Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2...

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Company Presentation June 2015

Transcript of Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2...

Page 2: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Safe Harbor Statement

This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements." Forward-looking statements in this presentation are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “aim”, “forecast”, “project”, “will”, “may”, “might”, “should”, “could” and similar expressions (or their negative) identify certain of these forward-looking statements. The forward-looking statements in this presentation are based upon assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. These assumptions are inherently subject to significant risks, uncertainties and contingencies, including those described under “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission, which are difficult or impossible to predict and many of which are beyond its control and it may not achieve or accomplish these expectations, beliefs or projections. The risks that, in the view of the Company, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, dependence on third parties to obtain raw materials, in particular krill; the sale of a high proportion of the Company’s InFat product to end users by a single company in China; customer concentration and a lack of long-term purchase commitments; possible payment of royalties on sales of our krill products in North America and Australia; the risk of future litigation, including regarding intellectual property rights; possible challenges to the classification of the Company’s products as “medical foods” in the United States; reliance on the Company’s Swedish joint venture with AAK and recently entering into an arbitration proceeding with AAK with respect to certain matters related to the joint venture agreement; dependence on a single facility that houses the majority of the Company’s operations; the Company’s ability to expand its production or processing capabilities; adverse impact on gross profits if the Company is only able to obtain lower quality krill meal; the Company and its customers being subject to significant and increasing government regulations regarding the sale and marketing of the Company’s products and its customers’ products incorporating the Company’s products; and adverse impacts on the Company’s ability to obtain krill due to conservation regulation or initiatives. Please refer to the Form 20-F for a complete list of such risks.

Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or this offering.

The information and opinions contained in this document are provided as of the date of this presentation and are subject to change without notice. This document has not been approved by any competent regulatory or supervisory authority. This document will not be left behind after this presentation and by accepting this document and attending the presentation you agree to be bound by the foregoing limitations.

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Page 3: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Enzymotec At-a-Glance

2

Exchange NASDAQ

Ticker ENZY

Price (as of May 29, 2015) $10.30

Market Cap $232M

Shares Outstanding 22.5M

52 Week Range $5.38 - $15.40

Float 17.3M

Insider Ownership 2.5%

Net Cash $70M*

*As of March 31, 2015

Page 4: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

The Enzymotec Edge

Focused on large and growing consumer health and

wellness end markets and spans the health

spectrum from prevention to treatment

Uniquely addresses the entire human life cycle from

infancy to old age

Leader in lipids technologies with clinically-

validated products that address dietary needs,

medical disorders and common diseases, using

molecules familiar to the human body

Fully integrated from research through

manufacturing to marketing and sales

Proprietary, scalable technology platform and

clinical research capabilities integrated across

segments

3

Page 5: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Consumer Health and Wellness

4

Consumer Drugs

Medical Foods

Clinical Nutrition Branded

Branded Dietary

Supplements

Infant Nutrition

Active Ingredients

Clinical Nutrition

Active Ingredients

BioActive Ingredients

Page 6: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Competitive Edge

5

TECHNOLOGY - Proprietary Lipids Technology - Strong Technology Platform - Cover all Clinical Phases

SOURCE OF KNOWLEDGE - Research Activities Span the

Entire Human Life Cycle - Ongoing Market Feedback

FULLY INTEGRATED - Fully Integrated Platform

from Research to Sales

Page 7: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

The Biological Importance of Lipids

• Major structural component of all cell membranes

• Key to important biological functions, including cell to cell communication

• ~60,000 different types in the human body and ~60% of the brain's dry mass consists of lipids

• Play an essential role in nerve cells, development and proper function

• Deficiencies or imbalances in lipid levels are associated with a wide array of diseases and disorders

• Limited research despite crucial role in tissue physiology, cell signaling and associated disorders

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Page 9: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Technology Platform and Source of Knowledge

8

Lipid Analysis

Data Mining

Enzymatic Technologies

Clinical Trials

Sourcing Intellectual

Property

Process Technologies

Research Centers

Lipid Biochemistry

Lipid Modification

Regulation

Page 10: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Human Life Cycle

9

Infants

Teenagers Adults

Seniors

Page 11: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Fully Integrated Platform

10

Manufacturing

Process Development Lipid Technology Enzymatic Technology

Research and Development

B2B2C

IP Clinical Support Regulatory Expertise

Page 12: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Global presence in over

