Revance Therapeutics (RVNC) Q2 2024 earnings summary

Executive summary

• Q2 2024 total net revenue reached $65.4 million, up 20% year-over-year, driven by DAXXIFY and RHA Collection sales.

• DAXXIFY aesthetic units sold increased 65% year-over-year, with net product revenue at $28.7 million (+27% YoY); RHA Collection net product revenue was $36.6 million (+15% YoY).

• Net loss from continuing operations for Q2 2024 was $37.5 million, improved from $56.3 million in Q2 2023.

• Expanded account base to over 8,000 aesthetic accounts and 4,200 DAXXIFY accounts by quarter-end.

• Launched DAXXIFY for cervical dystonia in May 2024, entering the $2.7 billion U.S. therapeutic neurotoxin market.

Financial highlights

• Q2 2024 total net revenue was $65.4 million, up from $54.4 million in Q2 2023 (+20% YoY).

• Six-month net revenue was $117.3 million, up from $100.2 million year-over-year.

• Q2 2024 GAAP operating expenses were $99.9 million; non-GAAP operating expenses were $74.8 million.

• Gross margin reported at 73% for Q2 2024.

• Ended Q2 with $232.2 million in cash, cash equivalents, and short-term investments.

Outlook and guidance

• 2024 net product revenue expected to be at least $280 million.

• 2024 GAAP operating expenses forecasted at $430–$460 million, down from prior guidance; non-GAAP OPEX at lower end of $290–$310 million.

• Targeting positive adjusted EBITDA in 2025.

• Management expects current liquidity and anticipated revenues to fund operations to cash flow break-even.

• Anticipates increased cost of product revenue for DAXXIFY as Zero-cost Inventory is depleted.