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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Revance Therapeutics Inc | NASDAQ:RVNC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.95 | -22.14% | 3.34 | 3.05 | 8.00 | 4.05 | 3.00 | 4.05 | 8,076,288 | 05:00:07 |
– Q4 and full year 2023 product revenue (DAXXIFY® and RHA® Collection) of $58.5 million and $212.7 million, representing approximately 28% and 80% YoY growth, respectively.
– Q4 DAXXIFY volume up 22% over Q3 2023, with over two-thirds of Q4 revenue attributable to reordering accounts.
– 2024 product revenue guidance of at least $280 million, supporting blockbuster potential in U.S. aesthetics.
– DAXXIFY for cervical dystonia on track for commercial launch mid-year; Permanent J-Code for DAXXIFY received January 2024.
– 2023 GAAP and non-GAAP OPEX on the low end of previously announced guidance ranges; 2024 GAAP and non-GAAP OPEX guidance of $460 million to $490 million and $290 million to $310 million, respectively.
– Cash, cash equivalents and short-term investments of $253.9 million as of December 31, 2023; Management anticipates achieving positive Adjusted EBITDA in 2025.
– Conference call and webcast today at 4:30 p.m. ET.
Revance Therapeutics, Inc. (NASDAQ: RVNC), today reported financial results for the fourth quarter and full year ended December 31, 2023 and provided a corporate update.
Financial Highlights
“With the continued growth of DAXXIFY and the RHA Collection and our launch into the therapeutics market this year, we are well positioned to execute on our strategic priorities and achieve our product revenue guidance of at least $280 million in 2024,” said Mark J. Foley, Chief Executive Officer, Revance. “We continue to be encouraged by the sequential growth in DAXXIFY sales volumes since launch driven by our commercial strategy and initiatives, which are centered on our commitment to building strong provider partnerships. Together with the RHA Collection, which is the fastest growing filler in the market, we remain optimistic about our blockbuster opportunity in aesthetics and look forward to building on our launch momentum and capitalizing on our portfolio synergies.”
Foley continued, “In therapeutics, we are excited to realize another key milestone in the launch of DAXXIFY for cervical dystonia. We received our J-Code in early January and have already achieved greater than 50% commercial coverage ahead of launch, underscoring the team’s ability to execute and the strong potential for DAXXIFY in the large and growing therapeutics botulinum toxin market. To date, we have treated more than 300 patients across ~30 practices as part of our PrevU program, generating positive feedback on the real-world clinical profile of DAXXIFY. I would like to thank our therapeutics team for their incredible work to bring to market a compelling treatment alternative for cervical dystonia patients. Looking ahead, 2024 will be a dynamic year for Revance. Our focused investments to drive commercial growth combined with our disciplined expense management will not only support our ability to reach our corporate objectives for the year but also achieve positive Adjusted EBITDA in 2025.”
Fourth Quarter Highlights and Subsequent Updates
Aesthetics
Therapeutics
2024 Strategic Priorities
2024 Guidance and Financial Outlook
Conference Call
Revance will host a corresponding conference call and a live webcast at 1:30 p.m. PT / 4:30 p.m. ET on February 28, 2024, to discuss its financial results and provide a corporate update. Individuals interested in listening to the conference call may do so by dialing (833) 470-1428 for U.S callers and (929) 526-1599 for other locations and reference conference ID 643827 or from the webcast link in the investor relations section of the company's website at: www.revance.com.
A replay of the call will be available beginning February 28, 2024, at 4:30 p.m. PT / 7:30 p.m. ET to May 28, 2024 at 4:30 p.m. PT / 7:30 p.m. ET. To access the replay, please register through the webcast link found in the investor relations section of the company’s website. The webcast will be available in the investor relations section of the company's website for 90 days following the completion of the call.
About Revance
Revance is a biotechnology company setting the new standard in healthcare with innovative aesthetic and therapeutic offerings that enhance patient outcomes and physician experiences. Revance’s portfolio includes DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection and the RHA® Collection of dermal fillers in the U.S. Revance has also partnered with Viatris Inc. to develop a biosimilar to onabotulinumtoxinA for injection and Shanghai Fosun Pharmaceutical to commercialize DAXXIFY® in China.
Revance’s global headquarters and experience center is located in Nashville, Tennessee. Learn more at Revance.com, RevanceAesthetics.com, DAXXIFY.com, HCP.DAXXIFYCervicalDystonia.com, or connect with us on LinkedIn.
