Valeritas Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Revenue Guidance for the Year 2017
August 11, 2017 at 01:00 pm
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Valeritas Holdings, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported revenue, net was $4,788,000 compared to $4,885,000 a year ago. This overall decrease was primarily due to a volume decline of 21% from accounts that are not targeted by sales representatives under capital efficient high-touch and higher-service sales and marketing strategy. Operating loss was $11,078,000 compared to $8,003,000 a year ago. Loss before income taxes was $11,982,000 compared to $10,466,000 a year ago. Net loss attributable to common stockholders was $12,531,000 compared to $10,466,000 a year ago. Net loss per share of common shares outstanding - basic and diluted was $1.83 compared to $8.76 a year ago.
For the six months, the company reported revenue, net was $9,399,000 compared to $9,894,000 a year ago. Operating loss was $21,380,000 compared to $17,723,000 a year ago. Loss before income taxes was $23,788,000 compared to $27,364,000 a year ago. Net loss attributable to common stockholders was $24,385,000 compared to $27,364,000 a year ago. Net loss per share of common shares outstanding - basic and diluted was $5.44 compared to $35.26 a year ago.
The company expects third quarter revenue to reach $5 million, representing continued sequential growth and a return to year-over-year growth.
The third quarter trends are expected to continue in the fourth quarter resulting in full-year 2017 revenue reaching $20 million.
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, 2017; Provides Revenue Guidance for the Year 2017