Revance Therapeutics (RVNC) 23 Feb 212020 Q4 Earnings call transcript

Company Profile

Participants

Jessica Serra	Head of Investor Relations and ESG
Mark Foley	President and Chief Executive Officer
Toby Schilke	Chief Financial Officer
Roman Rubio	Senior Vice President Clinical Development
Dustin Sjuts	Chief Commercial Officer, Therapeutics & Aesthetics
Abhay Joshi	Chief Operating Officer and President of R&D and Product Operation
Ken Cacciatore	Cowen and Company
Seamus Fernandez	Guggenheim
Terence Flynn	Goldman Sachs
Annabel Samimy	Stifel
Balaji Prasad	Barclays
David Amsellem	Piper Sandler
Jacob Hughes	Wells Fargo
Tim Lugo	William Blair
Serge Belanger	Needham & Company

Call transcript

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Operator

Welcome to the Revance Therapeutics Fourth Quarter and Full Year 2020 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode.

Following managements' prepared remarks, we will hold a Q&A session. [Operator Instructions] As a reminder, this call is being recorded today, February 22, 2021. I would now like to turn the conference call over to Jessica Serra, Head of Investor Relations and ESG for Revance. ahead. go Please

Jessica Serra

Fate. Thank you,

and on Development, President and the Officer, Revance us Rankin; Vice and of today Schilke; Chief Senior Abhay Commercial and Officer, Roman Innovation call Executive Officer, and Rubio. President Aesthetics R&D President Chief and Financial Dustin Operating is Operations, Mark Dr. Chief Joshi; Dr. Sjuts; Joining Therapeutics, Officer from Clinical Product of Foley; Toby Abri President Chief Technology,

market expectations statements planned management related aesthetics clinical RHA call, therapeutics During expectations launch and significant forward-looking will fintech company's the potential fillers uncertainties. guidance, approval product statements, of including the and expected of DaxibotulinumtoxinA and dermal statements Revance's the make the involve platform, to this for financial timing development the candidates, of forward-looking XXXX franchises, business are and operations, opportunity Injections the performance. our milestone current any runway inherently FDA, of by of of HintMD and cash on These and strategy based our Collection and commercial risks the

as Our such actual a in in include measures statements timing current results cause could Mark? present of of measures. and Foley. differ Also with today's in Factors turn our reconciliation events undertakes be will With financial non-GAAP XXXX. Factors statements, or new over that, any the earnings SEC release. future from filed results as included expectations. forward-looking no XX-Q factors I A to now a on to changes of result obligation will describes the information, report uncertainties. risks that forward-looking non-GAAP both these our GAAP and update on we call as the section Mark company Revance November Risk result is to anticipated entitled those events call, to GAAP and materially from obligation statements or its on the could different X, the in of these Form in

Mark Foley

you for you, a for conference and Thank call. year full transformational Jessica. XXXX truly was Good quarter fourth our everyone Revance. joining thank and earnings year afternoon, XXXX

Our our pipelines, extending size. runway in sheet both our and strengthened into doubled and more We of our balance therapeutics XXXX. cash aesthetics team than advanced

We be backdrop entity, point on and year, all in noteworthy also Collection team but global against together year of normal our our times for next integrated loyalty a us challenging coming a of year. practices transition sale I'm diversified objectives COVID-XX key and for generation more delivering incredibly would the as These revenue and the payment accomplishments that the significant platform. launched HintMD, aesthetic proud culminated consumer successful a we for RHA of a dermal with with commercial This into fintech these stream. our even the platform HintMD of provides during the pandemic. fillers

is cover quarter upper highlights we for I DaxibotulinumtoxinA for This Phase this disorder study. second adult very X our the program and refer to trial, from fourth our results Phase I'd DaxibotulinumtoxinA with Injection, movement Injection limb for the are X our from call. like for this will to as pleased ULS data Before the on year, clinical for adult which muscle review spasticity, JUNIPER and we milestones

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largest administered with shown Daxibotulinumtoxin spasticity, physical symptoms ability and to problems relieving when typically debilitating, be particularly and neurologists many and of expected prevalence Total one to nervous by brain perform daily it over muscle upper $X spasticity of not injections billion XX have grow threatening, life XXXX. are of to limb and representing impacting with who people million spasticity and which spasticity by Although lower psychiatrists to can is and to includes system. movement combined of is patient's tasks. the The opportunity XXXX worldwide. painful effective therapy. be $XXX estimated disorders, global million the the in treat Injections a a be

of XX% treatment. patients than receive less However,

day Daxibotulinumtoxins practice, cervical the with challenges there ULS. In approved As adult typically the currently every of XX injected in weeks. patients are with dystonia are treatment present

return symptoms the prior to payers. treatment patients However, a often experience of approved interval by

to and unmet more similar DaxibotulinumtoxinA what need patients patient is of We cost-effective in condition For population greater for this cervical significant this treatment. a approved, these would for in with patients once hope to encourage therapy. Injection, there's seek seen population, dystonia a reasons, a lasting long that

the Roman design results. pass I'll call Now review the to trial to Roman? and

Roman Rubio

Thank you, Mark.

the Injection help Phase randomized brain the subjects. evaluate of a of with stroke concerns, the for study trial double-blind placebo and the to a The decision enrollment to units for XXX XXX given to but us originally program. with was in X following ULS XXX curtail of treatment a or made evaluated were Phase subjects, June also There XX advance XXXX compared JUNIPER X to placebo. into we the safety include The identify Our adult DaxibotulinumtoxinA controlled to study efficacy was COVID-XX and traumatic designed dose injury. three multicenter drug doses to designed of size trial XXX, the

