Valeritas Reports Record Second Quarter Revenue with 36% Year-over-Year Growth
- Company’s Fourth Consecutive Quarter of Record Revenue and Third Consecutive Quarter with Year-Over-Year Revenue Growth Exceeding 20% -
BRIDGEWATER, New Jersey, August 7, 2018 --- Valeritas Holdings, Inc. (NASDAQ: VLRX), a medical technology company and maker of V-Go® Wearable Insulin Delivery device, a simple, affordable, all-in-one, insulin delivery option that is worn like a patch for patients with diabetes, announced today financial results for the second quarter ended June 30, 2018.
Second Quarter 2018 Highlights:
Revenues in the second quarter grew 36% year-over-year to $6.5 million;
Total and new prescriptions for the second quarter in the Company’s targeted accounts grew 22% and 18% year-over-year, respectively.
Gross margin increased to 47.6% during the second quarter of 2018, an increase of nearly 10 percentage points compared to 37.7% in the second quarter of 2017.
Signed exclusive agreements for the distribution of V-Go in Austria and Germany.
Presented additional strong data demonstrating the effectiveness and economic benefits of V-Go for people with type 2 diabetes at several major scientific meetings.
V-Go was added to the Cigna HealthSpring Part D Plan
“We believe V-Go has the potential to one day become the insulin delivery method of choice for millions of patients with type 2 diabetes and that the revenue potential for Valeritas is substantial,” said John Timberlake, President and Chief Executive Officer. “Studies continue to show that patients with type 2 diabetes who switched from insulin pens and syringes to V-Go not only significantly lowered their blood glucose, but did so with less insulin. Our record second quarter revenue demonstrates the continued momentum of both awareness and adoption of V-Go among prescribing physicians as well as patients with type 2 diabetes”.
Second Quarter 2018 Financial Highlights
Total revenue for the second quarter of 2018 was $6.5 million, a 36% increase from the second quarter of 2017 and a 7% sequential increase from the first quarter of 2018.
The increase in the Company’s revenue was driven by strong prescription growth in the Company’s targeted territories. For the second quarter, total and new prescriptions in targeted accounts grew 22% and 18% year-over-year, respectively. The Company also experienced 8% year-over-year growth in new prescriptions and 5% sequential growth in total prescriptions in accounts that were not targeted by its sales representatives, which we believe demonstrates the success of the Company’s cost-effective strategy of using a third-party inside sales team and contracted in-service visits.
The following information was filed by Valeritas Holdings Inc. (VLRX) on Tuesday, August 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: VLRX CIK: 1619250 Form Type:10-Q Quarterly Report Accession Number: 0001619250-18-000045 Submitted to the SEC: Tue Aug 07 2018 6:17:03 PM EST Accepted by the SEC: Wed Aug 08 2018 Period: Saturday, June 30, 2018 Industry: Surgical And Medical Instruments And Apparatus