Revance Therapeutics (RVNC) Provides Corporate Update

Revance Therapeutics, Inc. (NASDAQ: RVNC) announced that the company is hosting its Investor Day today, September 19, 2023, from 9:30 am ET to 12:00 pm ET.

The Investor Day will include management presentations on Revance’s vision and strategy, Revance Aesthetics overview and launch progress, DAXXIFY® KOL panel, Revance Therapeutics commercial launch plans, future growth opportunities, and financial review and outlook. The presentations will be followed by a Q&A session.

Key Corporate Updates

• Real-world feedback reinforces DAXXIFY’s differentiated performance profile and continued opportunity for long-term, broad-based adoption.
• New pricing program for DAXXIFY®, which became effective September 1, 2023, positions the product to be priced competitively to Botox® Cosmetic for the provider, to further accelerate market share expansion.
• Expects long-term supply chain strategy to support U.S. DAXXIFY® adjusted gross margin of over 80%.
• Continued confidence in blockbuster potential in U.S. aesthetics product portfolio.
• Provides update on DAXXIFY® cervical dystonia PrevU program and commercial launch plans, early feedback from payers and market access dynamics.
• Exiting OPUL® payments business by the end of Q1 2024 to prioritize capital allocation and streamline operations. Expects to free up approximately $20 million a year for reinvestment in DAXXIFY® aesthetics and therapeutic commercial launches.
• The company provides additional updates to its 2023 financial guidance:
  • With current cash, cash equivalents, and short-term investments of $319.7 million as of June 30, 2023, and the additional $50 million in notes funded through Athyrium Capital in August 2023, the company is funded to breakeven and expects to be Adjusted EBITDA positive in 2025.
  • Expects to provide product revenue guidance in first half 2024.
  • Q3 2023 product revenue has the potential to be around Q2 2023 levels based on the recent roll out of the new pricing program and traditional seasonality in facial injectables.
  • Revised 2023 GAAP and Non-GAAP operating expense guidance to reflect the company’s exit of the OPUL® payments business:
    • GAAP operating expenses updated from $460 million – $480 million to $545 million – $585 million.
    • Non-GAAP operating expenses updated from $320 million – $340 million to $315 million – $335 million.
    • Non-GAAP research and development expenses updated from $80 million – $90 million to $75 million – $85 million.

Interested parties can access the live webcast for this event from the Events and Presentations section of the company’s Investor Relations webpage.

A webcast replay will be available beginning September 19, 2023, at 12:00 p.m. PT / 3:00 p.m. ET. To access the replay, please register via the webcast link on the events page.

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