Unilife Corporation Announces Financial Results For Fiscal Year 2013 Fourth Quarter PR Newswire YORK, Pa., Sept. 10, 2013 YORK, Pa., Sept. 10, 2013 /PRNewswire/ -- Unilife Corporation ("Unilife" or "Company") (NASDAQ: UNIS; ASX:UNS), a developer and supplier of injectable drug delivery systems, today announced its financial results for the quarter ended June 30, 2013, (the fourth quarter of Fiscal Year 2013). Recent Highlights oUnilife signed a long-term supply contract with Sanofi to supply the Unifill Finesse™, a customized device from its Unifill platform of prefilled syringes, for use with the anti-thrombotic therapy Enoxaparin Sodium sold under the brand names Lovenox® and Clexane® ("Lovenox"). Unilife has granted Sanofi the exclusive use of the Unifill Finesse with anti-thrombotic drugs during the contract period, which can extend to 2024. Following a four year ramp-up period after market entry, exclusivity will be maintained, subject to Sanofi purchasing a minimum of 150 million units of the Unifill Finesse or other Unifill syringes per year. In addition to future revenue from the sale of Unifill Finesse syringes, Unilife may receive up to $15 million from Sanofi in milestone based payments with $5 million of these payments expected in 2013. "The major supply contract with Sanofi that we announced this week for our flagship platform of Unifill syringes will establish Unilife as one of the leading suppliers of prefilled syringes in the industry," stated Mr. Alan Shortall, CEO of Unilife. "In addition to the Sanofi supply contract, we are equally as enthusiastic about many other major large-scale contracts that are now being finalized. Several of these upcoming contracts will generate upfront and recurring revenue. We expect these current and upcoming contracts will generate cash that will substantially offset our cash burn rate for this fiscal year. As many of these agreements have terms between five and fifteen years in length, I believe they will underpin Unilife's long-term success and sustainable growth. "We remain committed at this time to minimizing future dilution to existing shareholders by utilizing other sources of capital to support our operations while these upcoming contracts are finalized and begin to generate revenue. Given the signing of the Sanofi supply contract, re-negotiations of the terms we received previously for a large non-equity based debt financing are underway and are expected to be completed shortly," Mr. Shortall concluded. Financial Results for Three Months Ended June 30, 2013 Revenues for the three months ended June 30, 2013, were $0.7 million compared to $1.2 million for the same period in 2012. The Company's net loss for the three months ended June 30, 2013, was $22.0 million, or $0.25 per share, compared to a net loss of $14.9 million, or $0.21 per share, for the same period in 2012. This increase is primarily attributable to an increase in depreciation expense of $4.2 million primarily relating to a loss on disposal of equipment to manufacture the Unitract product line, and an increase in non-cash share-based compensation costs of $4.0 million, partially offset by lower expenses in other areas of R&D and G&A. Adjusted net loss for the three months ended June 30, 2013, was $9.9 million, or $0.11 per share, compared to $11.0 million, or $0.15 per share, for the same period in 2012. Adjusted net loss excludes non-cash share-based compensation expense, depreciation and amortization, loss on disposal of equipment and interest expense. Unilife had $8.1 million of total cash and cash equivalents, including $2.4 million in restricted cash as of June 30, 2013. Conference Call Information Management has scheduled a conference call for 4:30 p.m. U.S. EDT on Tuesday, September 10, 2013, (Wednesday, September 11, 2013 at 6:30 a.m. AEST), 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. About Unilife Corporation Unilife Corporation (NASDAQ: UNIS / ASX: UNS) is a U.S. based developer and commercial supplier of injectable drug delivery systems. Unilife's broad portfolio of proprietary device technologies includes prefilled syringes with automatic needle retraction, drug reconstitution delivery systems, auto-injectors, wearable injectors and targeted delivery systems. Each