Earnings call transcript Q2 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to the Revance Therapeutics Second Quarter 2023 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions].

As a reminder, this call is being recorded today, Tuesday, August 8, 2023. I would now like to turn the conference call over to Jessica Serra, Head of Investor Relations, Communications and ESG for Revance. ahead. go Please

Jessica Serra

operator. Thank you,

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

penetration, call, our potential, flow breakeven, us, account preferences the products revenue therapeutics, leverage, including plans entry and behavior, conference During ability forward-looking consumers planned structure, success, and and strategic our market, of and operating injector and and our will and DAXXIFY, timing. our our plans, impact partnerships to into XXXX the consumer priorities, cash of to expenses, draw operations blockbuster statements, on this duration our our CD guidance, and approval the efficacy statements training and management marketing commercial and of capital related growth practices commercialization and our strategy, the benefits potential our and make to future and debt, strategy

Form update included measures. to will non-GAAP its release. and and today's from filed timing we both or present new GAAP risks GAAP on materially in actual to X, May company of and include Our these factors August A on the results the could Also in earnings Form titled that with of events obligation forward-looking anticipated Revance uncertainties. forward-looking of a financial in to on reconciliation differ those in Factors on no from changes could with the as XXXX, and result different such today, cause results our XX-Q statements Factors a our XXXX, be of duty quarterly statements non-GAAP in SEC reports future annual the expectations. February report measures is described filed XX, or Risk X, SEC XXXX. our statements information, and these undertakes call, section result the XX-K on events any as

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

Mark Foley

you, second realignment a thank the more and results also expansion and force, anticipated planned for our you our company, QX Good Thank of quarter of full first was as the highly represented Jessica. DAXXIFY's foundational the than financial joining revenue the XXXX included included call. quarter It launch. August. expansion sales $XX equity which for afternoon, first quarter X everyone, strong conference years, it million plan reflected and year-over-year. with of program QX before million, balance the a ATM draw Collectively, our record fortification which to contributed and debt, million $XX.X through this our sheet quarterly end in of results to of XXX% $XXX the increase our raised in we and in

initial encouraged ongoing the commercial product's the rollout uptake continues, by which duration, skin very includes also texture, reports improved demand. we as not DAXXIFY's evidenced of As fast by only and onset remain performance, and but product

While level interest we still both experience for in from our profile. early continue of injectors launch, to a DAXXIFY's very consumers performance differentiated high and

where program we launch into We strategy, commercial launch, the existing accounts focused is our are learnings PrevU which full been have well against our from incorporated our executing valuable on have an relationship. where

product and addition, for portfolio highly expanded our complementary In high. enthusiasm remains

be high-performing Given team. our products, growth realize aesthetics, blockbuster to opportunity and of on are differentiated RHA, continues track which strategy and the we commercial believe both we trajectory to in by DAXXIFY supported our

which we neuromodulator significant, believe unique improve to in billion the CD meaningfully therapeutics. patient believe will are peptide indication. as potential While XX has excited $X.X serve approval into dystonia, for We around also of in we our just PDUFA date executing the CD, corner, remain on product we therapeutic in a is or DAXXIFY's outcomes market. formulation, DAXXIFY's therapeutics our the is ability and point the with therapeutics, about focused opportunity August cervical a in entry aesthetics, With U.S.

common Specifically, the CD to retreatment, importantly, minimize is to DAXXIFY's treatment symptom and patients a more reduce both currently perhaps, which reemergence prior long for duration neurotoxin issue injections. has potential frequency, receiving

within Today, X XX Based be XX survey patients cannot in believe of experienced on yet as this has as proposition a patients XX% seeking and provide forward at therapeutics will gap, CD our to practice, plans efficacy Dr. symptom retreated reemergence to between a article current DAXXIFY until in in its treatment payers. early durable Day more including weeks, was sharing believe And DAXXIFY's recurrence we symptom all more profile, patients with patients, of strongly potential relief value and by clinical resonate their Because in cycle. patient Neurology peer-reviewed details providers stakeholders, treatment reported improved the that a for look treatment differentiated to Journal our published weeks. for painful Investor of safety option September. symptom the given we injections. We on

half of and the busy both With and to DAXXIFY, promises of a upcoming launch number exciting. of year second the milestones the be ongoing

We position of I'll are fortunate of market. introduction a force bolstered With call Dustin? the turn sheet, due over our sales to balance recent executing the strong to a strength and alongside resilient and that, be to expanded injectables from Dustin. DAXXIFY, facial

Dustin Sjuts

proud Thank you, Mark. strong execution the in I'm very the team's quarter. of second

