Unifill Prefilled Syringe
AutoInfusor Devices of Disposable Subcutaneous Delivery Systems
"Our AutoInfusor™ devices are generating market activity with a number of global pharmaceutical companies for the delivery of large dose volume drugs, such as monoclonal antibodies," continued
"We have created a number of distinct technology platforms within our AutoInfusor family of devices. The Precision-Therapy™ range is designed for use with bolus based therapies that require short or long duration injections, while our Flex-Therapy™ range is for rate-based therapies requiring infusion over a longer duration of time. Brought together, our AutoInfusor family of devices represents the most complete and customer-focused range of disposable delivery systems available for use with large dose volume drugs.
"Following head-to-head user acceptance and preference studies conducted by one of our pharmaceutical customers, we have been advised that our Precision-Therapy line of devices has been selected to enter the next phase of evaluations for use with a number of their pipeline drugs. Upon successful completion of these evaluations, the products will be considered by the pharmaceutical customer for a number of long-term development and commercial supply agreements. Similar progress is also being made with other global pharmaceutical companies with our Precision-Therapy product line as well as our Flex-Therapy product line, with additional evaluations scheduled for a number of pipeline drugs during this calendar year."
A Large and Expanding Commercial Pipeline
"By showcasing our unparalleled capacity to address customer needs with speed, agility and innovation, we have doubled our pipeline of current and potential customers to more than 40 pharmaceutical companies in this fiscal year," continued
"Having made significant R&D investments in recent quarters to expand our portfolio in response to customer needs, we are pleased to advise that the majority of these companies are seeking access to more than one of our devices and targeting multiple drugs. We estimate that between five and ten of these customer relationships have now reached an advanced stage. We expect to generate recurring and incremental revenues for
Cash Position
Financial Results for Three Months Ended
Revenues for the three months ended
The Company's net loss for the three months ended
Adjusted net loss for the three months ended
Financial Results for the Year Ended
Revenues for the year ended
The Company's net loss for the year ended
Adjusted net loss for the year ended
Conference Call Information
Management has scheduled a conference call for
About
Forward-Looking Statements
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
Non-GAAP Financial Measures
U.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 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 and interest expense.
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
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Investor Contacts (US): |
Analyst Enquiries |
Investor Contacts ( |
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P: + 1 212-682-6300 |
P: + 1 415-202-5678 |
P: + 61 2 8346 6500 |
(Tables Below)
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UNILIFE CORPORATION AND SUBSIDIARIES | |||
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Consolidated Balance Sheets | |||
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(unaudited) | |||
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(in thousands, except share data) | |||
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Assets |
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Current Assets: |
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Cash and cash equivalents |
$ 11,410 |
$ 17,910 | |
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Restricted cash |
2,400 |
2,400 | |
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Accounts receivable |
1,042 |
13 | |
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Inventories |
212 |
626 | |
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Prepaid expenses and other current assets |
676 |
381 | |
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Total current assets |
15,740 |
21,330 | |
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Property, plant and equipment, net |
52,514 |
54,020 | |
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Goodwill |
12,734 |
13,265 | |
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Intangible assets, net |
34 |
42 | |
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Other assets |
1,286 |
821 | |
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Total assets |
$ 82,308 |
$ 89,478 | |
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Liabilities and Stockholders' Equity |
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Current Liabilities: |
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Accounts payable |
$ 2,399 |
$ 2,405 | |
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Accrued expenses |
2,209 |
2,696 | |
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Current portion of long-term debt |
5,655 |
2,274 | |
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Deferred revenue |
2,595 |
2,706 | |
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Total current liabilities |
12,858 |
10,081 | |
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Long-term debt, less current portion |
23,110 |
20,413 | |
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Deferred revenue |
2,595 |
5,412 | |
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Total liabilities |
38,563 |
35,906 | |
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Stockholders' Equity: |
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Preferred stock, |
- |
- | |
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Common stock, |
758 |
639 | |
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Additional paid-in-capital |
212,326 |
169,590 | |
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Accumulated deficit |
(172,634) |
(120,332) | |
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Accumulated other comprehensive income |
3,435 |
3,775 | |
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Treasury stock, at cost, 28,670 and 19,350 shares as of |
(140) |
(100) | |
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Total stockholders' equity |
43,745 |
53,572 | |
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Total liabilities and stockholders' equity |
$ 82,308 |
$ 89,478 | |
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UNILIFE CORPORATION AND SUBSIDIARIES | |||||||
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Consolidated Statements of Operations | |||||||
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(unaudited) | |||||||
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Three Months Ended |
Year Ended | ||||||
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2012 |
2011 |
2012 |
2011 | ||||
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(in thousands, except per share data) |
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Revenues: |
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Industrialization and development fees |
$ 565 |
$ - |
$ 2,820 |
$ 1,350 | |||
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Licensing fees |
645 |
678 |
2,638 |
2,527 | |||
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Product sales and other |
16 |
17 |
61 |
2,773 | |||
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Total revenues |
1,226 |
695 |
5,519 |
6,650 | |||
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Cost of product sales |
476 |
148 |
584 |
2,597 | |||
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Gross profit |
750 |
547 |
4,935 |
4,053 | |||
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Operating expenses: |
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Research and development |
6,909 |
2,690 |
23,137 |
9,631 | |||
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Selling, general and administrative |
7,113 |
7,185 |
27,685 |
31,571 | |||
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Depreciation and amortization |
1,239 |
1,517 |
4,582 |
4,009 | |||
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Total operating expenses |
15,261 |
11,392 |
55,404 |
45,211 | |||
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Operating loss |
(14,511) |
(10,845) |
(50,469) |
(41,158) | |||
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Interest expense |
572 |
270 |
2,120 |
511 | |||
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Interest income |
(22) |
(67) |
(124) |
(399) | |||
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Other income |
(200) |
(503) |
(163) |
(588) | |||
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Net loss |
$ (14,861) |
$ (10,545) |
$ (52,302) |
$ (40,682) | |||
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Loss per share: |
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Basic and diluted loss per share |
$ (0.21) |
$ (0.17) |
$ (0.78) |
$ (0.70) | |||
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UNILIFE CORPORATION AND SUBSIDIARIES | |||||||
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Reconciliation of Non-GAAP Measure | |||||||
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(unaudited) | |||||||
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Three Months Ended |
Year Ended | ||||||
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2012 |
2011 |
2012 |
2011 | ||||
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(in thousands, except per share amounts) |
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Net loss |
$ (14,861) |
$ (10,545) |
$ (52,302) |
$ (40,682) | |||
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Share-based compensation expense |
2,098 |
2,420 |
7,886 |
9,022 | |||
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Depreciation and amortization |
1,239 |
1,517 |
4,582 |
4,009 | |||
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Interest expense |
572 |
270 |
2,120 |
511 | |||
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Adjusted net loss |
$ (10,952) |
$ (6,338) |
$ (37,714) |
$ (27,140) | |||
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Adjusted net loss per share - diluted |
$ (0.15) |
$ (0.10) |
$ (0.56) |
$ (0.47) | |||
SOURCE
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