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Dec 31, 2020
Revance Q4 2020 Earnings Report
Reported financial results for the fourth quarter and full year ended December 31, 2020, and provided a corporate update.
Key Takeaways
Revance Therapeutics, Inc. reported strong fourth-quarter results, driven by the commercial launch of the RHA® Collection of dermal fillers and the HintMD fintech platform. The company's revenue increased significantly compared to the same period in 2019, and they exited 2020 with a substantial cash balance, positioning them for continued growth and pipeline advancement.
Total revenue for the fourth quarter reached $11.1 million, a significant increase from $0.1 million in the same period of 2019.
RHA® Collection of dermal fillers contributed $10.0 million in product revenue during the quarter.
Selling, general, and administrative expenses increased to $55.8 million due to commercial launch activities and the HintMD acquisition.
Cash, cash equivalents, and short-term investments totaled $436.5 million at year-end, providing funding into 2024.
Forward Guidance
Revance anticipates several key milestones in 2021, including potential BLA approval for DaxibotulinumtoxinA for Injection, a new product extension for the RHA® Collection, the integration of PayFac into HintMD, and the completion of a Phase 3 study for cervical dystonia. The company projects GAAP operating expenses of $375 million to $390 million and non-GAAP operating expenses of $270 million to $285 million for 2021.
Positive Outlook
- BLA approval for DaxibotulinumtoxinA for Injection in glabellar lines anticipated in 2021.
- Release of the next-generation HintMD fintech platform, including PayFac integration, planned for mid-2021.
- Teoxane SA submitted the pre-market approval application for RHA® 1 for perioral (lip) lines, with FDA approval expected in the second half of 2021.
- Topline results from the ASPEN-OLS Phase 3 open-label safety study for cervical dystonia expected in the second half of 2021.
- End-of-Phase 2 meeting with the FDA planned as the next step for upper limb spasticity.
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