QX -- QX were twofold. priorities strategic for were Our

engagement line; infrastructure the RHA strong product the support First, ongoing necessary DAXXIFY's our leveraging across drive ensuring account to and both second, have growth portfolio. and that provider penetration to of deeper we the launch commercial

training and education smooth integration For and through provider confidence ensuring DAXXIFY, entailed practice this initiatives. building our

different in advanced that the properties fillers. For the involved adaptable growth highlight trainings RHA, injection the dynamic and driving collection this through of X

the undertaking plan. efforts fronts. have to representatives, proud the bringing We of to in sales completed we additional all with an executed team in intense XX DAXXIFY and time and other aesthetics our force with collection on launches. is coverage frame, accounts. on was territories infrastructure, RHA their a relationships and country sales to and foundational strong, for across new balanced very accounts. training against experience forming also We for focus than both more previous in high-growth key the realigned territories Heading total a I'm the sales XXX. on team verticals, are into optimize the pleased across our This the and our of new all supporting is onboarding our the very QX, The executing of targeted On transition deep successfully accelerated executed provided product commercial settling of while team

focused are products. they Importantly, both on adoption driving across

areas. Our deeper continue was next provider penetration account drive to several priority across engagement through to

For DAXXIFY, we training virtual across education and the and leverage live to continue formats.

expectation Education focused product profitability including practice on optimizing Our aesthetic informed also on performance, is setting. by focused clinical proposition, integration, pricing, experience. and real-world program outcomes value

the targeted of treatment efforts by first direct-to-consumer users also campaign. of and were branded, designed unbranded to launch platforms. and reach have Time an more our of XX targeting a campaign the and across with the initiation underscored the with campaign million new Combined and strong buzz needs age first influencer try event gap breakup DAXXIFY's initiated a activated KPIs via for campaign, our practice delivered across and a than innovation our June, drove availability In It's between that XX. our views traffic, About June, channels in Since in live XX female DAXXIFY was increased product social of engagement BOTOX to the website and digital The consumers experienced unmet we our X now Our category, campaign's choice key strong searches across the highlight we locator. neuromodulator platforms, increased campaigns existing million impressions option. Nashville, unbranded and

product. turn which translate awareness in the believe and We allows us for demand greater all into carry DAXXIFY, these our partnership with that deeper metrics consumer to drive should accounts

efforts our our continue we launch to the will to that going as believe greatest generates we targeted expect consumer leverage provider on forward. investment, augment the focus While marketing that on to campaigns return also

QX, we session interest international continued our the our wallet. shared through Turning with for to attend In forward training of to our of on U.S. Engaging the strongest in series very partners with look collection to perfect broad to skin is immersive We customers they RHA. RHA our practice with having be Needle injection training key an faculty group we the and of programs. organized learnings customers our growing share as techniques. utility upcoming to London a learn top important training injectors. a of

excited to severe have X provide label to another expansion include the of utility with to allowing see greater X's dynamic outcomes, use. injectors The very delivering addition deeper RHA of moderate aesthetic even and we're natural to RHA option for Further, deficits. in to advance volume folds

been we and date essential in RHA the activities in Overall, to growth Collection. the launch have of supporting DAXXIFY's continued and robust our believe engagement QX

the product's trials strong line of the in continue our our our priorities, plan. of which on over $XX.X data consistent first we with is result million. XX% execution by results, our previous quarter to clinical a encouraged the our increased to and be are by sales which DAXXIFY revenue from operating launch, QX Having completed recently quarter full internal with performance, As

With through to sales we've our any their total Cosmetic the total competitor already generated BOTOX sales by launch surpassed first year. QX, in

our efforts. $XX.X launching outstanding with the done force the QX, growth through across an demonstrating team over We DAXXIFY. commercial sales for and The portfolio, solid collection RHA revenue of quarter in accounts Aesthetics continued expansion our navigating the year-over-year XX% saw Collection we the million. our also up momentum ended Further, while to growing job has X,XXX in

and this, positioned on portfolio sales to proposition enhancing Looking of are: provide priorities our These our reinforced continue one, three, force and efforts integration. share. grow DAXXIFY we at increasing be to and To leveraging optimizing value the account to well drive support the productivity; to back outcomes to full year, half and greater the plan. of we by two, engagement; practice injectors our achieve will the adoption remain execute leveraging

to call for very NMPA. or Products provide international for Pharma with DAXXIFY making action dystonia treatment I'd positive the the second I April. China, to of DAXXIFY by our Medical aesthetics remains progress for DAXXIFY of neuromodulators, for million review announced Administration, is with is DAXXIFY and in alone. follows in Toby, lines partner accepted NMPA's $XXX market Before We're valued for BLA partnership markets. pleased the globally the commercializing which China's cervical Fosun expansion in at steady In The our July, acceptance like for Fosun largest National in development glabellar of over turn the in another the

financials. quarter call second cover the to to turn I'll that, our With Toby over

Tobin Schilke

was of you, second XXXX of of last revenue. revenue, revenue in to million DAXXIFY the $X.X the Dustin. launch quarter sales Collection $XX.X year a same $XX.X the Total increase for XXX% quarter and of and RHA million, representing revenue included the Revenue from RHA Collection of million increased Thank million service DAXXIFY. period due $XX.X the second

as facility Turning would manufacturing expense GAAP, California that costs expensing in accordance the a depleted, cost like was with at as increase. approval, item R&D costs everyone to the remind approved. cost DAXXIFY DAXXIFY period our DAXXIFY Aji's to prior of product until inventory were revenue. facility. also I expect revenue cost our When capitalizing that approval, incurred X we product with inventory, product we known is Similarly, we began manufacturing to incurred to at our of produced Northern

