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.
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