“Revance”, the Revance logo, and DAXXIFY are registered trademarks of Revance Therapeutics, Inc. Resilient Hyaluronic Acid® and RHA are trademarks of TEOXANE SA.
Forward-Looking Statements
Any statements in this press release that are not statements of historical fact, including statements related to our guidance, including 2024 revenue and operating, selling, general and administrative expense guidance and related guidance assumptions, anticipated product revenue and volume growth; our blockbuster potential; our expected cash flow breakeven; our ability and timing related to achieving positive Adjusted EBITDA; our ability to execute our strategic priorities; our capital requirements and capital allocation plans; our potential to strengthen relationships with healthcare providers; the impact of our pricing strategy on our results, customer support and DAXXIFY adoption; the timing and plans related to the launch of DAXXIFY for the treatment of cervical dystonia; the commercial success of DAXXIFY; the exit of the OPUL payments business and anticipated cost savings generated by the exit; international expansion; the RHA® Collection of dermal fillers, including products pipeline, the launch of new indications and our ability to capitalize on portfolio synergies; the growth potential of our products, business and the market; our ability to increase product adoption; the potential to set a new standard of care; the potential benefits of our products, including efficacy, duration, fast-onset, improvement in skin quality and safety; our strategic partnerships; the anticipated approvals of DAXXIFY and commercialization of DAXXIFY through our Fosun partnership; development of a biosimilar to onabotulinumtoxinA for injection with our partner, Viatris; and our business and marketing strategy, and timeline, goals, plans and prospects, including our commercialization plans; constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, events, circumstances or achievements reflected in the forward-looking statements will ever be achieved or occur.
Forward-looking statements are subject to risks and uncertainties that could cause actual results and the timing of events to differ materially from our expectations. These risks and uncertainties relate to, but are not limited to: our ability to obtain funding for our operations; the timing of capital expenditures; the accuracy of our estimates regarding expenses, revenues, capital requirements, cost savings related to the divestiture of the OPUL payments business and supply chain and operational efficiencies; our financial performance and the economics of DAXXIFY and the RHA Collection of dermal fillers; the extent of future impairment charges; our ability to comply with our debt obligations; the impact of macroeconomic factors on our manufacturing operations, supply chain, end user demand for our products, commercialization efforts, business operations, regulatory meetings, inspections and approvals, clinical trials and other aspects of our business and on the market; our ability to maintain approval of our products; our ability and the ability of our partners to manufacture supplies for DAXXIFY and our drug product candidates; our ability to acquire supplies of the RHA Collection of dermal fillers; the uncertain clinical development process; our ability to obtain, and the timing relating to, regulatory submissions and approvals with respect to our drug product candidates and third-party manufacturers; the risk that clinical trials may not have an effective design or generate positive results or that positive results would assure regulatory approval or commercial success; the applicability of clinical study results to actual outcomes; the rate and degree of economic benefit, safety, efficacy, duration, commercial acceptance, market, competition and/or size and growth potential of DAXXIFY, the RHA Collection of dermal fillers, and our drug product candidates, if approved; our ability to successfully commercialize DAXXIFY and to continue to successfully commercialize the RHA Collection of dermal fillers; the timing and cost of commercialization activities; securing or maintaining adequate coverage or reimbursement by third-party payers for DAXXIFY; the proper training and administration of our products by physicians and medical staff; our ability to maintain and gain acceptance from injectors and physicians in the use of DAXXIFY for aesthetic and therapeutic indications; our ability to strengthen professional partnerships; our ability to expand sales and marketing capabilities; the status of commercial collaborations; our ability to effectively manage the exit of the OPUL payments business; changes in and failures to comply with laws and regulations; our ability to continue obtaining and maintaining intellectual property protection for our products; the cost and our ability to defend ourselves in product liability, intellectual property, class action or other lawsuits; our ability to limit or mitigate cybersecurity incidents; the volatility of our stock price; and other risks. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in our periodic filings with the Securities and Exchange Commission (SEC), including factors described in the section entitled "Risk Factors" in our Form 10-K expected to be filed with the SEC on February 28, 2024, and including, without limitation, our Form 10-Qs for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023, filed with the SEC on May 9, 2023, August 8, 2023 and November 8, 2023, respectively. The forward-looking statements in this press release speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.
