Enzymotec (NASDAQ: ENZY) reported Q1 EPS of $0.03, $0.03 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $12 million versus the consensus estimate of $14.22 million.

First Quarter 2017 Financial Highlights

• First quarter net revenues increased 13.4% to $12.0 million, compared to the fourth quarter of 2016, but decreased 14.1%, compared to the first quarter of 2016.
• First quarter net revenues (utilizing the proportionate consolidation method used for segment reporting) increased 26.2% to $17.1 million, compared to the fourth quarter of 2016, and remained stable, compared to the first quarter of 2016.
• First quarter gross margin increased by 3.4% and 23.8% to 70.2%, up from 66.8% and 46.4% in the first quarter and the fourth quarter of 2016, respectively.
• First quarter research and development expenses increased 17.5% and 23.9%, respectively, to $2.2 million, compared to the first quarter and the fourth quarter of 2016.
• First quarter selling and marketing expenses increased 6.3% and 7.8%, to $4.6 million, respectively, compared to the first quarter and the fourth quarter of 2016.
• First quarter Adjusted EBITDA* was $1.5 million, compared to $2.7 million in the first quarter of 2016, and $(1.4) million in the fourth quarter of 2016.
• First quarter GAAP net income was $25,000, or $0.00 per diluted share, compared to GAAP net income of $1.4 million, or $0.06 per diluted share, in the first quarter of 2016, and GAAP net loss of $(4.2) million, or $(0.18) per diluted share, in the fourth quarter of 2016.
• First quarter non-GAAP net income* was $0.8 million, or $0.03 per diluted share, compared to non-GAAP net income of $2.1 million, or $0.09 per diluted share, in the first quarter of 2016 and non-GAAP net loss of $(2.4) million, or $(0.10) per diluted share in the fourth quarter of 2016.

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