- Q3 revenue for the RHA® Collection of dermal fillers of $18.3
million, with over 2,500 aesthetic accounts across products and
services
- Revance plans to request a Type A meeting with the U.S. Food
and Drug Administration (FDA) to seek clarity and gain alignment on
the requirements for approval for DaxibotulinumtoxinA for Injection
for glabellar lines
- Announces positive topline results from the ASPEN-OLS Phase 3
open-label, long-term safety study of DaxibotulinumtoxinA for
Injection for the treatment of cervical dystonia
- Conference call and webcast today at 4:30 p.m. ET
Revance Therapeutics, Inc. (Nasdaq: RVNC), a biotechnology
company focused on innovative aesthetic and therapeutic offerings,
today reported financial results for the third quarter ended
September 30, 2021 and provided a corporate update.
Financial Highlights
- Revenue for the three and nine months ended September
30, 2021 was $19.7 million and $51.8 million compared to $3.8
million and $4.2 million for the same periods in 2020,
respectively. The increase was primarily due to increased sales of
the RHA® Collection of dermal fillers. Revenue for the third
quarter 2021 included $18.3 million of product revenue from sales
of the RHA® Collection of dermal fillers, $1.1 million of
collaboration revenue and $0.3 million of service revenue from the
company’s fintech platform1.
- Selling, general and administrative (SG&A) expenses
for the three and nine months ended September 30, 2021 were $52.8
million and $152.4 million compared to $48.2 million and $99.0
million for the same periods in 2020, respectively, presented in
accordance with U.S. generally accepted accounting principles
(“GAAP”). The increase was primarily due to sales and marketing
expenses related to the RHA® Collection of dermal fillers,
pre-commercial preparation activities for DaxibotulinumtoxinA for
Injection and expenses related to the acquisition of HintMD in
2020. SG&A expenses include depreciation, amortization and
stock-based compensation. Excluding these expenses, non-GAAP
SG&A expenses were $45.1 million and $128.3 million for the
three and nine months ended September 30, 2021, respectively.
- Research and development (R&D) expenses for the
three and nine months ended September 30, 2021, were $30.1 million
and $86.8 million compared to $29.1 million and $96.0 million for
the same periods in 2020, respectively. The change was primarily
due to lower costs incurred in connection with clinical trial and
regulatory activities, offset by costs related to pre-commercial
manufacturing and quality activities, fintech platform development
and stock-based compensation. R&D expenses include
depreciation, amortization and stock-based compensation. Excluding
these expenses, non-GAAP R&D expenses were $25.7 million and
$74.1 million for the three and nine months ended September 30,
2021, respectively.
- Total operating expenses for the three and nine months
ended September 30, 2021 were $92.5 million and $264.9 million
compared to $81.0 million and $199.4 million for the same periods
in 2020, respectively. Excluding costs of revenue, depreciation,
amortization and stock-based compensation, non-GAAP operating
expenses were $70.9 million and $202.4 million for the three and
nine months ended September 30, 2021, respectively.
- Net loss for the three and nine months ended September
30, 2021 was $74.4 million and $218.2 million compared to $81.3
million and $203.8 million for the same periods in 2020,
respectively.
- Cash, cash equivalents and short-term investments as of
September 30, 2021 were $273.7 million.
“While we are very disappointed that the FDA did not approve our
Biologics License Application (BLA) for DaxibotulinumtoxinA for
Injection for glabellar lines in its present form due to
deficiencies related to the onsite inspection of our manufacturing
facility, we are committed to addressing the identified issues as
soon as possible and remain confident in the approvability of our
neuromodulator,” said Mark J. Foley, Chief Executive Officer of
Revance. “As part of this, we plan to file a Type A meeting request
with the FDA to gain clarity and alignment on the requirements for
approval. In the meantime, we remain focused on growing our top
line by continuing to drive greater adoption of both the RHA®
Collection of dermal fillers and the OPUL™ platform while
preserving cash to increase our financial flexibility.”