GAAP Turning for $XX.X OpEx $XXX.X to million to XXXX. same in compared second OpEx. the quarter for million period the was

for and cost depreciation, compared amortization compensation, OpEx million period million quarter the second $XX of to revenue, non-GAAP stock-based the same last year. Excluding was for $XX.X

increased period leverage months the the For product continuing business. expenses operating the improve period, operating same XX% same revenue total during XXXX, the in year, ended non-GAAP while last our compared were June X XX, to to up XXX%

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

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

activities and successfully financing balance several our in into growth aesthetics We sheet. our entry Turning to therapeutics. to completed commercial support anticipated

to we quarter, and raised bringing our equivalents second million our program, in million proceeds investments at cash, net quarter-end. $XXX.X the During ATM cash through $XXX short-term

X.X% recently also million and second $XXX with Athyrium $XXX amended note fixed to We million notes of note uncommitted million, both $XXX to our conditions our agreement revised million plan at and second tranche issue fixed issuance our that are purchase our economics. million $XX revised provided $XX certain tranche interest notes tranche similar rate committed shortly, third Capital at We met. for available to

our expenditures, breakeven. the With a proceeds program, our business the to capital cash Combined be have and we with our approach current managing flow structure. Athyrium and to taken revenues believe anticipated modification and position agreement ATM our funded cash will we to from prudent the

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

Mark Foley

are we our and trajectory far of aesthetics is by U.S. closing, pleased you, encouraged how thus Thank In very Toby. portfolio. going with DAXXIFY's the launch are

to very at entry a as of half our to in share host into Investor Nashville we promises aesthetics continue thank deeper headquarters, the dive while second our their the latest therapeutics our The expect Day we to market where gain our valued look our to business eventful and growth year into and aesthetics, like therapeutics the in entire to be September unwavering tireless bring efforts along with and customers for guidance. our innovation in I'd Revance supporting financial the along organization commitment the to way. planned provide

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

Operator

Instructions]. [Operator

question first the line from Seamus Fernandez comes from of Your Guggenheim.

Seamus Fernandez

progression DAXXIFY. Congrats continued on the with

of quarter a how the trajectory. better get to should third wanted sense Just about we thinking be

should we maybe DAXXIFY those the kind it because be lines, just quarter. better how a then have tends of get rest shake Along to quarter? of weak about year for I trajectory the the trying thinking of how then typically, just question. fourth sense to to little be a follow-up of in of is Just rhythm out. the seasonally And a the bit X likely -- And

Mark Foley

Sure. Seamus. Thanks,

rhythm to trajectory, and the mature RHA different a overall seasonality likely to newness about what for products, you historically, in in clarity their little a to we're we're are be it's in plans going realignment the mode typical perspective what the the more that. on to now. relationships, expect Day a talked is Investor you September if early do look from us our selling this DAXXIFY more position the forecasting point. at for be trends to right We in going at on. in provide is in of our follow we've where cycle, business, in territories X the the be seeing And the life encouraged of guidance with know, as now, whereas at the we're as seeing X financial at and overall forward. And guide terms addition continue calling that we So and we're to and and our DAXXIFY, of talked accounts of in market the right reps the that are with more as is launch But products QX, we we're that not the in aesthetics quarterly the resilience

Seamus Fernandez

And Perfect. follow-up. then just X quick

folks are kind that them color that completely you you you I are some answer that provide in. sort of to RHA you're reasons, on And at relates know of to know it if the willing as number vest to of are keeping well. brands? wanted I are As just discounting to all? that RHA, close to and Or separate the very ask accounts managing still as suspect you're interested dynamic competitive but guys is to the for I

Mark Foley

first. I'll start Maybe the Yes. second Yes. part Sure. with

we So that's Certainly, of a to confidence make product metric deeper that over as line, comfortable in our and we end go that what we DAXXIFY collectively forward, on RHA we sense. we've right think accounts all that communicated of talked about in think we on the we're the being different at sharing across launch to are at continuing are get and QX. there X,XXX consistent with side worth what into services And look continue it. metrics the that products now, and out we'll put we have

purchases believe and both straightforward innovation we to point, at DAXXIFY independently. how discounting, a point for this they structure much of of of due that levels them any point simple, pricing can terms looked and take given purchase that from different RHA look time. time they of point in our this very got on advantage price RHA product DAXXIFY, account for In us, based We've at X in where line at to we've in X the both at an that

to scenarios that So as overall at at to structure. the own forward, we that's will be this leverage we product point, on. create actively we from we that portfolio discounting X each continue we haven't a tier win-win this can deviated is continue from of our working Certainly, look focused primarily ways for team on that pricing But at point, its perspective. accounts, things on standing our and to the go