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that of for has range, the were not in by the was that's at effect. published weeks pleased reduced as with less in align three the reach A the of toxin median secondary was this retreatment as with with However, Daxi to limbs defined for with Injection relief we six muscle the in duration reported least that time was a symptom size. literature able and studies key the zero, weeks with reported toxins, been duration at Phase said with - weeks. loss by of Injection or endpoint our DaxibotulinumtoxinA of PGIC achieved effect for of In usually That will of spasticity. a subject. four the for injection with JUNIPER for in study XX a enrollment all weeks. improvement, were efficacy tone been or difference duration a from adult treatment score see suprahypertonic In upper XX statistical with to group measured than request peaks equal prior data muscle until the a that MAS and significance encouraged XX our the that to to A type X That other to wane doses

be in the increase terms groups. program. meet X for even in deliver that DaxibotulinumtoxinA was in safety, design well no Phase was efficacy to the measured lower endpoint In successfully able Injection observed of required treatment was the the COVID-XX. MAS, had events the of as and secondary safe tolerated We with a to adverse able size to generally study enrollment summary, found to subject though were to was a on properly data co-primary Finally, incidence three doses all dose the higher across

across also long and profile XX as We weeks our showed therapeutic consistent Daxi aesthetic the studies. for other duration of seen

program. significantly we of data For an the to set Phase these are in have to these team results the without upcoming Medical the heroes the We floor Congress. achieved of time JUNIPER share potentially. achieving X two few I'll symptom commitment treatments back plan the improve and Revance we of JUNIPER closing, reasons, able confident turn with over investigators, as at you patient's be the In year relief could ability to per quality life We members as not drugs and the to Mark. thank by to all. patients,

Mark Foley

extraordinary JUNIPER Phase Phase circumstances was We end modified delivered X to with the we echo in an results schedule completed To our the finalizing to program. Thanks plan needed and advance FDA X Phase Roman. meeting order the and under prior X Roman's that trial our program. to remarks, to

of our clinical our plan We're $X the of is the in given second franchise, a in global filing the label Phase a follow this the positive safety evidence in validates the regulatory market, DaxibotulinumtoxinA body As pleased cervical will approval dystonia open allow effectively that and billion XXXX. therapeutics of half to completion with expected the to spasticity, differentiated milestone the ASPEN-OLS growing with FDA in representing movement dystonia, with the X differentiation disorder momentum XXXX. profile opportunity XXXX further in very the of today. Injection. of muscle which rest and We participate study to us anticipate therapeutics performance This next cervical in for includes franchise the

the Altogether, decreased costs, in utilization healthcare new the conditions. to of duration utilization our delivers We costs. treatment favorable long neuromodulator of decreased for and with potentially has overall treatment reduction also standard the neuromodulators safety for movement and of could neurological generation that the patients meaningful demonstrated pharmacoeconomic a become duration, rates Longer high including benefits, disorders. response expand drug DaxibotulinumtoxinA care of to for effect profile muscle Injection annualized next believe continue these debilitating ability

and Collection performance to the RHA our platform. volume quarter, we fourth substantial HintMD strong In in commercial quarter. turn processing full growth our of I'll uptake first Now for from our saw our

were Our initial two encouraging reasons. for results

First, innovative second, shows it was providers. strategy is our resonating it and disciplined and that that aesthetics thoughtful portfolio reflects And with commercial and in our results. producing successful healthcare consumers differentiated

for We at FDAs glabellar lasting the of would reinforced of subjects that feet the lines. open further quarter, facial X.X mild During week fourth at results showed our severity time severity the four we for we in positive study in secure favorable to announced Injection. of DaxibotulinumtoxinA the the months. or DaxibotulinumtoxinA was long hoped lines, XX of approval duration fourth forehead our wrinkle lines. also treatment innovative, medium combined baseline and weeks glabellar line neuromodulator of for none least at label The and the crow's upper lines Phase which treatment efficacy of to or XX% X study, Further, quarter, from Injection profile wrinkle least return had

due manufacturing for review However, FDAs travel restrictions. glabellar lines BLA conduct remains as mandatory facility November, in as result we inability of to of announced our a a to in inspection the COVID-XX the

foundation further for did will any of DaxibotulinumtoxinA You will inspection. Injection review pending an the beyond which continue to our Collection of on-site issues once build outstanding BLA in the for confident the That platform approval and announced a said FDA in are RHA we recall that remain not hopeful quality we with we submission the strong aesthetics in the launch commercial for and the HintMD In approved. our provide meantime, platform, traction XXXX. indicate

call quarter. the talk to turn performance the our fourth me Dustin aesthetics business the let about to of in Now, over

Dustin Sjuts

market be seeing We're sales environment see RHA consultations results to for of the procedures COVID extremely our quarter aesthetic and the with Thank The you, of aesthetics their and the the within Total fourth aesthetics the have as conduct recovery provide look patients. RHA share. We're to normal encouraging adjusting commercial services totaling HintMD for patient our V early overall to practices platform. leveraging expectations we shaped continues launch Collection are fintech resilience operations virtual exceeded adapted more and are pleased to to $XX market to to gain new healthy. a the the Practices their while million. internal demand Mark. technology

For sales million. were the $XX.X product full year

still seeing are these are a accounts with early we solid in within accounts. While commercial productivity rates that are RHA and of wallet the reorder share strong we from our launch, adopting growing

in an across trainers as different training continue disciplined face-to-face we're well We been a COVID to selection, focusing landscape, value accounts and forms to target globe interactive discounts. training over program and all to the making Through highly markets, from provide training account be our experienced able Despite as has educating our leverage virtual patient procedure our primarily in great in team outcomes robust of RevanceU progress on that customers. the experience. experience evolving training utilizing

