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Neptune Announces Record Third Quarter Results

Revenue Increases 122% YoY to $12.3 million

LAVAL, QUEBEC -- (Marketwired) -- 01/12/17 --

Financial and Operational Highlights(1)


--  Revenues reached $12.3 million, up 122% versus last year 
--  Best quarter in terms of krill oil sales volume in the last four years 
--  Gross margin on sales rose to 25.9% compared to 23.8% last year 
--  EBITDA(2) of $1.3 million compared to a non-IFRS operating loss(2) of
    $0.6 million last year, an improvement of $1.9 million 
--  Net income of $11.2 million which includes a one-time royalty payment
    net of related legal fees 
--  Settlement agreement with Aker Biomarine 
--  Expanded worldwide distribution rights of MaxSimil 
--  Healthy cash balance for the Nutraceutical segment of $6.8 million at
    quarter-end (excluding settlement proceeds) 

Neptune Technologies & Bioressources Inc. ("Neptune" or the "Corporation") (NASDAQ:NEPT)(TSX:NEPT), today announced its financial and operating results for the third quarter ended November 30, 2016. All amounts are in Canadian dollars.

Jim Hamilton, Neptune's President and CEO commented, "For the third quarter, we're excited to announce our best quarter ever. This quarter also marked significant year over year, as well as sequential, revenue growth. Additionally, we are pleased to have reported a settlement agreement during the quarter ending all litigation with Aker Biomarine, proceeds from which we will see over the next 12 months."

The specialty ingredients and Biodroga turnkey solutions businesses both performed well with more than 20% organic growth. In the specialty ingredients business, the addition of new customers and repeat sales at higher volumes from our existing customer base occurred. In the turnkey solutions business, an operational study has been completed and a new structure and operating processes to capitalize on great potential demand is now being implemented. Our objective is to grow this area by an average of 20% annually moving forward. Moreover, new revenues from NKA, our feed ingredient product, as well as from MaxSimil were recorded.

"To reflect the change in our fiscal year-end, which will be comprised of 13 months, we now anticipate Fiscal 2017 revenues, excluding the settlement royalty with Aker Biomarine of $13.1 million, at approximately $48 million (from prior guidance of $45 million) and continue to anticipate double-digit Adjusted EBITDA margin," concluded Mr. Hamilton.

(1) Neptune Nutraceutical Segment

(2) See "Caution Regarding Non-IFRS Financial Measures" and "Reconciliation of net income (loss) to Adjusted EBITDA or non-IFRS operating loss" which follow.

Nutraceutical Business Results

Third Quarter Financial Results


--  Nutraceutical revenues were $12.3 million for the three-month period
    ended November 30, 2016, versus $5.5 million for the same period last
    year. 
--  Net income was $11.2 million for the current quarter, largely reflecting
    revenues from the royalty settlement, versus a net loss of $1.3 million
    in the prior year. 
--  Adjusted EBITDA(1) was $1.3 million for the current quarter, compared to
    a Non-IFRS operating loss(1) of $0.6 million in the prior year. 

The net income recorded for the quarter reflects royalty revenues of $13.1 million from the settlement agreement with Aker and an improvement of the Adjusted EBITDA. The Nutraceutical segment third quarter Adjusted EBITDA improvement was mainly driven by higher revenues and a stronger gross margin, in percentage and in dollars, related to cost reduction initiatives, including plant efficiencies and the Biodroga acquisition contribution. The prior year net loss and Adjusted EBITDA also included unallocated production overhead costs.

Project Turbo, a company-wide initiative to drive efficiencies and operating performance, was put in place during the second quarter of Fiscal 2016. As of the end of this quarter, all of the expected cost savings of approximately $5.0 million were realized.

Year-to-Date Financial Results


--  Nutraceutical revenues were $35.1 million for the nine-month period
    ended November 30, 2016, versus $12.9 million for the same period last
    year. 
--  Net income was $9.3 million for the nine-month period ended November 30,
    2016, largely reflecting revenues from the royalty settlement, versus a
    net loss of $7.8 million in the prior year. 
--  Adjusted EBITDA(1) was $3.2 million for the nine-month period ended
    November 30, 2016, compared to a Non-IFRS operating loss(1) of $5.4
    million in the prior year. 

