Valeritas Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Fourth Quarter and Year 2018
May 10, 2018 at 01:31 am IST
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Valeritas Holdings, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue, net was $6,081,000 against $4,611,000 a year ago. Operating loss was $10,632,000 against $10,302,000 a year ago. Loss before income taxes was $11,574,000 against $11,806,000 a year ago. Net loss was $11,574,000 against $11,806,000 a year ago. Net loss attributable to common stockholders was $12,124,000 against $11,854,000 a year ago. Net loss per share of common shares outstanding - basic and diluted was $1.72 against $6.92 a year ago.
The company expects total 2018 revenue to be between $26 million and $28 million. The Company also expects quarterly gross margin to increase on an annual and sequential basis in 2018, ending the year with a gross margin above 50% for the fourth quarter of 2018. This improvement in margin is primarily due to the expected increase in unit sales of V-Go in 2018 vs. 2017, as well as a slight increase in the Company's net selling price of V-Go for the full year. As part of public offering, the company also provided additional guidance with respect to gross margins, whereby at the time the company reach cash flow or breakeven, The company expects 70% gross margins, and at scale, the company expects gross margins to be 80%.
Valeritas Holdings, Inc. is a United States-based medical technology company. The Company's product, V-Go Wearable Insulin Delivery device (V-Go), is a wearable, basal-bolus insulin delivery device for adult patients requiring insulin that enables patients to administer a continuous preset basal rate of insulin over 24 hours. V-Go is a small wearable and completely disposable insulin delivery device that a patient adheres to his or her skin every 24 hours. V-Go enables patients to closely mimic the body's normal physiologic pattern of insulin delivery throughout the day and to manage their diabetes with insulin without the need to plan a daily routine around multiple daily injections. It has developed V-Go utilizing its h-Patch platform as a patient-focused solution to address insulin therapies. Its h-Patch platform facilitates the subcutaneous delivery of injectable medicines to patients across a range of therapeutic areas.
Valeritas Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Fourth Quarter and Year 2018