Use of Non-GAAP Financial Measures
Revance has presented certain preliminary and unaudited non-GAAP financial measures and forward-looking non-GAAP financial measures in this release, including non-GAAP SG&A expenses, non-GAAP R&D expenses; non-GAAP OPEX; and Adjusted EBITDA. Non-GAAP SG&A expense and non-GAAP R&D expense exclude depreciation, amortization, stock-based compensation and restructuring charges; and non-GAAP OPEX excludes costs of revenue (exclusive of amortization), depreciation, amortization, stock-based compensation and restructuring and impairment charges. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, stock-based compensation and extraordinary items such as restructuring and impairment charges. The company excludes costs of revenue (exclusive of amortization), depreciation, amortization, stock-based compensation and extraordinary items like restructuring and impairment charges because management believes the exclusion of these items is helpful to investors to evaluate the Company’s recurring operational performance. Company management uses these non-GAAP financial measures to monitor and evaluate its operating results and trends on an ongoing basis, and internally for operating, budgeting and financial planning purposes. The non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.
Revance is unable to reconcile forward-looking non-GAAP OPEX, non-GAAP SG&A expenses or Adjusted EBITDA to the most directly comparable GAAP measure because the items that are being excluded from the non-GAAP financial measure are difficult to predict and a reconciliation or a range of results could lead to disclosure that would be imprecise or potentially misleading. Material changes to any one of the exclusions could have a significant effect on our forward-looking estimates and GAAP results. Such items include costs of revenue (exclusive of amortization), depreciation, amortization and stock-based compensation, as well as extraordinary items like restructuring and impairment charges.
Sources
REVANCE THERAPEUTICS, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
December 31,
2023
2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
137,329
$
108,965
Restricted cash, current
550
—
Short-term investments
116,586
231,742
Accounts receivable, net
27,676
11,339
Inventories
45,579
18,325
Prepaid expenses and other current assets
11,145
4,356
Total current assets
338,865
374,727
Property and equipment, net
17,225
13,799
Goodwill
—
77,175
Intangible assets, net
9,808
35,344
Operating lease right-of-use assets
53,167
39,223
Finance lease right-of-use asset
19,815
6,393
Restricted cash, non-current
6,870
6,052
Finance lease prepaid expense
32,383
27,500
Other non-current assets
321
1,687
TOTAL ASSETS
$
478,454
$
581,900
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable
$
13,809
$
4,546
Accruals and other current liabilities
53,824
59,357
Deferred revenue, current
10,737
6,867
Finance lease liability, current
2,651
669
Operating lease liabilities, current
5,703
4,243
Debt, current
2,500
—
Total current liabilities
89,224
75,682
Debt, non-current
426,595
379,374
Deferred revenue, non-current
70,419
78,577
Operating lease liabilities, non-current
40,985
34,182
Other non-current liabilities
2,835
1,485
TOTAL LIABILITIES
630,058
569,300
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock, par value $0.001 per share — 5,000,000 shares authorized, and no shares issued and outstanding as of December 31, 2023 and 2022
—
—
Common stock, par value $0.001 per share — 190,000,000 shares authorized as of December 31, 2023 and 2022; 87,962,765 and 82,385,810 shares issued and outstanding as of December 31, 2023 and 2022, respectively
88
82
Additional paid-in capital
1,926,654
1,767,266
Accumulated other comprehensive gain (loss)
14
(374
)
Accumulated deficit
(2,078,360
)
(1,754,374
)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)
(151,604
)
12,600
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
$
478,454
$
581,900
REVANCE THERAPEUTICS, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
(Unaudited)
Quarter Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Revenue:
Product revenue
$
58,498
$
45,730
$
212,658
$
118,131
Service revenue
2,307
2,944
12,249
6,990
Collaboration revenue
8,994
1,247
9,133
7,444
Total revenue
69,799
49,921
234,040
132,565
Operating expenses:
Cost of product revenue (exclusive of amortization)
15,420
20,284
62,335
44,414
Cost of service revenue (exclusive of amortization)
2,052
3,231
12,028
7,253
Selling, general and administrative
85,243
65,237
297,732
223,934
Research and development
20,366
19,541
79,410
101,286
Goodwill impairment
—
69,789
77,175
69,789
Intangible asset impairment
—
—
16,007
—
Amortization
671
16,250
6,130
27,847
Total operating expenses
123,752
194,332
550,817
474,523
Loss from operations
(53,953
)
(144,411
)
(316,777
)
(341,958
)
Interest income
3,434
3,031
13,285
4,891
Interest expense
(5,398
)
(3,752
)
(19,356
)
(16,474
)
Other income (expense), net
218
(820
)
(838
)
(2,181
)
Loss before income taxes
(55,699
)
(145,952
)
(323,686
)
(355,722
)
Income tax provision
—
—
(300
)
(700
)
Net loss
(55,699
)
(145,952
)
(323,986
)
(356,422
)
Unrealized gain (loss)
27
86
388
(356
)
Comprehensive loss
$
(55,672
)
$
(145,866
)
$
(323,598
)
$
(356,778
)
Basic and diluted net loss
$
(55,699
)
$
(145,952
)
$
(323,986
)
$
(356,422
)
Basic and diluted net loss per share
$
(0.62
)
$
(1.82
)
$
(3.83
)
$
(4.90
)
Basic and diluted weighted-average number of shares used in computing net loss per share
90,146,142
80,126,454
84,599,409
72,713,340
REVANCE THERAPEUTICS, INC.
