The following is a summary of the Revance Therapeutics Inc. (RVNC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Q1 2024 revenue of $51.9 million reported, a 13% increase due to DAXXIFY.
Net revenue of DAXXIFY aesthetic units for Q1 2024 stood at $22.1 million.
Operating expenses for Q1 were $98.8 million, higher than the $92.5 million from Q1 2023.
The company ended the quarter with over $275 million in cash, cash equivalents, and investments.
Guidance of net product revenue of at least $280 million and non-GAAP OpEx of $290 million to $310 million is reiterated.
Business Progress:
Unit sales of DAXXIFY aesthetic units saw a 105% YoY growth and market share increased to 3.7% in Q1 2024.
The company has entered the $2.7 billion US therapeutic neurotoxin market and expects it to grow 8% annually over the next five years.
Revance Therapeutics plans to reach positive adjusted EBITDA in 2025 with at least 32% top-line growth in 2024.
Efficiency initiatives have resulted in a decrease in non-GAAP OpEx from $91.7 million in Q4 to $73.6 million in Q1 2024.
Revance Therapeutics plans to roll out portfolio programs to incentivize further adoption of their products and plans for a larger account base by the end of the year.
The company plans to focus on digital and social marketing and has raised an additional $100 million for corporate use.
More details: Revance Therapeutics IR
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