Revance Therapeutics, Inc.

Total net revenue in Q2 2024 was $65.4 million versus $54.4 million in Q2 2023, an increase of 20%. Q2 DAXXIFY net product revenue was $28.7 million, up 27% year over year, and RHA Collection revenue was $36.6 million, up 15% year over year. Six-month net revenue was $117.3 million versus $100.2 million a year ago. GAAP operating expenses were $99.9 million in Q2 and $198.7 million for the first half; non-GAAP operating expenses were $74.8 million and $148.5 million, respectively. Gross margin was about 73% in Q2 and about 72% for the first half. For 2024, Revance still expects at least $280 million of total net product revenue, GAAP operating expenses from continuing operations of $430 million-$460 million, and non-GAAP operating expenses at the low end of $290 million-$310 million; non-GAAP SG&A is expected to be $240 million-$255 million. Cash, cash equivalents and short-term investments were $232.2 million at June 30, 2024.

Mark Foley framed Q2 as another quarter of progress, emphasizing that the aesthetics strategy shift around DAXXIFY pricing and messaging is driving stronger reorders, more new account adds, and better consumer pull. He said DAXXIFY’s benefits are being validated by field feedback, including faster onset, longer duration and improved skin quality, and pointed to over 7,500 aesthetics accounts and over 3,700 DAXXIFY accounts as evidence of runway. On therapeutics, he described the cervical dystonia launch as an important milestone but repeatedly cautioned that 2024 revenue will be modest because of conservative prescribing and reimbursement dynamics.

Tobin Schilke highlighted the reported numbers: $65.4 million of Q2 revenue, $36.6 million from RHA, $28.7 million from DAXXIFY, and $0.1 million of collaboration revenue. He said gross margin was about 73% in Q2 and about 72% for the first half, and that the long-term path to above 80% gross margin depends on mix shifting toward DAXXIFY and manufacturing efficiencies from Aji and eventually LSNE/PCI. He also noted $232.2 million of cash and said the company believes its operating plan gives it multiple levers to achieve positive adjusted EBITDA in 2025.

Analysts focused on the path to the $280 million revenue goal, the timing and size of cervical dystonia revenue, the competitive landscape for longer-acting toxins, account growth, and the impact of pricing and coupon changes. Management said it expects sequential DAXXIFY growth through the balance of the year, Q4 to be the largest quarter seasonally, and therapeutics to contribute more in the back half but still modestly in 2024. On pricing, management said injector pricing has settled at a good level, consumer pricing is now closer to competitors, and the Q1 coupon program fully sunset at the end of April. Revance also corrected an account-count error, saying Q2 ended with over 8,000 aesthetic accounts and over 4,200 DAXXIFY accounts, not the lower figures initially stated.