Enzymotec Ltd. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net revenues of $13,269,000, operating income of $1,135,000, income before taxes on income of $1,087,000, net income of $1,135,000 or $0.05 per diluted share against net revenues of $10,783,000, operating income of $1,060,000, income before taxes on income of $1,111,000, net income of $1,130,000 or $0.05 per diluted share a year ago. Adjusted EBITDA increased 19.2% to $2.4 million compared to the fourth quarter of 2014. Non-GAAP net income increased 7.0% to $1.6 million, or $0.07 per diluted share compared to the fourth quarter of 2014. Cash flows from operating activities amounted to $1.4 million. The increase in net Revenue was primarily attributable to an increase of $1.2 million in InFat sales (proportionate consolidation method), an increase of $0.9 million in sales of VAYA Pharma products and an increase of $0.8 million in sales of PS products, all partially offset by a decrease of $0.3 million of krill oil sales.

For the full year, the company reported net revenues of $50,391,000, operating income of $6,174,000, income before taxes on income of $6,645,000, net income of $6,683,000 or $0.29 per diluted share against net revenues of $47,103,000, operating income of $7,292,000, income before taxes on income of $7,791,000, net income of $7,838,000 or $0.34 per diluted share a year ago. Net cash provided by operating activities of $11,198,000 compared to $1,965,000 a year ago. Purchase of property, plant and equipment and intangible asset of $2,869,000 compared to $6,361,000 a year ago. Adjusted EBITDA of $2,416,000 compared to $2,026,000 a year ago.

For the full fiscal year 2016, the company provides the following guidance ranges: net revenues, based on the equity method of accounting, of between $68 million and $78 million, net revenues, based on the proportionate consolidation method, of between $56 million and $64 million, non-GAAP net income of between $6 million and $7 million and non-GAAP diluted earnings per share of between $0.25 and $0.30. 2016 projected non-GAAP net income and diluted EPS include an operating loss of approximately $7 million or $0.30 per share in the VAYA Pharma segment, as the company intends to invest further in expanding VAYA Pharma's operations, infrastructure and marketing activities as well as conduct clinical trials to reinforce the science and develop additional indications for VAYA Pharma's products.