Earnings call transcript Q4 2022

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Operator

Welcome to the Revance Therapeutics Fourth Quarter and Full Year 2022 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, Tuesday, February 28, 2023.

I would now like to turn the conference over to Jessica Serra, Head of Investor Relations and ESG for Revance. ahead. go Please

Jessica Serra

Jack. Thank you,

on Executive the Chief Revance us today Officer, call Mark Foley; Chief Officer, and Schilke. are President, Toby Joining from Dustin Financial Sjuts;

consumer success, our commercial and our statements will consumer market, and During therapeutics ability call, revenue the to DAXXIFY, debt, the planned services practices and creation of our of into flow benefits our make that efficacy consumers outcomes, related value future manufacturing operations, timing. to us growth strategy our our products draw preferences and to growth sales forward-looking breakeven, this on of entry and behavior services, XXXX management approvals, team and regulatory our statements, DAXXIFY, on conference strategy, and expenses, and cash the guidance, commercialization and of our including supply and submissions potential, plans duration

to actual Our those timing events results could cause of from factors describes titled today, include could the section XX, materially result Factors SEC the our with the a Factors that these differ such filed from be as XXXX. in – XX-K in Report results and Risk these Annual statements uncertainties. and risks in of February Company the anticipated on events forward-looking different Form statements

or in expectations. its Revance forward-looking statements update or changes information, duty to undertakes as no new any obligation events a result future of

Revance. Officer will I of Executive that, turn With Mark? Chief to the over Foley, call Mark

Mark Foley

outstanding for with but for financial on results fourth year, creation a conference also strategic was Jessica. strong and forward. you, call. Thank value afternoon, XXXX Revance going only the positioned we thank not our year joining everyone, Good results execution for ourselves delivered priorities, landmark quarter for significant financial and full year you our XXXX

The DAXXIFY over neuromodulator results with achievements true makes our first approval years. the peptide only neuromodulator and XX the in formulation approval the in long-lasting and formulated of DAXXIFY. first Highlighting many was innovation

the six of market, only by our lays and amount the approval also into the for entry active a median similar core Moreover, months competitor. aesthetics duration of competitive the using of achieved not has efficacy therapeutics. our facial but product leading that DAXXIFY’s been in as positioning foundation enhances ingredient

we planned initiated market initial feedback uptake experience in to December. preview As DAXXIFY strong far, positive the and very the previously aesthetics introduction both through the pleased of from consumers. early communicated, Thus injectors we’ve been our with and program

dermal of strategic to Our to increased revenue second line RHA year. priority productivity, very growth strategic the execution fillers. increase with account Through the a report and introduction XXXX of and was are focused drive priority for – of enhanced top from last pleased Redensity, our XXXX our RHA adoption, we Collection for innovation XX% our new

customer Segment. enhancing made third Turning our to We in progress strategic our to meaningful our Services priority. relationships

belief is complementing with Our products and that partners. deeper core with services, lasting relationships our our value-added by develop we can practice

at of payment and years, past the competitive Over are meaningful SKUs currently a payments rates, to OPUL functionalities. taken and authorized platform few over using OPUL Practices support checkout steps can insights. to through so an facilitator that become X,XXX generate features process customized options data important catalog the we’ve

an this than taken our that to development, longer What QX. to impairment in stage led which get recorded of us platform’s has was to expected charge

of from portfolio the accounts continue across value ended we will up portfolio. In for making our our services additional unlock aesthetics strategy develop with and over our to part progress one are We year ago. X,XXX our from aesthetics to X,XXX long-term offering year as accounts QX,

backdrop. strength the have launch despite from of management priorities position combination market to capital and a and to Prudent fourth DAXXIFY I’m and financings cash allocation strategic financial our execute priority, pleased was us of that allowed our on the effective challenging report

our investing is and a Finally, culture for always priority in Revance. people

so a very in covered and reflected be end, executive for programs, our diversity of assessment, in much people and annual our over achieve and initiatives talent goals, our in inclusion company pleased which that D&I and to of goals that to based. attraction, educational So portion we’re To XXX% continue areas corporate these our leadership. culture bonuses are which women

We’re also shortly. our to looking publishing report forward second ESG

strong early XXXX. across sBLA In date the for FDA make addition and DAXXIFY XX, several important recently The business and accepted of we the August of with financial dystonia, areas provided were year, the these and accomplishments we all of PDUFA continued the progress cervical months to for of quarter to our the our for treatment results in XXXX.

if would therapeutics. program launch forward and PrevU our experience step look indication On early to followed approval, new DAXXIFY’s similar approved towards in by we DAXXIFY an RHA the commercial launching to in unlocking first programs, be full XXXX. This potential

learnings inform leverage strategy We these DAXXIFY our launch in to expect to plans therapeutics. and pipeline

pharmaceutical efforts. diverse record Board of and executive the help in support of March skillset strong we our further management in who market appointment and Earlier Independent area will and the On an today, brings an Vlad of innovation of with His of touch neurology. as a creation, date Board I’ll few collective particularly the a expansion Vlad effective seasoned is Coric, the Dr. enhance the changes. our announced Biohaven corporate and Director and biotech side, X. XX-plus value appointment year Chairman track CEO on will

and scientific like the XXXX instrumental coincides service appointment Phil him of I him all for Vickers been behalf Meeting. to past best company’s on has thank the our the Board, future. with eight Annual shaping wish both years, and his the Vlad’s and also to over in the retirement in would prior progress Phil management the of

past Amie Chief retires. Officer will People management President, into of I’d Ford, welcome over inclusive Amie the be to in and critical his build rapid our and his March company, a I’d brings culture. XX. supporting capital over for Justin Krause diverse role our Justin leadership Justin Human great stepping as workplace Head six Amie this People that and like will in thank and like experience shaping to progress also effective and Senior on invaluable years our tracking and as in have human talent, as XX work Resources great of years. team Vice growth the made

