Shares in Valeritas (NSDQ:VLRX) are down more than 15% in after-hours trading despite the medtech firm releasing first quarter 2019 earnings that beat sales expectations and met loss-per-share consensus from Wall Street analysts.
The Bridgewater, N.J.-based company posted losses of approximately $14.7 million, or 15¢ per share, on sales of $6.4 million for the three months ended March 31, seeing losses grow 26.9% while sales grew 5.3% when compared to the same period during the previous year.
Losses per share were in line with the -15¢ consensus on Wall Street, where analysts expected to see sales of $6.3 million, which the company topped.
“We are very pleased with our strong first quarter performance, as revenue slightly exceeded our prior guidance. V-Go prescription trends through April remain above plan and provide us confidence that our targeted sales approach, integrated V-Go Cares program and expanded sales force will drive revenue acceleration throughout 2019,” prez & CEO John Timberlake said in a press release.
The company lifted its sales guidance for 2019, now expecting to post revenue of between $31 million and $34 million, up from previous guidance of between $30 million and $31 million. Valeritas said that it expects to see sales of between $7.4 million and $7.6 million during the second quarter of 2019.
Shares in Valeritas are down approximately 15.6% in after-hours trading, at approximately 30¢ as of 5:59 p.m. EDT.
In April, Valeritas released results from the VERDICT study of its V-Go wearable insulin delivery device, touting improved A1c levels with less insulin.
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