Enzymotec (ENZY) Misses Q3 EPS by 4c; Trims FY16 Outlook; CEO Katz Resigns

November 16, 2016 7:33 AM EST
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Enzymotec (NASDAQ: ENZY) reported Q3 EPS of $0.03, $0.04 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $11.4 million versus the consensus estimate of $13.3 million.

CEO Change:

Enzymotec also announced that Dr. Ariel Katz, the Company’s President and Chief Executive Officer, will depart the Company by the end of May 2017, and the Board of Directors has initiated a search for a permanent replacement.

“We would like to thank Ariel for his commitment to the Company for the past 17 years; his leadership was instrumental to the transformation of the Company from a small incubator-based company to a public company. Ariel has been a visionary in lipids technology and his work has not only been crucial to the growth of Enzymotec, it has also improved the lives of babies and children around the world. With the strong foundation that Ariel has helped build, we look forward to executing on the Company’s growth opportunities,” commented Steve Dubin, Enzymotec’s Chairman of the Board.

“It has been a great honor to serve as Enzymotec’s President and Chief Executive Officer, and to lead the Company through its early growth and substantial achievements,” stated Dr. Ariel Katz. “As the Company looks ahead to the future, I am confident that the management team will be able to execute on its growth strategy and long-term commitment to providing innovative and well researched products to the infant nutrition and medical food markets.”

Dr. Mani Wasserman, the Chair of the Nominations and Corporate Governance Committee of Enzymotec’s Board will lead the search for Dr. Katz’s replacement.

GUIDANCE:

Enzymotec sees FY2016 EPS of $0.17-$0.19, versus the consensus of $0.27. Enzymotec sees FY2016 revenue of $47.5-49.5 million, versus the consensus of $53.0 million.

For earnings history and earnings-related data on Enzymotec (ENZY) click here.



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