$UNIS Unilife Corporation Provides Business Update PR Newswire - Wed Nov 02, 3:10PM CDT As previously announced, Unilife Corporation ("Unilife" or "Company") (NASDAQ: UNIS; ASX: UNS) management is hosting a conference call to provide an operational and financial update today at 4:30 p.m. EDT (7:30 a.m. AEDT on Thursday, November 3, 2016).
John Ryan, Unilife's President and Chief Executive Officer, commented, "Our team is focused on customer requirements and program execution, as well as on continuing to innovate our industry-leading wearable injector technology. We are committed to running a more efficient operation and expect a significant decrease in our operating expenses in fiscal 2017."
Financial Results for the Fourth Quarter of 2016 and for Fiscal Year 2016
Revenue for the fourth quarter of fiscal 2016 and for fiscal year 2016 was $6.3 million and $14.8 million, respectively, compared to $3.5 million and $13.2 million, respectively, in the fourth quarter of fiscal 2015 and for fiscal year 2015.
Research and development (R&D) expense for the fourth quarter of fiscal 2016 and for fiscal year 2016 was $7.4 million and $43.2 million, respectively, compared to $17.0 million and $52.5 million in the respective prior periods. Selling, general, and administrative (SG&A) expense for the fourth quarter of fiscal 2016 and for fiscal year 2016 was $7.6 million and $43.2 million, compared to $9.4 million and $36.2 million, respectively, in the fourth quarter of fiscal 2015 and for fiscal year 2015. SG&A expense in fiscal year 2016 includes approximately $5.8 million of severance-related expense, of which approximately $3.6 million was share-based compensation, related to the departure of the Company's former Chief Executive Officer and former Chief Operating Officer, and $5.0 million of cost related to the strategic review process.
R&D expense for the fourth quarter of fiscal 2016 and for fiscal year 2016 included $0.6 million and $4.6 million of share based compensation expense, respectively, compared to $1.5 million and $3.7 million in the respective prior periods. SG&A expense for the fourth quarter of fiscal 2016 and for fiscal 2016 included $0.7 million and $9.3 million of share based compensation, respectively, compared to $2.4 million and $8.0 million in the respective prior periods.
The Company's net loss for the fourth quarter of fiscal 2016 and for fiscal 2016 was $7.7 million and $100.8 million, or $0.47 per share and $7.04 per share, respectively, compared to a net loss of $26.1 million and $90.8 million, or $2.16 per share and $8.10 per share, respectively, for the fourth quarter of fiscal 2015 and for fiscal 2015. The fiscal year 2016 net loss includes a primarily non-cash asset impairment charge of approximately $26.6 million related to certain of the Company's non-wearable injector equipment.
Unilife had $21.1 million in total cash and cash equivalents, including restricted cash of $2.4 million, as of June 30, 2016.
Conference Call Information
Management has scheduled a conference call for 4:30 p.m. EDT on Wednesday, November 2, 2016 (Thursday, November 3, 2016 at 7:30 a.m. AEDT) to review the Company's financial results and future outlook. The conference call will be broadcast over the Internet as a "live" listen-only webcast. An archive of the webcast will be available for 30 days after the call. To listen, go to: http://ir.unilife.com/events.cfm.
About Unilife Corporation Unilife Corporation (NASDAQ:UNIS / ASX: UNS) is a U.S. based developer and commercial supplier of injectable drug delivery systems. Unilife has a portfolio of innovative, differentiated products with a primary focus on wearable injectors. Products within each platform are customizable to address specific customer, drug and patient requirements. Unilife's global headquarters and manufacturing facilities are located in York, PA. For more information, visit www.unilife.com.
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, filed with the U.S. Securities and Exchange Commission ("SEC") on October 24, 2016 and those described from time to time in other reports which we file with the SEC.
General: UNIS-G
Investor Contact (US): Jeremy Feffer Unilife Corporation +1-717-384-3450 investors@unilife.com
Investor Contact (Australia): Jeff Carter Unilife Corporation +61 2 8346 6500 UNILIFE CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets June 30, 2016 June 30, 2015 (in thousands, except share data) Assets Current Assets: Cash and cash equivalents $ 18,702 $ 12,303 Restricted cash 2,400 2,400 Restricted cash - related party - 2,264 Accounts receivable 374 1,530 Inventories 89 151 Prepaid expenses and other current assets 1,645 656 Total current assets 23,210 19,304 Property, plant and equipment, net 54,773 66,148 Goodwill 9,423 9,685 Other assets 255 276 Total assets $ 87,661 $ 95,413 Liabilities and Stockholders' Deficit Current Liabilities: Accounts payable $ 2,662 $ 4,042 Due to related party - 2,264 Accrued expenses 13,710 5,074 Current portion of long-term debt 669 775 Deferred revenue 1,660 4,942 Total current liabilities 18,701 17,097 Long-term debt, less current portion 104,445 78,680 Warrant Liability 3,351 - Derivative Liability 347 - Deferred revenue 47,550 17,550 Total liabilities 174,394 113,327 Stockholders' Deficit: Redeemable convertible preferred stock, Series A - subject to redemption, $0.01 par value, 790 and 0 shares authorized, 0 and 0 shares issued, and 0 and 0 shares outstanding as of June 30, 2016 and June 30, 2015, respectively - - Preferred stock, $0.01 par value, 50,000,000 shares authorized as of June 30, 2016; - - none issued or outstanding as of June 30, 2016 and June 30, 2015 Common stock, $0.01 par value, 350,000,000 shares authorized as of June 30, 2016; 175 132 17,488,032 and 13,197,616 shares issued, and 17,411,651 and 13,194,749 shares outstanding as of June 30, 2016 and June 30, 2015, respectively Additional paid-in-capital 398,862 366,005 Accumulated deficit (485,363) (384,580) Accumulated other comprehensive income 380 669 Treasury stock, at cost, 76,381 and 2,867 shares as of June 30, 2016 and June 30, 2015, respectively (787) (140) Total stockholders' deficit (86,733) (17,914) Total liabilities and stockholders' deficit $ 87,661 $ 95,413 UNILIFE CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations Three Months Ended Twelve Months Ended June 30, June 30, (unaudited) 2016 2015 2016 2015 (in thousands, except per share data) Revenue 6,333 $ 3,454 $ 14,841 $ 13,158 Operating expenses: Research and development 7,400 16,989 43,191 52,487 Selling, general and administrative 7,575 9,413 43,196 36,176 Asset impairment charge - - 26,580 - Depreciation and amortization 966 1,386 5,491 4,923 Total operating expenses 15,941 27,788 118,458 93,586 Operating loss (9,608) (24,334) (103,617) (80,428) Interest expense 3,962 1,658 10,187 6,368 Change in fair value of financial instruments (5,547) 326 (9,899) 4,279 Gain on extinguishment of debt - - (2,881) - Other income, net (306) (223) (241) (226) Net loss $ (7,717) $ (26,095) $ (100,783) $ (90,849) Net loss per share: Basic and diluted net loss per share $ (0.47) $ (2.16) $ (7.04) $ (8.10) To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/unilife-corporation-provides-business-update-300356148.html