Revance Therapeutics (RVNC) investor relations material

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• All previously provided 2024 financial guidance was withdrawn and no forward-looking outlook will be provided due to the proposed merger.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.