During the the found the campaign for consumer HA and structure Motion Collection a RHA clean HA the our or hyaluronic consumers in we also the launched of resemble about preserves natural It dynamic correction of natural desire quarter HA values, a address designed Flawless it FDA fillers the The third acid for beauty. filler manufacturing only helping that The wrinkles innovative campaign. that and the Collection HA the RHA the also as two highlights the dermal gentle approved prepared primary skin. look educates natural fillers in process folds. by

targeted campaigns across consumers media of and driving the the with carry campaigns influencer that digital channels practices social goal executed also the RHA We to Collection.

support RHA and to office launch build test smooth to RHA a upon way investment out launch and over Altogether, the of preparation and the of QX. the results as continue we Successful and lines has X demonstrate glabellar has DaxibotulinumtoxinA been counts strategic strong believe our rate X,XXX the a In next paved for PMA ensure for we generation operations practices approval. payback, resources focus to smart doubled With from Collection features. grow approval the infrastructure, our undoubtedly across SA. approval of field mid market vertical progressing an with FDA back line our we're gained which the to expanded to premarket the practice payments, approval time anticipating integration or the our to in in over Phase launch through traction approval. the the touchless to We Perioral add We the along the that the to serve value annualized great aesthetic RHA third with anticipated of next neuromodulator the approved, to well pad an synergies upper combined, generation for and laying HintMD both HintMD, the to today Teoxane as current processing for created RHA as submitted will with addition will of our onboarding DaxibotulinumtoxinA our Turning volumes Further processing study aesthetics $XXX these Collection. plans resilience Injection smooth. year. be we're a to into run application of upon payment second for over XXXX, the ensure partner quarter. foundation expect year in will that of They're generation half Once million be additional for neuromodulator next for HA and with and force static collection. accounts lines, the our under for prestige HintMD The FDA our facial integration strategy. by lip our positive in our ended Injection X release

encouraged commercial We While uncertain aesthetics market proud our focused of in with continued growth are prospects market long-term incredibly our we our accomplished. conditions, of are and has thriving launch in all what early team inroads our industry. in still we on a remain

Now over I'll year to quarter call and the to the fourth turn cover full financials. Toby

Toby Schilke

results full. in The Dustin. earnings outlines today our issued Thanks financial release we

the Revenue and year. $X.X were million RHA the acquisition highlights million from the for XXXX. operating year full from $X.X year on So Viatris revenues Total million $XX.X I'll GAAP platform this partnership, was HintMD XX, $XXX.X we the was expenses on you'll full million the an recall breakdown touch million XXXX. call. Collection, The on July from for closed our $XX.X for

which of process as amortization compensation, related and R&D, non-GAAP cash were XX, million Both our pleased XXXX of investments position cost company's operating our plan. our $XXX.X successful were the Excluding guidance. RHA December history, operating we product announced cash including in and in revenues by stock-based revenue, Cash, and in previously in be with equivalents expenses and $XXX.X underlying current depreciation financings, facility. line XXXX, were million, the cash very year. first runway for sufficient believe our supported strongest short-term is ATM from We're our into to to our extend proceeds

In expenses the to range $XXX our to million, million. million in be $XXX range million non-GAAP terms compared of are $XXX outlook, operating of operating of XXXX GAAP expenses to $XXX expected to

reminder, costs and non-GAAP amortization operating compensation. and a expenses revenue, exclude As depreciation of stock-based

We development $XX be to $XXX million. to expect and XXXX expense, research HintMD including non-GAAP million

In future the launches we provide and of of given pandemic. the not the HintMD COVID-XX RHA is to Collection early terms continued guidance revenue, prudent do platform by fueled it uncertainty stage our and feel

diluted XX, shares XX.X Revance's February Mark. over to were call with the million million I'll of the of turn With outstanding that Finally, shares, impact XXXX fully convertible approximately as excluding XX.X debt.

Mark Foley

made to and XXXX. to we shareholders competitor innovation therapeutics value in position established end, XXXX in will that Thank believe and and our forward we continuing that franchises enable unlocking the We you, strong behind we for on look markets additional Toby. to innovations invest us in To formidable be the our enter. in that financial aesthetics our progress by building a

pledge note, report which important and and for that year, this our Meeting. first note Phyllis sustainably aims Bob will to slates, Citi be enhancing is our to served our This and advance development Fintech invaluable for governance have PayPal. deep director our Revance new published Carey also we Global and backgrounds facilitate the Chief responsibly. through Ware look having in the ESG corporate new highlight Baxter. Board ahead. diversity. Products contributions The two of Officer years by Product further as policy On on at and President served want we I to and and our enter brings Both as to stage to build update. our organization experiences Board clinical strong today, Vice that Global board Olivia details our of our Board. ESG and of operate conclude, refreshments the announcement Consumer Their program Board a two that also in and advancing to Principia, to and In team an our for We years Earlier year's Annual release, that we with and our leader we like XX management decided O'Connor earlier long-term including Directors C. to XX-year reelection consistent of our commercial played Gardner our Shareholder governance as forward Genentech, IPO Revance Olivia stand announced invaluable commercial the over addition the our directors, have value efforts the thought I all initiatives. Before of latest our and this the we tenure long-standing while to financings, the independent is I'd to entire is growth Byrnes, recognized made development, and in Carey particular, retire all commitments fintech in press at pivotal from payments particularly Bob and the more firms stakeholders, experience guiding recently not building evolution. CytRx, Revance our way. directors, roles debut. Board In and announced and organization Phyllis had across from and of efforts along the commercial, clinical that they Kolaja leading executive portfolio and

now Phyllis entire the open gratitude With behalf I the to call I for to for will our Bob of and express and that, contributions organization, service want Operator? on up So questions. to their sincere Revance.