The net profit recorded reflects improvement of the Adjusted EBITDA and royalty revenues from the settlement agreement with Aker. The Nutraceutical segment year-to-date Adjusted EBITDA improvement was mainly driven by higher revenues and a stronger gross margin, in percentage and in dollars, related to cost reduction initiatives, including plant efficiencies and the Biodroga acquisition contribution. The prior year net loss and Adjusted EBITDA also included unallocated production overhead costs.

(1) See "Caution Regarding Non-IFRS Financial Measures" and "Reconciliation of net income (loss) to Adjusted EBITDA or non-IFRS operating loss" which follow.

Consolidated Results (including Acasti Pharma)

Third Quarter Financial Results


--  Consolidated revenues totalled $12.1 million for the three-month period
    ended November 30, 2016, up from $5.5 million for the same period last
    year. 
--  Net income was $9.4 million for the current quarter, largely reflecting
    revenues from the royalty settlement, versus a net loss of $2.9 million
    in the prior year. 
--  Non-IFRS operating loss(1) was $0.5 million for the current quarter,
    versus $2.6 million in the prior year. 

On a consolidated basis, the current quarter includes a Non-IFRS operating loss(1) of $1.7 million and a net loss of $2.4 million for Neptune's subsidiary, Acasti, which is actively engaged in clinical studies and research and development. In the corresponding period last year, Acasti recorded a Non-IFRS operating loss(1) of $2.0 million and a net loss of $2.2 million.

Year-to-Date Financial Results


--  Consolidated revenues totalled $35 million for the nine-month period
    ended November 30, 2016, up from $12.6 million for the nine-month period
    ended November, 2015. 
--  Net income was $3.2 million for the nine-month period ended November 30,
    2016, versus a net loss of $10.5 million in the prior year. 
--  Non-IFRS operating loss(1) was $2.5 million for the nine-month period
    ended November 30, 2016, versus $10.8 million in the prior year. 

On a consolidated basis, the nine-month period ended November 30, 2016 includes a Non-IFRS operating loss(1) of $5.7 million and a net loss of $7.9 million for Acasti. In the corresponding prior year period ending November 30, 2015, Acasti recorded a Non-IFRS operating loss(1) of $5.4 million and a net loss of $4.4 million.

Consolidated cash and short term investments, including $2.8 million of restricted short term investments, were $12.6 million as at November 30, 2016, with $6.8 million for the Nutraceutical segment and $5.8 million for Acasti. If Acasti does not raise additional funds, there exists a material uncertainty that casts substantial doubt about Acasti's ability to continue as a going concern and, therefore, realize its assets and discharge its liabilities in the normal course of business. Acasti's Management has reasonable expectations that they will be able to raise additional funds, assuming the successful completion of Acasti's previously announced financing initiatives. On December 5, 2016, Acasti filed a preliminary short form prospectus.

(1) See "Caution Regarding Non-IFRS Financial Measures" and "Reconciliation of net income (loss) to Adjusted EBITDA or non-IFRS operating loss" which follow.

Caution Regarding Non-IFRS Financial Measures

The Corporation uses adjusted financial measures, including Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and non-IFRS operating loss (Operating loss before depreciation and amortization), to assess its operating performance. These non-IFRS financial measures are directly derived from the Company's financial statements and are presented in a consistent manner. The Company uses these measures for the purposes of evaluating its historical and prospective financial performance, as well as its performance relative to competitors. These measures also help the Company to plan and forecast for future periods as well as to make operational and strategic decisions. The Company believes that providing this information to investors, in addition to IFRS measures, allows them to see the Company's results through the eyes of management, and to better understand its historical and future financial performance.

Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Corporation uses Adjusted EBITDA and non-IFRS operating loss to measure its performance from one period to the next without the variation caused by certain adjustments that could potentially distort the analysis of trends in our operating performance, and because the Corporation believes it provides meaningful information on the Corporation financial condition and operating results. Neptune's method for calculating Adjusted EBITDA or non-IFRS operating loss may differ from that used by other corporations.