of these innovative and highly differentiated device platforms can be customized by Unilife to address specific customer, drug and patient requirements. Unilife's global headquarters and state-of-the-art manufacturing facilities are located in York, PA. For more information, please visit www.unilife.com or download the Unilife IRapp on your iPhone, iPad or Android device. Forward-Looking Statements Thispress 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 "Item1A. Risk Factors" and elsewhere inourAnnual Report on Form 10-Kand those described from time to time in other reports which we file with the Securities and Exchange Commission. 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 Investor Contacts Analyst Investor Contacts (Australia) Media (US): Enquiries Contact Todd Fromer / Garth Lynn Jeff Eve Russell Pieper Carter McGrath KCSA Strategic Westwicke Unilife Corporation Rubenstein Communications Partners PR P: + 1 P: + 1 P: + 61 2 8346 P: + 1 212 212-682-6300 415-202-5678 6500 843-8490 UNILIFE CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) June 30, 2013 2012 (in thousands, except share data) Assets Current Assets: Cash and cash equivalents $ $ 11,410 5,736 Restricted cash 2,400 2,400 Accounts receivable 654 1,042 Inventories 71 212 Prepaid expenses and other current 409 676 assets Total current assets 9,270 15,740 Property, plant and equipment, net 46,106 52,514 Goodwill 11,498 12,734 Intangible assets, net 23 34 Other assets 1,504 1,286 Total assets $ $ 82,308 68,401 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ $ 2,399 3,428 Accrued expenses 2,444 2,209 Current portion of long-term 3,826 5,655 debt Deferred revenue 3,010 2,595 Total current liabilities 12,708 12,858 Long-term debt, less current 20,045 23,110 portion Deferred revenue 50 2,595 Total liabilities 32,803 38,563 Stockholders' Equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized as of June — — 30,2013; none issued or outstanding as of June 30, 2013 and 2012 Common stock, $0.01 par value, 250,000,000 shares authorized as of June 30, 2013; 95,602,558 and 75,849,439 shares issued, and 956 758 95,573,888 and 75,820,769 shares outstanding as of June 30, 2013 and 2013, respectively Additional paid-in-capital 268,157 212,326 Accumulated deficit (235,832) (172,634 ) Accumulated other comprehensive 2,457 3,435 income Treasury stock, at cost, 28,670 shares as of June 30, 2013 and (140) (140 ) 2012 Total stockholders' 35,598 43,745 equity Total liabilities and stockholders' $ $ 82,308 equity 68,401 UNILIFE CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (unaudited) Three Months Ended Year ended June 30, June 30, 2013 2012 2013 2012 (in thousands, except per share data) Revenues: Industrialization and $ $ $ $ development fees — 565 — 2,820 Licensing fees 634 645 2,623 2,638 Product sales and other 33 16 120 61 Total revenues 667 1,226 2,743 5,519 Cost of product sales 1 476 128 584 Gross profit 666 750 2,615 4,935 Operating expenses: Research and development 6,545 6,909 21,749 23,137 Selling, general and 10,278 7,113 32,437 27,685 administrative Depreciation and amortization 5,484 1,239 9,487 4,582 Total operating expenses 22,307 15,261 63,673 55,404 Operating loss (21,641) (14,511) (61,058) (50,469) Interest expense 540 572 2,392 2,120 Interest income (6) (22) (54) (124) Other expense, net (198) (200) (198) (163) Net loss $ $ $ $ (21,977) (14,861) (63,198) (52,302) Net loss per share: Basic and diluted net loss $ $ $ $ per share (0.25) (0.21) (0.78) (0.78) UNILIFE CORPORATION AND SUBSIDIARIES Reconciliation of Non-GAAP Measure (unaudited) Three Months Ended Year Ended June 30, June 30, 2013 2012 2013 2012 (in thousands, except per share data) Net loss $ $ $ $ (21,977) (14,861) (63,198) (52,302) Share-based compensation expense 6,089 2,098 13,287 7,886 Depreciation and amortization 1,432 1,239 5,435 4,582 Loss on disposal of equipment 4,052 — 4,052 — Interest expense 540 572 2,392 2,120 Adjusted net loss $ $ $ $ (9,864) (10,952) (38,032) (37,714) Adjusted net loss per share – $ $ $ $ diluted (0.11) (0.15) (0.47) (0.56) SOURCE Unilife Corporation Website: http://www.unilife.com
Unilife Corporation Announces Financial Results For Fiscal Year 2013 Fourth Quarter
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