30 countries

12 successfully completed

randomized pivotal controlled clinical

trials

23 peer-reviewed

articles

Proven

regulatory track record

Diverse suite of

15 products

Robust IP portfolio of over

160 patents & patent

applications

170 employees

State-of-the-art

GMP-compliant facility in Israel

Key Facts and Figures

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Page 13: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Our Journey So Far…

12

1998 1999

2000 2001

2002 2003

2004 2005

2006 2007

2008 2009 2011 2013

2010 2012

January 2001 Moved to new offices in Migdal Ha’Emeq Appointed Dr. Ariel Katz as CEO

Year 2003 First PS revenues

Year 2007 First Krill product revenues

June 2007 Established Advanced Lipids, JV with AAK, Sweden

March 2009 Moved to its current location (Sagi 2000 Industrial Park)

August 2009 Opened new industrial facility in Sagi 2000 Industrial Park

April 2011 Launched VAYA products in US

September 2013 IPO on NASDAQ

March 1998 Established

Year 2004 First InFat revenues

January 2008 Established subsidiary in US: Enzymotec USA Inc.

August 2010 Established second subsidiary in US: VAYA Pharma Inc.

December 2013 Established JV with Polar Omega for Omega PC

Page 14: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Diversified Business Model

13

NUTRITION

BioActive Ingredients Infant Nutrition

Omega 3

VAYA PHARMA

Medical Foods

PS Products

Premium infant formula ingredients that seek to resemble more closely the composition and properties of human breast milk

fat

Value-added ingredients for nutritional supplement companies

Lipid-based, branded medical foods for cardiovascular and neurological conditions, sold primarily in the U.S.

under physician supervision

Page 15: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

BioActive Business Opportunities

14

Cluster of products

Well established marketing infrastructure

Unique value proposition to customers led by strong science

Close relationships with customers

Efficient supply chain

Page 16: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Krill Oil Advantages

15

Real Quality The ONLY krill oil produced with MSO® technology Best organoleptic properties Low sodium levels

Customized Solutions Pure krill oil High potency krill oil Custom grades upon customers request

Cost Effective Flexible and competitive prices

Page 17: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Infant Nutrition Opportunities

16

Addresses changing trends in the market • Sales channels shift to e-commerce • Segmentation between OEMs and brands • Consumer driven business

Innovative products under development

Tailor custom solutions for each customer

Close relationships with customers

Page 18: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

INFAT: Marketed by Advanced Lipids (Joint Venture with AAK)

Oleic Acid O Palmitic Acid P

O

Vegetable Oil

INFAT sn-2 palmitate

Human Breast Milk Fat

P

O

P

P

O

Enzymatic Process

17

One Step Closer to Human Breast Milk

Other Oils (>90%)

sn-2 palmitate (<10%)

Infant Formula Oils Market Volume (MT)

Page 19: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

INFAT: Marketed by Advanced Lipids (Joint Venture with AAK)

Clinically Proven Benefits

18

Page 20: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Clinical Nutrition Market

• 75% of the market controlled by the large players: Nestle, Abbott and Danone

• 25% of the market is spread between >200 small local companies (Revs $1-$40M) that are not fully integrated

• Lack of innovation and most are “Me-Too” with slight formulation changes

• Constant regulatory changes require adjustment

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Page 21: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Clinical Nutrition Market By Formula

Source: Ubic 2014

Enteral nutrition has increasingly been favored over parenteral nutrition due to a higher physiological approach, lower cost and better

maintenance of normal gut function

300,750 165,000 10,000 0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Enteral Formula Parteral Formula Specific Formula

Mar

ket

size

in t

on

s

$5.7 Billion

$5.0 Billion

$0.7 Billion

Global clinical nutrition market was $10.7 Billion in 2013

Page 22: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Global Clinical Nutrition Sales by Disease Group

Source: Ubic 2014

Sarcopenia/Frailty/ Malnutrition

30%

Cancer 20%

Dementia 10%

Surgery/Burn/Wound 8%

Disphagia 8%

COPD & Other Pulmonary Diseases

7%

Dialysis & Urological Diseases

7%

Arthritis & Cardiovascular

Diseases 5%

Other 5%

Page 23: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Growth Strategy

22

INFANT NUTRITION

• Develop additional partnerships with branded manufacturers in China • Additional new launches and partnerships outside of Chinese market • Established milk research center to explore and introduce new

ingredients and solutions

BIO-ACTIVE

• Penetrate new territories, particularly in the Far East (China, Korea and Japan)

• Higher quality krill oil and better cost structure to recover market share in US and Australia

• Introduce low sodium krill oil in Europe

CLINICAL NUTRITION

• Identify targets for potential acquisitions

• Launch new and innovative products

Page 24: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

What are Medical Foods?

