– 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
- Total revenue for the fourth quarter 2023 was $69.8
million compared to $49.9 million for the same period last year,
representing a 40% increase, primarily due to increased sales of
DAXXIFY. Total revenue for the full year 2023 was $234.0 million
compared to $132.6 million for the full year 2022, representing a
77% increase, primarily due to increased sales of the RHA
Collection and DAXXIFY. Total revenue for the fourth quarter
included $58.5 million of product revenue, which included $34.5
million of RHA Collection revenue and $24.0 million of DAXXIFY
revenue, $2.3 million of service revenue and $9.1 million of
collaboration revenue.
- Selling, general and administrative (SG&A) expenses
for the fourth quarter and full year ended December 31, 2023 were
$85.2 million and $297.7 million compared to $65.2 million and
$223.9 million, respectively, for the same periods last year,
presented in accordance with U.S. generally accepted accounting
principles (“GAAP”). Excluding depreciation, amortization,
stock-based compensation and restructuring charges, non-GAAP
SG&A expenses were $76.5 million and $253.4 million,
respectively, for the fourth quarter and full year ended December
31, 2023. The increase on a quarterly and full year basis was
primarily due to higher sales and marketing expenses related to the
RHA Collection and DAXXIFY.
- Research and development (R&D) expenses for the
fourth quarter and full year ended December 31, 2023 were $20.4
million and $79.4 million compared to $19.5 million and $101.3
million, respectively, for the same periods in 2022. The decrease
on a full year basis was primarily due to certain
manufacturing-related expenses capitalized into inventory for
DAXXIFY and an employee retention credit claim recognized in 2023.
Excluding depreciation, amortization, stock-based compensation and
restructuring charges, non-GAAP R&D expenses were $18.6 million
and $65.5 million, respectively, for the fourth quarter and full
year ended December 31, 2023.
- Total operating expenses (OPEX) for the fourth quarter
and full year ended December 31, 2023 were $123.8 million and
$550.8 million compared to $194.3 million and $474.5 million,
respectively, for the same periods in 2022. Excluding costs of
revenue, depreciation, amortization, stock-based compensation,
restructuring and impairment charges, non-GAAP OPEX for the fourth
quarter and full year ended December 31, 2023 were $95.2 million
and $318.9 million, respectively. GAAP and non-GAAP OPEX were on
the low end of the company’s previously stated guidance ranges of
$545 million to $585 million and $315 million to $335 million,
respectively.
- Net loss for the fourth quarter and full year ended
December 31, 2023 was $55.7 million and $324.0 million,
respectively, compared to a net loss of $146.0 million and $356.4
million, respectively, for the same periods last year. Adjusted
earnings before interest, taxes, depreciation and amortization
(Adjusted EBITDA) for the fourth quarter and full year 2023 was a
loss of $42.6 million and loss of $160.1 million, respectively,
compared to a loss of $47.2 million and a loss of $188.3 million
for the same periods last year.
- Cash, cash equivalents and short-term investments as of
December 31, 2023 were $253.9 million.
“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
- Sequential growth in DAXXIFY adoption in the first five
quarters of market introduction, generating $95.0 million in total
revenue, and surpassing the combined sales of the last three
neuromodulators to enter the market in their respective launch
periods.
- Fourth quarter and full year 2023 DAXXIFY revenue of $24.0
million and $84.0 million, respectively. Q4 DAXXIFY volume sold
increased 22% over the third quarter, with revenue offset by a
lower average selling price resulting from the new DAXXIFY pricing
strategy. Revenue from reordering accounts represented more than
two-thirds of total DAXXIFY revenue in the fourth quarter and the
company ended the year with over 3,000 accounts that have ordered
DAXXIFY.
- RHA Collection continues to be the fastest-growing filler by
market share out of the six brands on the U.S. market. Fourth
quarter and full year 2023 RHA Collection revenue of $34.5 million
and $128.6 million, respectively.
- In January 2024, the U.S. Food and Drug Administration (FDA)
approved the expansion of the label for RHA 3 to include injection
into the vermillion body, vermillion border and oral commissure for
lip augmentation and lip fullness in adults aged 22 years and
older. RHA 3 was previously approved for the correction of moderate
to severe dynamic wrinkles and folds, such as nasolabial folds.
Revance anticipates launching the new indication in Q2 2024,
further expanding the innovation and versatility of the RHA
Collection.
- Accounts across Revance’s aesthetic portfolio totaled over
7,000 at the end of the fourth quarter 2023.
Therapeutics
- Revance has already obtained DAXXIFY coverage for over 140
million commercial lives, which includes 25 of the 30 largest
payers in the country, representing over 50% of commercial lives
covered prior to commercial launch.
- The DAXXIFY cervical dystonia (CD) PrevU program continues to
advance. Since the program’s initiation in September 2023, more
than 300 patients have been treated with DAXXIFY across
approximately 30 practices, allowing Revance to collect valuable
real-world clinical insights to help inform the commercial launch
strategy and product positioning. Physicians continue to titrate
doses across patient treatment cycles to optimize treatment
outcomes. Approximately one-third of patients have completed their
first treatment cycle and are now in their second treatment cycle.
Feedback from physicians and patients on the product’s safety,
efficacy and duration of treatment effect has been encouraging and
in-line with the ASPEN clinical program.
- Based on a survey conducted by Revance in January, which
included all 17 physicians who participated in the PrevU program at
inception, 94% of participants indicated that they perceived
DAXXIFY to last longer than what they have seen with conventional
botulinum toxins, based on their treatment cycle 1 experience.
