Valeritas Reports Third Quarter 2017 Financial Results
Company Will Host a Conference Call and Webcast Today, November 8, at 4:30 PM ET
BRIDGEWATER, N.J., Nov. 8, 2017 (GLOBE NEWSWIRE) -- Valeritas Holdings, Inc. (NASDAQ: VLRX), the maker of V-Go®, the only daily basal-bolus insulin delivery device worn like a patch, today announced financial results for the third quarter ended September 30, 2017.
Third Quarter 2017 Highlights:
Revenues in the third quarter grew 4% year-over-year to $5.1 million and increased 6% sequentially from the second quarter;
Total and new prescriptions for the third quarter in the Company's combined targeted accounts grew 15% and 21%, year-over-year, and this represented continued acceleration of growth from the prior quarter;
Gross margin increased to 39.8% during the third quarter of 2017 as compared to 35.6% during the same period in 2016, an increase of 420 basis points;
Valeritas presented data from the MOTIV4CONTROL study at at the 17th Annual Diabetes Technology Meeting on November 3, 2017 demonstrated that a simplified prandial or bolus focused weekly insulin titration algorithm in patients with Type 2 diabetes prescribed V-Go can be used effectively and safely, leading to significantly improved glycemic control while also lowering the mean total daily insulin dose of insulin
Third Quarter 2017 Financial Results
Total revenue for the third quarter of 2017 was $5.1 million, a 4% increase from the same period in 2016 and a 6% increase sequentially compared to the second quarter. “We are very pleased with the Company’s performance through the third quarter,” said John Timberlake, President and Chief Executive Officer. “This represents the Company's return to both year-over-year and sequential quarterly growth since the first quarter in 2016, demonstrating that the Company’s high-touch and higher-service sales and marketing strategy continues to gain momentum.
This overall growth was primarily due to an increase in new prescriptions with targeted accounts located in both non-disrupted and disrupted territories. We define non-disrupted territories as those territories that have had the same sales representative since the third quarter of 2016 and disrupted territories as those territories which have had a new sales representative starting after the second quarter of 2016, the majority of which were hired in late first quarter 2017.
Total and new prescriptions in targeted accounts located in non-disrupted territories increased by 17% and 15% year-over-year, respectively. Total and new prescriptions in targeted accounts located in disrupted territories, increased by 10% and 34% year-over-year, respectively. In addition, there was a stabilization of the prescription volume in accounts that were not targeted by our sales representatives.
The following information was filed by Valeritas Holdings Inc. (VLRX) on Wednesday, November 8, 2017 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: 0001628280-17-011226 Submitted to the SEC: Wed Nov 08 2017 5:22:19 PM EST Accepted by the SEC: Wed Nov 08 2017 Period: Saturday, September 30, 2017 Industry: Surgical And Medical Instruments And Apparatus