Revenue Performance - For the three months ended March 31, 2024, the company generated $51.7 million in revenue from the sale of its products, with over 7,500 aesthetic accounts[152]. - DAXXIFY net product revenue for the three months ended March 31, 2024, was $22.1 million, a 43% increase from $15.4 million in the same period of 2023[153]. - DAXXIFY aesthetic units sold increased by 105% compared to the same period in 2023 and by 7% compared to the previous quarter[153]. - Revenue from the RHA Collection of dermal fillers for the three months ended March 31, 2024, was $29.6 million, slightly down from $30.3 million in the same period of 2023[154]. - Product revenue for the three months ended March 31, 2024, increased by 13% to $51.719 million compared to $45.658 million in the same period of 2023[160]. - Revenue from the sale of DAXXIFY rose by 44% to $22.149 million, driven by an increase in units sold, despite a reduction in average selling price due to new pricing strategies[160]. Financial Position - As of March 31, 2024, cash, cash equivalents, and short-term investments increased to $277.1 million from $253.9 million as of December 31, 2023, reflecting a $23.2 million increase[187]. - Working capital rose to $300.8 million as of March 31, 2024, compared to $249.6 million at the end of 2023, marking an increase of $51.1 million[185]. - The company’s stockholders' deficit improved to $(98.7) million as of March 31, 2024, from $(151.6) million at the end of 2023, reflecting a decrease of $52.9 million[185]. - Capital resources as of March 31, 2024, amounted to $277.1 million, primarily funded through the sale of common stock and convertible senior notes[211]. - The company has the capacity to sell up to $47.2 million of common stock under the 2022 ATM Agreement as of March 31, 2024[211]. Operating Expenses - Total operating expenses for the three months ended March 31, 2024, increased by 7% to $98.763 million from $92.484 million in the prior year[165]. - Research and development expenses decreased by 18% to $14.393 million compared to $17.532 million in the same period of 2023, primarily due to the FDA approval allowing certain manufacturing costs to be capitalized[173]. - Selling, general and administrative expenses rose by 11% to $68.914 million, reflecting increased sales and marketing activities[169]. - The cost of product revenue (exclusive of amortization) increased by 19% to $14.911 million, primarily due to higher sales volume of DAXXIFY[165]. Cash Flow - For the three months ended March 31, 2024, net cash used in operating activities was $65.9 million, an improvement from $69.5 million in the same period of 2023[188]. - Cash used in operating activities for Q1 2024 included approximately $114 million in expenditures, offset by $49 million in cash receipts from revenue[190]. - The company reported a net cash provided by financing activities of $92.8 million for the three months ended March 31, 2024, compared to $3.3 million in the same period of 2023[188]. Financing Activities - In March 2024, the company completed a follow-on offering, issuing 16.0 million shares at a price of $6.25 per share, resulting in net proceeds of $97.1 million[155]. - The company issued the 2027 Notes with an aggregate principal amount of $287.5 million, bearing interest at 1.75% per year, with a maturity date of February 15, 2027[195]. - The company utilized $28.9 million of the net proceeds from the 2027 Notes to pay for capped call transactions, aimed at reducing potential dilution[200]. - The company sold 3.2 million shares under the 2022 ATM Agreement in 2023 at a weighted average price of $31.90 per share, generating net proceeds of $100.0 million[208]. Business Strategy and Operations - The company commenced a plan to exit the Fintech Platform business in September 2023, with all payment processing activities ending on January 31, 2024[156]. - The exit of the Fintech Platform business is expected to have no material effect on the company's liquidity going forward[157]. - The company began operating under a single reportable segment as of March 31, 2024, following the exit of the Fintech Platform business[158]. - The service revenue from the Fintech Platform is classified as discontinued operations, and prior year figures were reclassified accordingly[159]. - The company anticipates substantial additional financing may be needed in the future to fund operations and achieve business objectives[212]. Future Outlook - The company expects to continue incurring GAAP operating losses for the foreseeable future due to ongoing investments in commercialization, research and development, and regulatory approval[210]. - The company has incurred significant losses since inception and expects to continue incurring GAAP operating losses, with no assurance of achieving profitability[213]. - The company anticipates an increase in research and development expenses as additional clinical trials for DAXXIFY therapeutic indications are conducted[176]. Risk Factors - The company is exposed to market risk primarily due to fluctuations in interest rates, with no material changes in exposure reported for the three months ended March 31, 2024[217]. - There were no material changes in critical accounting policies for the three months ended March 31, 2024, compared to the previous fiscal year[214]. - Contractual obligations remained unchanged as of March 31, 2024, from those reported as of December 31, 2023[215].

