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Valeritas Reports Record First Quarter Revenue with 32% Year-over-Year Growth and Gross Margins Expand to Record 47.6%


BRIDGEWATER, New Jersey, May 9, 2018 --- Valeritas Holdings, Inc. (NASDAQ: VLRX), a medical technology company which offers patients with diabetes
V-Go® Wearable Insulin Delivery device, a simple, affordable, all-in-one insulin delivery option that is worn like a patch and can eliminate the need for taking multiple daily shots, today announced financial results for the first quarter ended March 31, 2018.

First Quarter 2018 Highlights:

Revenues in the first quarter grew 32% year-over-year to record $6.1 million;

Total and new prescriptions for the first quarter in the Company’s targeted accounts grew 20% and 17% year-over-year, respectively;

Gross margin increased to 47.6% for the first quarter;

Signed exclusive agreements in the first four months of 2018 for the distribution of V-Go in Puerto Rico, Italy, Australia, and New Zealand;

Entered into an agreement with Glooko on April 20, to provide future V-Go SIM™ (Simple Insulin Management) users with Glooko's cloud-based mobile and web diabetes data management solution;

Presented positive data demonstrating the effectiveness of V-Go at lowering A1C levels in people with type 2 diabetes;

Completed a public offering of common stock for estimated net proceeds of approximately $24.1 million.

Commenting on the results, John Timberlake, President and Chief Executive Officer of Valeritas, stated, “Q1 2018 was our third consecutive quarter of record revenue and our second consecutive quarter with year-over-year revenue growth in excess of 20%. We attribute this growth largely to the success of the high-touch and higher-service sales and marketing strategy we have implemented over the past year. I believe we are well positioned to continue to drive and deliver sustained growth and expansion.”

First Quarter 2018 Financial Highlights

Total revenue for the first quarter of 2018 was $6.1 million, a 32% increase from the first quarter of 2017.

The increase in the Company’s revenue growth was primarily due to the strong prescription growth in the Company’s targeted territories. The first quarter year-over-year growth in the Company’s targeted accounts of total and new prescriptions grew 20% and 17%, respectively. Consistent with the past several quarters, the year-over-year decline in total prescriptions in accounts that were not targeted by the Company’s sales representatives continued to stabilize.




The following information was filed by Valeritas Holdings Inc. (VLRX) on Wednesday, May 9, 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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