enhance adoption our of entry. our for first actively also to Collection, our U.S. and continuing proud important same I’m that were driving XXXX, for look summary, our offerings. we all approval by forward and eagerly franchise therapeutics accomplish setting We deeper of In exciting our year. market in able we services preparing awaiting launching the successfully to stage growing RHA are and to another time, the At the while anticipated DAXXIFY aesthetics

call turn Dustin? With the Dustin. that, I’ll to over

Dustin Sjuts

by Thank commercial you, progress strong strategy execution. organization has our consistent our pleased made, and very I’m Mark. to our results the underscored specifically sales see our entire

of RHA unique the focused we properties real adoption. Nashville, customer logic RHA strong targeted on campaigns, in in RHA with Starting of consumer demand saw in Redensity Collection, events benefit and activation and the engagement resulting Collection, training QX numerous the further from the

efforts also revenue in DAXXIFY’s and resulted $XX.X by last These XX% amplified approval QX, from in were up year. million of

filler currently filler million, were brand total RHA in competitive market. For U.S. up is Collection sales The RHA fastest HA the XX%. $XXX growing the the year,

injectors product. has a the it’s success of uniqueness wide own a its the result important Our stand in the patient both a can way needs, From strategy function range that RHA a is independent targeted versatility to performance and as a and on of manufactured offers of treating of its become our profile, neuromodulator. product

RHA approval for will dynamic therefore launch the of The Collection. and DAXXIFY introduce new a

aesthetics of $XXX differentiated our to begin gross million across our ended GPV synergies GPV the suite We over Platform seeing of excited products and with Fintech or for from of We’re the year. generated processing Further, portfolio. volume million quarter our the quarter and X,XXX accounts for $XXX services.

approval approved, anticipated the Ajinomoto on prior infrastructure Services part track, to finished in and will contract Aji demand an a XXXX. as fill Biopharma potential chain supplement for continue the DAXXIFY. meet On serve remains side, manufacturer, Once of our our important anticipate approval supply to we for

to Turning DAXXIFY.

to program, pleased to to to accelerate included to practices. and approximately extremely partners very which December excited our selected time of select procedures for XXX the the the first them aesthetic pre-schedule kicked to with leveraged one These of year new in and busiest participate opportunity engaged are early opportunity capitalize many PrevU, on exclusive injections experience the the world We being real progress innovation After this insights. DAXXIFY. of of the pent-up to off the program, about experience PrevU in be and our gain for demand were clinical

the only patients encouraged feel PrevU the and group continue broader and interest encouraged high by thousands very in approval DAXXIFY. among or both received first from delivering revamp PrevU any Since pre-launch peptide And with feedback is far, be experience about prior neuromodulator, engagement the therapeutic treated very we’ve to is the and are DAXXIFY U.S. by international thus aesthetic surrounding level injectors partners. We receive only addition our we good being the in of to our objectives. high approvals, the to stabilized to neuromodulator DAXXIFY on essential consumers to and

optimized switch to ensuring the routine. of practice generating real DAXXIFY to best for Number unlock and our outcomes the clinical delivering core DAXXIFY. how patients world for we two, to one, Number consumers to practice ability experience potential meet by Each seamless injector’s current into by their to integration the understand enhance true ensuring with DAXXIFY. are needs partners

is strategy focused on practice first. and commercial our the Revance, to Unique provider

optimize that break deeper value We adoption our to no by commoditization aesthetic believe consumer to what to proposition goal to Revance and To portfolio. their have and pricing power profitability. need ultimately our provider opportunity partnership. to choice all an do advertising they providers for arm the with outcomes same shape of product enhance to a this, time partners is our our stronger and policy, designed behavior continue these and pursuing innovation, the the increasing with the drive There’s at current

strategy, partner to of is competitive with highly the our right the deep our program at adoption PrevU accelerating aesthetics at the RHA first leveraged our With wide time within U.S. marketplace. collection, DAXXIFY. the critical versus portfolio now right we’ve and Picking

PrevU, phase the Nashville education kick late our in partner headquarters. at to to March, a be rollout programs Following leveraging completion training and live launch expect thoughtful to we off elite existing which our held on DAXXIFY focuses of customers,

for driving learned engagement two the strong product been past Center Over and early partnership. adoption, differentiated that customer has and asset continued our a years, valuable Nashville we’ve Experience

to practice in virtual to remains For to plan facility evaluating a to expanding our options, training as our and and Nashville training efforts. We commercialization our for are education sharing best strategy support forum commercial onboarding this insights. we augment as reason, by our well central process continuing invest also

of they’ll opportunity additional QX be productive to adding in way market QX. our to are our on rollout XX early adoption Throughout with the and to capitalize the expect that further in late product penetration. of going the customers our DAXXIFY, across QX into building accounts meaningful approximately partnerships versus deep with strategy on roles our adhere portfolio, we by To expectation order to we aesthetics by wide sales optimize

in from of return new that As shortage Past primarily the you experience XX,XXX over willing U.S. targeted dabbling, deal entrants, pricing number by focused the with quickly our may or the launch align the accounts and accounts know, collection, to driven are product that programs. prestige day portfolio no our greatest patients behave value aesthetic switch of aesthetic the same. decisions broader there learnings our sampling, coupled of is proposition our are roughly all and to with RHA versus and practices on making prove accounts large not

optimizes This approach leverage our and our prestige strategy, our to unlocks scale. with ability aligns

forward We aesthetics portfolio. our looking of to our of introduction with and are of track comprehensive commercial in record success DAXXIFY furthering the revamp our continued growth execution

I’ll financials. that, to fourth to full call With the turn and cover year our Toby over quarter

