Revance Therapeutics Inc (RVNC)

[CosmeticMD]

That's a fair question. If I had come out as being short at the same time as I stated that I had major concerns about the viability of this product I would have (was anyways) labeled a 'fudster' or whatever Ed calls anyone who doesn't think Daxxify is the next coming of christ. I think the 86% haircut the shares have taken since I first started questioning the products capabilities and adoptability has pretty much cleared up any misconception on what I was saying back then about issues surrounding this rollout as well as the product itself.

In terms of assessing a larger number of people, the fact that over a year after commercial launch RVNC has <3% market share with a supposedly superior product lets you know how a large group of people feel about it. The fact that EOLS has a 70% percent reorder rate with 12,600 accounts (with a product no better than Botox) while RVNC has a 66% reorder rate among 3000 accounts provides some further insight into this. The higher per account purchase amount is 100% related to the fact that they made us place a minimum order of 25 vials with the first order while EOLS has no minimum order quantity.

And has someone who goes through about 1000 vials of toxin per year I assure you that this new 'blame the injector' movement that this board has morphed into isn't really accurate. Nobody who has been around injectables for their entire career likes this product. A few random little medspa PAs and RNs who learned to inject at a weekend course aren't really the people to look to for evidence of success of Daxxify. Similar to many previous product failures (QWO, Eskata, etc) the talk about Daxxify amongst our derm group on facebook has slowed to next to nothing after an initial flurry of excitement followed by profound disappointment in real life application. I'm sure daxxify will stick around (unless RVNC runs out of cash) but this will end up being just another low market share product in a field of neuromodulators that continues to become more and more crowded. Good returns to all.

Ed will of course attack this with his usual gusto and call me whoever that piasecki guy is.