Foley continued, “I’m pleased with the strong execution of our
commercial team and the ongoing growth of our customer base which
will enhance our cross-selling ability over time. The third quarter
marks the one-year anniversary of the launch of the RHA® Collection
and given the challenges of introducing a new product line in the
middle of a pandemic, I’m incredibly proud of how our entire
organization has performed. With a revenue run-rate of over $70
million as of the third quarter, we believe our prestige strategy
is resonating and the RHA® Collection is being well-received. We
are also pleased to have recently launched the first Relational
Commerce platform in the aesthetics vertical with OPUL™, further
demonstrating our commitment to bringing innovative,
customer-focused solutions to our practice partners.”
“Given the successful completion of our Phase 3 clinical
programs in both glabellar lines and cervical dystonia, along with
the completion of Phase 2 clinical trials in upper facial lines and
upper limb spasticity, we remain committed to providing patients
and physicians the benefit of our long-lasting neuromodulator in
aesthetic and therapeutic indications,” concluded Foley.
Corporate Update
- Revance is taking prudent measures to focus on the following
strategic priorities: 1) obtaining FDA approval for
DaxibotulinumToxinA for Injection in glabellar lines as soon as
possible; 2) increasing revenue in the U.S. dermal filler market
with the RHA® Collection; and 3) expanding and deepening customer
relationships through OPUL™.
- Our current capital allocation is focused on supporting the
company’s strategic priorities. In addition, the company is
preserving cash to enhance its financial flexibility. Efforts
underway to preserve cash include but are not limited to: pausing
non-critical hires; deferring the Phase 3 clinical program for
upper limb spasticity and other therapeutics pipeline activities;
and deferring international regulatory and commercial investment
for DaxibotulinumtoxinA for Injection, with the exception of
supporting our partnership with Shanghai Fosun Pharmaceutical
Industrial Development Co., Ltd.
- In-line with the company’s strategic priorities, Revance
announces the promotion of Dustin S. Sjuts, from Chief Commercial
Officer, Aesthetics and Therapeutics, to President of Revance. As
President, Sjuts will oversee all company operations excluding
regulatory, technical operations and general and administrative
functions. Sjuts will report to CEO, Mark J. Foley, who will assume
direct and personal oversight of the manufacturing and regulatory
process related to the BLA for DaxibotulinumtoxinA for
Injection.
Third Quarter Highlights and Subsequent Updates
Aesthetics Franchise
- Regulatory update on DaxibotulinumtoxinA for Injection for
the treatment of adults with moderate to severe glabellar
lines. In a communication received on October 15, the FDA
determined it was unable to approve the BLA in its present form due
to deficiencies related to the onsite inspection at Revance’s
manufacturing facility. No other deficiencies were identified in
the CRL. Following the receipt of its CRL, the company received
additional information from the FDA, including its Establishment
Inspection Report, and plans to file a Type A meeting request to
gain clarity and alignment on the requirements for approval.
- RHA® Collection revenue totaled $57.0 million in the first
year of commercial launch, with third quarter 2021 revenue run-rate
over $70 million. Third quarter 2021 RHA® Collection revenue
totaled $18.3 million, representing a 7.4% increase over second
quarter 2021, despite the impact of seasonality. The number of
aesthetic accounts across the RHA® Collection and the company’s
fintech platform increased from over 2,000 in the second quarter
2021 to over 2,500 in the third quarter 2021.
- Launched OPUL™, the first-of-its-kind Relational Commerce
platform for aesthetic practices. In October, Revance launched
OPUL™, an end-to-end, cloud-based payment platform designed to
cultivate long-term customer relationships and optimize business
operations for aesthetic practices. As a registered payment
facilitator, OPUL™ participates in the $68 billion annual payment
processing opportunity in the U.S. aesthetics market, representing
an over $500 million revenue opportunity that includes payment
processing and subscription2.
- Fintech payment processing volume run-rate of over $500
million in the third quarter 2021. The company maintained its
payment processing volume run-rate in the third quarter over the
prior quarter despite traditional seasonality headwinds.
Therapeutics Franchise
- Today announced positive topline results from the ASPEN-OLS
Phase 3 study of DaxibotulinumtoxinA for Injection for the
treatment of adults with cervical dystonia. ASPEN-OLS is a
Phase 3, open-label, multi-center trial to evaluate the long-term
safety of repeat treatments of DaxibotulinumtoxinA for Injection in
adults with cervical dystonia. Subjects could receive up to four
treatments over a 52-week period. Doses evaluated included 125U,
200U, 250U and 300U. The study enrolled a total of 357 subjects at
64 sites in the U.S., Canada and Europe.