Operator

David Sandler. comes Piper And question your from of from Amsellem next the line

David Amsellem

Mark, training means And -- XQ. business accounts? XQ I and know what a sales than for few the presentations, even it and in you're think guide, in was onboarding in you about somewhat DAXXIFY not I over past what we guess think is might how about talked various the that over spill weeks should to being for that And I here longer of cycle question PrevU. maybe the position but into

then So And how we should follow-up. think a that? have about I

Mark Foley

Sure.

take terms in of me back let training. you the So overall

a we we PrevU started group. you We the surprised more treat pleasantly to series patients a normal were saw with of of patients, that expected strength then they on follow in next the those cadence, inform As sort exposure them to steps. of and feedback know, and we where orders with to when our follow-up December for the they look get product. They

think limited access very lean had DAXXIFY data they at that that experience, I the phase, the because clinical heavy. their early and number of accounts in early of partly to trial

step seen program. March expected that fashion March. -- phase, commercial first awful which is program our behaved an of that learned have attend for in training very training the they kicked optimizing We launch, is has that full would the and launch group we the our which We've we helpful which terms beginning, from been a off a group from in in lot PrevU the

place a most Nashville, is to That's makes that option that have X. sure make for in accounts them Our can step we a bias sense. meet but virtual we also the

they they're the both whether patients, on into time sample is the coordination, of treat a then series the product that accounts so the and schedules staff part and to practices bring And these next some patients. the on rep's some that part step customers. logistically or of of their can The takes rep schedule

look of program So onboarding kind impact of at the the got more than actual an training the of if itself. bottleneck, an on you probably that's account

And then by we'll see onboard. range behaviors a of that accounts these

Some in, which their early are convinced are all is fit on, to on and best patients figure in for. are out trying leaning DAXI this of

going in to going with the profile, are to benefit see to accounts these also given the longer maybe And are to then inform. are going patients. to measured term. bit a and And to and a a group wait want then them to accounts little more them. we to they're have that profile some DAXXIFY patients, for Some going are that be more is see short of some cautious. lot They'll treat to treat They're the duration going that up then wait little main be and going some the a follow duration ask

kick off move didn't So the accounts that our given beginning. full we in March, launch have through that commercial would we from predicted that we are those cycle seeing way until a

them so different seeing these in we're And phases.

accounts again, with, we, relationship is existing them know given Our that on focus that that current an we have those and relationship. have

so out onboard terms we ones product we year, with to of as see we'll well. new go to towards in play forward of their And start accounts continue the experience the back as half as those the

David Amsellem

practitioner days trained, what's And training down to reps get to actually just mix versus on to of -- going coming these follow-up. are accounts How a the for look that on the what quick site like? your Nashville DAXXIFY many portion

Mark Foley

reps virtual would We towards the a natural-based. that phases, tip early was towards both the the to the more to mix, we're of the more of seeing shift But it virtual it. because much the the definitely, specifically starting it's haven't I little think flexibility sales said we're accounts, more but and In I side the now. providing bit options side that and virtual say,

Operator

Your comes Goldman from of question the Sachs. line Shibutani next Chris from

Mark Foley

Chris?

Operator

Chris?

Chris Shibutani

Yes.

I that. about Sorry mute. was on

part think I help talk level sort reordering obviously, first now are were of and On And an the whether that about months of that post, Anything December pattern, quarter that X target are comment utilization off preorders. ordering particular group initial we a of in potential initial frame Can use and sort group? about kicked whether for folks now, you the you're of that with seeing tranche, unprecedented who those targeting to to sense and to the during reordering. you us durability. time get you

tone second the comment maybe fillers. can a about market for general, and in question, neurotoxin you for broadly more both Then of

for Some or given competitors both base more the that little a that have toxins point target market the What your of talked is recover. particular you're fillers? for sluggish filler a maybe in prestige market tone seeing about with to customer slower dynamic, higher and those segments, and price

Mark Foley

Chris. Thanks, Sure.

patterns. first off, on So ordering the

QX. because the the beginning about address go back last some we we DAXXIFY, that revenue you to If large the a making quarter, of because made made QX And talked of very in our of amount majority up PrevU accounts QX, of concerns purchases with wanted at stocking. around people in that of experience we to the commentary their

majority of we that did that represented little we a a see that so account, the but sort order first put quarter. QX PrevU XXX of as we And was context. over trained And to into in that stocking in that sales said, in

PrevU their that consumer #X base. research no of revenue our what they gone their will some again, are a majority that who where the that at our need, and is make into is seeing along is other a business with offers. resonate this this point. definitely base, we're market DAXXIFY our we've has up don't ecosystem that portion -- of We're their some where It's unmet in launch, healthy seeing majority into from know We duration have toxins, PrevU a it and primary which behaviors. of all everybody. to thing everything be seeing it the commercial to great the of model beauty about of with doesn't toxin. the But our frankly account Now base in, We're become mix longer make accounts group, up full a DAXXIFY fits

a that's see figure this still even out, the And does And group, to where middle of we what practice so conservative smaller percentage make in that group of in a PrevU ask to then and that some going for in patients we're set that it. were that results have fit the terms used my subset their it's little it, then of patients the are trying have offer bit thought be of to a more great, that's sort might in up. seeing certain

