Revance Therapeutics Inc (RVNC)

[edcoolidge]

EOLS doesn't have filler sales which suffer from worse seasonality. Daxxify grew units QoQ but revenue was impacted by the coupon. It looks like Jeuveau was down slightly on units QoQ.

[kld2]

I don't get it. How does Foley keep his job? Any BOD worth their salt, would have booted him a long time ago.

[DewDiligence]

RVNC reports 1Q24 results—reiterates 2024 guidance:

https://investors.revance.com/investors/Press-Releases/news-details/2024/Revance-Reports-First-Quarter-2024-Financial-Results-Provides-Corporate-Update/default.aspx

1Q24 financial highlights

• 1Q24 Daxxify sales were $22.1M, -8% QoQ — due to $2.0M of redeemed coupons and normal seasonality in the aesthetics business — and +44% YoY.

• 1Q24 Daxxify volume (units shipped) was +7% QoQ.

• 1Q24 dermal-filler sales were $29.6M, -14% QoQ and -2% YoY.

• Cash at 3/31/24 was $277.1M, a $23.2M increase relative to 12/30/23 due to $94.0M of net proceeds from the Mar 2024 public offering.

• 1Q24 non-GAAP operating expenses (excluding COGS) were $73.6M, consistent with the low end of RVNC’s full-year 2024 guidance of $290-310M.

2024 guidance

• RVNC re-iterated 2024 guidance for product revenue (Daxxify + RHA) of >=$280M.

• RVNC re-iterated 2024 guidance for non-GAAP operating expenses of $290-310M.

Note: An earlier version of this post (deleted) had a typo with respect to the 1Q24 non-GAAP operating expenses.

[edcoolidge]

Yes, that's expenses. That's good.

[boraborak38]

“Trending to the low end of the range”…….

[kld2]

Oh, indeed I have! Take eols, for example. It affected them, but not as much. Foley loves to spend money. He should've been booted long ago.

[edcoolidge]

I guess you've never heard of seasonality and don't know that Q1 is the weakest quarter of the year. 🤦

It was an OK quarter considering. The Daxxify unit and account growth is encouraging.

[DewDiligence]

RVNC formally launches Daxxify for cervical dystonia:

https://investors.revance.com/investors/Press-Releases/news-details/2024/Revance-Expands-into-the-U.S.-Therapeutics-Market-with-the-Launch-of-DAXXIFY-for-the-Treatment-of-Cervical-Dystonia/default.asp

[kld2]

Actually, it was a terrible Q. Rev was $51M; last Q $58M.

[kld2]

Nobody was expecting a homerun here. Not bad, I suppose.

[alertmeipp]

Q1 is out.

https://investors.revance.com/investors/Press-Releases/news-details/2024/Revance-Reports-First-Quarter-2024-Financial-Results-Provides-Corporate-Update/default.aspx

- Total net product revenue (DAXXIFY® and RHA® Collection) of $51.7 million, a YoY increase of 13%.

- DAXXIFY® net revenue of $22.1 million, after a reduction of $2.0 million related to a consumer coupon program.

- Toxin market share increased from 3.0% in Q4’23 to 3.7% in Q1’24.

- Aesthetic units sold increased 105% YoY and 7% QoQ, despite traditional seasonality.

- RHA® Collection net revenue of $29.6 million; filler market share increased from 9.1% in Q4’23 to 9.8% in Q1’24.

- Revance launches DAXXIFY for Cervical Dystonia, with coverage for 78% of commercial lives and continued positive real-world physician feedback from PrevU program.

- Revance continues to expect 2024 total net product revenue, which includes sales of DAXXIFY and the RHA Collection, to be at least $280 million.

- Conference call and webcast today at 4:30 p.m. ET.

[Emannow]

[mouton29]

You must be right. I read that the X/Musk AI agent Grok accused a basketball player of vandalizing houses after reading tweets referring to him “shooting bricks.” I guess radiofrequency is used in facial treatment and the bot got confused.

[spongepaul]

Another example of how “
AI is revolutionizing our creativity”

[ASPRV]

What do you mean? They have Daxxify right under the botox.

[mouton29]

What is this? Note they have a separate section for Botox and competitors and don't appear to offer Daxxify (from Revance).

https://beverlyhillsmedispa.com/daxxify/

...

A: Daxxify? utilizes a combination of cutting-edge technologies, such as radiofrequency, laser, and advanced skincare products, to target multiple aspects of skin aging. These technologies work together to stimulate collagen production, improve skin texture, and reduce the appearance of imperfections.

[biotech_researcher]

Launch of CD tomorrow I think.

[rwwine]

I’m with you Randy. Last added 1,500 at $3.48 I believe early last week. I’m done for now. Apropos Q1 earnings, I keeping my expectations very low. My current thoughts are Q2 will be the real barometer of how the acceptance of Daxxi is truly going. GLTA

[randychub]

Added. - Been adding a 1000+ once a week. Hoping for a good earning report so I can stop.

