Revance(US:RVNC)2023-08-09 02:40Financial 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]