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Revance Therapeutics (RVNC) investor relations material
Revance Therapeutics Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary7 Nov, 2024
Executive summary
Q3 2024 revenue was $59.9 million, up 11% year-over-year, driven by increased DAXXIFY and RHA® Collection sales.
Net loss from continuing operations for Q3 2024 was $38.1 million, compared to $39.4 million in Q3 2023; total net loss including discontinued operations was $141.2 million.
The company completed the exit of its Fintech Platform business, now classified as discontinued operations, resulting in $101.7 million in Q3 2024 net loss from discontinued operations.
A pending merger with Crown Laboratories is in process, with a tender offer at $6.66 per share; the deadline was extended to November 12, 2024, and closing is subject to customary conditions.
Management has concluded there is substantial doubt about the company's ability to continue as a going concern due to insufficient liquidity to fund operations for 12 months.
Financial highlights
Q3 2024 product revenue: $58.8 million (up 9% year-over-year); nine-month product revenue: $175.9 million (up 14%).
DAXXIFY Q3 2024 revenue: $28.3 million (up 29%); RHA® Collection Q3 2024 revenue: $30.5 million (down 5%).
Operating expenses for Q3 2024 were $92.1 million, flat year-over-year; SG&A expenses were $62.6 million, down from $65.8 million, including $7.3 million in merger-related costs.
Cash, cash equivalents, and short-term investments as of September 30, 2024: $184.1 million, down from $253.9 million at year-end 2023.
Net loss per share from continuing operations for Q3 2024 was $0.37; total net loss per share was $1.63.
Outlook and guidance
Management expects continued operating losses and negative cash flows for the foreseeable future.
Existing cash and investments are not sufficient to fund operations for at least 12 months; additional financing or cost reductions may be required.
All previously provided 2024 financial guidance was withdrawn and no forward-looking outlook will be provided due to the proposed merger.
The pending merger with Crown Laboratories, if completed, will result in the company becoming a wholly owned subsidiary and delisting from Nasdaq.
Why was the 2024 financial guidance withdrawn?
Assess impact of Fosun's DAXXIFY approval in China.
Explain the terms of the Teoxane ANZ agreement.
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Frequently asked questions
Revance Therapeutics Inc. is a biotechnology company focused on developing and commercializing innovative aesthetic and therapeutic treatments. The company’s portfolio includes Daxxify, a long-lasting botulinum toxin for wrinkle reduction, and other injectable products for aesthetic enhancements. Revance also develops treatments targeting neurological and musculoskeletal disorders. Revance Therapeutics is headquartered in Nashville, Tennessee, and its shares are listed on the NASDAQ.
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