Toby Schilke

the revenue year million, last million fourth you, million the revenue, the from and $XX year, was DAXXIFY RHA to the of representing collection last representing of primarily included and due million to million, the increase was $XX.X quarter RHA from full XX% same collaboration revenue. PrevU the year same collection DAXXIFY Thank increased due million increase Dustin. XXXX collection the during revenue, of for $X.X of of sales RHA of sales. Revenue Total XXXX fourth a program. higher quarter XX% $X.X Total for sales for service $XXX.X revenue, a period $XX.X revenue period

increase. until have on costs related I’d our product as is items accordance approval been DAXXIFY item R&D few to to cover expenses, I used, expect of product revenue approved. product our was the like our a we inventory in GAAP Before DAXXIFY take of revenue. manufacturing with of a Recall, we When to cost note period that our for cost expensing prior operating

charge price our associated increase in and the DAXXIFY. and with related purchase of quarter distribution of to manufacturing RHA In for an XXXX royalty reflected a the cost one-time addition, product the revenue costs collection fourth for other

OpEx. GAAP of the charges quarter million to GAAP same compared XXXX to and $XXX million for OpEx due $XX.X Turning to the fourth and OpEx $XXX.X $XXX.X the announced were million year million period our million, for $XXX.X for primarily range fourth in million year XXXX. recorded exceeded two $XXX in guidance non-cash full respectively to were the quarter. previously that and

reflected features charge and the first The decrease The internal the driven rates reduction of of functionalities. of services delay the growth charge the broader valuation our a service to sector. from of an million. also was and The in impairment the in certain payment current loss analysis resulted platform segment by the the development $XX.X and segment in segment performance forecast

one-time expense with expense following for legacy of platform, technology of amortization asset. our sunsetting of million associated charge $XX.X was HintMD The a second to the developed customers was the the accelerated OPUL. migration This

the which our was to $XX.X of for million amortization, the depreciation, and million fourth line for guidance with of compensation, of year, Excluding stock-based our $XXX million. impairment range and in OpEx revenue million the non-GAAP the $XXX charge, $XXX were quarter midpoint previously announced cost

prestige impairment such to and services as with services continue our positioning we charge to enhance competitive strategy. will offerings further recognize believe align an segment, OPUL While we our that market our

million $XXX OpEx, excludes non-GAAP which be we amortization million. OpEx $XXX revenue $XXX ahead, and be to to to XXXX GAAP million compensation cost stock-based of million and Looking depreciation, to $XXX our expect

Our million XXXX to non-GAAP research be to expected and development expense is $XX million. $XX

commercial investments sales our Our investments guidance team for non-GAAP infrastructure, increased and reflects OpEx investments. in aesthetics DAXXIFY partnership primarily biosimilar expansion, commercial and including RHA

important the cash through financial steps sheet, took over $XXX.X and strengthen our in cash, financings. course our position with the short million and to of Turning investments. term our We QX we balance flexibility year strategic to ended equivalents

As million and our purchasing two will previously and we dollar the $XXX our to believe with indicated, U.S. aesthetics tranche we even. be cash our break portfolio current committed funded position, – tranche anticipated revenues expenditures, agreement,

million of common Revance’s excluding as $XX convertible million XXXX of Finally, diluted February outstanding shares impact stock XX, the shares were $XX of with fully debt. approximately

to Mark. with back And call that, I’ll turn the over

Mark Foley

for deep entire take the getting the Toby. to you, in express work In point this this all and closing, to hard their I’d Thank us to dedication opportunity to company’s like important my appreciation Revance organization in history.

into potential revenue into eventful We the We deliver of continue to year believe launched begin at billion that we’ve will we have cornerstone with $X time DAXXIFY to in aesthetics for DAXXIFY another revenue annually that the look and market U.S. be to our assets assembled, growth. U.S. as our over the aesthetic we and the journey market least the forward therapeutics.

for I questions. call that, up the open now Operator? With will

Operator

Certainly. Piper [Operator Instructions] David Amsellem Sandler. with

Your line is open.

David Amsellem

Sorry can guys Hey, me? Can you that. about you hear hear Thanks. me?

you. Thank perfect. Okay,

a just yes, couple. So

thinking landscape that’s I competitive thinking as arena. evolution pricing, prestige So thinking see you you about Maybe particularly looking that’s extent differently, it DAXXIFY, in dynamics [indiscernible] at practice that? you’re about is know DAXXIFY talk number of we you’re just you’re for to about pricing? you’re product. but entry about more how thinking first, So in our How huge one. the are that the can the thinking about how particularly the about another the

mean so you be considering bounce does an in terms far, that? question, sort been, talk at for the at you. obvious we of what in about headwinds? point extent its And see filler then from trajectory, space, secondly, some you’ve Thank least insulated it Can might fairly the RHA the of to back but that a that

Mark Foley

Sure.

about, your about to on bit differentiated would of evolution tiers interplay? were to their time do pricing, at And from market, got. to want purchase. little pricing can of that other of We’ve partnership as standpoint when this that were come competitors like about first think into – which the practices to they they we they and heard bind anybody question – So of them perspective. from don’t how from a decide Transparent the contract what approach see we a we’ve we the talking a taken we they when purchase the

with as RHA launched same that advertised also done And we’ve with pricing a sort reminder, line, product our have that We’ve tier. a no DAXXIFY policy. of we pricing

them So patient, about find back outcome a injector what’s ways break the necessarily the the to more best the we’re and let put market center facial price their we with trying and the injectable for less and patient their the that can commoditization discussion driven of have outcome. by at about

you pointed strategy, to prestige this which to everything doesn’t as David, very And on focused be we’re out, have everybody.

those again, necessarily appreciate price to patient differentiation. the We’re that, on offer ability premium depend going accounts on products don’t that solely after and and volume driving

