Revenues for the first quarter of fiscal year 2014 at York-based Unilife Corp. are up about 460 percent over the same period last year, but the company still posted a significant net loss.
Revenues and net losses for the quarter ended Sept. 30 were $3.2 million and $11.2 million, respectively; last year, those numbers were $700,000 and $12.5 million. The company has been posting annually increasing financial losses, and according to its 2013 annual report, revenues for the fiscal year ending June 30 were approximately $2.6 million, with net losses of nearly $63.2 million.
“As I have said all along, fiscal year 2014 is the inflection point for Unilife when we begin to show rapidly increasing revenue,” Unilife CEO Alan Shortall said in a news release, noting that, from here, he expects the slope to be significant.
“As we continue to increase our investment in R&D and operations, which is increasingly offset by our revenue, we are also narrowing our operating loss,” Shortall said. “I anticipate sequential quarterly growth in Fiscal Year 2014, as well as significant annual growth this fiscal year and beyond.
“We are focused on rapid and significant growth in the long-term,” Shortall continued. “To accomplish this, we will continue to increase our investment in R&D and operations, much of which will be offset by our increasing revenue. I am pleased with the results we are getting from our investment in these areas. A look at the breadth and quality of our product portfolio on our website shows how far we have come over the last two or three years.
“Although we can be cash flow positive this year, if we wanted to do so, it is not in the best long term interest of our shareholders. This is because limiting our investment in R&D today can dampen the growth we anticipate in 2017 and beyond.”
On Monday, Unilife announced an agreement with MedImmune. The quarterly report also noted that Unilife received the first $5 million payment from its new commercial supply agreement with Sanofi, which was announced in September. The release did not address the federal securities fraud class action lawsuit that was recently filed against the company.