Shares in Valeritas (NSDQ:VLRX) fell today after the medical technology company announced its preliminary financial results for the third quarter of 2018.
The Bridgewater, N.J.-based company said it expects to post quarterly revenue of approximately $6.9 million, just ahead of the $6.85 million predicted by analysts. Compared to the same period in 2017, Valeritas’ sales are up 36%.
Full Q3 results are expected on Nov. 12, the company noted.
“We continue to see positive sales momentum for V-Go,” president & CEO John Timberlake said in prepared remarks. “For the fifth consecutive quarter, we have generated record year-over-year revenue growth, and for the 3rd consecutive quarter, this growth was in excess of 30%, led by continued new and total prescription growth.”
VLRX shares were trading at $1.17 apiece in mid-afternoon activity today, down -13.5%.
Last month, Valeritas began the process to register its wearable insulin delivery device, V-Go, in China.
The company noted that it signed an agreement with an unnamed contract research organization to work directly with the China National Drug Administration, in the hopes of winning regulatory approval for V-Go in China.