Operator

[Operator Instructions] sir. question is from Ken from Cacciatore first you, Your and Company. Thank Cowen

open. Your is line

Ken Cacciatore

all guys, Hey, progress. congratulations on the continued

we any couple on you questions, first was of to be don't of So too we the of step nuance just little about is help fillers guidance. of bit nice think commentary level. reload a and a year, should first can revenue reorder of want half much there down a about concerning good us before kind there as pattern. But buy-in, I the the thinking of with But know you off QX the understanding you re-grow

do us over the be communications, far you we're can of it Try And nuance think so about Daxi, there, are them. wondering to about all? continue kind know, whole? waiting talk about licensing? kind maybe fence. be of then don't how - the we on to But progress obviously, Is about both side. you skis. partner nuance therapeutic any thinking at Or you that the the about or to between to help you if the you you'd get keep But our us investing? regulatory about to we're I behind them wait for we as Can to wanting balance that of wanted so Just And of a balance if lastly, therapeutic to give talk two? or obviously, talk And these aesthetic then the too on kind versus maybe Obviously, to and to much. looking starting assets ask wonderful, those side them keep we the don't Mark, level going side Thanks for keep inspection. have strategically, you invest labeling going communications finalized. willing wonderful any any to discussions just

Mark Foley

This Ken. Mark. is Yeah,

through kind different questions. me walk let of the So

one you're quarter give said that's the part position yet. the we've as reason So revenue on cadence into And to aware, one on I launch. our guidance a not first of filler we're think line, in we're

big of consumer we've is yearend that all designed obviously by got, this a you only understand quarter of got that and cold of with the companies Just going due really in quarter because because partly one of some And demand we're to early to you've down end because the seasonality. of launch partly are the it's fully trajectory on. on patterns, the QX encouraged incentivize top and programs that's and purchases large to because historically then obviously we're COVID where was that some process week had I and obviously temperatures. going. we but how country think of really quarter one out of shut paint the we're just

And so on a product the a launching positive side in we're fashion. brand-new targeted very

think still little more I being figure just think a a we're away build premature there. and give with confidence how a there. numbers I from what your understand to little bit that to and to little able bit trying But out I to it's you're models put

seeing those traditional we're be you access on are focused marketplace. we stay in sides and procedure schools have tuned rep We're some checking volume. And through can accounts can recovery V little will So times, a volumes one shaped more that by and a seeing terms in internally. are to counselor say they're good challenging. has in. little become bit unannounced engagement sort regulated, by of sort things. and of I things staff definitely swinging found That But of see they is what of more more as working thing a that. encouraged a Access that encouraging. In that the other to we bit

by trajectory in I really of and early launch we're think again, just the we're the encouraged seeing so the what And strategy. we're validation

kind data that have of can we share certainly on, rely as points So we those. more we'll

place. deferral where do of back that the We to we did knew November inspection of unique FDA for to indicated had regulatory side, as into and On tradition with and category is, that typical we regulatory the on with in aware, date And got we us because commenting we weren't PDUFA in up, it's given we it. that we are environment sort comment of then reason the we there's the you're moved coming inability no process, to QX, COVID-XX with where the there. statutory Daxi an company our hit this where think, in inspections, and the taken policy XX, go not broke front on out date we are for not frankly, the prudent going to timeframe. And

You In the didn't indicate other inspection. where review? we other anything are November, outstanding, that asked facility did FDA than the at there's the aspects indicate of question about we actual the overall that

see by what we additional therapeutics to and kind very we continue our are safety consistent it get excited to very therapeutic but specifics see efficacy to side prior I going possible, of on a that profile. revert policy to each the then to on encouraging of with comment we're back that as we pipeline, think run, and product So continue program there. we market the on lastly, out the the of not duration And obviously trial encouraged of we're and like clinical effect as our soon neuromodulator company of very

and out? of this How I dressing to more do we data we up in back Certainly, do X upper question this through. spasticity that heavy to So earlier Phase phase kind work the going circle a limb spend pretty we got of time way we decisions hand, got you overall? through we've partner that that and readouts. we've think think the we're messaged our raised, capital with adult other wanted We've is that allocation about to what need obviously data get clinical now

best we've we out think shareholder opens sort optionality data the to way drive look value. but the of as So of up to a lot it us with for and that certainly, there, more ahead come figure we generated, and try

Ken Cacciatore

Great, so thanks much.

Mark Foley

Thanks Ken.

Operator

Fernandez from from Guggenheim. Your Seamus question next is

open. is line Your

Seamus Fernandez

guys. thanks great, Hi,

the likely highest and the you size sounds study, dose just size. you just the just it it's So going of help questions, that a spasticity most significant, the It of limb conviction? be that variability, mean, but certainly XXX being or others the be statistically more couple the could of the select to can understand like you're on have while upper could effect opportunity, us not. first, I were the forward where

So question disease then going want should overall HintMD in very the contribution second bit be magnitude to actually just a forward. And thinking obviously, the setting. about the the of make and especially how can Mark, to get the on organization. little positive, just want HintMD we color And six have months dose you that this - spoken you the more to about effect,

Just year. can of the you the hoping to through for could the program going just those other the they of you this through you how incremental hoping balance With advanced is us little understand coming organization. do help come capabilities us bit of start obviously, what effort and and aesthetic a - overall be online that to this that walk feel online, Thanks. would capabilities as some

Mark Foley

Seamus. Thanks

one into first relates largely the inform dosing we dose, to this as it would our ran move strategies, a X we forward clearly, to So Phase program.

