Revance Therapeutics, Inc. (Nasdaq: RVNC), a commercial stage biotechnology company focused on innovative aesthetic and therapeutic offerings, today provided preliminary fourth quarter and full year 2021 financial results and a corporate update.
Financial Update:
- Preliminary Unaudited Full Year 2021 RHA® Collection Revenue. Revance expects preliminary fourth quarter 2021 RHA® Collection unaudited revenue to be between $23.0 million and $24.0 million, resulting in full year 2021 unaudited RHA® Collection revenue of between $70.0 million and $71.0 million.
- Payment Processing Volume. The company expects its fourth quarter 2021 payment processing volume run-rate to be nearly $600 million.
- Aesthetic Accounts. The company concluded the fourth quarter of 2021 with over 3,000 aesthetic accounts across products and services.
- Preliminary Unaudited Full Year 2021 Operating Expenses. The company expects its full year 2021 unaudited generally accepted accounting principles (GAAP) and non-GAAP operating expenses to be on the low end of or below the previously announced guidance ranges of $375 million to $390 million and $270 million to $285 million, respectively.
- Cash Update. Preliminary unaudited cash, cash equivalents and short-term investments as of December 31, 2021 were approximately $225 million.
“2021 was a year of commercial execution for Revance and we were very pleased to end the fourth quarter having more than doubled our RHA® Collection revenue and fintech payment processing volume run-rates over the same period last year. Moreover, we ended the year with over 3,000 aesthetic accounts across the nation, serving as a strong commercial foundation for continued growth. These results were made possible by our targeted strategy, differentiated portfolio and outstanding team,” said Mark J. Foley, Chief Executive Officer of Revance.
Foley continued, “Also, we were encouraged by the FDA’s timely acceptance of our Type A meeting request and believe our meeting has informed our next steps for our BLA resubmission. We plan to provide an update on our regulatory pathway once we receive the formal meeting minutes from the FDA. Looking ahead, obtaining approval for DaxibotulinumtoxinA for Injection for the treatment of glabellar lines remains our top priority in 2022, in addition to increasing our revenue and deepening our customer relationships, all while preserving our cash to maximize our financial flexibility. We remain encouraged by the ongoing growth of the neuromodulator market, despite the pandemic, and continue to believe that our long-acting neuromodulator, once approved, paired with our leading dermal fillers and relational commerce platform, will provide us with a significant opportunity for differentiation in the market.”
Corporate Update
Type A Meeting with U.S. Food and Drug Administration (FDA) for DaxibotulinumtoxinA for Injection. Revance recently held a Type A meeting with the FDA to gain clarity and alignment on the requirements for approval for its biologics license application (BLA) for DaxibotulinumtoxinA for Injection for the treatment of glabellar lines. The company plans to provide an update on its regulatory pathway once it receives the meeting minutes.
Source:
Businesswire
