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EX-99.2 - EXHIBIT 99.2 - Unilife Corp | c12393exv99w2.htm |
EX-99.3 - EXHIBIT 99.3 - Unilife Corp | c12393exv99w3.htm |
8-K - FORM 8-K - Unilife Corp | c12393e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Unilife Corporation Announces Financial Results
For Fiscal Year 2011 Second Quarter
For Fiscal Year 2011 Second Quarter
York, PA (February 14, 2011) Unilife Corporation (Unilife or Company) (NASDAQ: UNIS; ASX: UNS)
today announced financial results for the three and six months ended December 31, 2010 (Fiscal Year
2011 Second Quarter).
Recent Company Highlights:
| Completed, on-schedule, the construction of a new global headquarters and production
facility in York, PA; U.S. based staff now working out of the new facility |
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| Transferred Unitract® automated assembly line to York facility; on schedule
to commission new clean rooms and resume production this quarter |
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| On schedule to commence initial production of the Unifill® ready-to-fill
(pre-filled) syringe this quarter |
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| Completed private placement of A$23.1 million (US$22.3 million); received shareholder
approval on February 7, 2011 |
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| Secured A$12.8 million (US$13.0 million) in additional capital through 2010 Share
Purchase Plan (SPP) |
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| Appointed Dr. Ramin Mojdeh, former Vice President and General Manager of Becton
Dickinson (BD) Pharmaceutical Systems, as Unilifes new Chief Operating Officer (COO) |
Mr. Alan Shortall, Chief Executive Officer of Unilife, stated, The past calendar year was a period
of significant business expansion for Unilife. Key milestones completed during this time include
our redomiciliation to the U.S., the listing of our common stock on NASDAQ, and the construction of
our new state-of-the-art facility. We now have the operational capabilities and other support
resources required to begin meeting projected market demand for our proprietary products from
pharmaceutical and healthcare customers. The next step in our strategy is to increase the sales and
marketing efforts surrounding our products, highlighting their unique value proposition. Part of
this effort is focused on finalizing discussions with many of the worlds leading pharmaceutical
companies for our Unifill ready-to-fill syringe, as well as some of our pipeline products.
In an effort to support the growth of Unilife into a commercial manufacturing business, we
recently appointed Dr. Ramin Mojdeh as Unilifes Chief Operating Officer. Dr. Mojdeh has tremendous
executive leadership qualities and strong product development expertise with global medical device
industry leaders such as BD and Guidant Corporation.
During the second quarter of fiscal 2011, we also strengthened our balance sheet by raising a
total of A$35.9 million (US$35.3 million) through a private placement and our 2010 Share Purchase
Plan. The proceeds raised will be used to support general operations as we continue to focus on
commencing the initial production and sale of the Unifill® syringe, expanding our network of
pharmaceutical customers, and bringing to market exciting new products from our pipeline,
concluded Mr. Shortall.
Unilife Corporation
250 Cross Farm Lane, York, PA 17406 T + 1 717 384 3400 F + 717 384 3401 E info@unilife.com W www.unilife.com
250 Cross Farm Lane, York, PA 17406 T + 1 717 384 3400 F + 717 384 3401 E info@unilife.com W www.unilife.com
Financial Results for Three and Six Months Ended December 31, 2010
Revenues for the three months ended December 31, 2010 were $1.8 million compared to $3.2 million
for the same period in 2009.
The Companys net loss for the three months ended December 31, 2010 was $(10.4) million, or $(0.19)
per diluted share, compared to a net loss of $(5.9) million, or $(0.13) per diluted share, for the
same period in 2009. The increase in net loss was attributable to a decrease in industrialization
fee revenue as well as increased research and development expenses to finalize the product
specifications of our Unifill syringe. In addition selling, general and administrative expenses
increased due to higher share-based compensation expenses and higher payroll and related expenses
due to increases in our workforce offset by a decrease in legal and consulting fees due to
significant costs incurred in the prior year quarter in connection with our redomiciliation to the
U.S.
