Biotech Values

[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 $68.9M, slightly below the quarterly run rate for 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.