 | ||||||||||||
GAAP net income
|
$ | 2,264 | $ | 381 | $ | 4,003 | $ | 5,491 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
U.S. dollars in thousands
|
||||||||||||||||
Reconciliation of Non-GAAP net income to GAAP net income:
|
||||||||||||||||
Non-GAAP net income
|
$ | 2,674 | $ | 517 | $ | 4,801 | $ | 6,157 | ||||||||
Secondary offering related expenses
|
- | - | - | (393 | ) | |||||||||||
Share-based compensation expenses
|
(410 | ) | (136 | ) | (798 | ) | (273 | ) | ||||||||
GAAP net income
|
$ | 2,264 | $ | 381 | $ | 4,003 | $ | 5,491 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
U.S. dollars in thousands (except per share data)
|
||||||||||||||||
NET REVENUES
|
$ | 13,395 | $ | 8,957 | $ | 24,694 | $ | 26,808 | ||||||||
COST OF REVENUES *
|
5,259 | 3,403 | 9,556 | 10,263 | ||||||||||||
GROSS PROFIT
|
8,136 | 5,554 | 15,138 | 16,545 | ||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Research and development – net *
|
1,475 | 1,502 | 2,889 | 3,053 |
Selling and marketing *
|
2,688 | 1,931 | 5,111 | 4,182 | ||||||||||||
General and administrative *
|
2,180 | 1,791 | 3,694 | 3,948 | ||||||||||||
Total operating expenses
|
6,343 | 5,224 | 11,694 | 11,183 | ||||||||||||
OPERATING INCOME
|
1,793 | 330 | 3,444 | 5,362 | ||||||||||||
FINANCIAL EXPENSES (INCOME) – net
|
(427 | ) | 34 | (526 | ) | 10 | ||||||||||
INCOME BEFORE TAXES ON INCOME
|
2,220 | 296 | 3,970 | 5,352 | ||||||||||||
TAXES ON INCOME
|
(70 | ) | (60 | ) | (164 | ) | (143 | ) | ||||||||
SHARE IN PROFITS OF EQUITY INVESTEE
|
114 | 145 | 197 | 282 | ||||||||||||
NET INCOME
|
$ | 2,264 | $ | 381 | $ | 4,003 | $ | 5,491 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS):
|
||||||||||||||||
Currency translation adjustments
|
$ | 58 | $ | (37 | ) | $ | (70 | ) | $ | (44 | ) | |||||
Unrealized gain (loss) on marketable securities
|
(104 | ) | 14 | |||||||||||||
Cash flow hedge
|
(427 | ) | 92 | 207 | 99 | |||||||||||
Total comprehensive income
|
$ | 1,791 | $ | 436 | $ | 4,154 | $ | 5,546 | ||||||||
EARNINGS PER SHARE:
|
||||||||||||||||
Basic
|
$ | 0.10 | $ | 0.02 | $ | 0.18 | $ | 0.25 | ||||||||
Diluted
|
$ | 0.10 | $ | 0.02 | $ | 0.17 | $ | 0.23 | ||||||||
WEIGHTED AVERAGE NUMBER OF ORDINARYY SHARES:
|
||||||||||||||||
Basic
|
22,462,249 | 21,900,624 | 22,421,345 | 21,856,449 | ||||||||||||
Diluted
|
23,294,718 | 23,215,320 | 23,209,179 | 23,424,502 |
* The above items are inclusive of the following share-based compensation expense:
|
||||||||||||||||
Cost of revenues
|
$ | 29 | $ | 3 | $ | 59 | $ | 6 | ||||||||
Research and development - net
|
68 | 4 | 124 | 8 | ||||||||||||
Selling and marketing
|
87 | 5 | 184 | 12 | ||||||||||||
General and administrative
|
226 | 124 | 431 | 247 | ||||||||||||
$ | 410 | $ | 136 | $ | 798 | $ | 273 |
June 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
U.S. dollars in thousands
|
||||||||
A s s e t s
|
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 13,937 | $ | 10,315 | ||||
Short-term bank deposits and marketable securities
|
25,607 | 21,913 | ||||||
Accounts receivable:
|
||||||||
Trade
|
14,961 | 13,433 | ||||||
Other
|
3,231 | 3,110 | ||||||
Inventories
|
22,110 | 21,572 | ||||||
Total current assets
|
79,846 | 70,343 | ||||||
NON-CURRENT ASSETS:
|
||||||||
Investment in equity investee
|
1,279 | 1,152 | ||||||
