The following is a summary of the Revance Therapeutics Inc. (RVNC) Q4 2023 Earnings Call Transcript:
Financial Performance:
Revance Therapeutics reported a 2023 product revenue of $213 million, up 80% year-over-year, and ended 2023 with $254 million in cash and short-term investments.
Aesthetics business generated $95 million in sales since the launch of DAXXIFY.
Total revenue for the year amounting to $234 million, up 77% from the previous year, with Q4 revenue at $69.8 million, an increase by 40%.
DAXXIFY and RHA products saw sales boost, contributing $84 million and $128.6 million respectively.
Payments for services business, OPUL, was stopped, expected to save the company $20 million this year.
Positive adjusted EBITDA by 2025 is forecasted with product revenue guidance in 2024 over $280 million.
Business Progress:
Key milestones achieved in 2023 including the launch and FDA approval of DAXXIFY for treating cervical dystonia.
After updating pricing strategy for DAXXIFY, the usage increased, along with reorder rates, and customer perception.
RHA product holds 10% market share and is the fastest-growing HA filler in the U.S..
Treated over 300 cervical dystonia patients with DAXXIFY; physicians reported a longer duration than other toxins.
Strategic priorities for 2024 include steady top-line growth, launching DAXXIFY for cervical dystonia, and focusing on capital allocation and operational efficiency.
Introduced patient coupon, ended no advertised pricing policy, and the focus is now on activating new accounts.
Leadership changes with Erica Jordan becoming Chief Commercial Officer and Dr. David Hollander leading the Therapeutics group.
Achieved over 50% commercial payer coverage for cervical dystonia, and 100% Medicare coverage signaling significant progress in market penetration.
Continued focus on innovation, such as Teoxane product line's emphasis on lip fullness and lines.
More details: Revance Therapeutics IR
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