Revance Therapeutics, Inc. (RVNC) saw its stock price plummet by 15.6% today, trading at $7.05 per share, following the release of a corporate update and preliminary unaudited fourth quarter and full year 2023 financial results, as well as 2024 guidance and financial outlook.
According to the press release, the company expects its preliminary unaudited fourth quarter 2023 product revenue from Daxxify and RHA collection to be between $58 million and $59 million, representing approximately 28% year-over-year growth. The company also anticipates its 2024 product revenue to reach at least $280 million.
Mark J. Foley, the Chief Executive Officer of Revance, expressed his optimism about the company's performance, stating, "We are very pleased with the continued growth and adoption of our innovative product portfolio which reaffirms our conviction in our blockbuster opportunity in aesthetics."
Foley further highlighted the company's strategic priorities for 2024, emphasizing the focus on partnering with healthcare providers and achieving positive adjusted EBITDA in 2025. He also acknowledged the departure of Dustin Sjuts, the President of Revance, expressing gratitude for Sjuts' significant contributions to the company over the past six years.
The company's 2024 guidance and financial outlook include expectations for operating expenses to be in the range of $460 million to $490 million, and $290 million to $310 million for GAAP and non-GAAP operating expenses, respectively. Revance anticipates achieving positive adjusted EBITDA in 2025, supported by its innovative product portfolio and strategic partnerships.
Revance Therapeutics, Inc. has positioned itself as a biotechnology company with a focus on innovative aesthetic and therapeutic offerings, including Daxxify for injection and the RHA collection of dermal fillers. The company has also established partnerships for the development and commercialization of its products.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $3,729 | $413 | $15,325 | $77,798 | $132,565 | $214,162 |
| Revenue Growth | n/a | -88.92% | 3610.65% | 407.65% | 70.4% | 61.55% |
| Operating Margins | -3825% | -39821% | -1782% | -353% | -258% | -190% |
| Net Margins | -3822% | -38603% | -1841% | -362% | -269% | -193% |
| Net Income (k) | -$142,568 | -$159,429 | -$282,089 | -$281,310 | -$356,422 | -$414,239 |
| Earnings Per Share | $36171582.0 | $43460804.0 | -$4.86 | -$4.17 | -$4.9 | -$5.08 |
| EPS Growth | n/a | 20.15% | -100.0% | 14.2% | -17.51% | -3.67% |
| Diluted Shares (k) | 36,171,582 | 43,461 | 58,009 | 67,508 | 72,713 | 86,613 |
| Free Cash Flow (k) | -$111,237 | -$109,391 | -$182,600 | -$231,913 | -$196,758 | -$210,421 |
| Capital Expenditures | $6,991 | $3,230 | $4,098 | $10,375 | $3,210 | $6,395 |
| Current Ratio | 6.5 | 7.24 | 7.38 | 3.66 | 4.95 | 4.73 |
