Revance Therapeutics Inc (RVNC)

[DewDiligence]

RVNC 1Q22 results—3/31/22_cash=$262.5M:

https://investors.revance.com/news-releases/news-release-details/revance-reports-first-quarter-2022-financial-results-provides

1Q22 dermal-filler sales were $20.8M, -13% QoQ, consistent with seasonal trends in the aesthetics business. (The aesthetics market is stronger in the second and fourth calendar quarters than in the first and third quarters.)

The 3/31/22 cash balance of $262.5M includes: $98.2M from the first tranche of $200-300M loan announced in Mar 2022 (#msg-168271221); and $8.9M from use of the ATM facility.

1Q22 cash operating expenses (excluding revenue and COGS) were $59.9M, slightly below the annualized run rate of 2022 guidance of $260-280M issued in February (#msg-168037160) and reiterated today.

Subsequent to 3/31/22, RVNC raised an additional $22.9M from the existing ATM facility, closing out that vehicle; today, RVNC established a new $150M ATM facility with Cowen (https://www.sec.gov/Archives/edgar/data/0001479290/000119312522146394/d305234d424b5.htm ).