Enzymotec Slips 6% to Record Low

Enzymotec fell 5.9% to a record low in Wednesday’s afternoon trade after the company reported Q3 financial results, with both top and bottom lines missing forecasts, and fiscal 2016 guidance below estimates; it also said its chief executive officer has resigned.

The nutritional ingredients and medical foods company said Q3 non-GAAP net income was $0.03 per diluted share, from $0.08 for the same period last year, missing the Capital IQ forecast of $0.07.

Revenue for the quarter was $11.4 million, down from $12.4 million in the year-ago period, and short of the analyst forecast of $13.3 million.

For full-year 2016, the company said it expects revenues of between $47.5 million and $49.5 million, below the $53 million consensus, and non-GAAP diluted earnings per share of between $0.17 and $0.19, well below the $0.27 average estimate.

Enzymotec also said that Ariel Katz, the company’s CEO and president, will step down by the end of May 2017. The board of directors has begun a search for a permanent replacement.

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