Exhibit 99.1 Revance Reports First Quarter 2024 Financial Results, Provides Corporate Update NASHVILLE, Tenn. --(BUSINESS WIRE)-- May 9, 2024 - Revance Therapeutics, Inc. (RVNC, www.revance.com), today reported financial results for the first quarter ended March 31, 2024 and provided a corporate update. Financial Highlights In connection with the exit of the Fintech Platform business, the results of the Fintech Platform business are reflected as discontinued operations in our financial statements as of Marc ...

Revance Therapeutics Inc. (NASDAQ:RVNC) Q4 2023 Earnings Call Transcript February 28, 2024 4:30 PM ET Company Participants Jessica Serra - Head of Investor Relations & ESG Mark Foley - CEO & Director Tobin Schilke - CFO & Principal Accounting Officer Conference Call Participants David Amsellem - Piper Sandler Stacy Ku - TD Cowen Karishma Raghuram - Goldman Sachs Jack Padovano - Stifel Alana Lelo - Guggenheim John Boyle - William Blair Terence Flynn - Morgan Stanley Navann Ty - BNP Paribas Serge Belanger - N ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File No. 001-36297 Revance Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 77-0551645 State or other juris ...

Revance Therapeutics, Inc. (NASDAQ:RVNC) Q3 2023 Earnings Conference Call November 8, 2023 4:30 PM ET Company Participants Jessica Serra - Head, IR, Communications & ESG Mark Foley - CEO Dustin Sjuts - President Toby Schilke - CFO Conference Call Participants Seamus Fernandez - Guggenheim Partners Mikaela Franceschina - Barclays David Amsellem - Piper Sandler Stacy KU - TD Cowen Annabel Samimy - Stifel Uy Ear - Mizuho Serge Belanger - Needham and Company Douglas Tsao - H.C. Wainwright Terence Flynn - Morgan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File No. 001-36297 Revance Therapeutics, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2023 was $58.1 million, representing a 105% increase year-over-year, driven by increased sales of the RHA Collection and the launch of DAXXIFY [57][85] - DAXXIFY sales increased 47% over the previous quarter to $22.6 million, with total sales through Q2 surpassing any competitor to BOTOX Cosmetic in their first launch year [82][85] - RHA Collection revenue was $31.8 million, up 25% year-over-year [85] Business Line Data and Key Metrics Changes - DAXXIFY is in launch mode, while RHA is more mature and follows typical seasonality in the aesthetics business [6] - The company has onboarded 50 additional sales representatives, bringing the total sales force to over 150, to support both DAXXIFY and RHA [80] Market Data and Key Metrics Changes - The company reported strong engagement with over 6,000 accounts across its aesthetics portfolio [83][102] - A targeted unbranded campaign delivered 57 million impressions and over 9 million views, aimed at increasing consumer awareness for DAXXIFY [63] Company Strategy and Development Direction - The company aims to leverage DAXXIFY to drive greater account adoption and engagement while increasing sales force productivity [84] - The strategic focus includes expanding into the therapeutic market with DAXXIFY, which has a PDUFA date for cervical dystonia on August 19 [58][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the blockbuster potential in aesthetics, supported by the differentiated products and commercial strategy [16][58] - The company is optimistic about the trajectory of DAXXIFY and its potential in therapeutics, believing it can improve patient outcomes significantly [78] Other Important Information - The company raised $100 million through its ATM program and amended its note purchase agreement with Athyrium, managing its capital structure prudently [24][68] - The company is focused on optimizing aesthetic outcomes through training and education initiatives for providers [62] Q&A Session All Questions and Answers Question: How should we think about the third quarter trajectory for DAXXIFY? - Management indicated that it is early to forecast quarterly rhythms for DAXXIFY, but they are encouraged by overall market trends [6] Question: Can you comment on the sales cycle for DAXXIFY and training of accounts? - Management noted that the sales cycle for DAXXIFY is longer than PrevU, and training is shifting more towards virtual formats [10][20] Question: What is the tone of the market for neurotoxin and fillers? - Management observed a robust market for toxins, while some accounts reported