- Provides access to a $500+ million market
opportunity in U.S aesthetic practice payment services -
- Leverages planned commercial infrastructure
across both premium facial injectables products and services
platform -
- Unique, differentiated and integrated digital
services platform transforms existing ecosystem, improving
aesthetic practice economics and patient experience -
- All-stock transaction. Revance cash runway
remains into 2023 -
- Conference call and webcast today at 8:30
a.m. ET -
Revance Therapeutics, Inc. (Nasdaq: RVNC), a biotechnology
company focused on innovative aesthetic and therapeutic offerings,
including its next-generation neuromodulator product,
DaxibotulinumtoxinA for Injection, today announced the signing of a
definitive agreement to acquire Hint, Inc., a privately held
company doing business under the name HintMD, which has created an
integrated financial technology (fintech) platform for the
aesthetics industry. The transaction is expected to close in the
third quarter of 2020, subject to customary closing conditions,
including receipt of approval of the requisite HintMD stockholders.
Revance will hold a conference call and webcast today at 8.30 a.m.
ET to discuss the acquisition and strategic rationale behind
it.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200519005316/en/
HintMD POS Image (Photo: Business
Wire)
HintMD, based in Pleasanton, Calif., has developed a proprietary
fintech platform that includes:
- Vertically Integrated Payments Platform – As both an
authorized payment facilitator (PayFac) and payment processor, the
HintMD platform can process a broad range of practice transactions.
By doing so, the HintMD platform streamlines the patient checkout
process and provides visibility into practice analytics and trends
that are not available with traditional credit card processors or
legacy systems that sit outside the normal work flow. Additionally,
the HintMD platform enables secure, contactless patient checkout
and seamless point-of-sale processing, particularly relevant in
today’s COVID-19 environment.
- Patient Subscriptions and Loyalty Programs – The HintMD
platform enables personalized subscription treatment solutions with
recurring billing programs and patient wallet technology to
facilitate flexible payment options. Subscription programs have
demonstrated improved patient treatment compliance and practice
economics. The open nature of the HintMD platform allows practices
to offer their own patient loyalty programs and integrate existing
brand rewards plans, while also facilitating third-party
transactions, thus lowering administration time, enabling easier
access of rewards, and improving payment reconciliation.
More than 33,000 U.S. aesthetic practices generated greater than
$56 billion in annual credit card processing volume in 2019. On
average, credit card processors charge between 0.5% - 1% to
complete a financial transaction depending on a variety of factors
including the type of credit card, whether or not the card is
physically present and other variables. In addition to credit card
processing, the HintMD platform also has the ability to support
patient subscriptions, loyalty programs and third-party services,
each of which can potentially contribute additional service
revenue. Combined, the HintMD platform would give Revance access to
an existing $500+ million market, with potential market expansion
opportunities.
“The strategic acquisition of HintMD would augment Revance’s
strong aesthetics product portfolio with an innovative fintech
platform to transform both the practice and patient experience and
deliver real value,” said Mark Foley, President and Chief Executive
Officer of Revance. “This transaction could grow our total U.S.
aesthetics market opportunity to more than $2.6 billion, which we
believe we can access through our planned commercial
infrastructure. Marketing the HintMD platform, in combination with
the RHA® Collection of dermal fillers and our investigational
neuromodulator product, DaxibotulinumtoxinA for Injection, upon
approval, would position us as a true industry innovator. We’re
creating a compelling aesthetics franchise comprised of
next-generation products and digital services designed to improve
office efficiency and profitability, while also enhancing patient
engagement and retention. In tandem, we’re also advancing our
therapeutics pipeline, with two significant topline clinical trial
results in the second half of the year. We look forward to
completing this acquisition and offering both product and digital
service innovation to customers.”
“We’re delighted that HintMD will be joining the Revance family
upon completion of this acquisition,” said Aubrey Rankin, CEO and
Co-Founder, HintMD. “We created the HintMD platform to provide a
seamless, simple and smart payment solution that empowers modern
dermatology and plastic surgery practices to improve office
management, analytics and economics. We also aim to elevate the
patient experience, providing aesthetic practices with unique
subscription and loyalty programs that increase patient engagement,
treatment compliance, and satisfaction. Our team’s mission has
always been to focus on delivering a win-win solution to our
physician customers and their patients, which is core to the DNA of
the Revance team. We look forward to working together with Revance,
and their impressive portfolio of premium injectables, to create a
highly synergistic and competitive offering for aesthetic
practices.”
