Revance Provides Corporate Update at Investor Day

Revance Therapeutics, Inc. (RVNC) announced that the company is hosting its Investor Day today, September 19, 2023, from 9:30 am ET to 12:00 pm ET.

The Investor Day will include management presentations on Revance’s vision and strategy, Revance Aesthetics overview and launch progress, DAXXIFY KOL panel, Revance Therapeutics commercial launch plans, future growth opportunities, and financial review and outlook. The presentations will be followed by a Q&A session.

Key Corporate Updates

• Real-world feedback reinforces DAXXIFY’s differentiated performance profile and continued opportunity for long-term, broad-based adoption.
• New pricing program for DAXXIFY, which became effective September 1, 2023, positions the product to be priced competitively to Botox Cosmetic for the provider, to further accelerate market share expansion.
• Expects long-term supply chain strategy to support U.S. DAXXIFY adjusted gross margin of over 80%.
• Continued confidence in blockbuster potential in U.S. aesthetics product portfolio.
• Provides update on DAXXIFY cervical dystonia PrevU program and commercial launch plans, early feedback from payers and market access dynamics.
• Exiting OPUL payments business by the end of Q1 2024 to prioritize capital allocation and streamline operations. Expects to free up approximately $20 million a year for reinvestment in DAXXIFY aesthetics and therapeutic commercial launches.
• The company provides additional updates to its 2023 financial guidance:
  • With current cash, cash equivalents, and short-term investments of $319.7 million as of June 30, 2023, and the additional $50 million in notes funded through Athyrium Capital in August 2023, the company is funded to breakeven and expects to be Adjusted EBITDA positive in 2025.
  • Expects to provide product revenue guidance in first half 2024.
  • Q3 2023 product revenue has the potential to be around Q2 2023 levels based on the recent roll out of the new pricing program and traditional seasonality in facial injectables.
  • Revised 2023 GAAP and Non-GAAP operating expense guidance to reflect the company’s exit of the OPUL payments business:
    • GAAP operating expenses updated from $460 million – $480 million to $545 million – $585 million.
    • Non-GAAP operating expenses updated from $320 million – $340 million to $315 million – $335 million.
    • Non-GAAP research and development expenses updated from $80 million – $90 million to $75 million – $85 million.

Interested parties can access the live webcast for this event from the Events and Presentations section of the company’s Investor Relations webpage.