Contains ingredients that are GRAS (Generally Recognized As Safe)

Specially formulated

Based on recognized scientific principles

Produced under current Good Manufacturing Practices (cGMP)

Unavailable via regular diet

Intended for use under a physician's supervision

Nutritional deficiency correlated with diseases

Category of treatment defined by the FDA

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Page 25: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Current VAYA Product Line

24

Offers physicians a safe, cost-effective first line therapy alternative as compared to pharmaceutical intervention

Indication

Prescribing Physicians

Other Available Treatments

Clinical Dietary Management of ADHD

Psychiatrist Pediatrician Neurologist

Non-stimulants Stimulants

Clinical Dietary Management of Early Memory Impairment

General Practitioner Neurologist

CerefolinNAC Alzheimer's Disease

Treatments

Clinical Dietary Management of Hypertriglyceridemia

General Practitioner Cardiologist

Lovaza (GSK) Vascepa (Amarin)

Epanova (Omthera) Fibrate/Niacin/Niaspan(Abbott)

Page 26: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Growth Strategy

25

• Launch online pharmacy and call center in 2015

• Double number of sales representatives

• Increase market reach in US beyond Southeast into Northeast

• Develop strategic partnerships outside the US

• Expand clinical indications with additional clinical trials

• Increase conference attendance, initiate targeted advertising and expand relationships with key opinion leaders

Page 27: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

26

Financial Summary

Page 28: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Net Revenues 2011 - 2014

27 (1) Represents Enzymotec’s consolidated financials (InFat revenues represent Enzymotec’s share (50%) of the net results of the joint venture (Advanced Lipids) for US-GAAP accounting purposes). (2) InFat operational figures are based on the proportionate consolidation method and therefore, includes 50% of the InFat revenues from the JV with AAK - Advanced Lipids.

Revenues ($ in millions)

$23

$38

$65

$47

$28

$46

$81

$61

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2011 2012 2013 2014

Equity Method

Proportionate Consolidation Method

(1)

(2)

Page 29: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Profitable Company

28 (1) Margins are calculated based on Enzymotec U.S.-GAAP revenues. InFat revenues represent Enzymotec’s share (50%) of the net results of the joint venture (Advanced Lipids) for U.S.-GAAP accounting purposes. (2) Excludes IPO related bonus of $1 million. (3) Excludes Secondary Offering related expenses of $0.4 million.

Adjusted EBITDA ($ in millions)

Net Income ($ in millions)

Margins (1) 6% 12% 25% 31%

Margins (1) NM 13% 19%

$2.7

$10.5

$18.8

$14.0

$1.3

$7.3

$16.1

$11.4

$0

$5

$10

$15

$20

2011 2012 2013 2014

Nutrition Consolidated

19% 29%

($0.9)

$4.8

$12.4

$8.2

($5)

$0

$5

$10

$15

2011 2012 2013 2014

(2)

34% 24%

17%

(3)

Page 30: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Quarterly Performance

29 (1) Represents Enzymotec’s consolidated financials. InFat revenues represent Enzymotec’s share (50%) of the net results of the joint venture (Advanced Lipids) for US-GAAP accounting purposes. (2) Margins are calculated based on Enzymotec U.S.-GAAP revenues. InFat revenues represent Enzymotec share (50%) of the net results of the joint venture (Advanced Lipids) for U.S.-GAAP accounting purposes.

