Navigation Links
Unilife Corporation Announces Financial Results For Fiscal Year 2011 Second Quarter
Date:2/14/2011

YORK, Pa., Feb. 14, 2011 /PRNewswire/ -- Unilife Corporation ("Unilife" or "Company") (Nasdaq: UNIS; ASX: UNS) today announced financial results for the three and six months ended December 31, 2010 (Fiscal Year 2011 Second Quarter).

Recent Company Highlights:

  • Completed, on-schedule, the construction of a new global headquarters and production facility in York, PA; U.S. based staff now working out of the new facility
  • Transferred Unitract® automated assembly line to York facility; on schedule to commission new clean rooms and resume production this quarter
  • On schedule to commence initial production of the Unifill® ready-to-fill (pre-filled) syringe this quarter
  • Completed private placement of A$23.1 million (US$22.3 million); received shareholder approval on February 7, 2011
  • Secured A$12.8 million (US$13.0 million) in additional capital through 2010 Share Purchase Plan ("SPP")
  • Appointed Dr. Ramin Mojdeh, former Vice President and General Manager of Becton Dickinson (BD) Pharmaceutical Systems, as Unilife's new Chief Operating Officer (COO)

  • Mr. Alan Shortall, Chief Executive Officer of Unilife, stated, "The past calendar year was a period of significant business expansion for Unilife. Key milestones completed during this time include our redomiciliation to the U.S., the listing of our common stock on NASDAQ, and the construction of our new state-of-the-art facility. We now have the operational capabilities and other support resources required to begin meeting projected market demand for our proprietary products from pharmaceutical and healthcare customers. The next step in our strategy is to increase the sales and marketing efforts surrounding our products, highlighting their unique value proposition.  Part of this effort is focused on finalizing discussions with many of the world's leading pharmaceutical companies for our Unifill ready-to-fill syringe, as well as some of our pipeline products.  

    "In an effort to support the growth of Unilife into a commercial manufacturing business, we recently appointed Dr. Ramin Mojdeh as Unilife's Chief Operating Officer. Dr. Mojdeh has tremendous executive leadership qualities and strong product development expertise with global medical device industry leaders such as BD and Guidant Corporation.

    "During the second quarter of fiscal 2011, we also strengthened our balance sheet by raising a total of A$35.9 million (US$35.3 million) through a private placement and our 2010 Share Purchase Plan. The proceeds raised will be used to support general operations as we continue to focus on commencing the initial production and sale of the Unifill® syringe, expanding our network of pharmaceutical customers, and bringing to market exciting new products from our pipeline," concluded Mr. Shortall.

    Financial Results for Three and Six Months Ended December 31, 2010 Revenues for the three months ended December 31, 2010 were $1.8 million compared to $3.2 million for the same period in 2009.

    The Company's net loss for the three months ended December 31, 2010 was $(10.4) million, or $(0.19) per diluted share, compared to a net loss of $(5.9) million, or $(0.13) per diluted share, for the same period in 2009. The increase in net loss was attributable to a decrease in industrialization fee revenue as well as increased research and development expenses to finalize the product specifications of our Unifill syringe. In addition selling, general and administrative expenses increased due to higher share-based compensation expenses and higher payroll and related expenses due to increases in our workforce offset by a decrease in legal and consulting fees due to significant costs incurred in the prior year quarter in connection with our redomiciliation to the U.S.  

    Adjusted net loss for the three months ended December 31, 2010, which excludes approximately $2.7 million in share-based compensation expense, depreciation and amortization and interest expense was $(7.6) million, or $(0.14) per diluted share, compared to adjusted net loss of $(3.0) million, or $(0.07) per diluted share, for the same period in 2009.  

    Revenues for the six months ended December 31, 2010 were $5.3 million, compared to $6.4 million for the same period in 2009.

    The Company's net loss for the six months ended December 31, 2010 was $(17.6) million, or $(0.32) per diluted share, as compared to a net loss of $(8.0) million, or $(0.19) per diluted share, for the same period in 2009. The increase in net loss was attributable to a decrease in industrialization fee revenue, which was partially offset by an increase in contract manufacturing revenue as well as increased research and development expenses to finalize the product specifications of our Unifill syringe.  In addition selling, general and administrative expenses increased due to higher share-based compensation expenses and higher payroll and related expenses due to increases in our workforce offset by a decrease in legal and consulting fees due to significant costs incurred in the prior year period in connection with our redomiciliation to the U.S.Adjusted net loss for the six months ended December 31, 2010, which excludes approximately $6.1 million in share-based compensation expense, depreciation and amortization and interest expense was $(11.5) million, or $(0.21) per diluted share, compared to adjusted net loss of $(3.7) million, or $(0.09) per diluted share, for the same period in 2009.