Adjusted net loss for the three months ended December 31, 2010, which excludes approximately $2.7
million in share-based compensation expense, depreciation and amortization and interest expense was
$(7.6) million, or $(0.14) per diluted share, compared to adjusted net loss of $(3.0) million, or
$(0.07) per diluted share, for the same period in 2009.
Revenues for the six months ended December 31, 2010 were $5.3 million, compared to $6.4 million for
the same period in 2009.
The Companys net loss for the six months ended December 31, 2010 was $(17.6) million, or $(0.32)
per diluted share, as compared to a net loss of $(8.0) million, or $(0.19) per diluted share, for
the same period in 2009. The increase in net loss was attributable to a decrease in
industrialization fee revenue, which was partially offset by an increase in contract manufacturing
revenue as well as increased research and development expenses to finalize the product
specifications of our Unifill syringe. In addition selling, general and administrative expenses
increased due to higher share-based compensation expenses and higher payroll and related expenses
due to increases in our workforce offset by a decrease in legal and consulting fees due to
significant costs incurred in the prior year period in connection with our redomiciliation to the
U.S.
Adjusted net loss for the six months ended December 31, 2010, which excludes approximately $6.1
million in share-based compensation expense, depreciation and amortization and interest expense was
$(11.5) million, or $(0.21) per diluted share, compared to adjusted net loss of $(3.7) million, or
$(0.09) per diluted share, for the same period in 2009.
As of December 31, 2010, the Companys cash, cash equivalents and restricted cash were $41.5
million.
Conference Call Information
Management has scheduled a conference call for 4:30 p.m. U.S. Eastern Standard Time on February 14,
2011, to review the Companys financial results, market trends 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 is a U.S.-based medical device company focused on the design, development,
manufacture and supply of a proprietary range of retractable syringes. Primary target customers for
Unilife products include pharmaceutical manufacturers, suppliers of medical equipment to healthcare
facilities and patients who self-administer prescription medication. These patent-protected
syringes incorporate automatic, operator-controlled needle retraction features which are fully
integrated within the barrel, and are designed to protect those at risk of
needlestick injuries and unsafe injection practices. Unilife is ISO 13485-certified and has
FDA-registered medical device manufacturing facilities in Pennsylvania.
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 managements 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
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 a 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, interest expense and certain non-recurring costs associated with our
redomiciliation and Nasdaq listing.
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
investors understanding, of the Companys 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):
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Investor Contacts (Australia) | |||
Todd Fromer / Garth Russell
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Stuart Fine | Jeff Carter | ||
KCSA Strategic Communications
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Carpe DM Inc | Unilife Corporation | ||
P: + 1 212-682-6300
|
P: + 1 908 469 1788 | P: + 61 2 8346 6500 |
(Tables Below)
UNILIFE CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
December 31, | June 30, | |||||||
2010 | 2010 | |||||||
Assets | ||||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | 39,133 | $ | 20,750 | ||||
Restricted cash |
2,400 | | ||||||
Accounts receivable |
451 | 1,556 | ||||||
Inventories |
1,028 | 797 | ||||||
Prepaid expenses and other current assets |