The study showed that DaxibotulinumToxinA for
Injection was generally safe and well tolerated, which was
consistent with the results from the ASPEN-1 pivotal study. The
most common treatment-related adverse events were muscular weakness
(4.9% of treatments), dysphagia (4.2% of treatments) and injection
site pain (2.7% of treatments). There were no serious
treatment-related adverse events or dose-dependent increases in
adverse events. Further, the data supports the efficacy results and
the duration profile that were observed in the ASPEN-1 pivotal
study. The median duration of effect, defined by the time to reach
Target Toronto Western Spasmodic Torticollis Rating Scale (TWSTRS)
Score, ranged from 19.9 weeks to 26.0 weeks across doses within the
evaluable treatment cycles, which was also consistent with the long
duration profile observed in the JUNIPER Phase 2 study in upper
limb spasticity and the Phase 3 SAKURA study in glabellar
lines.
The ASPEN Phase 3 clinical program is the
company's second successfully completed Phase 3 program that
demonstrated DaxibotulinumtoxinA for Injection’s extended duration
profile, and that it was generally safe and effective, across two
different treatment categories in aesthetics and therapeutics.
- End-of-Phase 2 meeting completed with the FDA for
DaxibotulinumtoxinA for Injection for the treatment of adults with
upper limb spasticity. In October, the company concluded its
end-of-Phase 2 meeting with the FDA, which informed the study
design for its JUNIPER Phase 3 program in upper limb
spasticity.
2021 Financial Outlook
Due to the CRL received by the company from the FDA, Revance is
withdrawing its previously announced cash guidance, which stated
that the company’s current cash, cash equivalents and short-term
investments, allowed the company to be funded into 2024. The prior
guidance included the assumption of FDA approval of
DaxibotulinumtoxinA for Injection in glabellar lines in 2021. The
company expects to provide an updated cash guidance and its GAAP
and Non-GAAP operating expense guidance for 2022 following its Type
A meeting with the FDA.
Conference Call
Revance will host a corresponding conference call and a live
webcast at 1:30 p.m. PT / 4:30 p.m. ET on November 9, 2021 to
discuss the results and provide a business and pipeline update.
Individuals interested in listening to the conference call may do
so by dialing (855) 453-3827 for domestic callers, or (484)
756-4301 for international callers and reference conference ID:
7584591; or from the webcast link in the investor relations section
of the company's website at: www.revance.com.
A replay of the call will be available beginning November 9,
2021, at 4:30 p.m. PT / 7:30 p.m. ET to November 10, 2021 at 4:30
p.m. PT / 7:30 p.m. ET. To access the replay, dial (855) 859-2056
or (404) 537-3406 and reference conference ID: 7584591. The webcast
will be available in the investor relations section on the
company's website for 30 days following the completion of the
call.
1. Fintech platform refers to OPUL™ and the company’s legacy
HintMD Platform. The company is in the process of migrating
existing HintMD customers to the OPUL™ platform.
2. Based on internal research conducted by Medical Insight, Inc.
in 2021, data on file, IBIS, ISAPS, AmSpa.
About Revance
Revance is a biotechnology company focused on innovative
aesthetic and therapeutic offerings, including its next-generation
neuromodulator product, DaxibotulinumtoxinA for Injection.
DaxibotulinumtoxinA for Injection combines a proprietary
stabilizing peptide excipient with a highly purified botulinum
toxin that does not contain human or animal-based components.
Revance has successfully completed a Phase 3 program for
DaxibotulinumtoxinA for Injection in glabellar (frown) lines and is
pursuing U.S. regulatory approval. Revance is also evaluating
DaxibotulinumtoxinA for Injection in the full upper face, including
glabellar lines, forehead lines and crow's feet, as well as in two
therapeutic indications - cervical dystonia and adult upper limb
spasticity. To accompany DaxibotulinumtoxinA for Injection, Revance
owns a unique portfolio of premium products and services for U.S.
aesthetics practices, including the exclusive U.S. distribution
rights to the RHA® Collection of dermal fillers, the first and only
range of FDA-approved fillers for correction of dynamic facial
wrinkles and folds, and the OPUL™ Relational Commerce Platform.
