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Dec 31, 2023
Revance Q4 2023 Earnings Report
Reported a 40% increase in total revenue primarily due to increased sales of DAXXIFY.
Key Takeaways
Revance reported a strong fourth quarter and full year 2023, with total revenue reaching $69.8 million for the quarter, a 40% increase year-over-year. Product revenue for the quarter was $58.5 million, driven by sales of DAXXIFY and the RHA Collection. The company is on track to launch DAXXIFY for cervical dystonia in mid-2024 and anticipates achieving positive Adjusted EBITDA in 2025.
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.
DAXXIFY for cervical dystonia on track for commercial launch mid-year; Permanent J-Code for DAXXIFY received January 2024.
Cash, cash equivalents and short-term investments of $253.9 million as of December 31, 2023; Management anticipates achieving positive Adjusted EBITDA in 2025.
Forward Guidance
Revance expects 2024 total product revenue to be at least $280 million and anticipates reaching positive Adjusted EBITDA in 2025.
Positive Outlook
- 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.
- Revance expects 2024 GAAP operating expenses to be between $460 million to $490 million.
- Revance expects non-GAAP operating expenses to be between $290 million to $310 million.
- Management projects that the company will 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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