Neptune obtains its Consolidated Adjusted EBITDA and non-IFRS operating loss measurement by adding to net income (loss), finance costs, depreciation and amortization and income taxes and by subtracting finance income. Other items such as insurance recoveries from plant explosion, royalty settlement and related costs and acquisition costs that do not impact core operating performance of the Corporation are excluded from the calculation as they may vary significantly from one period to another. Finance income/costs include foreign exchange gain (loss) and change in fair value of derivatives. Neptune also excludes the effects of certain non-monetary transactions recorded, such as stock-based compensation, acquisition costs and insurance recoveries, from its Adjusted EBITDA and non-IFRS operating loss calculation. The Corporation believes it is useful to exclude this item as it is a non-cash expense. Excluding this item does not imply it is necessarily non-recurring.

Conference Call Details

Neptune will be holding a conference call on January 12, 2017, at 5:30 PM (ET) to present its results for the third quarter ended November 30, 2016.


Date:     Thursday, January 12, 2017                                        
Time:     5:30 PM Eastern Time                                              
Call:     1-877-223-4471 (within Canada & the U.S.)                         
          1-647-788-4922 (Outside Canada and the U.S.)                      
          (Please dial in 15 minutes before the call begins)                
Webcast:  A live audio webcast can be accessed at:                          
          http://neptunekrilloil.com/investors/investor-events-and-         
          presentations/                                                    

A replay of the call will be available for replay two hours after the call's completion, until February 12, 2017. The telephone numbers to access the replay of the call are 1 (416) 621-4642 or 1 (800) 585-8367 (toll-free), Conference ID 39042107. The archive of the webcast, along with its accompanying presentation, will also be made available immediately in the Investors section of Neptune's website under Investor Events and Presentations.

About Neptune Technologies & Bioressources Inc.

Neptune is a nutrition products company focused on the business of customized unique nutrition solutions, specialty ingredients and consumer brands. The company develops turnkey solutions available in various unique delivery forms. Neptune also offers premium krill oil manufactured in its state-of-the art facility and a variety of other specialty ingredients such as marine and seed oils. Neptune sells its premium krill oil under the OCEANO3® brand directly to consumers in Canada and the United States through web sales at www.oceano3.com. OCEANO3 is also sold as a turnkey solution to distributors. The Company's head office is located in Laval, Quebec.

Neptune is also pursuing opportunities in the prescription drug markets, through its approximately 48% owned subsidiary Acasti Pharma Inc. ("Acasti"). Acasti focuses on the research, development and commercialization of new krill oil-based forms of omega-3 phospholipid therapies for the treatment of severe hypertriglyceridemia.

Forward Looking Statements

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the U.S. securities laws and Canadian securities laws. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of Neptune to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement and the "Cautionary Note Regarding Forward-Looking Information" section contained in Neptune's latest Annual Information Form (the "AIF"), which also forms part of Neptune's latest annual report on Form 40-F, and which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and on the investor section of Neptune's website at www.neptunebiotech.com. All forward-looking statements in this press release are made as of the date of this press release. Neptune does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in Neptune public securities filings with the Securities and Exchange Commission and the Canadian securities commissions. Additional information about these assumptions and risks and uncertainties is contained in the AIF under "Risk Factors".

Neither NASDAQ nor the Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.


Reconciliation of Net income (loss) to Adjusted EBITDA(1)or non-IFRS        
operating loss(1)                                                           
(Expressed in thousands of dollars)                                         
Three-month period ended November 30, 2016                                  
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                               Inter-segment                
                 Nutraceutical Cardiovascular   eliminations          Total 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             $              $              $              $ 
----------------------------------------------------------------------------
Total revenues          12,252              1           (112)        12,141 
Gross margin             3,450              1              1          3,452 
R&D                       (340)        (1,684)           581         (1,443)
SG&A                    (4,511)          (829)             -         (5,340)
Other income -                                                              
 royalty                                                                    
 settlement             13,117              -              -         13,117 
Income (loss)                                                               
 from operating                                                             
 activities             11,716         (2,512)           582          9,786 
Net finance                                                                 
 (cost) income            (697)           115              -           (582)
Income taxes               217              -              -            217 
Net income                                                                  
 (loss)                 11,236         (2,397)           582          9,421 
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted EBITDA                                                             
 (non-IFRS                                                                  
 operating                                                                  
 loss)(1)                                                                   
calculation                                                                 
Net income                                                                  
 (loss)                 11,236         (2,397)           582          9,421 
Add (deduct):                                                               
  Depreciation                                                              
   and                                                                      
   amortization            856            621           (581)           896 
  Finance costs            625              1             (6)           620 
  Finance income          (126)          (118)             6           (238)
  Change in fair                                                            
   value of                                                                 
   derivative                                                               
   assets and                                                               
   liabilities             198              2              -            200 
  Stock-based                                                               
   compensation            315            155              -            470 
  Income taxes            (217)             -              -           (217)
  Royalty                                                                   
   settlement          (13,117)             -              -        (13,117)
  Legal fees                                                                
   related to                                                               
   royalty                                                                  
   settlement            1,501              -              -          1,501 
----------------------------------------------------------------------------
Adjusted EBITDA                                                             
 (non-IFRS                                                                  
 operating                                                                  
 loss)(1)                1,271         (1,736)             1           (464)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) See "Caution Regarding Non-IFRS Financial Measures".


