Unigene Laboratories, Inc. (OTCBB: UGNE) has reported its financial results for the quarter ended June 30, 2009.
Revenue for the three months ended June 30, 2009 was $4,297,000, compared to $4,978,000 for the three months ended June 30, 2008. Revenue for both periods primarily consisted of Fortical sales and royalties, which were $3,807,000 for the three months ended June 30, 2009, and $4,110,000 for the three months ended June 30, 2008. Fortical royalties were $1,077,000 for the three months ended June 30, 2009, compared to $1,475,000 for the three months ended June 30, 2008. Fortical sales were $2,730,000 for the three months ended June 30, 2009, compared to $2,635,000 for the three months ended June 30, 2008. Fortical sales fluctuate each quarter based upon USL’s ordering schedule. Fortical royalties fluctuate each quarter based upon the timing, pricing and volume of USL’s shipments to its customers, and Fortical net sales have declined since the launch of competitive products in December 2008.
Revenue for the six months ended June 30, 2009 was $7,488,000, compared to $9,292,000 for the six months ended June 30, 2008. Revenue for both periods primarily consisted of Fortical sales and royalties, which were $6,443,000 for the six months ended June 30, 2009, and $7,900,000 for the six months ended June 30, 2008. Fortical royalties were $2,404,000 for the six months ended June 30, 2009, compared to $2,613,000 for the six months ended June 30, 2008. Fortical sales were $4,039,000 for the six months ended June 30, 2009, compared to $5,287,000 for the six months ended June 30, 2008.
Total operating expenses were $6,645,000 for the three months ended June 30, 2009, an increase of $801,000 from $5,844,000 for the three months ended June 30, 2008.
Total operating expenses were $12,089,000 for the six months ended June 30, 2009, an increase of $384,000 from $11,705,000 for the six months ended June 30, 2008.
Net loss for the three months ended June 30, 2009 was $3,460,000, or $.04 per share, compared to a net loss of $1,201,000, or $.01 per share, for the three months ended June 30, 2008.
Net loss for the six months ended June 30, 2009 was $6,735,000, or $.07 per share, compared to a net loss of $3,055,000, or $.03 per share, for the six months ended June 30, 2008.
Cash at June 30, 2009 was $4,599,000, a decrease of approximately $3,985,000 from December 31, 2008. Accounts receivable at June 30, 2009 were $3,310,000.
Following are recent highlights and developments that will be discussed during Tuesday’s earnings call: