Revance Therapeutics Inc (RVNC)

[edcoolidge]

This was the best Foley has sounded in a long time—possibly ever. Props to the Cowen analyst for not letting him get away with squishy language. Foley did conveniently leave out that his profligate spending and bad acquisitions forced this raise near all-time lows. I'd accept a significant (much more than 30k) open-market purchase from him in lieu of an apology. Foley also blew it by being arrogant and not understanding the "CosmeticMD effect"—that many providers in aesthetics have big opinions but often small brains and significant conflicts of interest. The dermatology community should be ashamed of themselves. Imagine a neurologist telling their patient that Dysport is just as good and then getting a nice kickback from Galderma! Therapeutics will help to prove the Daxxify difference and support the RVNC story but this was the first time I heard Mark seem to understand that aesthetics is going to be fought in the trenches and he's going to have to pander to some personalities to convert accounts.