is thing historical are obviously market trial extensive I have. this from fairly clinical well the products characterized. benefit market. we programs competitor The in And nice the is that at. mean, that's that there's we a other to There's look literature

with meeting time those relate. core and neurotoxin others Phase with good the that information with better X background the our a as we that noted, shows again, for we to we appreciation in into trial And significance, the we've the Phase that dose a us So product you have think other X over from much need statistical active think agency. XXX sort will kind how of of provide unit advance a and the versus along necessary got I that too

we still of As follow but for the have reasons study the patient by the challenging, we challenged, we that inform that did recruitment up that step. truncating you mentioned. mentioned, the study Roman to next Certainly all adequate size information would was felt reduce the was

meeting endpoints. that it's come, dose. that dose have statistical the I So want we into highlighted, significance unit one one to of to solidifying in But we more showed a co-primary think the the Phase X XXX as before was certainly

card low to they reframe the impact In over which again. to that somebody XXX it the me ability of this, of card What that payment margin higher in transaction it phone, is the Or with in why of a of it contribution, the that present carries credit participate and sort the kind Amex on credit is HintMD every would gets on it basis of Do is into talked we XX margin little is have where with X% a participate platform, it any their just is, overall and the there's number card those is not rates visa? terms fraud When having credit kind it's overall of let use. got card this generated to credit We transaction. swing. maybe that's card about where X.X% we that risk, them? sort or widespread points transaction,

rebasing be sort there that of working was a of a were our things So little recognized there outside on, initial we the acquired they were because our focus. when it, of strategic bit exercise, business our that's that that of we were and going we Once when - sort did of our planning integration market strategic in modeling, opportunity. part to the we

that. And so through way we've worked our

this focus last just the our transactions been or in for processing environment. primary of on contactless allowing COVID and Over payments, particularly remote period time, has

payment our kind called in Phase our of is, about X. is a The talked next that's what's facilitator. step, So we and becoming prepared remarks it

to and kind facilitator, And have that we of which so the mid become expect We better to a will access year, mid data, happen XXXX. source be of once this other we'll turn opportunities. payment of much practices, easy even white loyalty, some for insight for of the us on about label partnering talked we've other programs that data or subscriptions, to some better historically analytics,

now, these is in to loyalty to to to company? and We other value standpoint? a incremental then able generate programs, same services from any they value. And then And want better going we with and we start hey, are think practices, us right middle they really with subscriptions we're did pricing on platform kind going partnerships primary think to see did as remote the add they to the As payments? show that do. value of in the how it for patient start year, be a or contactless of lean profitability, that So more is retention, can proposition competitive that turn we

not and fee purchases as product reward whether charge going our or add. of turn practice to think work enhance the is out be an the profitability, on in to sort to do overall the therefore value turn around From the platform to contribution overall these to we in have the some we summer, we hinge we're a compelling start services, figure So when we increase we the from and roll more going margin that when and much that out still we or reinvest to others. and that

a summer. go. going time And comfortable need of this of we're signaling we're the more sort to platform generation excited next about of of way there's - the still we're little its But so we sort the product before

Seamus Fernandez

Great, Mark. thanks

Mark Foley

Thank you.

Operator

Sachs. from Your is Flynn question Terence Goldman from next

Your line is open.

Terence Flynn

kind or level a kind relative the taking for can me, here would I Thanks Daxi of us you perspective anchor Maybe on two your what Thanks. was to then quarter wondering saw of in about wallet on Mark if And say But you lot questions. What there. you're you not regulators. the little recommend to year bit recognizing at fourth inspection, you're we just you noted mid-year, could year, seeing Daxi any on elaborate early here, of for to set Dustin you the more we that just the of And would of recommend? share launch as December. a communications in at kind Great. maybe with to February, give with the everybody January, given Maybe you're pacing what that you trying pleased think ongoing point. this look going launch? a

Mark Foley

first. to want You go

Dustin Sjuts

I'll bit between the is seen start little February Hey on really a difference kind Terence, today January, much this versus side. a We haven't of QX. of Dustin.

that am product ability say, account about you'll almost impact or in big is end to programs that have the well large on frequent an talked that these consumer those companies and Mark the account that think I a I in drive as new new like on on take programs purchases have there coupons lot to want at a flyer morning of today. year are a times has find terms to driven of programs trying the I of as wanting take to

integrating others demonstration of some from RHA got got are their and different that getting into that And are practice, fully We've utilizing good how up so in product share that and got accounts the the to a starting have are speed wallet our time periods. samples with that with different We've some training which works. that products. we'll second we the really talk about in is are materials we've thing

good launched what today out company products found we've X. we one X an and all are periods when folks launched feel about we're first is the time as there. for we that wallet with having that of a lots offering So different has remember, and there's opportunities buying with first launching we're From those at RHA share X, of perspective,

SKUs different utilize all that they different provide the that for want to three So that how have that flexibility physician for product. profiles

products, three their Once with those And they they continue they're using all shown in, they once range, hero one seeing back, practice, that we're product. the and so we've come it we really product get into of coming not grow the just confident to good. that get feel they're

that, other with Mark to I'll it the turn question. on over So

Mark Foley

terms we're and for whole to about make Yeah, insight lot able to think prior policy guiding terms we're that not Daxi, history, because share that it. of so in or you of a really of of not Terence again, company to to not given think I chosen to timing in how comments able

we with whole set in with a on of whole clearly, of with looking next our that lot market product excited more feel footprint we're there's in RHA not And terms no Again to we're just that the we're and just possible. into our we're and forward side to what - the line that it. broaden question? doing deferral Hint able getting our soon ability to platform. of great to fillers timing, continue as combined and category, So as Great, offer the market

Operator

Thank you.

