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Unilife Corp. Reports Operating Results (10-Q)

February 11, 2013 | About:
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10qk

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Unilife Corp. (UNIS) filed Quarterly Report for the period ended 2012-12-31.

Unilife Corporation has a market cap of $189.7 million; its shares were traded at around $2.29 with and P/S ratio of 39.9.

Highlight of Business Operations:

Revenues. Revenues decreased by $0.2 million or 23%. During both the three months ended December 31, 2012 and 2011, we recognized revenues from our exclusive licensing agreement with Sanofi of $0.7 million and $0.6 million, respectively. We have recognized and will continue to recognize revenue from the exclusive licensing agreement on a straight-line basis over the remaining term of the agreement. Since these revenues are based in euros, fluctuations in the amount of revenue recognized will result from fluctuations in foreign currency translation rates. During the three months ended December 31, 2011, we recognized $0.2 million industrialization and development fees related to the clinical development and supply of a novel drug delivery device for targeted organ delivery.

Revenues. Revenues decreased by $1.7 million or 54%. During both the six months ended December 31, 2012 and 2011, we recognized revenues from our exclusive licensing agreement with Sanofi of $1.3 million. We have recognized and will continue to recognize revenue from the exclusive licensing agreement on a straight-line basis over the remaining term of the agreement. Since these revenues are based in euros, fluctuations in the amount of revenue recognized will result from fluctuations in foreign currency translation rates. During the six months ended December 31, 2011, we recognized $1.4 million related to the achievement of the last milestone under our industrialization agreement with Sanofi and $0.2 million industrialization and development fees related to the clinical development and supply of a novel drug delivery device for targeted organ delivery.

We incurred recurring losses from operations during the year ended June 30, 2012 and the six months ended December 31, 2012 and anticipate incurring additional losses until such time that we can generate sufficient sales of our proprietary range of injectable drug delivery systems. We estimate that cash and cash equivalents of $8.3 million as of December 31, 2012, which includes $2.4 million of restricted cash, together with the aggregate proceeds of $13.4 million from the Controlled Equity Offering Sales Agreement and the Securities Purchase Agreement as noted above are sufficient to sustain planned operations through the fourth quarter of fiscal 2013.

Net cash used in operating activities during the six months ended December 31, 2012 was $20.7 million compared to $18.8 million during the six months ended December 31, 2011. The increase in net cash used in operations was primarily due to the decline in revenue.

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