a more measured approach to fillers due to cost [12][97] Question: Are you seeing reordering trends from initial target groups for DAXXIFY? - Management stated it is early to assess reordering trends, but they are refining their approach based on learnings from the PrevU group [13] Question: Has the strategy changed regarding targeting prestige accounts? - Management confirmed that the strategy remains focused on accounts comfortable with a no advertised pricing policy [40] Question: How many patients have been injected with DAXXIFY? - Management indicated that revenue is the best indicator of demand, as it is difficult to track the exact number of patients treated [27] Question: What is the expected impact of DAXXIFY in the therapeutic market? - Management believes DAXXIFY can provide a more durable treatment option for patients, improving outcomes and reducing treatment frequency [78]

[PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Unaudited Q2 2023 financials show strong revenue growth, a widened net loss, and increased cash used in operations [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights | Account | June 30, 2023 ($ millions) | December 31, 2022 ($ millions) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $141.2 | $109.0 | | Short-term investments | $178.5 | $231.7 | | Inventories | $34.4 | $18.3 | | Total current assets | $378.9 | $374.7 | | **Total Assets** | **$597.5** | **$581.9** | | **Liabilities & Equity** | | | | Total current liabilities | $74.1 | $75.7 | | Debt, non-current | $380.3 | $379.4 | | **Total Liabilities** | **$570.7** | **$569.3** | | **Total Stockholders' Equity** | **$26.8** | **$12.6** | - Total assets increased to **$597.5 million** as of June 30, 2023, from **$581.9 million** at year-end 2022, while total liabilities remained relatively stable at **$570.7 million**[30](index=30&type=chunk) - Inventories nearly doubled to **$34.4 million** from **$18.3 million**, reflecting the commercial launch and production of DAXXIFY[30](index=30&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Statement of Operations Summary ($ millions, except per share data) | Metric | Three Months Ended June 30, 2023 ($ millions) | Three Months Ended June 30, 2022 ($ millions) | Six Months Ended June 30, 2023 ($ millions) | Six Months Ended June 30, 2022 ($ millions) | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $58.1 | $28.4 | $107.5 | $53.6 | | Product revenue | $54.4 | $25.5 | $100.1 | $46.3 | | Total operating expenses | $123.6 | $86.2 | $231.0 | $173.7 | | Loss from operations | ($65.5) | ($57.8) | ($123.5) | ($120.1) | | Net loss | ($67.3) | ($61.4) | ($127.1) | ($125.8) | | Net loss per share | ($0.80) | ($0.88) | ($1.54) | ($1.82) | - Total revenue for Q2 2023 more than doubled to **$58.1 million** compared to **$28.4 million** in Q2 2022, driven by a **113%** increase in product revenue[32](index=32&type=chunk) - Despite strong revenue growth, the net loss for Q2 2023 increased to **$67.3 million** from **$61.4 million** in Q2 2022, primarily due to a **62%** rise in Selling, General and Administrative expenses[32](index=32&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Six Months Ended June 30 | Cash Flow Activity | 2023 ($ millions) | 2022 ($ millions) | | :--- | :--- | :--- | | Net cash used in operating activities | ($122.9) | ($105.5) | | Net cash provided by (used in) investing activities | $55.8 | ($61.3) | | Net cash provided by financing activities | $100.7 | $126.5 | - Net cash used in operating activities increased to **$122.9 million** for the first six months of 2023, compared to **$105.5 million** in the same period of 2022[40](index=40&type=chunk) - Financing activities provided **$100.7 million** in cash, primarily from the At-The-Market (ATM) stock offering which generated **$100.2 million** in net proceeds[40](index=40&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company believes its existing capital resources of **$319.7 million** (cash, cash equivalents, and short-term investments), along with an expected **$50.0 million** draw from its Note Purchase Agreement, will be sufficient to fund operations for at least the next **12 months**[43](index=43&type=chunk) Product Revenue Breakdown | Product | Three Months Ended June 30, 2023 ($ millions) | Six Months Ended June 30, 2023 ($ millions) | | :--- | :--- | :--- | | RHA Collection | $31.8 | $62.0 | | DAXXIFY | $22.6 | $38.0 | | **Total** | **$54.4** | **$100.1** | - Under the Viatris Agreement for an onabotulinumtoxinA biosimilar, no collaboration revenue was recognized in the first six months of 2023 due to uncertainties and constraints on variable consideration. The transaction price allocated to unfulfilled performance obligations was **$54.5 million** as of June 30, 2023[59](index=59&type=chunk)[60](index=60&type=chunk) - The company has two key manufacturing-related finance leases: one with ABPS for a dedicated DAXXIFY fill-and-finish line that commenced in January 2022, and another with PCI that has not yet commenced but has a remaining minimum commitment of **$226.2 million** from H2 2023 onwards[77](index=77&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - As of June 30, 2023, the company had **$380.3 million** in non-current debt, consisting of **$282.6 million** from 1.75% Convertible Senior Notes due 2027 and **$97.8 million** from Notes Payable under a Note Purchase Agreement[91](index=91&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes revenue growth to product launches, notes rising operating expenses, and confirms sufficient liquidity [Overview and Recent Developments](index=35&type=section&id=Overview%20and%20Recent%20Developments) - The company generated **$107.3 million** in revenue for the six months ended June 30, 2023, and serves over **6,000** aesthetic accounts across its products and services[147](index=147&type=chunk) - On August 8, 2023, the company amended its Note Purchase Agreement, reducing the Second Tranche commitment to **$50 million** (expected to be drawn by August 31, 2023) and increasing the uncommitted Third Tranche to **$150 million**[148](index=148&type=chunk) - The market introduction of DAXXIFY began in March 2023 after the completion of the PrevU early experience program, generating **$38.0 million** in revenue in the first half of the year[150](index=150&type=chunk) - The FDA has accepted the supplemental BLA for DAXXIFY for the treatment of cervical dystonia, with a PDUFA date of August 19, 2023[150](index=150&type=chunk) - The OPUL Fintech Platform processed approximately **$173 million** in Gross Processing Volume (GPV) for Q2 2023, with a trailing-twelve-month GPV of approximately **$697 million**[152](index=152&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Revenue by Type - Six Months Ended June 30 | Revenue Type | 2023 ($ millions) | 2022 ($ millions) | Change ($ millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | Product revenue | $100.1 | $46.3 | $53.7 | 116% | | Service revenue | $7.3 | $2.1 | $5.2 | 250% | | Collaboration revenue | $0.1 | $5.2 | ($5.1) | (97)% | | **Total revenue** | **$107.5** | **$53.6** | **$53.8** | **100%** | Operating Expenses - Six Months Ended June 30 | Expense Category | 2023 ($ millions) | 2022 ($ millions) | Change ($ millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | Cost of product revenue | $30.1 | $15.4 | $14.6 | 95% | | Cost of service revenue | $7.4 | $2.0 | $5.4 | 275% | | Selling, general and administrative | $143.4 | $92.9 | $50.5 | 54% | | Research and development | $46.0 | $55.6 | ($9.7) | (17)% | | **Total operating expenses** | **$231.0** | **$173.7** | **$57.3** | **33%** | - The **116%** increase in product revenue for the first half of 2023 was driven by the launch of DAXXIFY (**$38.0 million**) and a **34%** increase in RHA Collection sales (**$62.0 million**)[155](index=155&type=chunk)[156](index=156&type=chunk) - The company utilized approximately **$8 million** of 'Zero-cost Inventory' for DAXXIFY in the first half of 2023, which are manufacturing costs expensed to R&D prior to FDA approval. Cost of product revenue is expected to increase once this inventory is depleted[161](index=161&type=chunk)[164](index=164&type=chunk) - Selling, general and administrative expenses increased by **54%** in the first half of 2023, primarily due to a **$26.8 million** increase in sales and marketing expenses related to infrastructure investment for the DAXXIFY launch[169](index=169&type=chunk) - Research and development expenses decreased by **17%** in the first half of 2023, mainly because certain DAXXIFY manufacturing-related expenses are now being capitalized as inventory post-FDA approval, whereas they were previously expensed to R&D[172](index=172&type=chunk)[174](index=174&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Financial Position | Metric | June 