And so the longer no that move group represents this we full as majority phase. into

the to with I we of reordering it's and terms from about setting getting been learnings and able around stuff -- the feedback because differently messaging, trends the to those to how little feel into full a think we group the early we've launch, than start commercial PrevU growth group, cohort expectation in this this but pricing, behave very group. might PrevU good the refine new the streamline

the good of are And second question have about of more because of and Again, Certainly, overall little market. and your robust of feel are with measured and appears advanced. cases segment, heard continue to they the the do very as of frequency consumers said, continue the the toxin we perhaps on there. a to that trajectory, health the very be on from we of out focused think going maybe tone some approach is you then bit in I RHA about some an prestige of lack filler launch the it's less to to that, And whereas cost market. a accounts be little effective. we our model narrative that a on the have are the bit more seeing, of little the in business less but that given But given again, heard we we our issue, where more that

half optimism back I and seen. for to still of the be the year, there's think that's

Operator

from Your Stacy comes from next question Cowen. the Ku line of TD

Stacy Ku

So few we questions. a have

patients then First, to R&D question. we first some be the to for the you that patients now? that's you injected -- might trying you'd Day, would could share might DAXXIFY the disclose So be of for we with retreatments we provide And how as on been launch. some be anecdotal returning, teaser the as get a as DAXXIFY many willing Maybe track have kind are just or what potential metrics feedback so to some launch? right willing if if September measurement

the of regarding upcoming and how just potential And early discussions, pair positioning of dystonia, doses? product. the So then range thinking finally, the retreatments cervical help of of about flexibility us potential approval, just regarding we terms should understand be the in frequency

Mark Foley

Sure, Stacy.

So take hand third and to off maybe the then I'll the the on first things. Dustin on X of question one side CD payer the

on that in in blockbuster $XX confidence ongoing plus the A, our Day, recent our of Athyrium talked our about, September scripted And million remarks the capital notes So we potential from additional in raise, talked we business aesthetics. can $XXX we million about with fund the broader to breakeven.

thinking mileposts in business overall. terms the about there to of and feeling And feel put we're how important are those so out we

is our So confidence what's given provide the Day, the behind to more at in Investor September the details goal business. really us

of there'll guidance there. product, it. and talk You'll experience kind in types is little with and And real-world hear side of revenue about We'll have bit Q&A from time financial the be more planned of a obviously our we'll the spend physicians a and lot going then timing therapeutic good who to on things. those be some terms what of

blocks to that business we confidence And of goal as the the do. have our more is why, again, we provide so building in the to

aren't a And lot terms of to revenue. most that's for with treated, physicians the sit In product ordering think we part, on up the that -- line patients going I can that's of shelf.

know really vial. the of half amount a And because a a and somebody the vials don't might have of so and couple use you good per vials can kind patient, X treated, assumed on might of into of the We somebody patients of number number patient. revenue and product way back use to

on So giving point, at demand product probably it I use. indicator the think to really much at is look a revenue per-patient and they're basis. overall But depends on how best this we think

of quarters the mentioned we in comments, his launch. the good X about of toxin BOTOX any And outside very first of it's from Cosmetic other a our in as standpoint, revenue launches feel Dustin scripted And that outpacing the market.

So this good a X out, even side it very measured the to feel from to disciplined things. over approach out. you the on how we very of And revenue quarters we're Dustin, played turn our with first have CV in and terms rolling of I'll how standpoint

Dustin Sjuts

really DAXXIFY. happened than dystonia. option in we're this Thanks, Mark. market formulation the feet our been Yes. cervical It's I years the available more Stacy, in and kind therapeutics of opportunity treatment been to with think another has get about into excited since unique XX

so these than and of desires on to for are terms kind quite what cervical certainly the in And there's that room have things improve side, the nature here patients paradigm, treatment of in in opportunity certain the for improved aesthetic patient dystonia, there of satisfaction an but significant side levels see aesthetic dynamic. you different

And with typically dose preliminary been and Our in around the the you outcomes having has team to desire market other Ultimately, payers. titration have believe flexibility key. things. that that we this improve is have conversations patient we'll same

desire. weeks extend as and interval to to We the I have treated the mentioned think of we'll where and that things be of have X able patient at to you provider patients the believe that need retreatment kind XX retreatment intervals. they was that flexibility

extend patients an cheaper XX-week the just overall and lives good efficacy a improving both we're potentially metrics remarks, position across we'll that benefit retreatment option also So that the window, payers. Investor in to provide And an to from information really a in mentioned. to then at as Day, in provide economic his perspective, we on for as patients potentially in good the a mentioned upcoming more interval. But feel really then Mark cost of the like Mark

to more on So come that.

