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Jun 30, 2024
Revance Q2 2024 Earnings Report
Reported Q2 2024 financial results and provided a corporate update.
Key Takeaways
Revance reported a 20% increase in total net revenue for Q2 2024, driven by growth in DAXXIFY and RHA Collection sales. The company launched DAXXIFY for cervical dystonia and reiterated its 2024 total net product revenue guidance of at least $280 million.
Total DAXXIFY and RHA product revenue reached $65.3 million, up 20% year-over-year.
DAXXIFY net revenue was $28.7 million, a 27% increase year-over-year.
RHA Collection net revenue totaled $36.6 million, reflecting a 15% increase year-over-year.
DAXXIFY aesthetic units sold increased 65% year-over-year and 15% quarter-over-quarter, reaching over 3,700 ordering accounts.
Forward Guidance
Revance continues to expect 2024 total net product revenue to be at least $280 million. The company now expects 2024 GAAP operating expenses to be between $430 million and $460 million and non-GAAP operating expenses to be at the lower end of a range of $290 million to $310 million. Revance continues to expect non-GAAP SG&A expenses to be between $240 million and $255 million and projects to be funded to cash flow break-even and reach positive Adjusted EBITDA in 2025.
Positive Outlook
- Total net product revenue expected to be at least $280 million in 2024.
- GAAP operating expenses expected to be between $430 million and $460 million (down from $460 million to $490 million).
- Non-GAAP operating expenses expected to be at the lower end of a range of $290 million to $310 million.
- Non-GAAP SG&A expenses expected to be between $240 million and $255 million.
- Company projects to be funded to cash flow break-even and reach positive Adjusted EBITDA in 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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