comes Samimy next question from from Stifel. Your Annabel

open. is line Your

Annabel Samimy

wondering give on us a question. Hi, thanks little bit if more was the my launch. for granularity can taking I you

had quarter. you think reached had in about third mentioned accounts you I XXX

But significant And had reception, Or dystonia, limb you know or and on broaden for better the the mean and but quarter, growth that? new And especially you any good have or thought that you grown problematic accounts that there significant, was this good, cited And given that on base? primarily that so just strategy, no tolerability AEs. in spasticity there on actually formulation cervical showed broadening rates? notice the light to separately to is reorder any reach meaningful based that account the that changing further for and the not cervical of the specific right any on was opportunity delayed, you we I the innovation on Do you safety improvement then guess in AEs upper you investment seller Daxi Did a were neuromodulator? focus being into I really of now. on lean some of doing on RHA of singular limb the upper to further Thanks. targeting potential dystonia. side your have have as spasticity,

Mark Foley

Thanks Annabel.

them. So run let through me try and

about and QX Hint accounts. end in XXX being of between in both said we roughly off, the roughly first accounts. we're we RHA talked at it So QX that X,XXX

rates We're the representing that third end this focused. be accounts that. see we lot But overall this adds. be conviction are premium very measured neuromodulator pyramid, change we talked a existing account the the category a - No, the both our around to around for of very and we've think just obviously going top are leading to clearly, to target, I roughly right well. is to accounts it in of the as want about Historically, strategy. products with side those being in so that seller sort we for market. we this continue our of the very be but of of into kind things. e for your We change and us any of strategy mean, strategy approach, is value disciplined a We're reorder products, have of not of or come growth subset So our but introducing new combination as a the from in targeting aesthetic for of a accounts, trying of prestige program the the so

we we terms approach. QX continue absence first since very and in very rates to we be because if of about But again, last RHA with of got even have understanding so year. originally dynamics. of in of September April our manufacturer. the the reorder to line would launch, thought disciplined delays And pushed on That from quarter filler Daxi, you think our market COVID was we're in full that And the it, early of

the we and once delivering on the a the RHA we for so do into And laying there, foundation our earlier, same launch talked as continuing And to the I approved. neuromodulator filler job we're accounts. we're focus that line products, great think better

I In encouraged, side of - CD, Phase and the swallowing CD can think side obviously, saw that was terms throw in on mean, side it, be so data were to if the we anything CD, much we you ULS dysphasia a is sort a the that's of side. too consistent. We profile inject Roman, that Roman. obviously, I we else X off, out the safety the ULS safety to very because of challenge. lot clean comparing I I'll it Phase of reported in this by I want trial generate, than don't the in concern that CD we that mean, to one know you able much first reduced on a program, areas On of add study. difficulty on very if it, the patients to X larger a generates over scale have it of were

Roman Rubio

Sure. Yeah.

mentioned similar the adults, rate to to demonstrate able also in in X%. to in event mid interest And AE cervical trials very was low dystonia digits, in was the we high pleased muscle. of were digit, look product the inserts across be if in very in including ASPEN that specificity the single approximately that adverse event they dysphasia, if rates, at same cervical adverse would were and so event low. have terms categories muscle rate limb that the low the of single be an able digits. were rate rates weakness category other look is adverse the Unlike The rates, And you we an strong results adverse there Mark already mid-single the to event upper the as analogue of comparative So were we side dysphasia at on dystonia a to And the teens. weakness. study, low have to dysphasia safety of

would of what's say in terms the I consistent So literature low. been in reported equally and

Mark Foley

Roman. thanks, Thanks Annabel. Great,

Operator

from Balaji next from Prasad Barclays. question is Your

line open. Your is

Balaji Prasad

clinics or be Would frequently while of thank time? for how away. the shift fundamental at Maybe while be and proximity appreciate that to you the comes thanks looks patients wanting consumers Hi, in not aesthetics onto product in close been the or taking on questions. so And a my market? with Has how eventually right a not when COVID right question with tailwind Daxi, wanting much visiting question approval a the Daxi be providers? aestheticians this it is being to launch firstly for by could any there provided, about conversation toxins, especially be

Mark Foley

environment area. by But more willing either practices large, a have of of that out others figured the pretty how some There's So consumers to to we or kind a more just doubt bit some good. think of ensure first they and has aren't Balaji, the getting seen drop kind they're the there broadly, less look than finding a or to since in, as accounts and of What coming as the protocols. there's being I industry there. I I actually to little think willingness have overall this through the much I all have mentioned, practices shutdown safety want their the impacted no these are to some are by And into engage again, on example, a at that recovery different that distancing can markets right a and aesthetic drop mean, challenged injectable for occurred, these so travelling think the of if platform I out things to on are due think through more lot been of be been engage at of day that again, volumes and operate sort looking some receive at get they that of accounts, have with themselves home in social to changed, just HintMD since are consumers volumes of is, people lot scheduled and Zooms kind get of frankly, environment and ways more treatment. I

sort certainly this we coming question out that pent-up herd would of I demand see I think are your some once level could some and people we've immunity. see of immunized sort right. reached of of around

pre-COVID believe of living sort to that continue I people the with treatment. want the think themselves, engaging, retain trends people wanting prevail are that best that of underlying we that longer will version younger existed and invasive minimally to

of characteristics this some will you would So pent-up market. to if that we overall And want I we demand. expect know, don't really that. like the growth Dustin, add anything see to

Dustin Sjuts

tailwind. mentioned you think I

a we think tailwinds see I of lack long so because the market of innovation in right. for

treatment. as - environment think to again, is to the study Balaji and study we're out to that at lasting people COVID longer shown while in We've that I you've people so and both give look excited internally get shown, So market the option externally, longer. want an for treatments last we done

for think Daxibotulinumtoxin are do or say, tailwinds to they're I can't we there's people relative ready So for whether COVID not. but sure.

