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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.
|
|||
Date: November 11, 2015
|
By:
|
/s/ Oren Bryan | |
Name: Oren Bryan | |||
Title: Chief Financial Officer |
Exhibit
|
Description
|
99.1
|
Press release dated November 11, 2015 entitled “Enzymotec Ltd. Reports Third Quarter 2015 Results”.
|
|
·
|
Third quarter net revenues (equity method) increased 30.7% to $12.4 million, compared to the third quarter of 2014.
|
|
·
|
Third quarter net revenues (proportionate consolidation method) increased 24.7% to $15.0 million, compared to the third quarter of 2014.
|
|
·
|
Third quarter adjusted EBITDA increased 55.3% to $2.7 million*, compared to the third quarter of 2014.
|
|
·
|
Third quarter GAAP net income increased 27.0% to $1.5 million, or $0.07 per diluted share, compared to the third quarter of 2014.
|
|
·
|
Third quarter non-GAAP net income increased 32.9% to $2.0 million, or $0.08 per diluted share*, compared to the third quarter of 2014.
|
|
·
|
Third quarter cash flows from operating activities amounted to $4.7 million.
|
|
·
|
The Company provides updated guidance for the full fiscal year ending December 31, 2015.
|
Recent Business Highlights:
|
VAYA Pharma:
|
|
·
|
Generated record VAYA Pharma sales in the third quarter.
|
|
·
|
VAYA Pharma sales-out in the U.S., which includes IMS data and the Company’s direct sales channels, show an increase of 37% in the third quarter of 2015, compared to the third quarter of 2014 and an increase of 13%, compared to the second quarter of 2015.
|
|
·
|
Expanded the VAYA Pharma U.S. sales force to 33.
|
|
·
|
Increased traffic to VAYA Pharma's online pharmacy resulting in higher refill rate and patient compliance.
|
|
·
|
Dr. Arnold Mech, Head of The Mech Center Outpatient and Research / Medical Director, Sleep Centers of Texas presented at the AACAP 62nd Annual Meeting on a Retrospective Analysis of the effects of Vayarin® in ADHD patients suffering from sleep disturbances, and reported significant improvement of emotional status and sleep quality for Vayarin® users.
|
|
·
|
Granted U.S. patent for Vayacog® in pre-dementia.
|
·
|
Clinical trial results for InFat®, marketed and sold by a joint venture with AAK, titled, "SN2 Palmitate Reduces Fatty Acid Excretion in Chinese Formula-fed Infants: A Double-Blind Randomized Clinical Trial" accepted for publication in the Journal of Pediatric Gastroenterology & Nutrition. The study demonstrated that infants fed with infant formula containing InFat® as the fat fraction, resulted in significantly increased fatty acids absorption.
|
·
|
Granted U.S. patent for InFat® covering InFat’s promoting of intestinal development and maturation in infants.
|
·
|
Presented at Supply Side West Exhibition in Las Vegas results showing that K•Real® is the only krill oil which has been clinically proven to improve muscle recovery after exercise.
|
·
|
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 has appealed the USPTO decision to the U.S. Court of Appeals for the Federal Circuit regarding the two remaining challenged claims. 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.
|
·
|
The Company expects a decision as part of the arbitration with AAK to be rendered by no later than December 31, 2015.
|
Three Months Ended September 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
|
$
|
12,781
|
$
|
2,226
|
$
|
15,007
|
$
|
(2,579
|
) |
$
|
12,428
|
|||||||||
Cost of revenues(2)
|
7,064
|
341
|
7,405
|
(2,467
|
) |
4,938
|
||||||||||||||
Gross profit(2)
|
5,717
|
1,885
|
7,602
|
(112
|
) |
7,490
|
||||||||||||||
Operating expenses(2)
|
3,094
|
2,381
|
5,475
|
5,475
|
||||||||||||||||
Depreciation and amortization
|
546
|
54
|
600
|
|||||||||||||||||
Adjusted EBITDA(3)
|
$
|
3,169
|
$
|
(442
|
) |
$
|
2,727
|
Three Months Ended September 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
|
$
|
10,519
|
$
|
1,519
|
$
|
12,038
|
$
|
(2,526
|
) |
$
|
9,512
|
|||||||||
Cost of revenues(2)
|
5,633
|
347
|
5,980
|
(2,426
|
) |
3,554
|
||||||||||||||
Gross profit(2)
|
4,886
|
1,172
|
6,058
|
(100)
|
5,958
|
|||||||||||||||
Operating expenses(2)
|
3,267
|
1,560
|
4,827
|
—
|
4,827
|
|||||||||||||||
Depreciation and amortization
|
486
|
39
|
525
|
|||||||||||||||||
Adjusted EBITDA(3)
|
$
|
2,105
|
$
|
(349
|
) |
$
|
1,756
|
(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.