30, 2023 ($ millions) | December 31, 2022 ($ millions) | | :--- | :--- | :--- | | Cash, cash equivalents, and short-term investments | $319.7 | $340.7 | | Working capital | $304.9 | $299.0 | - The company's cash, cash equivalents, and short-term investments decreased by **$21.0 million** in the first six months of 2023. The primary use of cash was **$121.2 million** for operations, which was largely offset by **$100.0 million** in net proceeds from the ATM stock offering[186](index=186&type=chunk)[187](index=187&type=chunk) - The company expects to draw the **$50 million** Second Tranche of its Note Purchase Agreement by August 31, 2023. An uncommitted Third Tranche of up to **$150 million** is available until March 31, 2024, contingent on achieving at least **$50 million** in trailing twelve months revenue for DAXXIFY and lender approval[195](index=195&type=chunk) - The company sold **3.2 million** shares under its 2022 ATM Agreement in Q2 2023 at a weighted average price of **$31.90** per share, raising net proceeds of **$100.0 million**[208](index=208&type=chunk) - Management states that existing capital resources, combined with the ability to draw on the Second Tranche of the Note Purchase Agreement, are sufficient to fund the operating plan for at least the next **12 months**[211](index=211&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk exposure from interest rate fluctuations remains unchanged in H1 2023 - The company's main market risk exposure stems from fluctuations in interest rates. This exposure has not materially changed in the first half of 2023[218](index=218&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal controls this quarter - As of June 30, 2023, the Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level[219](index=219&type=chunk) - There were no changes in internal control over financial reporting during the second quarter of 2023 that have materially affected, or are reasonably likely to materially affect, the company's internal controls[220](index=220&type=chunk) [PART II. OTHER INFORMATION](index=50&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company faces patent infringement and securities class action lawsuits, which it will vigorously defend - Allergan filed a patent infringement lawsuit in October 2021, claiming Revance's DAXXIFY formulation and its manufacturing process (by partner ABPS) infringe on several Allergan patents. A Markman hearing was held on June 28, 2023, and a court decision on claim construction is pending[223](index=223&type=chunk) - A securities class action complaint was filed in December 2021, alleging misleading statements about DAXXIFY's manufacturing and approval timeline between November 2019 and October 2021. A hearing on the company's motion to dismiss is scheduled for August 10, 2023[223](index=223&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors in FY2022 10-K and Q1 2023 10-Q - The company refers investors to the risk factors disclosed in its FY2022 10-K and Q1 2023 10-Q, indicating no material changes in the current period[224](index=224&type=chunk) [Item 5. Other Information](index=51&type=section&id=Item%205.%20Other%20Information) Note Purchase Agreement amended, adjusting Second and Third Tranche commitments for future financing - On August 8, 2023, the company executed the First Amendment to its Note Purchase Agreement. This amendment reduced the Second Tranche commitment to **$50.0 million** and increased the uncommitted Third Tranche to **$150.0 million**[229](index=229&type=chunk) - The amendment established a new principal repayment schedule for the Second Tranche, with quarterly installments beginning in September 2024 and full repayment by the maturity date of September 18, 2026[230](index=230&type=chunk)

Revance Therapeutics, Inc. (NASDAQ:RVNC) Q1 2023 Earnings Conference Call May 9, 2023 4:30 PM ET Company Participants Jessica Serra – Investor Relations Mark Foley – Chief Executive Officer Dustin Sjuts – President Toby Schilke – Chief Financial Officer Conference Call Participants Seamus Fernandez – Guggenheim Balaji Prasad – Barclays Chris Shibutani – Goldman Sachs Stacy Ku – Cowen David Amsellem – Piper Sandler Terence Flynn – Morgan Stanley Operator Welcome to the Revance Therapeutics First Quarter 2023 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File No. 001-36297 Revance Therapeutics, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...