Revance(US:RVNC)2022-03-01 00:07Financial Data and Key Metrics Changes - Revenue for Q4 2021 was $26.0 million, compared to $11.1 million in Q4 2020, representing a significant increase [25] - Full year 2021 revenue reached $77.8 million, up from $15.3 million in 2020, driven primarily by increased sales of the RHA collection of dermal fillers [25][26] - Operating expenses for Q4 2021 were $87.6 million, and for the full year, they totaled $352.5 million, excluding depreciation and amortization [27] Business Line Data and Key Metrics Changes - RHA collection sales for 2021 totaled $70.8 million, with Q4 sales reaching $23.8 million, a 138% increase over the first launch quarter [18][19] - The FinTech platform generated $0.5 million in service revenue for Q4 2021 and $1.3 million for the full year [26] Market Data and Key Metrics Changes - The gross payment volume (GPV) for the FinTech platform was $506 million for the full year 2021, with a run rate nearly tripling to almost $600 million by year-end [23][24] - The company has over 3,000 accounts in the US across its dermal filler and FinTech platform, generating over $0.5 billion in gross payment volume for the year [8] Company Strategy and Development Direction - The primary goal for 2022 is to gain FDA approval for DaxibotulinumtoxinA for injection in glabellar lines, which is expected to accelerate growth in aesthetics [17] - The company plans to drive top-line growth anchored by the RHA collection and deepen penetration of the OPUL relational commerce platform [17] - Capital allocation will focus on obtaining FDA approval, driving top-line growth, and investing in people and culture [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory path for DaxibotulinumtoxinA, highlighting progress in manufacturing and qualification activities [10][11] - The company remains focused on innovation and customer engagement despite challenges posed by the COVID-19 pandemic [15] Other Important Information - Cash, cash equivalents, and short-term investments as of December 31, 2021, were $225.1 million, sufficient to fund operations into 2023 [30] - The company has paused non-critical hires and deferred certain clinical programs to conserve cash [28] Q&A Session Summary Question: Timing of the refiling - Management indicated that the timing for the refiling of the BLA is more administrative at this point, with a focus on completing necessary documentation [37] Question: Financing options beyond 2023 - Management stated that they have sufficient cash to fund operations into 2023 and are considering various financing strategies to extend the cash runway [43] Question: Incremental sales from RHA Redensity - Management expressed excitement about RHA Redensity's approval, viewing it as a unique opportunity to enhance their product portfolio [50] Question: Market share potential in the US - Management noted that their current market share is trending towards high single-digit penetration and expressed confidence in future growth opportunities [52] Question: Impact of DaxibotulinumtoxinA on OPUL platform - Management believes that DaxibotulinumtoxinA will positively impact the OPUL platform, but each product has standalone value [77]