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Unilife Corporation Announces Financial Results
For the Fourth Quarter and Full Fiscal Year 2014
York, PA (September 9, 2014) 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 fiscal fourth quarter and full fiscal year ending June 30, 2014.
|||Revenue for the Full Fiscal Year of 2014 was $14.7 million, an increase of approximately $12 million or over 400% compared to the prior year. Deferred revenue, which is cash that has been collected and is expected to be recognized within the coming 24 months, for the Full Fiscal Year of 2014 increased to $13.3 million.|
|||Cash receipts from customers were $23.7 million for the Full Fiscal Year of 2014, an increase of $22.5 million compared to the prior year.|
|||The net operating cash flow loss was narrowed by 20% over the year before, despite a significant increase in R&D investments. Over half of the Companys total annual operating expenses were invested in R&D during the Full Fiscal Year of 2014.|
|||At the end of the fourth quarter of Fiscal Year 2014, Unilife had 12 active customer programs, an increase of two programs since the end of the prior quarter, across all six of its product platforms.|
|||Since July 1, 2014, Unilife has commenced 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 middle of the 2015 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.|
Mr. Alan Shortall, Chairman and CEO of Unilife, commented: Fiscal 2014 was a year of rapid growth in revenue, customers, supply agreements and production capabilities. Having made significant investments in R&D during the last three years, we have achieved a critical mass in product range, capabilities and industry expertise. Those investments are now generating revenue at an attractive growth rate as we enter into and execute upon supply agreements with a growing number of pharmaceutical customers.
During Fiscal Year 2015, we look forward to achieving 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 keeping SG&A largely stable. We also look forward to completing a number of additional significant supply agreements, which have taken longer than originally anticipated to complete but are now approaching the finish line. Based upon current cash on hand including the recently completed ATM, along with scheduled payments under existing and imminent agreements, we feel confident that we will have sufficient cash to offset our full year operating activities for fiscal 2015, Mr. Shortall concluded.
250 Cross Farm Lane, York, PA 17406 T + 1 717 384 3400 F + 717 384 3401 E email@example.com W www.unilife.com
The following information was filed by Unilife Corp (UNIS) on Wednesday, September 10, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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