Revance Therapeutics Inc (RVNC)

[iwfal]

Going concern is an accounting standard requirement and failure to disclose could lead to auditors refusing to sign off on the financials, or potentially lead to investor fraud liabilities. It has nothing to do with forcing tender.

“Going concern” is a management decision, per standard accounting rules. It forces the accountants to do ‘breakup accounting’, altho i don’t have any idea what that means in practice. In any case, it seems entirely reasonable to suppose that they would choose to change status for a variety of reasons beyond pure accounting.

Maybe the filler/toxin markets are not so hot anymore, as echoed on cafe pharma boards and earnings (EOLS took a 15% hit couple days ago).

EOLS had an 8% Q vs Q drop in neuromodulator sales. AND it’s historically a seasonably weak quarter for neuromodulators generally. AND clearly RVNC management is not pushing sales at all because they’ve been distracted (see RHA implosion). YET RVNC neuromodulator sales are only down 1% Q vs Q. IE there is now immense pull from users. . Foley was an idiot for selling now.

That said, the cash draw is a problem, and interest rates are still high. They really are running out of room now, even if they wouldn’t have had Foley done even one of 3 or 4 very easy decisions correctly.