Revance Q1 2022 Earnings Report
Key Takeaways
Revance Therapeutics reported an 89.9% increase in first-quarter revenue to $25.3 million, driven by a 78.9% increase in RHA® Collection revenue to $20.8 million. The company also closed a $300 million note purchase agreement and raised $31.8 million in net proceeds through its ATM program. The PDUFA date for DaxibotulinumtoxinA for Injection for glabellar lines is set for September 8, 2022.
First quarter total revenue increased by 89.9% to $25.3 million.
RHA® Collection revenue grew by 78.9% to $20.8 million.
Aesthetic accounts across products and services totaled over 3,500 at quarter-end.
Closed $300M note purchase agreement and raised $31.8M in net-proceeds through ATM program year-to-date.
Revance
Revance
Forward Guidance
Revance expects 2022 GAAP operating expenses to be $375 million to $400 million and non-GAAP operating expenses to be $260 million to $280 million. Revance expects 2022 non-GAAP research and development expense to be $100 million to $110 million. With the current cash, cash equivalents and short-term investments, management projects that the company is funded into 2024.
Positive Outlook
- 2022 GAAP operating expenses expected to be between $375 million and $400 million.
- 2022 non-GAAP operating expenses expected to be between $260 million and $280 million.
- 2022 non-GAAP research and development expense expected to be between $100 million and $110 million.
- Company is funded into 2024 with current cash, cash equivalents and short-term investments.
- Additional $100 million in notes available under the company’s note purchase agreement, subject to the FDA approval of DaxibotulinumtoxinA for Injection for glabellar lines.