Unilife Corporation Announces Financial Results For the First Quarter of Fiscal Year 2015
Mon November 10, 2014 4:15 PM|PR Newswire | About: UNIS
YORK, Pa., Nov. 10, 2014 /PRNewswire/ -- Unilife Corporation ("Unilife (UNIFF)" or "Company" (NASDAQ: UNIS; ASX: UNS), a developer and supplier of injectable drug delivery systems, today announced its financial results for the first quarter of Fiscal Year 2015 ending September 30, 2014.
Recent Highlights
In October, Unilife announced the signing of a worldwide Master Services and Commercial Supply Agreement with Sanofi to be the sole provider of cartridge based wearable injectors for all of Sanofi's applicable large dose volume drugs, excluding insulins, for a minimum of 15 years. Additionally the agreement will allow Sanofi to make Unilife's wearable injectors available to its partners for use with applicable molecules under joint collaborations.
At the end of the first quarter of Fiscal Year 2015, Unilife had 15 active customer programs, an increase of three programs since the end of the prior quarter, across all six of its product platforms.
Revenue for the first quarter of Fiscal Year 2015 was $3.4 million. Deferred revenue was $13.6 million, which is expected to be recognized within 24 months.
Net cash used in operating activities was $13.1 million for the first quarter of Fiscal Year 2015, an increase of $3.7 million or 39% compared to the same quarter in the prior year, and a $6.9 million decrease or 34% from the fourth quarter of Fiscal Year 2014.
Subsequent to the end of the first quarter of Fiscal Year 2015, Unilife received additional cash payments from customers and a total of $20 million from OrbiMed.
During the first quarter of Fiscal Year 2015, Unilife commenced initial commercial sales of the Unifill® syringe utilizing an existing commercial manufacturing line. Commercial sales of other products from the Unifill family, including the Unifill Finesse® and the Unifill Nexus", are scheduled to commence during the rest of this fiscal year on additional manufacturing lines that are either in the process of being configured or are now operational and in the process of being qualified. Sales of other Unilife products, including wearable injectors, are also scheduled to commence this fiscal year.
Mr. Alan Shortall, Chairman and CEO of Unilife, commented: "Fiscal 2015 is set to be a year of rapid growth in revenue, customers, supply agreements and production capabilities. We look forward to continuing to generate significant growth in revenue via commercial sales, customization fees and upfront payments from a multitude of customers and active programs. In parallel, we expect to increase capital expenditures in response to growing customer demand while moderating our investments in R&D and SG&A. We also look forward to completing a number of additional significant supply agreements.
"We are on track to generate at least an additional $30 million in cash receipts from customers during the final three quarters of Fiscal Year 2015. There is significant upside potential beyond this range as we look to finalize a number of additional agreements between now and the end of the fiscal year." Mr. Shortall concluded.
Financial Results for the First Quarter of Fiscal Year 2015
Revenue for the first quarter of Fiscal Year 2015 was $3.4 million, compared to $3.2 million for the same period in the prior year. Deferred revenue was $13.6 million as of September 30, 2014. The Company's net loss for the first quarter of Fiscal Year 2015 was $20.3 million, or $0.19 per share, compared to a net loss of $11.2 million, or $0.12 per share, for the same period in the prior year. Net cash used in operating activities was $13.1 million for the first quarter of Fiscal Year 2015, an increase of $3.7 million or 39% compared to the same period in the prior year, and a $6.9 million decrease or 34% from the fourth quarter of Fiscal Year 2014.
Adjusted net loss for the first quarter of Fiscal Year 2015 was $13.9 million, or $0.13 per share, compared to $7.1 million or $0.08 per share for the same period in the prior year. Adjusted net loss excludes non-cash share-based compensation expense, depreciation and amortization, interest expense and the change in fair value of financial instruments, which is the non-cash adjustment in the Royalty agreement liability with OrbiMed.
Unilife reported $6.3 million in total cash and restricted cash at the end of the first quarter of Fiscal Year 2015. This does not include the receipt of $20.0 million funded by OrbiMed under the Amended Credit Agreement, or other cash receipts generated by customers since September 30, 2014.
Conference Call Information
Management has scheduled a conference call for 4:30 p.m. U.S. EST on Monday, November 10, 2014, (Tuesday, November 11, 2014 at 8:30 a.m. AEDT), to review the Company's financial results, customer partnerships 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.
UNS Price at posting:
70.5¢ Sentiment: Buy Disclosure: Held
(NASDAQ: UNIS; ASX: UNS), a developer and supplier of injectable drug delivery systems, today announced its financial results for the first quarter of Fiscal Year 2015 ending September 30, 2014.