[PioneerUniverse8]

Was not able to find what the price breakdown of Daxxi/RHA was, but I found out that 3 syringes were used for Daxxi at Dilution: U/0.1cc
and that 1 inch 25G cannula of RHA4 filler was used

I'll leave the rest for you to figure out :)

[PioneerUniverse8]

I have no idea. All I can say is that total Daxxi + RHA was $980. The dermatologist is Cynthia Golomb MD, from Hallandale FL.
My wife was primarily looking for injection expertise with Daxxi. The price was not of concern.

[Emannow]

Thanks for your input!

What is the price comparison that the Dermatologist is charging for Daxi versus Botox. Injectors are now buying Daxi for the same price as Botox and in many situations, Daxi costs the injector less than Botox.

What is the Botox price per unit?
What is the Daxi Price per unit?

Thank you!

[PioneerUniverse8]

couple other tidbits i was able to gather:

- according to this dermatologist, her patients are generally willing to switch and try Daxxify
- this dermatologist's assistant is using Daxxify exclusively and is very happy about it

Still too early to know if my wife will like it. She did Botox couple of times before, so there is some basis for comparison.

[PioneerUniverse8]

Wife did Daxxi yesterday (and bit of RHA fillers). The dermatologist said she should expect 9 moths duration for 11 lines. I thought that was perhaps a bit too optimistic, but lets see. In regards to slowdown that Botox reported, I think a large part of it is just a genuine market loss to competitors. I expect that Revance will also have favorable QoQ differential.

[boraborak38]

That’s about $2 million more in revenue than I thought. Don’t seem to be following the Botox slowdown that Abbvie reported :)

[boraborak38]

Not sure why that’s an issue. It’s been addressed so many times before. That was a fantastic report.

[DewDiligence]

Number of comments and questions about double-dose Jeuveau during EOLS 1Q24 CC today: zero.

[soma2022]

Evolus Q1 2024 Earnings:
Estim Revenue: $57M, Real: $59M (beat by $2M - 3.5%), down 1.7% from Q4 2023 Rev: $60M. (Botox down 14% QoQ)
cash burn: $10.6M
interest on debt: $4.7M
cash: $97M (they raised $47M in secondary March 2024)
debt: $120M (@14.5%)
year on year quarterly revenue growth: 42% (Botox down 5% y/y)
Jeuveau ordering Accts since 2019 launch: 13K
New accts: 700

Q1 2024 Botox Cosmetic : $389M (-14% QoQ, -5% YoY)

[Emannow]

RVNC % sales will mirror or most likely beat Evolus % sales numbers for Q1. Additionally, there should be a several million dollar backorder for CD Daxi which should ship on 5/10/2024

Evolus Reports First Quarter 2024 Results and Provides Business Update
Q1 2024 Net Revenue of $59.3 Million, Up 42% from Q1 2023
Non-GAAP Loss from Operations of $0.9 Million, on Track to Non-GAAP Profitability1 in Q4 2024 and Full Year 2025
Reaffirms Full-Year 2024 Net Revenue Guidance of $255 Million to $265 Million, Representing a 31% Growth Rate at the Top End
Remains on Track to Achieve Projected Total Net Revenue Goal of At Least $700 Million by 2028

[go seek]

RVNC was and is undervalued / oversold…

[vinmantoo]

RVNC is up over $1 since its low of $3.29 in late April. Does that mean the market wrong before and is just beginning to correct itself?

[go seek]

LETYBO… thanks for the information. I believe Mark Foley commented on this late in his 12 March webcast w Barclays. He said that he expected DAXXIFY would compete well against what he considered to be another ‘me too’ Botox toxin… saying DAXXIFY was unique, differentiated by innovation (use of peptide). Best2u.

[TimelessGoblin26]

https://academic.oup.com/asj/article/42/6/677/6517357?login=false

Here is the clinical trial results. Seems OK, fast onset. But I don't see strong evidence supporting "longer lasting" claim.

[alertmeipp]

I guess many are not happy with Angus and Foley, especially Foley's compensation.



1. Each of the Class I nominees of the Company’s Board of Directors (the “Board”) were elected to hold office until the Company’s 2027 annual meeting of stockholders, as follows: Angus Russell: 46,115,633 shares of common stock voted for and 23,876,260 shares of common stock withheld; Julian Gangolli: 64,257,114 shares of common stock voted for and 5,734,779 shares of common stock withheld; and Olivia Ware: 52,294,395 shares of common stock voted for and 17,697,498 shares of common stock withheld. There were a total of 19,398,055 broker non-votes for the election of the Class I nominees. The terms of office of the Class II directors, Mark J. Foley and Christian W. Nolet, continue until the Company’s 2025 annual meeting of stockholders. The terms of office of the Class III directors, Jill Beraud, Carey O'Connor Kolaja and Dr. Vlad Coric, continue until the Company’s 2026 annual meeting of stockholders.