Balaji Prasad

could in in? year terms biosimilar or you us Has quarter? year? other of been you the a stage plan are minor fillers it many could of progress each of the what's this latest Secondly maybe What how ups, you there couple a on follow update to give Maybe Great. sense this any Botox? accounts also, itself, in

Mark Foley

put can that. to the he I on over and when comment on biosimilar that So Abhay Joshi

Abhay Joshi

Yeah. Thanks Balaji.

in the a the So as development teams very nicely. and in with and two we stage, under know Viatris collaboration a is called that with for progressing early formerly is Mylan. partnership biosimilar, That program are Thanks. you

Mark Foley

in just position accounts, level of Balaji again, yet give at that where don't you can I think a we're of we're terms number And of we granularity.

to top there. we we place. being that the are in see think prestige those a we focused market. we about And talked value I XXX see product think having in on accounts very we're want make offering, that targeting that talked that we And the the put measured. we're sure We about strategy of value roughly third reps pricing in out

going so And you. going to more we we measured - we're conviction we'll being certainly, as have sharing versus and that be with start And behind much get to we're deep be data on why. those points happy focused

Balaji Prasad

Thank you, Mark.

Mark Foley

Thank you.

Operator

David Amsellem question Piper from next Sandler. Your is from

Your open? line is

David Amsellem

Thanks.

in about of get Daxi we And how So the Mark, past would just first talked that, just then therapeutic ULS other migraine talk to rough contours did Thanks. that. Phase granularity when migraine couple, the an on or I if new settings, missed a like, in there? program, what but I guess I you your may wanted secondly, and plans you a on some thinking any apologize the know on color outcome And the primary get update what we've in the And X might in from can I about I that for measures? the X? development differ look in particularly of Phase program terms

Mark Foley

Sure.

first Roman question to want on I your The question to and it so over hand ULS Phase X? on

Roman Rubio

Sure, Mark.

X important to design, in consider. there the a of Phase So points few terms are

our the two FDA in like Ashworth other would namely improvement in to way another co-primary is impression global change. or and those functional sponsors primary side. endpoints based our the PGIC Score upon case, side relative In side The Phase We assessment one would we the objective on it's a an the Modified with same just did first is the or that proposal. objective on endpoint. on a and and similar subjective of co-primary have endpoint, a physician In subjective use also two, endpoint landed of that be discussion

of we terms but design in addition, the would evaluate of of be in In duration. looking to safety, study, also overall efficacy the continue terms the the to

want long to patients all that we neuromodulator weeks, to in of indication. we way XX up can the to duration So our fully the this follow so would evaluate continue

Mark Foley

to these would would assumptions part two study, with with meeting safety our would as along label of Phase discussed and driving those Yeah, interface to on open be be details programs this the then kind David, X be the the agency. the just obviously, of in add we expect that,

therapeutic terms nice bucket Then strategy around later as So that neurology. this falls we on and stay further ULS movement question that on migraine, disorder. CD both point The in Clearly, in muscle platform. your move we're think central tuned. a of and of More is about overall forward. in along I in the align that thing adult

more our we value nice we partner and it migraine pipeline Do way and end this will we'll make is about continue deliver sort expected while is targeted of a as of time we from of lot it's data So with that on move program think a through turn much I we long-term? on to starts just thoughtful, very things, product those can of program– XXXX and really neuromodulator the having is we approval the in being around it's can the investments we as sure in market. focused corner execute in that right. and of that Clearly, like we And think market, way thing and pipeline. say it? this through large What access how analysis invest our We commercial and see the very to CD it to we to where that program. exactly product a a got a of of a our to that recognize is a be a we commercial balance do How commercial commercial still markets spending a that any and do we about clinical work of really do sort the to working we a the kind from way internally? and

work and we platform, the you. more that we'll details way therapeutics have we our with the through as So share of

Operator

from Wells is Fargo. question Jacob from next Your Hughes

Your line open. is

Jacob Hughes

questions follow up been for but answered, just have thanks had of guys, on I the launch. Most taking filler a Hey, question. my my

are think the launch quarter fourth the third in the I has then. to you what market a since the think we that numbers up started saw aesthetic partial in I had quarter, open

digit we to COVID related half the impact double-digit out parse Teoxane as longer So think share I I And mean, you without in of also or this first about think Europe a high neurotoxin. single any term then low year? able had are

how thinking the in a now been So as market? about share Thanks you lot. the are you've

Mark Foley

great so Yeah, question.

in comfortable open see and being patients In whether the terms of patients in as challenges to to an the practices has or or practice. control we think industry some mentioned attempt Teoxane practices Clearly be don't COVID are environment. able of ownership, created marketplace, shared of changed. going not the some terms additional then anything's limiting fundamentally kind in restricting into earlier, sort that And I of

pre-COVID to as our of continue come own So will just and back that to. we think it out share this drive revert of ability a to where question kind our that we of gets was to where

general partly it's about XX,XXX terms accounts, we're in our statements market. you here, got make we launch, of filler because very the In can the access being are right, targeted some, launch, we're headwinds, But overall you've again, some hard to any sort - in where make statements different, broad little you've have seasonality a some COVID, definitely also of that's phase, big, we in quarter. terms QX quarter-over-quarter being right. the a QX lowest harder, in of got got launch is We've some

a just bit being are time strategy committed we're this But up statements gather in very and opening for think since little more the move it's we or versus make commentary targeted mitigate rates I profile. to one to I market. end, those any of hard in accounts account. sort reorder allows us we're new think to to as again, some up we're that Again, overall any really open of just we of which challenges representative, trying quarter only to so And us need way forward, some

We continue to strategy. think it's the right

Jacob as sharing a into we'll color some So of more we this, and be have certainly little bit clarity that.

