Valeritas Holdings, Inc. (NASDAQ:VLRX) Q3 2019 Earnings Conference Call - Final Transcript

Nov 12, 2019 • 04:30 pm ET

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Valeritas Holdings, Inc. (NASDAQ:VLRX) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to Valeritas Third Quarter Financial Results Conference Call. [Operator Instructions]

I would now like to turn the conference call over to Greg Chodaczek, Investor Relations. Please go ahead.

Executive
Greg Chodaczek

Thank you, operator. This is Greg Chodaczek with the Gilmartin Group. Thanks for participating in today's call. Joining me from Valeritas is President and Chief Executive Officer, John Timberlake and Chief Financial Officer, Erick Lucera. Earlier today, Valeritas released financial results for the quarter ended September 30, 2019. If you've not received this news release or if you'd like to be added to the Company's distribution list, please send an e-mail to ir@valeritas.com.

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of the federal securities laws, such as our financial guidance. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. For a list and description of those risks and uncertainties, please see the Risk Factors section of the Company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q with the Securities and Exchange Commission.

Valeritas disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise, and claims the protection of the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. This conference call contains time-sensitive information and is accurate only as of the live broadcast, November 12, 2019.

I will now turn the call over to John Timberlake. John?

Executive
John Timberlake

Thank you, Greg. Good afternoon, everyone, and thank you for joining us. I am delighted to announce that during the third quarter ended September 30, Valeritas experienced robust revenue growth coupled with an acceleration and our legal prescription volumes in United States.

For the quarter, we posted revenue of $8.5 million, a 22% increase over the third quarter of 2018 and a 13% sequential growth over the second quarter this year. What I find exciting is that our US revenue grew 30% in the third quarter versus the same quarter in 2018. As all of our $8.5 million this year and this third quarter was generated in United States versus a $6.5 million revenue generated in US same quarter of 2018.

Our total prescriptions in United States across targets and non-targets combined grew more than 25% in the third quarter versus the same quarter in 2018. In our targeted accounts, total and new prescriptions grew year-over-year by an impressive 41% and 48% respectively demonstrating our continued acceleration with those accounts where we focus our resources.

On a sequential basis, total and new prescription growth in our target accounts were 30% and 9% respectively. As a reminder, target accounts represent those V-Go prescribers to whom our field-based sales team calls on in support and where we focus the vast majority of our resources. Conversely, we characterized accounts or prescribers, which are field does