                                                                            
Reconciliation of Net loss to Adjusted EBITDA(1)or non-IFRS operating       
loss(1)                                                                     
(Expressed in thousands of dollars)                                         
Three-month period ended November 30, 2015                                  
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              Inter-segment                 
                Nutraceutical Cardiovascular   eliminations           Total 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                            $              $              $               $ 
----------------------------------------------------------------------------
Total revenues          5,515              5              -           5,520 
Gross margin            1,648              3              -           1,651 
R&D                      (387)        (2,155)           581          (1,961)
SG&A                   (2,824)          (481)             -          (3,305)
Insurance                                                                   
 recoveries               500              -              -             500 
Loss from                                                                   
 operating                                                                  
 activities            (1,063)        (2,633)           581          (3,115)
Net finance                                                                 
 (cost) income           (243)           442            (11)            188 
Net loss               (1,306)        (2,191)           570          (2,927)
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Non-IFRS                                                                    
 operating                                                                  
 loss(1)                                                                    
calculation                                                                 
Net loss               (1,306)        (2,191)           570          (2,927)
Add (deduct):                                                               
  Depreciation                                                              
   and                                                                      
   amortization           600            601           (581)            620 
  Finance costs           333              1              -             334 
  Finance                                                                   
   income                 (97)           (88)             -            (185)
  Change in                                                                 
   fair value                                                               
   of                                                                       
   derivative                                                               
   assets and                                                               
   liabilities              7           (355)            11            (337)
  Stock-based                                                               
   compensation           397             44              -             441 
  Insurance                                                                 
   recoveries            (500)             -              -            (500)
----------------------------------------------------------------------------
Non-IFRS                                                                    
 operating                                                                  
 loss(1)                 (566)        (1,988)             -          (2,554)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) See "Caution Regarding Non-IFRS Financial Measures".


                                                                            
Reconciliation of Net income (loss) to Adjusted EBITDA(1)or non-IFRS        
operating loss(1)                                                           
(Expressed in thousands of dollars)                                         
Nine-month period ended November 30, 2016                                   
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                               Inter-segment                
                 Nutraceutical Cardiovascular   eliminations          Total 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             $              $              $              $ 
----------------------------------------------------------------------------
Total revenues          35,093              8           (112)        34,989 
Gross margin             9,554              8              1          9,563 
R&D                     (1,091)        (5,677)         1,742         (5,026)
SG&A                   (10,197)        (2,252)             -        (12,449)
Other income -                                                              
 royalty                                                                    
 settlement             13,117              -              -         13,117 
Income (loss)                                                               
 from operating                                                             
 activities             11,383         (7,921)         1,743          5,205 
Net finance                                                                 
 (cost) income          (1,982)            41             (3)        (1,944)
Income taxes               (83)             -              -            (83)
Net income                                                                  
 (loss)                  9,318         (7,880)         1,740          3,178 
Total assets           133,538         21,589        (45,085)       110,042 
Cash and short-                                                             
 term                                                                       
 investments                                                                
 (including                                                                 
 restricted                                                                 
 short-term                                                                 
 investments)            6,759          5,843              -         12,602 
Working                                                                     
 capital(2)             15,628          4,421              1         20,050 
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted EBITDA                                                             
 (non-IFRS                                                                  
 operating                                                                  
 loss)(1)                                                                   
 calculation                                                                
Net income                                                                  
 (loss)                  9,318         (7,880)         1,740          3,178 
Add (deduct):                                                               
  Depreciation                                                              
   and                                                                      
   amortization          2,388          1,843         (1,742)         2,489 
  Finance costs          1,976             15            (89)         1,902 
  Finance income          (226)            40             89            (97)
  Change in fair                                                            
   value of                                                                 
   derivative                                                               
   assets and                                                               
   liabilities             233            (96)             3            140 
  Stock-based                                                               
   compensation            985            430              -          1,415 
  Income taxes              83              -              -             83 
  Royalty                                                                   
   settlement          (13,117)             -              -        (13,117)
  Legal fees                                                                
   related to                                                               
   royalty                                                                  
   settlement            1,501              -              -          1,501 
  Acquisitions                                                              
   costs                    38              -              -             38 
----------------------------------------------------------------------------
Adjusted EBITDA                                                             
 (non-IFRS                                                                  
 operating                                                                  
 loss)(1)                3,179         (5,648)             1         (2,468)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) See "Caution Regarding Non-IFRS Financial Measures".