|
Nine Months Ended September 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
|
$
|
39,710
|
$
|
6,174
|
$
|
45,884
|
$
|
(8,762
|
) |
$
|
37,122
|
|||||||||
Cost of revenues(2)
|
21,712
|
1,126
|
22,838
|
(8,403
|
) |
14,435
|
||||||||||||||
Gross profit(2)
|
17,998
|
5,048
|
23,046
|
(359
|
) |
22,687
|
||||||||||||||
Operating expenses(2)
|
9,538
|
6,895
|
16,433
|
(3
|
) |
16,430
|
||||||||||||||
Depreciation and amortization
|
1,538
|
142
|
1,680
|
|||||||||||||||||
Adjusted EBITDA(4)
|
$
|
9,998
|
$
|
(1,705
|
) |
$
|
8,293
|
Nine Months Ended September 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
|
$
|
42,982
|
$
|
4,281
|
$
|
47,263
|
$
|
(10,943
|
) |
$
|
36,320
|
|||||||||
Cost of revenues(2)
|
23,216
|
1,084
|
24,300
|
(10,489
|
) |
13,811
|
||||||||||||||
Gross profit(2)
|
19,766
|
3,197
|
22,963
|
(454
|
) |
22,509
|
||||||||||||||
Operating expenses(3)
|
10,138
|
5,212
|
15,350
|
—
|
15,350
|
|||||||||||||||
Depreciation and amortization
|
1,629
|
152
|
1,781
|
|||||||||||||||||
Adjusted EBITDA(4)
|
$
|
11,257
|
$
|
(1,863
|
) |
$
|
9,394
|
(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 $50 million and $52 million
|
|
·
|
Net revenues, based on the proportionate consolidation method, of between $62 million and $64 million
|
|
·
|
Non-GAAP net income of between $8.3 million and $9.3 million
|
|
·
|
Non-GAAP diluted earnings per share (EPS) of between $0.36 and $0.40
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
U.S. dollars in thousands
|
||||||||||||||||
Reconciliation of adjusted EBITDA to net income:
|
||||||||||||||||
Adjusted EBITDA
|
$ | 2,727 | $ | 1,756 | $ | 8,293 | $ | 9,394 | ||||||||
Accounting for joint venture
|
(112 | ) | (100 | ) | (356 | ) | (454 | ) | ||||||||
Depreciation and amortization
|
(600 | ) | (525 | ) | (1,680 | ) | (1,781 | ) | ||||||||
Secondary offering related expenses
|
- | - | - | (393 | ) | |||||||||||
Share-based compensation expenses
|
(420 | ) | (261 | ) | (1,218 | ) | (534 | ) | ||||||||
Operating income
|
1,595 | 870 | 5,039 | 6,232 | ||||||||||||
Financial expenses (income) - net
|
7 | (458 | ) | (519 | ) | (448 | ) | |||||||||
Income before taxes on income
|
1,588 | 1,328 | 5,558 | 6,680 | ||||||||||||
Taxes on income
|
(121 | ) | (189 | ) | (285 | ) | (332 | ) | ||||||||
Share in profits of equity investee
|
78 | 78 | 275 | 360 | ||||||||||||
GAAP net income
|
$ | 1,545 | $ | 1,217 | $ | 5,548 | $ | 6,708 |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
U.S. dollars in thousands
|
||||||||||||||||
Reconciliation of Non-GAAP net income to GAAP net income:
|
||||||||||||||||
Non-GAAP net income
|
$ | 1,965 | $ | 1,478 | $ | 6,766 | $ | 7,635 | ||||||||
Secondary offering related expenses
|
- | - | - | (393 | ) | |||||||||||
Share-based compensation expenses
|
(420 | ) | (261 | ) | (1,218 | ) | (534 | ) | ||||||||
GAAP net income
|
$ | 1,545 | $ | 1,217 | $ | 5,548 | $ | 6,708 |
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
U.S. dollars in thousands (except per share data)
|
