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pSivida Ltd. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: February 10, 2011 03:24PM

pSivida Ltd. (PSDV) filed Quarterly Report for the period ended 2010-12-31. Psivida Corp. has a market cap of $83.9 million; its shares were traded at around $4.1 with a P/E ratio of 12.6 and P/S ratio of 3.6.



Highlight of Business Operations:

Revenues decreased by $3.0 million, or 88%, to $414,000 for the three months ended December 31, 2010 as compared to $3.4 million for the three months ended December 31, 2009. On December 31, 2009, we completed the 21.5 month performance obligation period during which we amortized to revenues the consideration received from Alimera in connection with our 2008 amended collaboration agreement. Collaborative research and development revenue related to our Alimera collaboration agreement totaled $67,000 for the three months ended December 31, 2010 as compared to $3.4 million for the same period a year earlier.

Change in fair value of derivatives represented income of $458,000 for the three months ended December 31, 2010 compared to income of $83,000 for the three months ended December 31, 2009. This net change was due to an increasing spread between the US$-equivalent weighted average exercise price of the A$-denominated warrants and the market price of our common shares during the current period compared to the prior year period and the effect of the very short remaining weighted average life of these warrants (3 months at December 31, 2010).

Income tax expense was $35,000 for the three months ended December 31, 2010 compared to an income tax benefit of $10,000 for the three months ended December 31, 2009. The net change was primarily attributable to a $31,000 increase in U.S. federal alternative minimum tax expense and a $14,000 reduction in foreign research and development tax credits.

Revenues decreased by $5.9 million, or 87%, to $890,000 for the six months ended December 31, 2010 from $6.8 million for the six months ended December 31, 2009, reflecting the completion of the 21.5 month performance obligation period during which we amortized to revenues the consideration received from Alimera in connection with our 2008 amended collaboration agreement. Collaborative research and development revenue related to our Alimera collaboration agreement totaled $121,000 for the six months ended December 31, 2010 as compared to $6.6 million for the six months ended December 31, 2009.

Change in fair value of derivatives represented income of $796,000 for the six months ended December 31, 2010 compared to expense of approximately $1.4 million for the six months ended December 31, 2009. This net change was due to the increased spread between the US$-equivalent weighted average exercise price of the A$-denominated warrants and the market price of our common shares during the current period compared to a corresponding decrease in the spread for the prior year period and was also impacted by the very short remaining weighted average life of these warrants (3 months at December 31, 2010).

Income tax expense was $44,000 for the six months ended December 31, 2010 compared to an income tax benefit of $34,000 for the six months ended December 31, 2009. The net change was attributable to a $52,000 increase in U.S. federal alternative minimum tax expense and a $26,000 decrease of foreign research and development tax credits.

Read the The complete Report



Stocks Discussed: PSDV,
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