So and we in competitors of exists, terms don’t necessarily our There’s changing already far, market the we’ve opportunity that into see additional the thus and segment offering in consumers new the philosophy. the some the strategy. the price we strategy introduction feel a differentiated taken to of the product offer ability market is like right margin that practices to recapture and and with

our of now be create be Of market some have dynamics, market, broader to continued programs we but that additional we have we’ll the DAXXIFY mindful ability course, the in to also product tied the portfolio. to

what at the So to with we’ll evaluate But RHA done similar very launch product continue to is that. our we’ve strategy line.

calling that on usage seeing of a not on on we get I’m seen to macroeconomic back that. that asked sure or space, the not the thus continue us And to providers. the in and in we seeing back And business, that again, much we’re would on. terms not our we of economy And volumes future, have an call point. or in In Certainly, any an a accounts far, impact thus we very facial on whether we’re injectable could are far, in have face we really haven’t. of at filler impact impact a smaller the it’s us, given we group each possible but terms bounce in to the bounce focused continue we’re accounts, monitor targeted impact in meaningful the sometime this of not the

David Amsellem

Okay. Thank you.

Mark Foley

Great. Thanks, David.

Operator

Chris Shibutani with Sachs. Goldman

is line open. Your

Unidentified Analyst

on Hi, for Roger is this Chris.

future. and seeing you So volume our pertains to mix of question the patient the kind were in anticipate that

from You that mentioned the deriving quickly earlier to opposed of that more the is events. coming capturing are willing those switch deal are as greatest value practices guys of you amount to day with type

you more about as the think future, about think are capturing terms influence be to you do the you focusing Or on are in switching think of do patients who So that patients who are starters? new how BOTOX. dynamics the from going you’ll

Mark Foley

think that So targeted strategy set as I we’ve facial our Roger, U.S. estimate articulated prestige accounts we’ve injectables that about those we in the before that, really strategy. is of our really into XX,XXX third fit a that do the segment, that of

of of of to XX,XXX we’re we that account XX,XXX roughly call QX, that, accounts said it, end levels. in X,XXX the As out

are very targeting on focused believe So strategy. with we that are those our injector aligned accounts we

when practices. about leading We the out prestige consumers, injectors heavily ours practices in going these so into but the consumers about influence these more capture the they and that consumers practices. is treating reside less that strongly that come make choice And and believe to trying those

reflected practices going they into stirs going that with innovation because profile to that these it. are it that number be new we’re know going it to existing within that a consumers with think and no to need who the really is up getting comes DAXXIFY that focused consumers DAXXIFY about let all in come practices they option to those end provide of any we arming the that sparks patients the and again, the are DAXXIFY consumer the But There’s consumer doubt But So are market, over and they’ve that an that’s experience strategy to good much that would more is our end provide heard new already and time the practices. up on outcome of information provide interest. switching

Operator

with Samimy Annabel Stifel.

open. is line Your

Annabel Samimy

Hi. Thanks for taking my question.

– guess, to I deeper going the going guess, So back wider. strategy I opposed of as to

could If first also potential you orders them? got see you you we’ve started So all. So of – in mentioned of because ordering from this these PrevU going started the from some past I headwind. yet, you orders can headwind? be as partners, – a mentioned and spoken the some people DAXI a going to you’re so that And the just in And Do seeing whole you ahead you then that outside mentioned XXX you’ve participants that be of to of second in deeper that. you accounts, get really maybe maybe started the guess, getting the with also other trend? Have desire reorders have level PrevU. of start in

Mark Foley

been with deeper back going versus consistent The something very is wider Sure. we’ve strategy that the RHA. to

make we information new can look they right has of be it, to somebody the added all our accounts XXX consistent you onboarding with pace drive where that fillers quarter, successful, If get again, customers of they RHA roughly goal and to time, on per at been right introduce let’s the over stickiness. trained new the we’ve pretty products that, we the that get when way, the sure

long that’s part a term been And prestige so of strategy. our

get think that we is anytime and to And the integrated is we working engaged the versus practice product, strategy. sampling into with very we that robust, accounts as have making consistent DAXXIFY. the target that’s a RHA a process because we’ve just it stated plan relationship new do with sure we you’re with right existing those we thing onboarding introducing to are so with that first, what that And previously, we to them. And relationship plan an have

And can it off additional and we end real make to give so those tweaks word kick when March. later that share. insights integration, which take our We launch, modifications information we learnings clinical into outcome, of quarter or look designed at we us PrevU the you go this full program, so to usage, really did practice the of that if to will some commercial towards was

be with and And much learnings overall that very target plan going continue we our the so pleased is PrevU and launch very to we’re how for we on have strategy.

to anxious we’ve well DAXXIFY, that in. very been we’ve the These approximately headwind, that – accounts. know I to that to that ready to and With think PrevU that’s and lot accounts and market PrevU, platform the XXX ever were March. that roll again strategy the launch, the we as product regards plan accounts. those the I very and prestige inform education in of brought to of that broader aware, eager which they use get in reorders for a out fits to bit in to had certainly always fair December. targeting late it’s patience, accounts But a out a really With said just when we provided learning you’re don’t And of the that’s those rolled program it regards on are accounts had –

Annabel Samimy

– give us Great. going metrics you giving And will reorder be forward?

Mark Foley

Well, we that haven’t about RHA. of side with historically We’ve it. more talked account done

it. that early side very in We’re of

we an standpoint. And number to the we that of what assess have to inform we’ve think done, continue we’ve process. we portfolio historically as aesthetics so more if have what look from makes at But data that we’ll sense we accounts given

seeing we’ve So I out. as with and it’s good very early, but the more that’s what then And think we’re mapped information, strategy we we that like get consistent we’re baseline. a really super

think to informed that of that. we’ll we going forward, share have we is information as we’re look so And –

Annabel Samimy

I then And question, switch Okay. can last to one therapeutically. if

to you’ll approaching premium could out. that some have doesn’t they’re efforts that their underway use and So when commercial payer us obviously, going making that year. be So market a approval potential of Can logic always I the you’re a play guess, if pharmacoeconomics, talk pitching you just and to help about understand product how specifically decisions? on this be, access you you

Mark Foley

Sure.