    As of December 31, 2010, the Company's cash, cash equivalents and restricted cash were $41.5 million.  

    Conference Call InformationManagement has scheduled a conference call for 4:30 p.m. U.S. Eastern Standard Time on February 14, 2011, to review the Company's financial results, market trends and future outlook.  The conference call and accompanying slide presentation will be broadcast over the Internet as a "live" listen only Webcast.  An archive of the presentation and webcast will be available for 30 days after the call.  To listen, please go to: http://ir.unilife.com/events.cfm.  

    About Unilife CorporationUnilife Corporation is a U.S.-based medical device company focused on the design, development, manufacture and supply of a proprietary range of retractable syringes. Primary target customers for Unilife products include pharmaceutical manufacturers, suppliers of medical equipment to healthcare facilities and patients who self-administer prescription medication. These patent-protected syringes incorporate automatic, operator-controlled needle retraction features which are fully integrated within the barrel, and are designed to protect those at risk of needlestick injuries and unsafe injection practices. Unilife is ISO 13485-certified and has FDA-registered medical device manufacturing facilities in Pennsylvania.

    This press release contains forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to our management. Our management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in "Item 1A. Risk Factors" and elsewhere in our Annual Report on Form 10-K and those described from time to time in other reports which we file with the Securities and Exchange Commission. 

    Non-GAAP Financial MeasuresU.S. securities laws require that when we publish any non-GAAP financial measure, we disclose the reason for using the non-GAAP measure and provide a reconciliation to the most directly comparable GAAP measure.  The presentation of adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures.  Adjusted net income (loss) represents net income (loss) calculated in accordance with U.S. GAAP as adjusted for the impact of share-based compensation expense, depreciation and amortization, interest expense and certain non-recurring costs associated with our redomiciliation and Nasdaq listing.

    Management believes the presentation of adjusted net income (loss) and adjusted net income (loss) per share provides useful information because these measures enhance its own evaluation, as well as investor's understanding, of the Company's core operating and financial results.  Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.  A reconciliation of net income (loss) to adjusted net income (loss) is included in the attached table.

    General: UNIS-G Investor Contacts (US):Investor Contacts (Australia)Todd Fromer / Garth Russell

    Stuart Fine

    Jeff CarterKCSA Strategic Communications

    Carpe DM Inc

    Unilife CorporationP: + 1 212-682-6300

    P: + 1 908 469 1788

    P: + 61 2 8346 6500(Tables Below)UNILIFE CORPORATION AND SUBSIDIARIESConsolidated Balance Sheets(in thousands, except share data)(unaudited)AssetsDecember 31,
    2010June 30,
    2010Current Assets:Cash and cash equivalents

    $39,133$20,750Restricted cash

    2,400—Accounts receivable

    4511,556Inventories

    1,028797Prepaid expenses and other current assets

    745637Total current assets

    43,75723,740Property, plant and equipment, net

    49,81029,972Goodwill

    12,73610,792Intangible assets, net

    4440Other assets

    502273Total assets

    $106,849$64,817Liabilities and Stockholders’ EquityCurrent Liabilities:Accounts payable

    $3,671$6,044Accrued expenses

    3,5712,911Current portion of long-term debt

    2,2011,648Deferred revenue

    2,5952,188Total current liabilities

    12,03812,791Long-term debt, less current portion

    16,3771,093Deferred revenue

    6,4886,563Total liabilities

    34,90320,447Stockholders’ Equity:Preferred stock, $0.01 par value, 50,000,000 shares authorized as of December 31, 2010; none issued or outstanding as of December 31, 2010 and June 30, 2010

    ——Common stock, $0.01 par value, 250,000,000 shares authorized as of December 31, 2010; 63,397,161 and 54,761,848 shares issued and outstanding as of December 31, 2010 and June 30, 2010, respectively

    634548Additional paid-in-capital

    164,597122,397Accumulated deficit

    (97,254)(79,650)Accumulated other comprehensive income

    3,9691,075Total stockholders’ equity

    71,94644,370Total liabilities and stockholders’ equity

    $106,849$64,817UNILIFE CORPORATION AND SUBSIDIARIESConsolidated Statements of Operations(in thousands, except per share data)(unaudited)Three Months EndedSix Months EndedDecember 31, December 31, 2010200920102009Revenues:Industrialization fees