745 | 637 | ||||||
Total current assets |
43,757 | 23,740 | ||||||
Property, plant and equipment, net |
49,810 | 29,972 | ||||||
Goodwill |
12,736 | 10,792 | ||||||
Intangible assets, net |
44 | 40 | ||||||
Other assets |
502 | 273 | ||||||
Total assets |
$ | 106,849 | $ | 64,817 | ||||
Liabilities and Stockholders Equity | ||||||||
Current Liabilities: |
||||||||
Accounts payable |
$ | 3,671 | $ | 6,044 | ||||
Accrued expenses |
3,571 | 2,911 | ||||||
Current portion of long-term debt |
2,201 | 1,648 | ||||||
Deferred revenue |
2,595 | 2,188 | ||||||
Total current liabilities |
12,038 | 12,791 | ||||||
Long-term debt, less current portion |
16,377 | 1,093 | ||||||
Deferred revenue |
6,488 | 6,563 | ||||||
Total liabilities |
34,903 | 20,447 | ||||||
Stockholders Equity: |
||||||||
Preferred stock, $0.01 par value, 50,000,000
shares authorized as of December 31, 2010; none
issued or outstanding as of December 31, 2010
and June 30, 2010 |
| | ||||||
Common stock, $0.01 par value, 250,000,000
shares authorized as of December 31, 2010;
63,397,161 and 54,761,848 shares issued and
outstanding as of December 31, 2010 and June
30, 2010, respectively |
634 | 548 | ||||||
Additional paid-in-capital |
164,597 | 122,397 | ||||||
Accumulated deficit |
(97,254 | ) | (79,650 | ) | ||||
Accumulated other comprehensive income |
3,969 | 1,075 | ||||||
Total stockholders equity |
71,946 | 44,370 | ||||||
Total liabilities and stockholders equity |
$ | 106,849 | $ | 64,817 | ||||
UNILIFE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenues: |
||||||||||||||||
Industrialization fees |
$ | | $ | 2,088 | $ | 1,350 | $ | 3,833 | ||||||||
Licensing fees |
630 | 746 | 1,207 | 1,429 | ||||||||||||
Product sales and other |
1,132 | 411 | 2,748 | 1,091 | ||||||||||||
Total revenues |
1,762 | 3,245 | 5,305 | 6,353 | ||||||||||||
Cost of product sales |
824 | 474 | 1,999 | 1,303 | ||||||||||||
Gross profit |
938 | 2,771 | 3,306 | 5,050 | ||||||||||||
Operating expenses: |
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Research and development |
1,416 | 287 | 2,421 | 686 | ||||||||||||
Selling, general and
administrative |
9,054 | 7,517 | 17,066 | 11,259 | ||||||||||||
Depreciation and amortization |
878 | 1,009 | 1,665 | 1,300 | ||||||||||||
Total operating expenses |
11,348 | 8,813 | 21,152 | 13,245 | ||||||||||||
Operating loss |
(10,410 | ) | (6,042 | ) | (17,846 | ) | (8,195 | ) | ||||||||
Interest expense |
32 | 14 | 64 | 61 | ||||||||||||
Interest income |
(82 | ) | (252 | ) | (204 | ) | (257 | ) | ||||||||
Other (income) expense, net |
(2 | ) | 111 | (102 | ) | (20 | ) | |||||||||
Net loss |
$ | (10,358 | ) | $ | (5,915 | ) | $ | (17,604 | ) | $ | (7,979 | ) | ||||
Loss per share: |
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Basic loss per share |
$ | (0.19 | ) | $ | (0.13 | ) | $ | (0.32 | ) | $ | (0.19 | ) | ||||
Diluted loss per share |
$ | (0.19 | ) | $ | (0.13 | ) | $ | (0.32 | ) | $ | (0.19 | ) | ||||
UNILIFE CORPORATION AND SUBSIDIARIES
Reconciliation of Non-GAAP Measure
(in thousands, except per share data)
(unaudited)
Reconciliation of Non-GAAP Measure
(in thousands, except per share data)
(unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net loss |
$ | (10,358 | ) | $ | (5,915 | ) | $ | (17,604 | ) | $ | (7,979 | ) | ||||
Share-based compensation expense |
1,836 | 201 | 4,386 | 771 | ||||||||||||
Depreciation and amortization |
878 | 1,009 | 1,665 | 1,300 | ||||||||||||
Interest expense |
32 | 14 | 64 | 61 | ||||||||||||
Non-recurring costs associated with
redomiciliation & US listing* |
| 1,710 | | 2,135 | ||||||||||||
Adjusted net loss |
$ | (7,612 | ) | $ | (2,981 | ) | $ | (11,489 | ) | $ | (3,712 | ) | ||||
Adjusted net loss per share diluted |
$ | (0.14 | ) | $ | (0.07 | ) | $ | (0.21 | ) | $ | (0.09 | ) | ||||
* | Includes legal, consulting and other professional fees incurred in connection with the Companys
redomiciliation to the United States and Nasdaq listing. |