Revance(RVNC)

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Revance(RVNC) - 2024 Q2 - Quarterly Results
2024-08-08 20:07
Exhibit 99.1 REVANCE Revance Reports Second Quarter 2024 Financial Results, Provides Corporate Update – Q2 total DAXXIFY® and RHA® (by Teoxane SA) product revenue of $65.3 million, a YoY increase of 20%. – Q2 DAXXIFY net revenue of $28.7 million, a YoY increase of 27%. – Q2 DAXXIFY aesthetic units sold increased 65% YoY and 15% QoQ; over 3,700 ordering accounts reached. – Q2 RHA Collection net revenue of $36.6 million, a YoY increase of 15%. – Revance launched DAXXIFY for cervical dystonia, with coverage wi ...
Revance Therapeutics (RVNC) Loses -18.85% in 4 Weeks, Here's Why a Trend Reversal May be Around the Corner
zacks.com· 2024-05-24 14:47
A downtrend has been apparent in Revance Therapeutics, Inc. (RVNC) lately with too much selling pressure. The stock has declined 18.9% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround. Here is How to Spot Oversold Stocks We use Relative Strength Index (RSI), one of the most commonly used technical in ...
Revance(RVNC) - 2024 Q1 - Earnings Call Transcript
2024-05-10 02:42
Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $51.9 million, a 13% increase from $45.8 million in the same period last year, primarily driven by DAXXIFY [120] - DAXXIFY net revenue was $22.1 million after a $2 million reduction related to a consumer coupon program [23] - Non-GAAP operating expenses from continuing operations for Q1 2024 were $73.6 million, up from $64.5 million in Q1 2023 [121] Business Line Data and Key Metrics Changes - DAXXIFY aesthetic units sold increased by 105% year-over-year and 7% quarter-over-quarter, with market share growing from 3% to 3.7% [5] - RHA revenue declined by 2% year-over-year, but market share increased from 9.1% to 9.8% [7] - The RHA Collection generated $29.6 million in revenue for Q1 2024 [136] Market Data and Key Metrics Changes - The US therapeutic neurotoxin market is projected to grow at 8% annually over the next five years, with Revance entering this market with DAXXIFY for cervical dystonia [26] - The filler market showed softness in Q1, but is expected to return to historic high-single-digit growth through the remainder of 2024 [15] Company Strategy and Development Direction - The company is focusing on expanding its market share in both the aesthetics and therapeutic segments, with a balanced portfolio approach [14][15] - A new DAXXIFY messaging campaign was launched to enhance market presence and promote its benefits [24] - The company aims to achieve positive adjusted EBITDA by 2025, with a guidance of at least $280 million in net product revenue for 2024 [118][139] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing traction and momentum in the DAXXIFY strategy change, indicating a positive trajectory for Q2 [28] - The management noted that while aesthetics will carry a significant portion of revenue, therapeutics are expected to be incremental in 2024 [36] - Feedback from clinicians has been positive, with a focus on improving patient outcomes and symptom control [46][95] Other Important Information - The company has over $275 million in cash and equivalents, providing a strong financial position to support growth initiatives [118] - The PrevU program for cervical dystonia has shown promising results, with 94% of participating physicians perceiving DAXXIFY to last longer than conventional treatments [115] Q&A Session Summary Question: How does the company view the therapeutic contribution in 2024? - Management expects aesthetics to dominate revenue, with therapeutics being incremental, but is encouraged by early engagement in the therapeutics business [34][36] Question: What are the expectations for sales acceleration in Q2? - Management anticipates benefiting from broader account engagement and expects a return to normal growth patterns in the aesthetic market [39][41] Question: How does the company plan to address market share and pricing dynamics? - The company is focused on maintaining competitive pricing while emphasizing the quality and performance of its products to differentiate from competitors [80][82]
Revance(RVNC) - 2024 Q1 - Quarterly Report
2024-05-09 20:33
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].
Revance(RVNC) - 2024 Q1 - Quarterly Results
2024-05-09 20:08
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(RVNC) - 2023 Q4 - Earnings Call Transcript
2024-03-01 00:01
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 ...
Revance(RVNC) - 2023 Q4 - Annual Report
2024-02-28 21:33
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(RVNC) - 2023 Q3 - Earnings Call Transcript
2023-11-09 03:50
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 ...
Revance(RVNC) - 2023 Q3 - Quarterly Report
2023-11-08 21:33
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 ...
Revance(RVNC) - 2023 Q2 - Earnings Call Transcript
2023-08-09 02:40
Revance Therapeutics, Inc. (NASDAQ:RVNC) Q2 2023 Earnings Conference Call August 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 David Amsellem - Piper Sandler Chris Shibutani - Goldman Sachs Stacy Ku - TD Cowen Annabel Samimy - Stifel Tim Lugo - William Blair Terence Flynn - Morgan Stanley Navann Ty - BNP Charles Lee - Mizuho Douglas Tsao - H.C. Wain ...