Operator

line next from from the And question Barclays. your Balaji of Prasad comes

Balaji Prasad

and you from bit could if has Wondering a about sales completed just And if you're launch just that your and messaging, sales main are messaging talk force. sales, more now into expansion the all? changed what of have at guess goals KPIs? the the I how further

Mark Foley

Yes.

that reps to plan messaging good had I field accounts. for XX going So to expansion. force telegraphed and really selling X it's that team But sale DAXXIFY of more the that going have we that been at more to for and sell knew years, less They and given around expand has we were the expand to the both quite the done RHA sales we've the addition on XXX it, the Collection. our were reps. the become of sort the time, looking also mean side a that we for some to complicated last of while with is -- job force reps, RHA added of DAXXIFY

practices there's increase to we of reps. educate to the The more drive that so on differentiated is end growth. front share a it of bit best product number differences about little the and that prepare And handholding a to thing and plenty the all But was felt takes about great for product. the that way adoption to opportunity with work

on ultimately tailwinds that about got was of be going effort handing that of terms there a another, things headwinds, that into the got side both are be going So products there a over of sales over little the But due pulled expansion. we messaging sure to arms and it's their and to X able sell really, time. force anything, in If hasn't passing relationship to been to take to that get were DAXXIFY that in that's to not far trying make near lot change expansion, in with from of it. RHA some as relationships a generating in to the rep they've enthusiasm the be lot term, And we going talked extra sell think bit the as we direction. a market. knew and to X off excitement sort too But it well. obviously, to we in X of that had Obviously, tailwinds launch,

but really the so nothing's changed messaging And side, really that's on there.

Dustin Sjuts

territory, territory. and good And to different How crossover RHA. with what's on and target of metric for off They're at geographic They I look territory, think of different DAXI per built of them? them the at? with are metric, envision kind rep, In for look you many ordering that revenue what right? kind the are a each ultimately, it's that's accounts each really metrics would health quotas,

And versus looking up at that now, looking geographies we metrics so because roll they're have early, those quite it's we're XXX. and XXX traditional at differently but

those some of so different. And going to are metrics be

our things, kind good at and about to those so to but we're why those, we'll looking we able And watch feel that's progress. be continue of

Operator

Your from Annabel next comes from of question line Samimy the Stifel.

Annabel Samimy

a well. as few have I

you guess, focus That's, to quarters are learnings the then I that But specifically able message some batch learnings these And your has has with some broader [indiscernible] are as the say to how you've you you in still as in in clearly, use product both So specifically broaden, initial understand are and deeper I or How changed guess, physicians. injectors? the where XXX these initial the the injector you've initial noted I accounts with guess, of had questions you with first DAXXIFY? Would grown yet to to XX in gone also accounts. DAXXIFY? what experience the from maybe characteristics of not And broaden it, out, from full that gotten you X. the how the you from regard control, trying messaging people first X,XXX.

Mark Foley

Annabel. Thanks, Yes.

XX,XXX the in the it's subset at is RHA, even of of you I accounts. nice the a terms So mean, It's smaller broader, with where accounts. at look versus thing X,XXX we're deeper if

sure prioritizing them already accounts. XX And they that reps, going provide to it we've a manageable be at spend down tried fashion. because that to we're We're when another successful. so the able pieces we've break make in they're to to to resources into the account, that territories So able reps targeted added with necessary time an the onboard are these necessary those

process providing a got out we about again, with gate treat then to training from are. follow-up there, the with the patients they rep and a activities talked thoughtful very and samples, the And the of how we've

with like with up time also reps back with And existing to it. circle accounts to while RHA, And have accounts and to so allocate targeted and just of we new this the through manage continue onboarding experience the schedule right they go believe is the strategy that approach. that have an

be this to to us. of passing going and follow-up start use first focus for tips product. going and on stop and isn't and an going to Training be their There's with ongoing the And ongoing is an education that second of some knew I a those were of PrevU what these, program. key reconstitute learnings gets And about question to people from little your but talked to we which going were differently. tricks, think the we've

differently, Obviously, we've other people but an on-label reconstitute got recommended even toxins. conventional with reconstitution,

the think are they with Obviously, I of consumer the expectation to so the how up. going the the going were Pricing, price, to it consumer. to an experience that. some And of price they higher goes experiment

just did the what's on So where more good the margin with practice, areas different spot And but opportunity them, side that level it competitor. delivering out giving conservatism find well. of of practices sweet for a experience kind experience the there of their dosing that was We would they were that patient? in less of early for of is as also just at these some a neurotoxin than the that with dosing be a amount

we're trying sure dosing. they so And are that appropriately make to

in area what dosed all make more setting, to around So things believe And helped again, with accounts. are dosing standpoint right these way. sure of pricing, us, all the expectation have from they a approach and onboarding the that people a refined has this seeing we of glabellar to a kind that patient in to approach streamlined led are

Annabel Samimy

impact just And yet? that should And seen going get we impact the impact. they a imagine XX% have have increase in have trained? more exactly sales measured, follow-up when and reps, on to accounts? XX It's Or Okay. be with an more did they onboard your on sales spend a fully it and would a these it had time just force. the I is significant accounts come -- onboard based an to the would

