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MESOBLAST LTD filed this Form 20-F on 08/31/2018
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Comparison of Our Results for the Year ended June 30, 2017 with the Year ended June 30, 2016

The following table summarizes our results of operations for the year ended June 30, 2017 and 2016, together with the changes in those items in dollars and as a percentage.

 

 

 

Year ended

June 30,

 

 

 

 

 

 

 

(in thousands except per share information)

 

2017

 

 

2016

 

 

$ Change

 

 

% Change

Consolidated Income Statement Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercialization revenue

 

$

1,444

 

 

$

37,969

 

 

 

(36,525

)

 

(96%)

Milestone revenue

 

 

500

 

 

 

3,500

 

 

 

(3,000

)

 

(86%)

Interest revenue

 

 

468

 

 

 

1,079

 

 

 

(611

)

 

(57%)

Total revenue

 

 

2,412

 

 

 

42,548

 

 

 

(40,136

)

 

(94%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research & development

 

 

(58,914

)

 

 

(50,013

)

 

 

(8,901

)

 

18%

Manufacturing commercialization

 

 

(12,065

)

 

 

(29,763

)

 

 

17,698

 

 

(59%)

Management and administration

 

 

(23,007

)

 

 

(22,500

)

 

 

(507

)

 

2%

Fair value remeasurement of contingent consideration

 

 

(130

)

 

 

28,112

 

 

 

(28,242

)

 

NM

Other operating income and expenses

 

 

1,489

 

 

 

2,714

 

 

 

(1,225

)

 

(45%)

Impairment of intangible assets

 

 

 

 

 

(61,919

)

 

 

61,919

 

 

NM

Loss before income tax

 

 

(90,215

)

 

 

(90,821

)

 

 

606

 

 

(1%)

Income tax benefit/(expense)

 

 

13,400

 

 

 

86,694

 

 

 

(73,294

)

 

(85%)

Loss attributable to the owners of Mesoblast Limited

 

$

(76,815

)

 

$

(4,127

)

 

 

(72,688

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses per share from continuing operations attributable to the

   ordinary equity holders:

 

Cents

 

 

Cents

 

 

Cents

 

 

% Change

Basic - losses per share

 

 

(19.25

)

 

 

(1.13

)

 

 

(18.12

)

 

NM

Diluted - losses per share

 

 

(19.25

)

 

 

(1.13

)

 

 

(18.12

)

 

NM

 

* NM = not meaningful.

Revenue

Revenues were $2.4 million for the year ended June 30, 2017, compared with $42.5 million for the year ended June 30, 2016, a decrease of $40.1 million. The following table shows the movement within revenue for the year ended June 30, 2017 and 2016, together with the changes in those items.

 

 

 

Year ended

June 30,

 

 

 

 

 

 

 

(in thousands)

 

2017

 

 

2016

 

 

$ Change

 

 

% Change

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercialization revenue

 

$

1,444

 

 

$

37,969

 

 

 

(36,525

)

 

(96%)

Milestone revenue

 

 

500

 

 

 

3,500

 

 

 

(3,000

)

 

(86%)

Interest revenue

 

 

468

 

 

 

1,079

 

 

 

(611

)

 

(57%)

Revenue

 

$

2,412

 

 

$

42,548

 

 

 

(40,136

)

 

(94%)

 

Commercialization revenues were $1.4 million in the year ended June 30, 2017, a decrease of $36.5 million as compared with $38.0 million in the year ended June 30, 2016.  This $36.5 million decrease in the year ended June 30, 2017 is due to the recognition of $37.5 million of revenue for the year ended June 30, 2016, being the recognition of the remaining unamortized portion of the initial up-front payments of $130.0 million received under the development and commercialization agreement (“DCA”) with Teva over our initial estimated development program term, compared with $Nil in the year ended June 30, 2017 as we had fully recognized the remaining deferred revenue amounts relating to the $130 million up-front payment in June 2016, when we regained full world-wide rights from Teva on our product candidate MPC-150-IM. This decrease of commercialization revenue in the year ended June 30, 2017 was offset by an increase of $1.0 million relating to royalty income earned on sales of TEMCELL in Japan since the launch of the product on February 24, 2016 by our licensee JCR, with $1.4 million of royalty revenue recognized in the year ended June 30, 2017, compared with $0.4 million of royalty revenue recognized in the year ended June 30, 2016.  

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