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Unilife Corporation Announces Financial Results
For the Fourth Quarter and Full Fiscal Year 2015
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Significant cost reduction and business realignment initiative implemented
York, PA (September 14, 2015) 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, 2015.
Following the development of the Imperium platform of insulin patch pumps announced last month, Unilife has now established a full portfolio of products and capabilities to serve customers across all target market segments. By completing the development stage of its strategy, the Company can now focus its resources entirely on the customization and commercialization of existing products under current and prospective customer supply agreements. Under a cost reduction and business realignment initiative implemented today, the Company has reduced its workforce by approximately 50 employees, or approximately 17% of its workforce, and the Company will significantly reduce its operating expenses in fiscal 2016.
Compared to the annualized run rate for operating expenses in the fourth quarter of fiscal year 2015, R&D expense in fiscal 2016 is anticipated to decrease by 25% to 30% and SG&A expense by approximately 20%. These comparisons exclude share based compensation and depreciation expense. As a result of this initiative, we expect to record a charge of approximately $0.4 million for severance and related costs in the first fiscal quarter of 2016.
Mr. Alan Shortall, Chairman and CEO of Unilife, commented: This cost reduction and realignment will enable us to dedicate resources to support customer ramp schedules under existing supply agreements, and enter into additional strategic relationships that represent attractive opportunities for growth. Active programs and discussions with all previously disclosed strategic customers are moving forward favorably.
Cash receipts during fiscal 2016 are expected to remain lumpy due to the milestone-based nature of these existing programs, and the timing as to when additional upcoming agreements are formalized. While there is potential to receive upfront or exclusivity fees associated with some of these upcoming agreements, we expect that existing and future customization programs will continue to represent the majority of our cash receipts this fiscal year. Product shipments from device platforms including prefilled syringes and wearable injectors will also gradually increase this fiscal year to support customer timelines for commercial rollout and clinical drug trials, and become more meaningful as programs advance through the start of fiscal 2017 and beyond.
The following information was filed by Unilife Corp (UNIS) on Monday, September 14, 2015 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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