Enzymotec (NASDAQ:ENZY) reports 1Q17 earnings results; Topline down 14%; Misses Estimate

Enzymotec (NASDAQ:ENZY) reports 1Q17 earnings results; Topline down 14%; Misses Estimate

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Enzymotec (NASDAQ:ENZY) reported net income for the first quarter of $ 0.02 million or  $ 0.00 per share, compared to income  $ 1.45 million or $ 0.06 per share for the year-ago quarter.

The Israel based company recorded first quarter Non-GAAP net income of $ 0.77 million or $ 0.03 per share.

The Net Revenue for first quarter decreased 14% to $ 12.00 million from $ 13.97 million in the same quarter last year.

Analysts polled by Thomson Reuters expected ENZY to report income of $ 0.06 per share on revenue of $ 14.22 million  for the first quarter. Analysts estimates generally exclude one time charges / gains.

Erez Israeli, President and CEO, We are firmly committed to infant nutrition as we continue to experience positive growth,Demand for our prescription VAYA Pharma products continues to grow and we look forward to having the opportunity to directly engage with the FDA to address its concerns regarding the labelling and classification of medical foods. I believe that it is now imperative to first evaluate, mend and strengthen the foundation on which Enzymotec was built, and devise new strategies to grow the business across the board.