(2) The working capital is presented for information purposes only and represents a measurement of the Corporation's short-term financial health mostly used in financial circles. The working capital is calculated by subtracting current liabilities from current assets. Because there is no standard method endorsed by IFRS, the results may not be comparable to similar measurements presented by other public companies.


                                                                            
Reconciliation of Net loss to Adjusted EBITDA(1)or non-IFRS operating       
loss(1)                                                                     
(Expressed in thousands of dollars)                                         
Nine-month period ended November 30, 2015                                   
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                               Inter-segment                
                 Nutraceutical Cardiovascular   eliminations          Total 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             $              $              $              $ 
----------------------------------------------------------------------------
Total revenues          12,927             17           (342)        12,602 
Gross margin             1,579             10            (85)         1,504 
R&D                     (1,251)        (5,798)         1,828         (5,221)
SG&A                    (8,610)        (1,615)             -        (10,225)
Insurance                                                                   
 recoveries              1,224              -              -          1,224 
Loss from                                                                   
 operating                                                                  
 activities             (7,058)        (7,403)         1,743        (12,718)
Net finance                                                                 
 (cost) income            (670)         3,005            (68)         2,268 
Net loss                (7,728)        (4,398)         1,675        (10,450)
Total assets           101,683         30,928        (46,069)        86,542 
Cash and short-                                                             
 term                                                                       
 investments             5,063         14,100              -         19,163 
Working                                                                     
 capital(2)             14,924         13,161            (50)        28,035 
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Non-IFRS                                                                    
 operating                                                                  
 loss(1)                                                                    
 calculation                                                                
Net loss                (7,728)        (4,398)         1,675        (10,450)
Add (deduct):                                                               
  Depreciation                                                              
   and                                                                      
   amortization          1,790          1,784         (1,743)         1,831 
  Finance costs            996              3              -            999 
  Finance income          (392)          (921)             -         (1,314)
  Change in fair                                                            
   value of                                                                 
   derivative                                                               
   assets and                                                               
   liabilities              66         (2,087)            68         (1,953)
  Stock-based                                                               
   compensation          1,084            201              -          1,285 
  Insurance                                                                 
   recoveries           (1,224)             -              -         (1,224)
----------------------------------------------------------------------------
Non-IFRS                                                                    
 operating                                                                  
 loss(1)                (5,408)        (5,418)             -        (10,826)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) See "Caution Regarding Non-IFRS Financial Measures".

(2) The working capital is presented for information purposes only and represents a measurement of the Corporation's short-term financial health mostly used in financial circles. The working capital is calculated by subtracting current liabilities from current assets. Because there is no standard method endorsed by IFRS, the results may not be comparable to similar measurements presented by other public companies.

Contacts:
Neptune Contact:
Mario Paradis
VP & CFO
1.450.687.2262
[email protected]
www.neptunecorp.com

James Carbonara
Hayden IR
1.646.755.4712
[email protected]

Pierre Boucher
MaisonBrison
1.514.731.0000
[email protected]

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