Replies to post #5619 on Revance Therapeutics Inc (RVNC)

[valiano]

Revance expects Q4 2023 preliminary unaudited DAXXIFY revenue to be between $23.5 million and $24.5 million.

This is quite disappointing

[DewDiligence]

Guilty as charged—my 4Q23 sales forecast was not even close. However, I contend that RVNC's >=$280M sales guidance for 2024 is a lowball figure that RVNC believes it can easily exceed.

[iwfal]

Specifically, DAXXIFY volume sold in Q4 increased 22% on a quarter-over-quarter basis

It’s better than Botox historical US seasonal growth, but worse than EOLS historical average. Over/under on EOLS having bigger seasonal growth this year?

[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 $73.6M, consistent with the low end of 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.

Note: An earlier version of this post (deleted) had a typo with respect to the 1Q24 non-GAAP operating expenses.