Mark Foley

QX. them early late QX, Yes. We onboarded

of types physician technologies, where so other And from of understand come they aesthetic from others level. sale folks industry, at medical the come the these the some

bit And so and imagine in little a come some to them market. can you education are the need speed going of to up training more to

early there. so servicing Having to of cutting our start QX, start accounts. sure a make QX, that some existing they late there's accounts, existing they're with territories, handoff So you process out going

we fully In terms see of start to are talked Obviously, when QX running ground and some others them productive, to to QX, is going hit productive. fully we the expect would about in take longer a to newer of and what starting expect and the cadence from them. industry. that's to would they're little running But sort the we of overall the get bit because up

Annabel Samimy

claims from FDA? -- might could what of to clinical differentiate study you retreatment had Have just then label squeeze durability outside claims you there And X durability if the And able cervical make to it. maybe products? either or current regarding I about in Got dystonia. be with Okay. discussions or effect specific data the you can specific label include in

Mark Foley

Yes.

to our glabellar trial given into glabellar just discussions. But we with So the effort what we the approval, where like clinical designing patients our didn't were expect the with lines the make best can they comprehensive represent program did went can thought specifics get into as that label, experience. be we the to that did with of to the line agency trials is way say and so that product's the clinical they data give that's most the from that that believe we the in sure we to the performance clinicians

consistent saw glabellar well. we trial trial, of what as recall As similar our probably our again, safety we encouraging And trial. saw duration from saw, the lines cervical you also, to very we dystonia results effect, in in

the say what And ultimately so in expect we And product the from would in dystonia cervical be program would the the label. about can data the to that clinical market. we underpin

date's PDUFA coming Our up August XX.

process. feel about where optimistic can't for that to meeting the continue that control we feel but in we Again, sure, we good are So cautiously frame. we FDA about that time

Operator

Lugo the from question line Tim next from comes William of Your Blair.

Timothy Lugo

not mentioned, the a with has that approval dig And -- therapeutic -- you of lines differences will glabellar Can explicitly duration be there in little aesthetic to Are to might Mark, market the the expected date. as noise the market? deeper confident around major be the is versus how the used duration in you CD been in will similar data be the address you just of DAXXIFY into maybe some And hearing earlier market and bit months? the that X comments. just in we're not

Mark Foley

Yes.

Tim. thanks, So

of first, duration on on the noise the So side it.

say, we'd is what clinical first the trial foremost, we're in play seeing consistent the market very from experience in the data. think and out I practice aesthetic that

patients look X to less some X And gets X think that got got of was trial duration setting months, the than going than you this which finding some this resonate I data, to with. meant the most patients if and expectation So at median cohort our and months, more months. is

And come I to back it.

somebody patients could promised group a if get we But this months, news there's get I about would don't that to that where this more is that like a some X has be there it's out So not patient duration, who level there of large to and great guess months, resonate. is surprising and disappointment. they X know of the going

a that's some so great with be And DAXXIFY I not can for be out large possible pricing portion yet practice it's differentiated think choice. a build might we have great but where because the the there'll either market for that, quite resonates we whatever that reason, think or you'll a of But there's patients, there expectations, first profile. a with it

fact the it's with very the in feel the good clinical of that consistent performing we saw we so and about what performance product again, continue trials. the really And to

very in On believe we encouraging the XXX-unit results. as And the be saw it, of saw mentioned before, have the I've no both the different duration to trial. reason dystonia we XXX- We a as dystonia that profile dose. the outcomes what in side cervical and cervical encouraging would clinical Very from safety well.

earlier, an for as XX-week sure symptom cannot patients much relief, they these get symptom important talked but window for is not perhaps even making duration relief equally possible. where in it's as retreated, that only we perhaps opportunity see and this that As patients longer more

patients time frame. symptom in we the see our in within of remarks, survey referenced And that XX-week reemergence XX% prepared over that

of we so we to sitting think a it trials. here And will again, a And treatment clinical expect product that patients. today, similar that CD compelling how could in would represent perform alternative number DAXXIFY really did for the

Operator

Morgan comes of Terence Flynn Your line Stanley. the question from next from

Terence Flynn

of reason there's this a be any year. linear why fourth quarter DAXXIFY third Great. at the I and minimum, won't was wondering through growth if quarter

Mark Foley

opportunity significantly trajectory at the direction Great -- performance. blockbuster going and it's statements made We Terence. predict. about get aesthetics, given about the Yes. our really as to feel question, path out hard The potential feel I mean, there difficult, the be think different obviously DAXXIFY's that by I overall going the that and in to we of about underpinned business good very just pointed engage it's I and which levels. to that, are is earlier, the we is good accounts

then are some going beginning, Some to board and engage and going patients to wait. treat be and are the on from others

And And our are over hard cadence of guiding be. drive to it's a going is so about good point very that as really good to at ability know know, to where not time. what we you the growth But do we're overall yet. we feel

Operator

comes next from from Navann your line of question BNP. And Ty the

Navann Dietschi

A on duration. follow-up

mentioned peers that DAXXIFY that heard we have some mixed duration So feedback.

only that is is using your due lower practices to So doses? that feedback, isolated view? in And

Mark Foley

it's Navann. Thanks, mean I hard. Yes.