||||||||||||||||
NET REVENUES
|
$ | 12,428 | $ | 9,512 | $ | 37,122 | $ | 36,320 | ||||||||
COST OF REVENUES *
|
4,963 | 3,573 | 14,519 | 13,836 | ||||||||||||
GROSS PROFIT
|
7,465 | 5,939 | 22,603 | 22,484 | ||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Research and development – net *
|
1,463 | 1,451 | 4,352 | 4,504 | ||||||||||||
Selling and marketing *
|
2,654 | 2,078 | 7,765 | 6,260 | ||||||||||||
General and administrative *
|
1,753 | 1,540 | 5,447 | 5,488 | ||||||||||||
Total operating expenses
|
5,870 | 5,069 | 17,564 | 16,252 | ||||||||||||
OPERATING INCOME
|
1,595 | 870 | 5,039 | 6,232 | ||||||||||||
FINANCIAL EXPENSES (INCOME) – net
|
7 | (458 | ) | (519 | ) | (448 | ) | |||||||||
INCOME BEFORE TAXES ON INCOME
|
1,588 | 1,328 | 5,558 | 6,680 | ||||||||||||
TAXES ON INCOME
|
(121 | ) | (189 | ) | (285 | ) | (332 | ) | ||||||||
SHARE IN PROFITS OF EQUITY INVESTEE
|
78 | 78 | 275 | 360 | ||||||||||||
NET INCOME
|
$ | 1,545 | $ | 1,217 | $ | 5,548 | $ | 6,708 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS):
|
||||||||||||||||
Currency translation adjustments
|
$ | (17 | ) | $ | (89 | ) | $ | (87 | ) | $ | (133 | ) | ||||
Unrealized gain (loss) on marketable securities
|
7 | (158 | ) | 21 | (158 | ) | ||||||||||
Cash flow hedge
|
(219 | ) | 238 | (12 | ) | 337 | ||||||||||
Total comprehensive income
|
$ | 1,316 | $ | 1,208 | $ | 5,470 | $ | 6,754 | ||||||||
EARNINGS PER SHARE:
|
||||||||||||||||
Basic
|
$ | 0.07 | $ | 0.06 | $ | 0.25 | $ | 0.31 | ||||||||
Diluted
|
$ | 0.07 | $ | 0.05 | $ | 0.24 | $ | 0.29 | ||||||||
WEIGHTED AVERAGE NUMBER OF ORDINARYY SHARES:
|
||||||||||||||||
Basic
|
22,542,144 | 21,977,064 | 22,462,054 | 21,956,427 | ||||||||||||
Diluted
|
23,289,075 | 23,132,357 | 23,247,187 | 23,419,346 |
* The above items are inclusive of the following share-based compensation expense:
|
||||||||||||||||
Cost of revenues
|
$ | 25 | $ | 19 | $ | 84 | $ | 25 | ||||||||
Research and development - net
|
68 | 38 | 192 | 46 | ||||||||||||
Selling and marketing
|
90 | 55 | 274 | 67 | ||||||||||||
General and administrative
|
237 | 149 | 668 | 396 | ||||||||||||
$ | 420 | $ | 261 | $ | 1,218 | $ | 534 |
September 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
U.S. dollars in thousands
|
||||||||
A s s e t s
|
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 26,197 | $ | 10,315 | ||||
Short-term bank deposits and marketable securities
|
18,176 | 21,913 | ||||||
Accounts receivable:
|
||||||||
Trade
|
11,940 | 13,433 | ||||||
Other
|
4,180 | 3,110 | ||||||
Inventories
|
21,535 | 21,572 | ||||||
Total current assets
|
82,028 | 70,343 | ||||||
NON-CURRENT ASSETS:
|
||||||||
Investment in equity investee
|
1,340 | 1,152 | ||||||
Marketable securities
|
31,414 | 35,287 | ||||||
Intangibles, long-term deposits and other
|
1,142 | 1,200 | ||||||
Funds in respect of retirement benefits obligation
|
1,049 | 994 | ||||||
Total non-current assets
|
34,945 | 38,633 | ||||||
PROPERTY, PLANT AND EQUIPMENT:
|
||||||||
Cost
|
40,117 | 38,237 | ||||||