Product Revenue Breakdown (Unaudited)
Quarter Ended December 31,
Year Ended December 31,
(in thousands)
2023
2022
2023
2022
Product:
RHA® Collection of dermal fillers
$
34,467
$
34,755
$
128,647
$
107,156
DAXXIFY®
24,031
10,975
84,011
10,975
Total product revenue
$
58,498
$
45,730
$
212,658
$
118,131
Reconciliation of GAAP SG&A Expense to Non-GAAP SG&A Expense (Unaudited)
Quarter Ended December 31,
Year Ended December 31,
(in thousands)
2023
2022
2023
2022
GAAP SG&A expense
$
85,243
$
65,237
$
297,732
$
223,934
Adjustments:
Stock-based compensation
(7,772
)
(8,658
)
(38,814
)
(36,595
)
Depreciation and amortization
(419
)
(1,048
)
(4,234
)
(4,238
)
Restructuring charges
(528
)
—
(1,260
)
—
Non-GAAP SG&A expense
$
76,524
$
55,531
$
253,424
$
183,101
Reconciliation of GAAP R&D Expense to Non-GAAP R&D Expense (Unaudited)
Quarter Ended December 31,
Year Ended December 31,
(in thousands)
2023
2022
2023
2022
GAAP R&D expense
$
20,366
$
19,541
$
79,410
$
101,286
Adjustments:
Stock-based compensation
(1,073
)
(2,069
)
(8,999
)
(15,745
)
Depreciation and amortization
(329
)
(168
)
(3,329
)
(1,647
)
Restructuring charges
(317
)
—
(1,610
)
—
Non-GAAP R&D expense
$
18,647
$
17,304
$
65,472
$
83,894
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
Quarter Ended December 31,
Year Ended December 31,
(in thousands)
2023
2022
2023
2022
GAAP operating expenses
$
123,752
$
194,332
$
550,817
$
474,523
Adjustments:
Goodwill and intangible asset impairment
—
(69,789
)
(93,182
)
(69,789
)
Costs of revenue (exclusive of amortization)
(17,472
)
(23,515
)
(74,363
)
(51,667
)
Stock-based compensation
(8,845
)
(10,727
)
(47,813
)
(52,340
)
Depreciation and amortization
(1,419
)
(17,466
)
(13,693
)
(33,732
)
Restructuring charges
(845
)
—
(2,870
)
—
Non-GAAP operating expenses
$
95,171
$
72,835
$
318,896
$
266,995
REVANCE THERAPEUTICS, INC.
Reconciliation of Net Loss to Adjusted EBITDA (Unaudited)
Quarter Ended December 31,
Year Ended December 31,
(in thousands)
2023
2022
2023
2022
Net loss
$
(55,699
)
$
(145,952
)
$
(323,986
)
$
(356,422
)
Adjustments:
Goodwill and intangible asset impairment
—
69,789
93,182
69,789
Restructuring charges
845
—
2,870
—
Stock-based compensation
8,845
10,727
47,813
52,340
Interest expense, net
1,964
721
6,071
11,583
Income tax provision
—
—
300
700
Depreciation and amortization
1,419
17,466
13,693
33,732
Adjusted EBITDA
$
(42,626
)
$
(47,249
)
$
(160,057
)
$
(188,278
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228178842/en/
Investors Revance Therapeutics, Inc.: Jessica Serra, 510-279-6886 jessica.serra@revance.com or Gilmartin Group, LLC.: Laurence Watts, 619-916-7620 laurence@gilmartinir.com
Media Revance Therapeutics, Inc.: Cathryn Castaldo, 615-245-7567 cathryn.castaldo@revance.com
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