Dustin Sjuts

was to as well, in but products, what market I it those think that I the the only mention of to the three products. thing feedback not just one, the would speaks getting is really I profile all clinical on depending that are strong think of And it its share, US we're United on able you, the generate outside States have And stand seeing Yeah, on Teoxane the too. can but that that up means foundation that clinically own. we

clinical to marketing us a efforts, eventually a around foundation the with that gives great the portfolio that So lot couple now and Daxibotulinum. of training, then foundation, the and HintMD products with

the end time. year So as X clinical we potential feel at that this profile at approval RHA really good of X the with well, coming and about RHA with

Jacob Hughes

Got it, thanks, guys.

Mark Foley

Thanks Jacob.

Operator

next is from Lugo William from Tim Your Blair. question

Your line is open.

Tim Lugo

the questions. taking Thanks one filler maybe question question. before for And housekeeping just another

opportunity global For How in is XXXX. know do rate? you not XXX the that much in growth mentioned global ask, you, of I'll and million a the you US

Dustin Sjuts

but it get breakdown. I have in billion this growth is States. the time, Tim up. the follow we specifics have of that Majority don't to the and have - typically the Dustin. talked I'll you don't rate the specific about $X the don't in about in United We is breakdown I it growing

Tim Lugo

problem. of Daxi tertiary launched And you're spillover obviously are you this more being you obviously the but back seeing is is into of I also just broadly premium new launch, for us of feather because know market market? premium you're approved. targeted is going launch. Is neurotoxins? aggressive discounting Or players? dynamics Okay, can market product seeing? once and might this type give kind you new the discounting have the you from it's And Thank in you're to I'm yet, just the Daxi that. a then wondering into a being product market your everyday change But these idea discounting seeing of an no don't how

Mark Foley

question. Good

and put is pretty have think discounting competitors that that large kind this a competitive of I the they it kind a they strategy entrenched, in from environment landscape put perspective, place, play. in of to

players. see launched seeing amounts the typically would in you're treatments So of some from combination larger fourth the large and being coupon you of as quarter,

around around You're the new same patient also practice couponing. consumer seeing that into trying drive launches the thing to and product really individual via coupon

it insurance. seen haven't dramatically with So I the change

to it I Daxi, you're increase balancing products an and and just with on with focus in of specific approach change fillers tell. think how time will kind seeing will trying overall you're

unique the provides thing consumer as product think I is price something no and because other not the in has. about the that space both dependent, Daxi it to it's the provider

find that about offering we we else allow that good physician coupon get whether patient that something enough be once to get so use and that may that we And the or you're them, to that feel cheaper, so not to not market. very

We their say kind out COVID, to of trying reaction. I have place in this everybody's It's early. to would think to unique jerk What's where not is figure hard what about with terms bets. today of segment. market I And seen any exactly knee is of also responses that

As type of customers practices as you've you type segmentation open that got know, got some and got dependence market you've have of even practices. protocols. are independent cities that and different X,XXXs seeing certain more you've acting that some allowing all We're things,

typical of aesthetic to that hard been all it's trend a in of So market. kind out

So hope that answers your question.

Tim Lugo

It does, thank you.

Operator

Needham from question & is next Serge Company. Your Belanger

line Your open. is

Serge Belanger

a questions just afternoon, Good me. couple for of

potential about Toby of can believe this you the and some the disorders of I behind just First of go And fillers. XX% to the therapeutics the and earlier How this then overall ULS muscle the through in dystonia risks of I movement up one And XX% guidance AdCom FDA much to and cover for pulls of think cervical scheduled lastly, make pie? for piece the secondly, that discuss does dermal and month, year? benefits the OpEx push neuromodulators.

And you. wondering your are Just wants what be if thoughts Thank icon? this maybe the there? with what on you'll presenting accomplish to FDA

Toby Schilke

XXXX OpEx, Serge, Thanks flat regards research is the to this the development non-GAAP pulls Toby. on is - expenses push that's are Hint, questions. clinical driven for lower appears year-on-year that be driven flatness the the And wasn't lower expenses the on would With that of for and R&D HintMD. XXXX. activity. the by by that's it inclusion If it and to surface Hey,

commercial a there the push toxin HintMD of and well. now full there the had trials of Further for of pushes That's our and hired If the full XXX-person two on up year of estimates filler of effect seven OpEx. that we by and field which driven up the and kind you year the we're of then recollect, we the in trials SG&A on pulls OpEx XXXX. effect and running both balance on clinical the is in year-to-year the also high sort makes force slight as expense, level of XXXX continued year efforts sort clinical the

Mark Foley

the think spasticity to of million total question is combination XXXX. that is I the stated and we withXXX breakdown, by have $X here going next So on the billion

others breakdown, orphan the getting those that. For up so AdCom, diseases back to one with last on to are fallow your hard are statistics. these planning the being and we're the down parse hard that of that kind we'll participate out, And not break to then markets - in

Serge Belanger

Okay, thank you.

Operator

offline. more time and and at no base are would Wainwright conference questions now Mark. you we'll touch to There to I the turn this with Mizuho like H.C. back

Mark Foley

Barclays welcome you you, Needham I schedule in reach through operator. to out to Conferences. We plan the like thank today's attend to requests like some you'd to Cowen, to if coming directly call. would time. that meetings free all your With virtually and are events Healthcare thank us. for of In we at for these the participating months Feel Jessica Great,

Operator

day. concludes Ladies a call. today's this for participation. Have Thank and conference your wonderful you gentlemen,

all disconnect. You may

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