- Revance is on track to launch DAXXIFY for the treatment of
cervical dystonia in mid-year 2024, following the conclusion of the
DAXXIFY CD PrevU program. Revance received its permanent J-Code for
DAXXIFY in January 2024 from the U.S. Centers for Medicare &
Medicaid Services (CMS), which will streamline the reimbursement
path for providers for DAXXIFY.
- Revance announced the publication of its pivotal ASPEN-1 study
results in Neurology®, the medical journal of the American Academy
of Neurology, reinforcing the long duration of effect and favorable
safety profile of DAXXIFY for the treatment of cervical dystonia.
The study results served as the basis for the U.S. FDA's approval
of the indication in August 2023.
2024 Strategic Priorities
- Aesthetics: Grow DAXXIFY share by highlighting the value
proposition of the product’s peptide formulation, long-duration,
fast-onset and the appearance of improved skin quality; strengthen
provider partnerships through robust engagement initiatives and
thought leadership efforts; grow share of RHA Collection with
continued training and education, indication expansion and
realization of portfolio synergies.
- Therapeutics: Successfully complete the DAXXIFY CD PrevU
program; leverage learnings and real-world clinical insights to
support commercial success; secure at least 50% commercial coverage
by commercial launch, which has already been achieved as of the
issuance of this press release; launch DAXXIFY for cervical
dystonia mid-year 2024.
- Focused and disciplined capital allocation: Drive
top-line growth through focused investments in aesthetics and
therapeutics while exercising disciplined expense management and
capital allocation. Revance is on track to fully exit its OPUL®
payments business by the end of Q1 2024, enabling greater focus on
the company’s strategic priorities in aesthetics and therapeutics
while generating up to approximately $20 million in annual savings.
As a result of the exit of OPUL and prioritization of capital
allocation, the company expects its 2024 GAAP and non-GAAP
operating expense guidance to be below 2023 levels.
- Enhanced and streamlined organizational structure: With
the appointment of Erica Jordan as Chief Commercial Officer in the
fourth quarter of 2023, the commercial organization was
restructured to integrate and streamline marketing, sales,
commercial operations, professional partnerships, strategy, data
analytics and professional engagement functions. The new structure
is designed to support the company’s strategic priorities by
enhancing execution and performance while improving efficiencies.
Further, in connection with the previously announced departure of
Dustin Sjuts, President of Revance, effective March 31, 2024, Mark
Foley, Chief Executive Officer, will reassume responsibility for
the company’s therapeutics business along with clinical,
regulatory, quality, R&D and medical. Reporting to Mark across
these functions is David Hollander, MD, MBA, Chief Medical Officer,
who will take on the additional role of Global Therapeutics
Franchise Lead. In this role, David will lead the company's global
therapeutics strategy as well as U.S. commercial sales, marketing
and payor functions. Tobin Schilke, Chief Financial Officer, will
assume responsibility over the company’s manufacturing and supply
chain operations.
2024 Guidance and Financial Outlook
- Product revenue guidance: Revance expects 2024 total
product revenue, which includes sales of DAXXIFY and the RHA
Collection, to be at least $280 million. Product revenue guidance
for 2024 reflects the following assumptions:
- RHA Collection DAXXIFY Aesthetic market share growth through
deeper and broader account penetration.
- DAXXIFY cervical dystonia launch expected mid-year 2024 and
related modest revenue contribution.
- Operating expense guidance: Revance expects 2024 GAAP
operating expenses to be between $460 million to $490 million and
non-GAAP operating expenses, which exclude goodwill and intangible
asset impairment, costs of revenues (exclusive of amortization),
stock-based compensation, depreciation and amortization and
restructuring charges to be between $290 million to $310 million.
The midpoints of the GAAP and non-GAAP operating expense guidance
ranges represent a corresponding 14% and 6% reduction from the
company's 2023 operating expenses. The reduction is driven
primarily by the exit of the company's OPUL payments business, in
addition to the streamlining of the organization and improved
operating efficiencies. Revance expects non-GAAP selling, general
and administrative (SG&A) expenses to be between $240 million
to $255 million.
- Financial outlook: With cash, cash equivalents, and
short-term investments of $253.9 million as of December 31, 2023,
and anticipated revenues and expenditures, management projects that
the company will be funded to cash flow break-even and reach
positive Adjusted EBITDA in 2025. Longer-term, the company
reaffirms its blockbuster potential in U.S. aesthetics supported by
its innovative product portfolio including DAXXIFY and the RHA
Collection. The company expects to increase revenue growth through
deeper and broader account penetration of DAXXIFY and RHA and the
introduction of new RHA indications and products. Further, the
company believes meaningful upside can be achieved with the
expansion of DAXXIFY into therapeutics and internationally, as well
as the company’s strategic partnerships with Fosun and Viatris –
representing at least $5.0 billion in potential future growth
opportunities1.
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
- Includes U.S. therapeutic market of $2.2 billion based on
Decision Resources Group Market Analysis 2024 for cervical
dystonia, spasticity, and migraine; International toxin market
(aesthetic and therapeutic) of $2.7 billion, based on Decision
Resources Group Therapeutic Botulinum Toxin Market Analysis Global
2024 and Decision Resources Group Aesthetics Injectables Botulinum
Toxin Reports 2024; Fosun partnership opportunity of up to $223
million in milestone payments and low to high-teens royalties; and
Viatris partnership opportunity of up to $225 million in milestone
payments and low to mid-teens royalties for key markets.
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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