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Mar 31, 2024
Revance Q1 2024 Earnings Report
Reported financial results for the first quarter ended March 31, 2024 and provided a corporate update.
Key Takeaways
Revance Therapeutics reported a total net revenue of $51.9 million for Q1 2024, a 13% increase compared to the same period last year, driven by increased DAXXIFY sales. The company is on track to generate combined sales of DAXXIFY and the RHA Collection of at least $280 million in 2024.
Total net product revenue (DAXXIFY and RHA Collection) was $51.7 million, a 13% year-over-year increase.
DAXXIFY net revenue reached $22.1 million, after a $2.0 million reduction related to a consumer coupon program.
Toxin market share increased from 3.0% in Q4 2023 to 3.7% in Q1 2024.
RHA Collection net revenue totaled $29.6 million, with filler market share increasing from 9.1% in Q4 2023 to 9.8% in Q1 2024.
Revance
Revance
Forward Guidance
Revance continues to expect 2024 total net product revenue, which includes sales of DAXXIFY and the RHA Collection, to be at least $280 million. Revance continues to expect 2024 GAAP operating expenses from continuing operations to be between $460 million to $490 million and non-GAAP operating expenses from continuing operations to be between $290 million to $310 million.
Positive Outlook
- Total net product revenue expected to be at least $280 million for 2024.
- Funded to cash flow break-even.
- Reach positive Adjusted EBITDA in 2025.
- Expanded into the U.S. therapeutics market in May 2024 with the launch of DAXXIFY for the treatment of cervical dystonia.
- Assignment of a J-Code by the U.S. Centers for Medicare and Medicaid Services streamlines future reimbursement for DAXXIFY.
Challenges Ahead
- GAAP operating expenses from continuing operations to be between $460 million to $490 million.
- Non-GAAP operating expenses from continuing operations to be between $290 million to $310 million.
- Consumer coupon program reduced DAXXIFY net revenue by $2.0 million.
- Soft filler market.
- Net loss from continuing operations for the first quarter ended March 31, 2024 was $49.5 million.