– cover we prepared some So to in comments. Yes, absolutely. of tried our that

be that our out with we’ll we’ve DAXXIFY. approved date figure on really with of this in PDUFA PDUFA this So with value goal give clinical is a It’ll to to get going RHA best proposition penetration. similar with to with done compelling drive program us opportunity these debilitating lot to PrevU will engage we be year, that lasting give use. to opportunity our will to an All with and way longer our very payers. what’s get a us Obviously, launch August made and date something to and toxin the there’s world And this of trying in the depth an a conditions. hope real

And body more and of other our terms inform from of trials details indication will we – in our expansion. help the collective even we do think strategy of this information what probably an go-to-market pipeline importantly, our strategy in invest

our through lot then launch XXXX PrevU And strategy. learn a so year we’ll later phase our this to inform assuming approval, and we’ll commercial that use

Annabel Samimy

Thank you. it. Got

Operator

Securities. Seamus with Guggenheim Fernandez

open. is line Your

Seamus Fernandez

so much, earlier. for and the sorry miss Thanks Great.

guys your with if that numbers out sits uptake initial quick sort of it get range comfort questions. I uptake a impressive what quite to just the obviously, that a wanted maybe relative as couple I today? definitely quarter there after is hoping expectations, I risen, is the you to there trajectory. revenue just of bias a to think really that Just consensus surprised think get the sense, But consensus was you the well. that early obviously might, fourth surprised have launch excited given about

if DAXI balance the as year. to how for And say, numbers the the importance online this coming the of through timing context get move potential wanted as of maybe of rhythm a you guess, could little a the sense year. to some contribution provide would Aji and to the of of think to better the I we about, on the just Aji online really coming revenue Just

Mark Foley

very it, into at of launch, seen we’ve or strategy. the of Seamus. franchise take two-quarter to we – the forward opportunity DAXXIFY can and if we there’s we that $X optimism at PrevU we PrevU with about think revenue Yes. our our that between the to we’ve It’s a our and talked hard kind we for in that strategy of early. segment or give RHA, aesthetics that assets this have But fact market. changes it’s that the services two our we’re step aesthetics Thanks, months so billion going And when U.S. the look collection point, and get guidance obviously back nothing what in launch the

who in that feel What It’s now it’s any those hard very journey. interested good where that amplified that onboarded we significant we are getting that who we’ve really that’s we have in the getting number is I number DAXXIFY before, there. so early a of DAXXIFY. have about practices are consumers of give very We guidance we And that’s to know in in awareness given out and will interested are – getting are accounts a So trained this just within – you very treatment. right tell they journey. with

by feel from given just So phase. both learnings well give we very where injectors the that it’s the about and We’ve little to the I we’re the we from for guidance are positioned PrevU that a consumers. and in how seen about us in we’ve encouraged commentary like been feel experience program. we think that had early we’ve the any

about our supply On talked is. the Aji what strategy chain side, we’ve long

drug product, DAXXIFY. Newer we limited meet both make of our California, the drug is said not to and demand substance where expected configured we

process date. along was Diego early in good filed in The all are in feel finish contract XXXX. their in we are we have where XXXX. in partnership San They supplement very a process we need as approval. approval a about about in making XXXX, We they that post-approval signed come full very do where journey them that feel online been and to down We So prior to but manufacturer. with good the product on to Ajinomoto

Services We’ve order also in we signed online an longer come need because England, demand well. going we’re believe agreement to them with Lyophilization New to as that meet of term that to the

come the be we by so XXXX. need progress that And in we to continue And encouraged making. online to they’re them

feel good that about their as Newark we’re about built a advance well. we We’ve Aji and very feel we got approval So of terms in the good of inventory bit right where in also fair of process is site, now. where our we positioned in

Seamus Fernandez

fourth question, least was don’t and/or provide maybe the little Great. I of if the you at can color is where ASP quarter. if sort you provide with a just updates ASP on going the on in regard to just and forward. where could bit unit-to-unit relative follow-up continue And up if to the would could it And match you relative BOTOX mind, – of to ask where basis a sits a

Mark Foley

Sure.

the with part, start I’ll unit-to-unit. maybe So second the

it’s that indication look DAXI a amount core glabellar X.XX which of XX XX nanograms. So which side, that for the if you And compare you is has of treatment, at on labeled in the indication is for units a nanograms. dose. line lines glabella indicated And active glabella, unit-to-unit has the X.XX labeled neurotoxin, BOTOX, for they’re example to if also units, our

with what so seen looking are that deliver is neurotoxin used same they’re of other And to the basically we neuromodulators. have they to that amount core in practices

it, a compare two we’re one. you about to to again, if the market And so leader,

at of in XX% buy. at their practice anywhere probably If the two premium, on and a our where they to and vial depends one are, – the we buy market vial premium pricing to on what of vials vials they what you for believe level that to comes are two depending from on they maybe the to leader, XX% a our everyone look pricing

practices got time. they can levels at with We’ve the different at it any that point in our with product, purchase four and that has volume given to buy do

on will same quarterly based And on to basis. a but to everybody buy, vary for choose based going internal these purchase they our pricing it’s buy. mix how how fluctuate probably so the the again, volume that on And ASP is practices of

Seamus Fernandez

if Maybe one final could I ask question. Great. just Okay.

opportunity As think launch of the therapeutics, wanted paced a presume – the uptake get how And jump thinking about about therapeutics you the to in therapeutics launch than color queue. expect little bit quite a little on bit aesthetics? we market. more the but of into of it’ll be sort I’ll aesthetics, in slower just to in I to how back Thanks. bit in do the compare you’re maybe a sort

Mark Foley

Dustin to Maybe got that over here I’ve with him. throw me. I’ll one Sure.