Strategic Rationale
- Leverages planned commercial infrastructure to address the
specific needs of aesthetic practices.
- Adds an experienced management and fintech engineering team
that will expand the company’s digital capabilities, enable
advanced understanding of customer behavior and allow Revance to
address the need for custom practice and consumer loyalty programs
within an integrated platform.
- Creates near-term value with incremental recurring revenue from
a technology-based service business.
- Aligns with Revance’s vision to build a prestige aesthetics
franchise offering that transforms patient and practice
experiences.
Terms
- Revance has agreed to pay HintMD’s shareholders a total of 8.54
million shares of Revance common stock, subject to customary
adjustments provided in the acquisition agreement.
Updated 2020 Financial Outlook
In conjunction with the HintMD acquisition, the company is not
providing U.S. generally accepted accounting principles (“GAAP”)
guidance until acquisition accounting is complete. Revance expects
its financial guidance for 2020 non-GAAP operating expense, which
includes integration costs but excludes depreciation and
stock-based compensation costs, to remain between $220 to $230
million. With the acquisition and the company’s current cash and
equivalents, management projects that the company still has
sufficient resources to fund operations into 2023.
Conference Call
Individuals interested in listening to the conference call may
do so by dialing (855) 453-3827 for domestic callers, or (484)
756-4301 for international callers and reference conference ID:
1260308; 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 May 19, 2020 at 8:30 a.m. PT/11:30 a.m.
ET to May 20, 2020 at 8:30 a.m. PT/11:30 a.m. ET. To access the
replay, dial (855) 859-2056 or (404) 537-3406 and reference
conference ID: 1260308. The webcast will be available in the
investor relations section on the company's website for 30 days
following the completion of the call.
About Hint MD
Founded in 2014, Hint, Inc. is a private technology platform
business working to revolutionize the aesthetic experience for
physicians and patients. In addition to offering customized smart
point-of-sale payment systems, the company partners with board
certified physicians to offer personalized treatment plan
subscription solutions, loyalty programs and integrated partners to
drive patient engagement, compliance and improved clinical
outcomes. HintMD is based in Pleasanton, California, supporting the
needs of the U.S. medical aesthetic industry consisting of more
than 33,000 physician-owned practices.
About Revance Therapeutics, Inc.
Revance Therapeutics, Inc. is a biotechnology company focused on
innovative aesthetic and therapeutic offerings, including its
next-generation neuromodulator product, DaxibotulinumtoxinA for
Injection. DaxibotulinumtoxinA for Injection combines a proprietary
stabilizing peptide excipient with a highly purified botulinum
toxin that does not contain human or animal-based components.
Revance has successfully completed a Phase 3 program for
DaxibotulinumtoxinA for Injection in glabellar (frown) lines and is
pursuing U.S. regulatory approval in 2020. Revance is also
evaluating DaxibotulinumtoxinA for Injection in the full upper
face, including glabellar lines, forehead lines and crow’s feet, as
well as in three therapeutic indications - cervical dystonia, adult
upper limb spasticity and plantar fasciitis. Beyond
DaxibotulinumtoxinA for Injection, Revance gained exclusive rights
to commercialize TEOXANE SA’s Resilient Hyaluronic Acid® (RHA®)
line of fillers in the U.S., the first and only range of
FDA-approved dermal fillers for correction of dynamic facial
wrinkles and folds. Revance has also begun development of a
biosimilar to BOTOX®, which would compete in the existing
short-acting neuromodulator marketplace. Revance is dedicated to
making a difference by transforming patient experiences. For more
information or to join our team visit us at www.revance.com.
“Revance Therapeutics” and the Revance logo are registered
trademarks of Revance Therapeutics, Inc. Resilient Hyaluronic Acid®
and RHA® are trademarks of TEOXANE SA. BOTOX® is a registered
trademark of Allergan, Inc.