2. The stockholders ratified the selection by the Audit Committee of PricewaterhouseCoopers LLP as the independent registered public accounting firm of the Company for its fiscal year ending December 31, 2024, as follows: 88,457,575 shares of common stock voted for, 849,475 shares of common stock voted against, 82,898 shares of common stock abstaining and no broker non-votes.

3. The stockholders approved, on an advisory basis, the compensation of the Company’s named executive officers as disclosed in the 2024 Proxy Statement, as follows: 51,554,931 shares of common stock voted for, 18,083,102 shares of common stock voted against, 353,860 shares of common stock abstaining and 19,398,055 broker non-votes.

[go seek]

Any thoughts on LETYBO which should be in the US market later this year?

[vinmantoo]

AEON’s lead indication had previously been cervical dystonia, but AEON backed off from CD after RVNC reported stellar data in that indication.

I like the way that sounds.

[DewDiligence]

AEON—(-53%)—reports failed phase-2 in migraine prevention:

https://finance.yahoo.com/news/aeon-biopharma-announces-preliminary-top-110000987.html

AEON Biopharma…today announced that the preliminary top-line results from its planned interim analysis of the Phase 2 trial with ABP-450 in the preventive treatment for chronic migraine did not meet the primary endpoint.

This is AEON’s second phase-2 failure in migraine, having whiffed in a prior phase-2 for treatment (rather than prevention) of episodic migraine (#msg-173058579).

AEON’s ABP-450 is the exact same drug as EOLS’ Jeuveau, sourced from Korea's Daewoong.

AEON’s lead indication had previously been cervical dystonia, but AEON backed off from CD after RVNC reported stellar data in that indication.

Please see #msg-172274907 for related info.

[alertmeipp]

Finally an ad that looks decent

The power move one was lame

[vinmantoo]

$3.77
How long before a Big Pharma Co. J&J decides to purchase RVNC to add to their Mentor Breast Implant Biz like Allergan?

What makes you think RVNC would accept a buyout at this absurdly low price?

[go seek]

New Daxxi ad…
https://www.instagram.com/reel/C6ekJTlPozL/?igsh=cDlhdHNvZzh3ajRz

Ad liked by one of the top dermatologists in NYC… Dr. Ellen Marmur
https://www.instagram.com/reel/C3-pJf6r6t-/?igsh=MTQyN2U5a3N4Zjl6eg==

Read comments…

[go seek]

Vote details to be published on or about 5 May.

[AXRX4952]

$3.77
How long before a Big Pharma Co. J&J decides to purchase RVNC to add to their Mentor Breast Implant Biz like Allergan? Or Pfizer who tried to buy Allegan, Sientra? You can't be successful if your salesforce is leaving left and right. Retention is a big issue there. The innerworkings of this company is a huge mess.

[AXRX4952]

Teoxane RHA was world wide 5 years BEFORE RVNC got it launched in the USA and all RVNC has to do was copy paste their marketing concepts and follow the other global distributors - who have had Teoxane portfolio for 20 years.
Daxxi is their own product and they have had YEARS to come up with a successful marketing plan and execute it. They failed miserably. It's like you had ONE job and you failed.

[alertmeipp]

Anyone know the voting result %?

[PioneerUniverse8]

Them not answering questions (even though the questions were not related to the 3 items that were being voted on) is a total dick move. Ultimately it shows a disrespect for minority shareholders.

[randychub]

Per rumor? I thought Rvnc stated that in the past

[Emannow]

Per a rumor, Daxi CD is to be officially launched on May 9th.

[soma2022]

Evolus reports May 7th after close
Estim Rev: $57M, loss of 8 cents/share.
Q4 2023 Rev: $60M COGS: $19M
Key items: cash burn, interest on debt, cash balance, year on year revenue growth, QoQ revenue change.

Revance reports May 9th after close
Q4 2023: RHA: $34.5M, Daxi: $24M
Key items: RHA/Daxi Revenue growth YoY and QoQ, cash burn, cash balance, GMs, Daxxify vial unit growth QoQ, and CD launch progress and expense management.

Compare to Abbvie's Botox/filler sales for same quarters.

[Emannow]

Institutions have bought back into RVNC

Capital Research now owns 13.83 million shares and is the largest share holder

[DewDiligence]

We dont even know when earnings day is.

May 9:

https://investors.revance.com/investors/Press-Releases/news-details/2024/Revance-to-Release-First-Quarter-2024-Financial-Results-on-Thursday-May-9-2024/default.aspx