Marketable securities
|
31,693 | 35,287 | ||||||
Intangibles, long-term deposits and other
|
1,151 | 1,200 | ||||||
Funds in respect of retirement benefits obligation
|
1,087 | 994 | ||||||
Total non-current assets
|
35,210 | 38,633 | ||||||
PROPERTY, PLANT AND EQUIPMENT:
|
||||||||
Cost
|
39,535 | 38,237 | ||||||
Less - accumulated depreciation and amortization
|
9,961 | 8,963 | ||||||
29,574 | 29,274 | |||||||
Total assets
|
$ | 144,630 | $ | 138,250 | ||||
Liabilities and shareholders' equity
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable and accruals:
|
||||||||
Trade
|
$ | 4,613 | $ | 5,259 | ||||
Other
|
5,313 | 3,569 | ||||||
Total current liabilities
|
9,926 | 8,828 | ||||||
LONG-TERM LIABILITY -
|
||||||||
Retirement benefits obligation
|
1,266 | 1,150 | ||||||
Total liabilities
|
11,192 | 9,978 | ||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary shares
|
58 | 57 | ||||||
Additional paid-in capital
|
123,086 | 122,075 | ||||||
Accumulated other comprehensive income (loss)
|
87 | (64 | ) | |||||
Retained earnings
|
10,207 | 6,204 | ||||||
Total shareholders' equity
|
133,438 | 128,272 | ||||||
Total liabilities and shareholders' equity
|
$ | 144,630 | $ | 138,250 |
Six Months Ended June 30,
|
||||||||
2015
|
2014
|
|||||||
U.S. dollars in thousands
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 4,003 | $ | 5,491 | ||||
Adjustments required to reflect cash flows from operations:
|
||||||||
Depreciation and amortization
|
1,080 | 1,256 | ||||||
Change in inventories
|
(538 | ) | (5,479 | ) | ||||
Change in accounts receivable
|
(1,307 | ) | 2,657 | |||||
Change in accounts payable and accruals
|
1,362 | (1,687 | ) | |||||
Share in profits of equity investee
|
(197 | ) | (282 | ) | ||||
Share-based compensation expense
|
798 | 273 | ||||||
Change in other non-current assets
|
(171 | ) | 1 | |||||
Change in retirement benefits obligation
|
81 | 31 | ||||||
Loss on sale of property, plant and equipment
|
12 | |||||||
Net cash provided by operating activities
|
5,123 | 2,261 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property, plant and equipment and intangible asset
|
(1,608 | ) | (3,681 | ) | ||||
Long-term deposits
|
(1 | ) | (17 | ) | ||||
Investment in bank and other deposits
|
(39 | ) | ||||||
Investment in marketable securities
|
(4,506 | ) | ||||||
Investment in equity investee
|
(92 | ) | ||||||
Proceeds from sale of marketable securities
|
4,489 | |||||||
Proceeds from sale of property, plant and equipment
|
8 | |||||||
Change in funds in respect of retirement benefits obligation
|
(58 | ) | (55 | ) | ||||
Net cash used in investing activities
|
(1,715 | ) | (3,845 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Repayment of long-term bank loan
|
(4,200 | ) | ||||||
Exercise of option by employees
|
214 | 852 | ||||||
Issuance costs
|
(78 | ) | ||||||
Net cash provided by (used in) financing activities
|
214 | (3,426 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
3,622 | (5,010 | ) | |||||
BALANCE OF CASH AND CASH EQUIVALENTS
|
||||||||
AT BEGINNING OF PERIOD
|
10,315 | 74,430 | ||||||
BALANCE OF CASH AND CASH EQUIVALENTS
|
||||||||
AT END OF PERIOD
|
$ | 13,937 | $ | 69,420 |
1 Year ENZYMOTEC LTD. Chart |
1 Month ENZYMOTEC LTD. Chart |
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