Dustin Sjuts

Yes.

opinion a key in learning from I how that terms with we we leaders of at our look similarities key think of in have ensuring there’ll the lot providers insights. that and space be aligned clinical

launch hone we is which to what allow bring period, will KOLs So patient. kind a dystonia that back will they’d PrevU that have cervical of to in cervical like with like interval dystonia, on re-treatment that

I me, to cervical As think participate similarly you dosages, units, know, strategy disease progressions with of different we use will And our different that – that we’ll PrevU leverage in intervals. in there’s disease kind or those. different of treatment different state, variety excuse dystonia also a

but that’s set about to PrevU KOLs overall obviously hands population. is kind the increase required therapeutics, with larger unique of fairly is dystonia, specifically So be use right? continue able a to injectors the volume. think in concentrated, to the nearly in the data of really confidence in make build cervical up get early I the cervical it we’ll what’s the dystonia, in of XX% CD X,XXX that And obviously

first in highly as we’ll deep So and well. our strategy it’s areas with focus concentrated those

Operator

with Stacy Ku Cowen.

Your open. line is

Stacy Ku

Hi, thanks progress. and questions congratulations on for taking our the

the our you. We for on some feedback. know any PrevU wondering accounts. move question any Thank very if you or around appreciate you the focus commentary each get timing additional We accounts. still any expand to What around XX,XXX provide accounts Maybe aesthetic any as the early appreciate or is how for to we’re but bolus how early, demand? the of question, XX,XXX some it’s longevity, So from on logistics the second it’s are anecdotal potential aesthetic details program details. aesthetic specific through pacing target early efficacy we from the metrics onset the And first commentary very you’ll you initial the then could of regarding but understand feel, of the level clinicians. X,XXX to add

Mark Foley

Sure.

we’ve So by Stacy, the we’re hearing and very what anecdotal from been the from encouraged on injectors the patients. feedback,

out, to any duration pointed early so get we’re and it’s As the we months – into early program, probably – PrevU you two what are feedback per se.

patient been we’ve done trial would would and we’re representative what work program clinical that in has But response the the thus scope of some clinical seen far, the what expect very and expect what and with size And very that of the our to seeing. of and the X consistent area, trials. be given we we the Phase we’ve

to strategy. it’s the so but and again, the continued And encouraged that reinforce early, right in place we’re it’s strategy is we’ve put

In for what the competitive and terms pacing purposes. timing a of of metrics, we’re going in to cautious the we more be bit share and little terms the

out competitive As market it’s is very you imagine, there. can that a

did for would into program and But what quarter commercial our is full we go initiate say we launch. then this PrevU a would we

And previously, And late can March. so we’ve here experience we or our that we better onboarding we a that there’s as do off talked do deliver expect to in Nashville headquarters. process that think in kick

drive bias we we’re into Nashville so going have going to yield And over as a an stickiness time. people and more think to that affinity to that’s

body information this into And that, give that as able have And think of to a be as we’ll bit so will we’ll bigger QX quarter. more our kind process a earnings, then I start we get of little evidence.

as that our bias off going commercial those in say at the communicated, as with and planned Nashville. we’re to late the full kick that tracking we’re on with we time, training this starting get going to not March around customers more But previously any we’re and metrics towards a specifics other to here and timing RHA than launch into the

Unidentified Analyst

you. Thank

Mark Foley

Thanks. Sure.

Operator

your is Balaji line Prasad Barclays, with open.

Balaji Prasad

me. and the thanks for Couple evening, good Hi, from questions.

Firstly have for can for still on thought provide the expectations help filler penetration and to around guidance, there we the at you limited the if with year, me to understand one. visibility guidance, would side account least see you some color your DAXI maybe regard

widespread last still sales And does if to Do labor. know hire challenges across I so, year you see industries it with Two, challenges? you’re the force Thanks. paying current mean, that these regard to we of those the side, that some If the mean was we expected higher year, than than for that to seems so, hires. which more this by earlier. could had help for explain what prices market be there OpEx

Mark Foley

Sure.

we’re OpEx to the some I’ll of to and the then underpinning listen, first side kick and the sales second the that I’ll hey, the into filler pleased visibility. one growth into you quarter, have the about the that a one fillers, two on maybe We’ve taken accounts so So certainly maybe But we take that that. talk for we’ve we and hear Dustin guidance with then on what’s Toby over we’ve even force lot very market what onboarding XXX traction and our launch and and account a in – about more that been the seen seasonality. years been

introduce was DAXXIFY When to have yet dynamic. we selling the I is that another much that think know it to only going new the and we estimate were easier challenge RHA, is reps But into will back growth thought we be going to accounts. what to those those they’re same forecast additional look might now that reps circle going DAXXIFY the like. and be are introducing ones

successful some near-term, that open might that see there’s account see in for some we’ve so as in. in of we not so the DAXXIFY new door, – certainly sure, in although we example, we a that And may been adds, But not slowdown might however, accounts we’re may it’s getting also a foothold well.

QX. that by up roughly we to running that be have to be adding salespeople we new expect and XX we’re And going in QX fully

this like. to about know cross And so that we to year. very currents that’s really us think But what if we hard to we exactly grow year look again, good couple ability up RHA this a have that you profile feel going for of just RHA is our level,

to services We we basis. we aesthetics franchise products feel ability in And market. DAXXIFY to an We on our we’ve believe U.S. have revenue we $X over as about the time our launch the earlier, that very good right the can billion drive mentioned that got over and with into annual I strategy. believe

Dustin, you why the comment don’t process. on hiring

Dustin Sjuts

Two we’ve a look to a in ago, the do of years a a Thanks, record without force kind Yes. filler at the track if right? large hiring Mark. product, were new dermal had of we hiring COVID back kind for And the commercial past, of execution. in for success middle we sales

a new the into So entrant market.

different a of that to now situation past successfully our of deliver that in of were the and the the outstanding approval two very with years. to success we’re And progression services the able DAXXIFY, hire alongside RHA. We’re strategy results able recruit the individuals

pleased kind hiring the the sales for both force. very well the the for coming very, the been with as for in that have the is events We talent of as managers hiring

that those We’ve well as the have front of as been in excited that we we compensation about experience have the outside encouraged are space a from opportunity rates. those perspective, at about are And in market had us.

significantly with you off package as mentioned We competitive market. We increase haven’t the rates had environment. have to based the obviously of of

So I don’t OpEx the know, Toby want Mark, you to to if side? on over it turn

Mark Foley

Toby? Yes.

