Valeritas Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Revenue Guidance for Full Year 2018 and Earnings Guidance for the Fourth Quarter of 2018
August 08, 2018 at 01:35 am IST
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Valeritas Holdings, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenue, net was $6,497,000 compared to $4,788,000 a year ago. Operating loss was $9,996,000 compared to $11,078,000 a year ago. Loss before income taxes was $10,960,000 compared to $11,982,000 a year ago. Net loss attributable to common stockholders was $11,510,000 compared to $12,531,000 a year ago. Net loss per share of common shares outstanding - basic and diluted was $0.62 compared to $1.83 a year ago.
For the six months, the company reported revenue, net was $12,578,000 compared to $9,399,000 a year ago. Operating loss was $20,628,000 compared to $21,380,000 a year ago. Loss before income taxes was $22,534,000 compared to $23,788,000 a year ago. Net loss attributable to common stockholders was $23,634,000 compared to $24,385,000 a year ago. Net loss per share of common shares outstanding - basic and diluted was $1.85 compared to $5.44 a year ago.
For the full year, the Company expects 2018 revenue to be between $26 and $28 million.
For the fourth quarter, the Company also expects quarterly gross margin to increase on both an annual and sequential basis in 2018, ending the year with a gross margin above 50% for the fourth quarter of 2018. These expectations are based on, among other things, the assumption there will be continued growth in the Company's targeted accounts and no sequential decline in the Company's non-targeted accounts.
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 Second Quarter and Six Months Ended June 30, 2018; Provides Revenue Guidance for Full Year 2018 and Earnings Guidance for the Fourth Quarter of 2018