Unilife Corporation Provides Business Update
YORK, Pa., Nov. 2, 2016 /PRNewswire/ -- 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
[email protected]
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; |
- |
- |
|
| Common stock, $0.01 par value, 350,000,000 shares authorized as of June 30, 2016; |
175 |
132 |
|
| 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 |
||||||
| 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) |
|||
SOURCE Unilife Corporation
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