New Jersey-based Valeritas, which has executive, manufacturing, research and development operations in Shrewsbury, announced Tuesday a 22% revenue increase in the third quarter, although its losses increased for the quarter.
Total revenue for the third quarter  of 2019 for the medical technology company was $8.5 million, a 22% increase as compared to the third quarter of 2018.
This revenue growth was driven by prescription growth in targeted areas including 41% in the U.S. Overall, total prescriptions for the third quarter grew more than 25%.
Net loss in the third quarter of 2019 was $13.2 million, compared to $11.5 million in the third quarter of 2018, which was primarily due to the increase in selling, general and administrative expenses, according to the company.
Based on its third quarter results and prescriptions through October, Valeritas expects to record annual revenue of between $31.5 million and $31.8 million, representing annual growth of roughly 20%.