    $
    8212;$2,088$1,350$3,833Licensing fees

    6307461,2071,429Product sales and other

    1,1324112,7481,091Total revenues

    1,7623,2455,3056,353Cost of product sales

    8244741,9991,303Gross profit

    9382,7713,3065,050Operating expenses:Research and development

    1,4162872,421686Selling, general and administrative

    9,0547,51717,06611,259Depreciation and amortization

    8781,0091,6651,300Total operating expenses

    11,3488,81321,15213,245Operating loss

    (10,410)(6,042)(17,846)(8,195)Interest expense

    32146461Interest income

    (82)(252)(204)(257)Other (income) expense, net

    (2)111(102)(20)Net loss

    ($10,358)($5,915)($17,604)($7,979)Loss per share:Basic loss per share

    ($0.19)($0.13)($0.32)($0.19)Diluted loss per share

    ($0.19)($0.13)($0.32)($0.19)UNILIFE CORPORATION AND SUBSIDIARIESReconciliation of Non-GAAP Measure (in thousands, except per share data) (unaudited)Three Months EndedSix Months Ended December 31, December 31,2010200920102009Net loss

    ($10,358)($5,915)($17,604)($7,979)Share-based compensation expense

    1,8362014,386771Depreciation and amortization

    8781,0091,6651,300Interest expense

    32146461Non-recurring costs associated with redomiciliation

    ——2,135amp; US listing*1,710Adjusted net loss

    ($7,612)($2,981)($11,489)($3,712)Adjusted net loss per share –diluted

    ($0.14)($0.07)($0.21)($0.09)* Includes legal, consulting and other professional fees incurred in connection with the Company’s redomiciliation to the United States and Nasdaq listing.
    '/>"/>

    SOURCE Unilife Corporation
    Copyright©2010 PR Newswire.
    All rights reserved

    Related medicine technology :

    1. Unilife Corporation Commences Trading on the NASDAQ Global Market Under the Ticker Symbol UNIS
    2. Unilife Corporation Schedules Fiscal 2010 Fourth Quarter and Year End Conference Call for Monday, August 30, 2010
    3. Unilife Corporation Announces Preliminary Financial Results for Fourth Quarter and Fiscal Year 2010
    4. Unilife Corporation Secures FDA 510k Clearance for the Unitract™ 1mL Tuberculin Syringe
    5. Unilife Secures U.S. Government Financial Backing for the Completion of New Global Headquarters and Manufacturing Facility in York, PA
    6. Unilife Corporation Schedules Fiscal 2011 First Quarter Conference Call For Monday, November 15, 2010
    7. Unilife Commences U.S. Sales of Unitract® 1mL Syringes
    8. Unilife Corporation Announces Financial Results for Fiscal Year 2011 First Quarter
    9. Unilife Completes A$23.1 Million Private Placement
    10. Unilife Corporation Moves into New State-of-the-Art Manufacturing Facility and Global Headquarters
    11. Unilife Receives SPP Applications Exceeding A$12.8 Million
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:5/27/2016)... , May 27, 2016 ... the Dario™ Diabetes Management Tool, today announced that the Company,s ... the Marcum MicroCap Conference being held June 1-2 in ... Invitational, being held June 7-9 in Los Angeles, ... will discuss recent corporate and operational milestones, including the U.S. ...
    (Date:5/27/2016)... Amarantus BioScience Holdings, Inc. (OTCQX: AMBS), ... Neurology and Orphan Diseases, today announced that President & CEO ... conferences: SeeThru Equity MicroCap Conference   ... City , NY When: Tuesday, May 31 st ... Where: Grand Hyatt Hotel, 109 East 42 nd ...
    (Date:5/26/2016)... TARE (Transarterial Radio-embolization) Using ... and Overall Decreased Use of Hospital Resource ... specialist healthcare company, has today announced the publication ... of ISPOR (International Society for Pharmacoeconomics and Outcomes ... using yttrium-90 glass microspheres is associated with cost ...
    Breaking Medicine Technology:
    (Date:5/26/2016)... ... May 26, 2016 , ... Georgia State University ... specialty academic programs. , Answering to the increasing demand for curricular specializations, the ... law, and environmental and land use law. ,  , “The demand for lawyers ...
    (Date:5/26/2016)... ... May 26, 2016 , ... The Woodlands at John Knox ... new model of care for living and healing, celebrated its grand opening, today. The ... a Real Home provided by Empowered Staff. , “This is an incredibly fulfilling time ...
    (Date:5/26/2016)... ... May 26, 2016 , ... MadgeTech will be showcasing its line of ... Warner, New Hampshire at the MadgeTech headquarters. With products sold in more than 100 ... government agencies, including NASA. , In 2012, NASA strategically set up 17 RHTemp101A ...
    (Date:5/26/2016)... ... ... An April Gallup survey found rising health care costs to be the top ... Living (SHSL) may not share those same worries thanks to a new bundled ... while holding the line on increasing their contributions, including premiums, deductibles and the portions ...
    (Date:5/26/2016)... ... May 26, 2016 , ... Leadership ... solutions, today announced the organization has earned its ISO 13485 certification, indicating the ... compliant with all rules and policies associated with ISO quality standard 13485. ...
    Breaking Medicine News(10 mins):