Toby Schilke

thing. Sure

$XXX compensation the to range non-GAAP OpEx was You mid-point reps, additional the what, commissions. of with know compensation guidance line XXXX, any for their delivery it’s for $XXX million that our prepared of remarks, $XXX earned we was for on is there and If in about for million the our during talked as over million sales XXXX.

talked non-cash GAAP we we the in the OpEx was charges to gave and delivery that So we about feel pretty good guidance the we the our prepared when exceeded and about that related remarks.

Mark Foley

standard up relates for. we’ve chain we some the to And I and to We’ve got Yes. model. obviously the got are supply have BOTOX, that last starting we’re Balaji, therapeutic of that that investments normal making. mean, We’ve aesthetics a biosimilar to got this it operating year, so year we’re versus of number as ramp outside initiatives

feel but making But that some have driving, a right at very and those are to good But are cash increased other some launch be this point. those position we investments the sales to factors force expansion that, to we’re certainly priorities. driving things those of are are adding the of DAXXIFY think spend. the is in that it’s and We right

Balaji Prasad

you, Thank all.

Mark Foley

Sure.

Operator

line open. William your with Blair, Lugo Tim is

Lachlan Hanbury-Brown

if purely is that wondering sort about there the Were XXXX. on any I Just for that? Lachlan a to to added QX trying QX. events you Tim. question. in for numbers early expectation a into accounts sales one-time XXX rate the on for to taking the was I heading was of setting just my this Thanks think run guys, could and elaborate just guess the Hey that

that plans hiring have you the it but And be talk field this when then and remarks, expect missed would the how just about team can the prepared in for may of big is? and you to sort doing therapeutic

Mark Foley

Sure.

first the over one, take the one kick I’ll to second So Dustin. maybe

the as the busiest times referring the product DAXXIFY what one one the came be XXX of that result PrevU they that the take you’re of of early a ones QX it. the the year December. of generated, to get the that’s I of that what had and few of the had that the in And be that bought advantage onboarded on was revenue fact of accounts we numbers, group most So think that to we of and to of to some to going a people time actually were to therefore in window sort area their product

to months know launch usage terms out overall And with group so going in that that going forward. how it’s hard two to we’re to of the only into that’s know given settle

know use early It sense to a this is questions it going got accounts is whatever stocking usage, not stocking, I no was that thought it’s and January those reflects able did in timeframe they the that we there be so traditional were lot in pre-announcement or thought. they And around third-party. to our what we of middleman when

program better in the you you are where pricing. buy purchase, time of at purchasing There do our incentives if get more volume

behavior come know I the market, to very been trying going forward. the still seeing back going accounts some that of that but by to group, the might but Again, XXX it’s we’re we’re with it’s initial folks So future have inform hard there how better what that’s were really pricing, to in get encouraged early. to

Dustin Sjuts

therapeutic side. the take I’ll

the access in of the currently have head, head [indiscernible] marketing place. are therapeutics, and We the market

get If kind efforts you as date. updating our PDUFA to we the more approval, that efforts on date strategy as PrevU progressed our to expand anticipated to and align we’ve that affairs sizing we’ll look at sales the towards and access look field market others kind well of of and kind as of as with closer continue medical forward

Operator

with your open. Flynn Stanley, is Morgan Terence line

Terence Flynn

of going one the around Nashville in terms I’m are taking Great. of flow second understand terms Nashville the there’s site? people guess, number that is, in you questions. you to bring and Thanks center first here, much for comments a the be so implying the I to the actually phase rollout the training the can that to just trying bottleneck that of of through

second a the the the both that was, – filler I then DAXXIFY. know you question have in past and about you’ve lot strategy now differentiated because talked And a having RHA

and potential half rolled Thank or how year? strategy out that bundling back be thoughts course the any of – color you. latest over So might the on course a

Mark Foley

Sure.

there’s patients level all and and of Terence, way the right to your go. proper shared at Nashville to So, onboard from first Nashville on is that sure which make bottleneck, them we to what engage that a some the have around they learnings they We how mean, I around way a question accounts, think is to we message the we’ve think this do to that. deep folks

going a that out doubt no building more are capacity run we how many are training we given There’s ultimately Nashville. that we but through in well Nashville here have to towards virtual with bias standpoint, training a as options in we explore any limit also to people and Nashville, investing can and

think having a phase I the right more And bottlenecks is we’re the at commercial we Nashville long-term off on the look any given necessarily go focus don’t measured I that way think to launch with we first very that that strategy. versus kicking so through. our the And is rollout work and a would can of just right thoughtful this way –

the exposing step And out we capacity collective and options, realize Nashville. learnings again, training that I said, then like hopefully build too of deeper ways somebody’s I also more at for and will one. in allow to as onboarding we we’ll launch, here rapid the that virtual into DAXXIFY’s more And the a think continue look can with get

that The up on so to a that samples, that to add play to backend day, there’s bring well the why group. some is as think go set important and to we need sales step our into salespeople the DAXXIFY will field two into schedule practice, time logistics with this it’s reps

this with as onboard more is of way responsible and what of to bottleneck thoughtful at less look and accounts we so a we very the driving a think stickiness. longer-term goal And

reward In with us. terms get in we different strategy to of customers a they both that bundling product. will to at ways lean very pricing time democratic a now and much way giving and that filler of we’ve of best sort and got things, our toxin our course buy look the more purchase Right is whenever now, and over accounts

both give either will toxin to over time ways areas, find example, in think to in business, filler the on at look side if ask but or partnerships those filler, have one us sense strength both we because of certainly near-term, side But the for toxin do for that having make have more us we will a an not doors on and those for open we we and the the opportunity other. of a