Additional Information and Where to Find It
Revance plans to file with the SEC, and the parties plan to
furnish to the investors of HintMD, a Registration Statement on
Form S-4, which will constitute a prospectus of Revance and will
include an information statement of HintMD, in connection with the
proposed transaction. The prospectus/information statement
described above will contain important information about Revance,
HintMD, the proposed transaction and related matters. Investors are
urged to read the prospectus/information statement carefully when
it becomes available. Investors be able to obtain free copies of
these documents, and other documents filed with the SEC, by Revance
through the website maintained by the SEC at www.sec.gov. In
addition, investors will be able to obtain free copies of these
documents from Revance by going to the Revance Investor Relations
web page at https://investors.revance.com/ and clicking on the link
titled “Financials and Filings” or by contacting Revance’s Investor
Relations group at the following:
Revance Therapeutics, Inc.: Jeanie Herbert, 714-325-3584
jherbert@revance.com or Gilmartin Group, LLC.: Laurence Watts,
619-916-7620 laurence@gilmartinir.com
Participants in the Solicitation
The respective directors and executive officers of Revance and
HintMD may be deemed to be participants in the solicitation of
written consents from the securityholders of HintMD in connection
with the proposed transaction. Information regarding the interests
of these directors and executive officers in the transaction
described herein will be included in the prospectus/information
statement described above. Additional information regarding
Revance’s directors and executive officers is included in Revance’s
proxy statement for its Annual Meeting of Stockholders, which was
filed with the SEC on March 26, 2020. This document is available
from Revance free of charge as described in the preceding
paragraph.
No Offer or Solicitation
This communication is not intended to and shall not constitute
an offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote of approval, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
Forward-Looking Statements
This press release contains forward-looking statements which
include, but are not limited to, statements regarding expected
timing, completion and effects of the proposed transaction, the
related benefits of the HintMD platform and related technologies to
Revance and the combined business, and the updated 2020 financial
outlook and cash runway. These forward-looking statements are
subject to the safe harbor provisions under the Private Securities
Litigation Reform Act of 1995. Revance’s expectations and beliefs
regarding these matters may not materialize. Actual outcomes and
results may differ materially from those contemplated by these
forward-looking statements as a result of uncertainties, risks and
changes in circumstances, including but not limited to risks and
uncertainties related to: the ability of the parties to consummate
the proposed transaction, satisfaction of closing conditions
precedent to the consummation of the proposed transaction,
potential delays in consummating the transaction and the ability of
Revance to timely and successfully achieve the anticipated benefits
of the transaction. Additional risks and uncertainties that could
cause actual outcomes and results to differ materially from those
contemplated by the forward-looking statements are included under
the caption “Risk Factors” and elsewhere in Revance’s most recent
filings with the SEC, including Revance’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2020 and any subsequent
reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from
time to time and available at www.sec.gov. These documents can be
accessed on the Revance Investor Relations page at
https://investors.revance.com/ by clicking on the link titled
“Financials and Filings.” The risks and uncertainties may be
amplified by the COVID-19 pandemic, which has caused significant
economic uncertainty. The extent to which the COVID-19 pandemic
impacts Revance’s and HintMD’s businesses, operations, and
financial results, including the duration and magnitude of such
effects, will depend on numerous factors, which are unpredictable,
including, but not limited to, the duration and spread of the
outbreak, its severity, the actions to contain the virus or treat
its impact, and how quickly and to what extent normal economic and
operating conditions can resume.
The forward-looking statements included in this communication
are made only as of the date hereof. Revance assumes no obligation
and does not intend to update these forward-looking statements,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200519005316/en/
Revance Therapeutics, Inc.: Jeanie Herbert, 714-325-3584
jherbert@revance.com or Gilmartin Group, LLC.: Laurence Watts,
619-916-7620 laurence@gilmartinir.com
Revance Therapeutics (NASDAQ:RVNC)
Historical Stock Chart
From Sep 2024 to Oct 2024
Revance Therapeutics (NASDAQ:RVNC)
Historical Stock Chart
From Oct 2023 to Oct 2024