Less - accumulated depreciation and amortization
|
10,524 | 8,963 | ||||||
29,593 | 29,274 | |||||||
Total assets
|
$ | 146,566 | $ | 138,250 | ||||
Liabilities and shareholders' equity
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable and accruals:
|
||||||||
Trade
|
$ | 4,833 | $ | 5,259 | ||||
Other
|
5,005 | 3,569 | ||||||
Total current liabilities
|
9,838 | 8,828 | ||||||
LONG-TERM LIABILITY -
|
||||||||
Retirement benefits obligation
|
1,233 | 1,150 | ||||||
Total liabilities
|
11,071 | 9,978 | ||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary shares
|
58 | 57 | ||||||
Additional paid-in capital
|
123,827 | 122,075 | ||||||
Accumulated other comprehensive loss
|
(142 | ) | (64 | ) | ||||
Retained earnings
|
11,752 | 6,204 | ||||||
Total shareholders' equity
|
135,495 | 128,272 | ||||||
Total liabilities and shareholders' equity
|
$ | 146,566 | $ | 138,250 |
Nine Months Ended September 30,
|
||||||||
2015
|
2014
|
|||||||
U.S. dollars in thousands
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 5,548 | $ | 6,708 | ||||
Adjustments required to reflect cash flows from operations:
|
||||||||
Depreciation and amortization
|
1,680 | 1,781 | ||||||
Change in inventories
|
37 | (9,939 | ) | |||||
Change in accounts receivable and other
|
432 | 5,663 | ||||||
Change in accounts payable and accruals
|
1,286 | (3,351 | ) | |||||
Share in profits of equity investee
|
(275 | ) | (360 | ) | ||||
Share-based compensation expense
|
1,218 | 534 | ||||||
Change in other non-current assets
|
(256 | ) | (75 | ) | ||||
Change in retirement benefits obligation
|
139 | (210 | ) | |||||
Loss on sale of property, plant and equipment
|
16 | |||||||
Net cash provided by operating activities
|
9,825 | 751 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property, plant and equipment and intangible asset
|
(2,218 | ) | (5,352 | ) | ||||
Long-term deposits
|
(25 | ) | (34 | ) | ||||
Change in bank deposits, net
|
7,523 | (20,009 | ) | |||||
Investment in marketable securities
|
(5,147 | ) | (37,285 | ) | ||||
Investment in equity investee
|
(92 | ) | ||||||
Proceeds from sale of marketable securities
|
5,489 | |||||||
Proceeds from sale of property, plant and equipment
|
11 | |||||||
Change in funds in respect of retirement benefits obligation
|
(111 | ) | 123 | |||||
Net cash provided by (used in) investing activities
|
5,522 | (62,649 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Repayment of long-term bank loan
|
(4,200 | ) | ||||||
Exercise of stock option by employees
|
535 | 1,076 | ||||||
Issuance costs
|
(78 | ) | ||||||
Net cash provided by (used in) financing activities
|
535 | (3,202 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
15,882 | (65,100 | ) | |||||
BALANCE OF CASH AND CASH EQUIVALENTS
|
||||||||
AT BEGINNING OF PERIOD
|
10,315 | 74,430 | ||||||
BALANCE OF CASH AND CASH EQUIVALENTS
|
||||||||
AT END OF PERIOD
|
$ | 26,197 | $ | 9,330 |
1 Year ENZYMOTEC LTD. Chart |
1 Month ENZYMOTEC LTD. Chart |
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