Operator

Douglas open. Tsao with Wainwright, is H.C. your line

Douglas Tsao

thanks Hi, questions on congrats and for good the afternoon, the and taking progress.

of that a Vlad think we Board, Mark, maybe the a should program? the starting addition to of renewed So signal it’s interest on is Coric therapeutics. starting migraine point in a

Mark Foley

be overly read I Board really mean, continuing to we’re we at to overall good for our going business. I it. that Yes. wouldn’t into to looking the think is expertise add

clinical an neurology. background overall in, MD, makes practice got of to the experience Vlad’s on that and a you look an in and space sense. out focus If at the extensive the then experience pharma Board with he has so of MD he’s lot adding comes He the he’s

go-to-market a strategy markets, help can of through he in think around I think So those us lot strategy variety. expansion, our indication and a

into we’re fortunate it. wouldn’t join Board So dermatologist. overly just the note read think I have of Vlad I [indiscernible] to

aesthetic side business. So he also get will of the the

we’re another the around his voice experience market had But Board as is to with table, of part to the going the that obviously important in the team. somebody and and he’s him success excited be have

Douglas Tsao

more a think concentrated still as have of the maybe much plan differ experience talk CD, about as process. to like itself guess and sort it’s go but Yes. sort mean, done of it PrevU therapeutics, just in I how sounds a you. addition. a or from No, Thank on features of little his market, is obviously you’ve he sort I differ a will rollout of you’re well maybe talk I from I to great Also say, about aesthetics. similar in through it what going bit for

Dustin Sjuts

that handle I’ll kind a Yes. of Dustin. little bit. This is

a little to on early I it. go specifics too think many it’s into

that that terms it’ll build setup, drive are I you’re base of kind are the disease So looking in of similarities terms in KOLs going educate at re-treatment be to what the think broader to be that to faculty be market, for of ability right? intervals, key we’ll the going state, our to in that looking the

remember currently to our When would patient were for right? had different to patient allows provider they like the in they the trial with to using. you like bring back? do, are specific a doses they you’ll do handling freedom which little So real a that what have bit How trials, clinical more states, disease those just us they setting, did they as in world clinical

more move patient, – so assess they to certain that to a they clinical know they toxin have they’re on they’re the been may in DAXI may We’re and them freedom. they’ve now practice, going

for to opportunity inform rollout real faculty. that and to broader our leverage world we’ll so insights And the educate

Douglas Tsao

Thank much. you Great. so Okay.

Mark Foley

Thanks. Yes.

Operator

Serge We Belanger have & is line with time one final Company, open. question. Needham for your

Serge Belanger

a with Thanks the training DAXXIFY providers here. of first guess the squeezing XXX question had December. afternoon. great you in good I PrevU on start program, the initial me in Hi, for

pace the and up in time launch you guess February providers and Just program terms you kept the many to that how to Thanks. curious been I a have underway? could through late that January X trained toxicity, you therapeutic when Phase expect well limb if of get And in upper in there’s secondly run quarter. indications and then plans or first still by

Mark Foley

Great, Serge.

we on and that’s with hopefully miscommunicate small the PrevU program along to plan XXX. a this, run didn’t DAXXIFY select the the program a on for So of but group PrevU injectors, quarter was all

account So onboarded XXX we’ve in as December of we roughly the additional programs accounts any did not we where PrevU. added since part the

they’re experience insights to in pricing controlled they’re was the there product, how out, figure glean using what how how goal whole patients, very can the it, get those a this positioning And from all they’re things. with we setting to again

launch been in-person will program not now that have of there commercial additional training. PrevU focus any again late March, in as ads with a So full the commence national the part on

off So launch. that kick now commercial will full the

getting forward look to existing underway March late we that a And on in accounts. with RHA our focus

to approval remarks cervical the build goal will our that dystonia side, use mentioned help in our to the inform we therapeutic clinical that experience is On future therapeutic our indication prepared strategy.

we’ll a muscle So we this with of are to a inform of number used cervical these around a in learn mentioning lot small Dustin again dealing previously. movement what accounts think lot dystonia concentrated number diseases, that was will

influence think how symptom timeframe they how that as greater during payer relief do between will engagement that plays. when them the is go think that experience prioritize, I What response, patient going what how about lot give aggressively the that they they we on well. clarity is a also bring back? them, And back that want based when Are after them us more often to bring we information, what other to and indications to we seeing and want

Serge Belanger

launch, One for plans European Okay. Thanks. on is last any thoughts U.S. given the DAXXIFY. know the if you’ve I but more focus one. to

Mark Foley

relationships – It’s Thanks. Yes, We’ve that’s got off biggest got be this We’ve best got to market. and over the pricing so market, can feel focus field for is hey, now. X,XXX the we in right I with. accounts. now established got launch. bite our we the force. we’ve like than more U.S. going We’ve with The an

market us opportunity the we opportunities as forward. international provides growth no doubt There’s with go that additional

our some thoughtful into very markets we of move through. be how we’ll about we as way so And move those

to XXXX, for U.S. certainly focus on and now primary for But tuned. stay So is the be our going

Serge Belanger

you. Thank Great.

Mark Foley

Great.

Operator

XXXX Therapeutics That fourth We participation. for corporate thank full financial conference the and results Revance year you quarter update concludes call. and your

may now You disconnect.

Jessica Serra

Goodbye.

Revance Therapeutics (RVNC) 28 Feb 232022 Q4 Earnings call transcript