LONDON, UK / ACCESSWIRE / October 4, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on pSivida Corp. (NASDAQ: PSDV), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PSDV, following the Company's announcement of its fourth quarter and fiscal year 2017 financial results on September 11, 2017. The developer of sustained release drug products and technologies exceeded revenue expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For the fourth quarter ended June 30, 2017, pSivida's revenue totaled $701,000 compared to $304,000 for Q4 FY16. The Company's revenue beat analysts' estimates of $0.48 million.
pSivida generated revenue of $461,000 through collaborative research and development in the reported quarter compared to $26,000 in the year earlier same quarter. The Company recorded royalty income of $240,000 in Q4 FY17 compared to $278,000 in Q4 FY16.
pSivida's revenue was $7.5 million for FY17 compared to $1.6 million for FY16. The y-o-y growth was primarily attributable to the $5.6 million of revenue recognized in Q2 FY17, upon termination of the Pfizer agreement.
During Q4 FY17, pSivida's operating expenses totaled $6.84 million compared to $6.76 million in Q4 FY16. The Company's net loss was $6.1 million, or $0.16 per share, for the reported quarter compared to a net loss of $6.4 million, or $0.19 per share, for the prior year's corresponding quarter, and met Wall Street's estimates for a loss of $0.16 per share.
For FY17, pSivida's net loss totaled $18.5 million, or $0.52 per share, compared to a net loss of $21.5 million, or $0.68 per share, for the fiscal year ended June 30, 2016.
Operational Highlights Fiscal Year 2017
On June 13, 2017, pSivida reported that data from the second Phase-3 trial of Durasert™ three-year treatment for posterior segment uveitis achieved its primary endpoint. The results demonstrated a significant reduction in the recurrence of posterior segment uveitis through six months; 21.8% of Durasert-treated patients had a recurrence compared to 53.8% of patients in the sham group.
The Company successfully completed a pre-NDA meeting with the US Food and Drug Administration (FDA) for Durasert three-year uveitis that included FDA's agreement with pSivida's proposed overall clinical data package. The Company expects to file the NDA in late December or early January.
On July 10, 2017, pSivida amended the existing collaboration agreement with Alimera Sciences, Inc. (NASDAQ: ALIM) for ILUVIEN® to change the payment terms to a net sales royalty paid to pSivida, resulting in improved financial terms for the Company, and to grant regulatory and commercial rights to Durasert three-year uveitis in Europe, the Middle-East, and Africa (EMEA).
Hospital for Special Surgery (HSS) completed enrollment in an investigator-sponsored Phase-1 study to evaluate safety and the effect on pain and function of a combination product including Durasert technology providing sustained delivery of dexamethasone for the management of osteoarthritic knees.
Cash Matters
During Q4 FY17, the Company issued approximately 3.7 million shares of common stock for gross proceeds of $6.4 million through utilization of its existing at-the-market (ATM) equity offering program. At June 30, 2017, pSivida's cash and cash equivalents totaled $16.9 million. During the reported quarter, net cash used in operations totaled approximately $4.5 million.
Stock Performance
On Tuesday, October 03, 2017, pSivida's stock closed the trading session flat at $1.20. A total volume of 384.25 thousand shares were exchanged during the session. The stock currently has a market cap of $46.81 million.
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