Consolidated Revenue ($ in Millions) (1)

Adjusted EBITDA ($ in Millions)

Margins (2) 21% 22% 34% 20%

$13.8 $14.9

$17.8 $18.5 $17.9

$9.0 $9.5 $10.8 $11.3

$0.0

$4.0

$8.0

$12.0

$16.0

$20.0

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

$3.0 $2.9 $3.9

$6.3 $6.5

$1.2 $1.8 $2.0

$2.7

$0.0

$2.0

$4.0

$6.0

$8.0

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

36% 13%

47% 48% 58% 47% 62% 62% Gross Margins (2)

19%

63% 59%

19%

62%

24%

Page 31: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Significant Conversion of EBITDA into Net Income

30

($ in Millions) Net Income Adjusted EBITDA % Conversion

2012 $4.8 $7.3 66%

2013 $12.4 $16.1 77%

2014 $8.2 $11.4 72%

(1) Excludes IPO related bonus of $1 million (2) Excludes secondary offering related expenses of $ 0.4 million (3) As of March 31, 2015

Minimal Interest Expense

Net Cash Position $70M

Low Taxes

Tax exempt in Israel until 2023 due to “approved enterprise”

status

Reduced CapEx and D&A

Capital expenditures and depreciation and amortization

related to manufacturing of InFat borne by JV partner

(1)

(2)

(3)

Page 32: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Outlook for 2015

31

2015E YoY % Change

Net Revenues (Equity Method) $52M - $60M +10% to +27%

Net Revenues (Proportionate Consolidation Method) $65M - $75M +6% to +22%

Non-GAAP Net Income* $5M - $8M -45% to -12%

Non-GAAP Diluted EPS* $0.21 - $0.34 -46% to -13%

*The 2015 projected Non-GAAP Net Income and Non-GAAP Diluted EPS include an operating loss of approximately $4.5 million (or $0.20 earnings per share) in VAYA Pharma for operations, infrastructure and clinical trials to reinforce the science and develop additional indication. It also reflects an investment in the development of innovative ingredients for infant nutrition.

Page 33: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Investment Highlights

Unique exposure to health and wellness categories

VAYA Pharma is a growth engine

Stable customer base as the business is B2B

Opportunity to innovate in clinical nutrition

Stabilization in infant formula and krill oil markets

Experienced leadership team and advisory boards

Significant conversion of EBITDA into net income

Strong balance sheet with $3/share in net cash

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Page 34: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Company Management

Dr. Ariel Katz, President and Chief Executive Officer

Joined Enzymotec as President and Chief Executive Officer in 2000

Held senior positions with the Dead Sea Bromine Group of Israel Chemicals Ltd., including roles in R&D, Plant Management, Marketing and Business Development

Bachelor’s degree in Chemistry and an M.Sc. in economic management from Ben-Gurion of the Negev, Beer Sheva, Israel, as well as a PhD in engineering in the field of artificial intelligence

Oren Bryan, Vice President and Chief Financial Officer

Joined Enzymotec as Vice President and Chief Financial Officer in 2008

Served as Chief Financial Officer of MIND C.T.I. Ltd., a global leader in telecom billing and call accounting software

Bachelor’s degree in Economics and Accounting from Hafia University, Israel, and hold the Certified Public Accountant designation

Rob Crim, President and Chief Executive Officer of VAYA Pharma USA

Over fifteen years experience in clinical nutrition and medical foods industries

Held various positions at Danone/Numico, including General Manager of the SHS Business and Regional Vice President – North America

Bachelor’s degree from Harvard University and an M.B.A. from the University of Michigan

Steve Dubin, Chairman of the Board

Joined Enzymotec as Chairman of the Board in January 2014

Principal of SDA Ventues LLC, a firm focused on assisting emerging growth health and nutritional products companies with corporate development, business acquisition and corporate finance

Former Chief Executive Officer and member of the Board of Directors of Martek Biosciences Corporation, leading producers of nutritional supplements with business segments focused on medical foods and infant formula

Holger Liepmann, Director

Joined Enzymotec as a member of the Board of Directors in February 2015

Served in various positions with Abbot Laboratories between 1986 and 2011, finishing with a five-years as Executive Vice President of Nutritional Products

While at Abbot Laboratories, oversaw all aspects of global nutrition business, including R&D, manufacturing, and supply chain and commercial operations

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Page 35: Company Presentation June 2015 - Jefferies Group · 2015. 6. 11. · Enzymotec At-a-Glance 2 Exchange NASDAQ Ticker ENZY Price (as of May 29, 2015) $10.30 Market Cap $232M Shares

Thank You

www.enzymotec.com