The Bridgewater, N.J.-based company posted a net loss of -$10.9 million on sales of $6.5 million for the three months ended June 30, for sales growth of 36% compared with the same period last year.
Earnings per share were -62¢, ahead of consensus on The Street, where analysts were looking for sales of $6.4 million.
“We believe V-Go has the potential to one day become the insulin delivery method of choice for millions of patients with Type 2 diabetes and that the revenue potential for Valeritas is substantial,” president & CEO John Timberlake said in prepared remarks. “Studies continue to show that patients with Type 2 diabetes who switched from insulin pens and syringes to V-Go not only significantly lowered their blood glucose, but did so with less insulin. Our record second-quarter revenue demonstrates the continued momentum of both awareness and adoption of V-Go among prescribing physicians as well as patients with type 2 diabetes.”
Valeritas said it expects to post sales of $26 million to $28 million for the full year.
VLRX shares were trading at $1.47 apiece today in afternoon activity, down -2%.