I seeing trial As performance the in to with kind very Tim's response that's we're clinical mentioned consistent question, data. of the

there healthy and premium, X could is if months, than patient a if promised get disappointment. X a again, So less months be particularly something they're paying they

think they all a And expectation, I they're down get. that much how to and so it patient comes of asking for, ultimately, pricing what premium

duration or did yet these feel practices healthy can't a And that are based we're PrevU they're portion on data where with around the patients setting. and wasn't you the some for. believe large that that have who, the that get And a patients coexist, duration doesn't that for you the group But they that part there. didn't mean of we the that's value that they have whatever expectation get experience But money. worth seeing the paying and healthy the getting working with reason, the group, of

in with product group, that we're can is seen limit in it with encouraged the the seeing any I again, but Again, know very market. clinical kind performing what we're of specific the to trials. don't you we've what very consistent

Navann Dietschi

Athyrium. quick then one And just the on a

$XX So the tranche million? So why amendment? to the they did reduce second any change in

Tobin Schilke

Toby. Navann. Yes. is This Thanks,

we we So as steps, prudent on remarks. mentioned prepared the took

had we our we at Athyrium And QX, capital manages and $XXX through cap to ATM. structure, sort it find of structure. prudent would looked raised that debt-to-equity reasonable with So that then be our to we our and work of amount thought sort a ratio in million

very way so And fixed constructive our second rate they're find for a tranche. with that to still

So we with feel Athyrium. really pleased with partnership the

Operator

[Operator Instructions].

question of comes from Our Charles from the next Mizuho. line Uy

Charles Uy

have in -- targeting has changed that [indiscernible]. pointed on This the been had of question strategy some if so. offering investors just prestige is accounts, recently. the have DAXXIFY I because out terms More one your

Mark Foley

Charles. No, the no things of look if our pricing. X that strategy there's has not is Again, underpins at prestige advertised Thanks, you our prestige the changed. strategy, strategy that

patient traffic, really good to choices. use at we rep our not ultimately way And them particularly that looking new so with products. trust are prices the it's so gets accounts adjudicated make the That to level, solely a lot and drive to

a of today's in X And at might find practice. And also a can director at you another. market, director who to as you in physician aesthetic from growing but have number practices is X these another makes medical way its practice, of medical that product a cases, that a accounts those have yet

strategy the without not hard has so our changed. know, no, it but And be specifics, to would

to or rep again, you'll around of or want medical a products, go price might those director the where cases, different But for forces some local given driver. market cross as make injector that be ultimately it's any continue over there in decision a which not cross-pollination have accounts for are products policy can have to the see many that you do And number they I patients We focus with our makes relationships decisions on no an accounts in to level. our at we that as comfortable advertised well. said, pricing think just ultimately, a a who and the our and physician

Operator

line Tsao H.C. from next your question the from of And Douglas Wainwright. comes

Douglas Tsao

DAXXIFY, finding open and now terms in into accounts accounts switching BOTOX the those of are to curious, from are leaning I'm were really that you sort away that right are you their for already profile? finding looking the that account of BOTOX differentiated are DAXXIFY practice, just adding that are to embrace its as it simply to they Or given -- -- that add just is

Dustin Sjuts

based of Dustin, take that's of others It's at specific that going competitive to haven't really than DAXXIFY and a seen I'll to a type stab the landscape. in off account more lean We one.

seen got They're our a we've good launch whether early be there practice They've -- had their it in results. continuing terms on that It fits of experience, think the of certain really side I that are trajectory. good dynamics. or providers pricing drive their PrevU to through.

seen seen we've so BOTOX. have that We've And significant switched off with some that patients of happen also

largest has as of, things. the moat and kind it coupons BOTOX and around and Now share certainly, to them relates say, loyalty has I'd the their obviously largest programs obviously,

that so kind with no, leaned But dealing practice of haven't And we sure specific we'll of really a I'm pieces type those DAXXIFY. some be seen early. over It's of time. ultimately into

something because we've is an using, so product across provide And opportunity got different. whatever DAXXIFY equal to opportunity landscape, the they're that patient despite

Douglas Tsao

to injectors, when you of talk or sort -- to are patient from DAXXIFY? Or they finding up? most certain selecting you they are feel patients of they benefit follow-up, a waiting as are the And bring types who for it would

Dustin Sjuts

Yes. Doug, it's Dustin.

pretty it's As most you the of similar. realize, launches,

value believe are They bringing conversion every you've it. rate. a So single some high patient. believe got they to up practices and that in that They proposition, have

around sidelines practices approach kind how kind others the that got you've are sitting on product. and we And activities others type which consumer little awareness, of even more and activating waiting for those talked a are the to are obviously, we're of wait-and-see Some bit of some some those. about the the waiting of see

to also no typical pretty It's this that's And that, or a yes it's It's in maybe see why aesthetics. overall progression. going today. you not have

there And those. So that's more we're as how to kind more I of get how of we it seeing break different kind us will and help customers in think segment in down. it determine stages,

Operator

This questions. for further today's you no conference concludes Thank participation. are call. your There

You may now disconnect.

Revance Therapeutics (RVNC) 8 Aug 232023 Q2 Earnings call transcript