Revance has also partnered with Viatris (formerly Mylan N.V.) to
develop a biosimilar to BOTOX®, which would compete in the existing
short-acting neuromodulator marketplace. Revance is dedicated to
making a difference by transforming patient experiences. For more
information or to join our team visit us at www.revance.com.
“Revance Therapeutics” and the Revance logo are registered
trademarks of Revance Therapeutics, Inc.
Resilient Hyaluronic Acid® and RHA® are trademarks of TEOXANE
SA.
BOTOX® is a registered trademark of Allergan, Inc.
Forward Looking Statements
Any statements in this press release that are not statements of
historical fact, including statements related to our financial
outlook, milestone expectations, future expenses, future revenue,
expected cash runway, cash preservation plans, run-rate and
financial performance; our ability to address deficiencies
identified by the FDA and obtain regulatory approval of
DaxibotulinumtoxinA for Injection in glabellar lines; our ability
to obtain, and the timing relating to regulatory approval and
meetings with respect to our drug product candidates, including the
Type A meeting with the FDA; the rate and degree of commercial
acceptance, opportunity and growth potential of Teoxane’s RHA®
Collection of dermal fillers, OPUL™, and our product candidates, if
approved; the process and timing of, and ability to complete, the
current and anticipated future clinical development of our product
candidates; our strategic priorities; the initiation, design,
enrollment, submission, timing and results of our clinical studies;
the safety and potential of DaxibotulinumtoxinA for Injection for
the treatment of cervical dystonia; the safety, efficacy and
duration of DaxibotulinumtoxinA for Injection; the design for the
JUNIPER Phase 3 program; development of a biosimilar to BOTOX® with
our partner, Viatris; our business strategy, timeline and other
goals, plans and prospects, including our commercialization plans;
the potential benefits of our drug product candidates and our
technologies, including DaxibotulinumtoxinA for Injection, the RHA®
Collection of dermal fillers and the fintech platform; the market,
competition, size and growth potential of OPUL™, the RHA®
Collection of dermal fillers and our dug product candidates, if
approved, and with respect to the aesthetics market; and management
responsibilities, constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. You should
not rely upon forward-looking statements as predictions of future
events. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee that
the future results, levels of activity, performance, events,
circumstances or achievements reflected in the forward-looking
statements will ever be achieved or occur.
Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from our expectations. These risks and uncertainties relate, but
are not limited to: the results, timing, costs, and completion of
our research and development activities and regulatory approvals,
including our ability to obtain a Type A meeting with the FDA,
remediate deficiencies identified by the FDA, obtain FDA approval
of the BLA for DaxibotulinumtoxinA for Injection for the treatment
of glabellar lines, including as a result of observations made by
the FDA during the site inspection or other reasons; the timing of
capital expenditures; the impact of the COVID-19 pandemic on our
manufacturing operations, supply chain, end user demand for our
products and services, the aesthetics market, commercialization
efforts, business operations, regulatory meetings and approvals,
clinical trials and other aspects of our business and on the
market; our ability and the ability of our partners to manufacture
supplies for our product candidates and to acquire supplies of the
RHA® Collection of dermal fillers; the uncertain clinical
development process, including the risk that the topline results
from the ASPEN-OLS and JUNIPER upper limb spasticity trial are
based on our preliminary analysis of key safety and/or efficacy
data, the fact that such data may change following a more
comprehensive review and such data may not accurately reflect the
complete results of the trial, and the FDA may not agree with our
interpretation of such results; the risk that clinical trials may
not have an effective design or generate positive results or that
positive results would assure regulatory approval or commercial
success; the applicability of clinical study results to actual
outcomes; the rate and degree of economic benefit, safety,
efficacy, commercial acceptance, market, competition and/or size
and growth potential of the RHA® Collection of dermal fillers,
OPUL™ and our drug product candidates, if approved; our ability to
continue to successfully commercialize the RHA® Collection of
dermal fillers and OPUL™ and our ability to successfully
commercialize DaxibotulinumtoxinA for Injection, if approved, and
the timing and cost of commercialization activities; the proper
training and administration of our products by physicians and
medical staff; our ability to expand sales and marketing
capabilities; the status of commercial collaborations; changes in
and failures to comply with privacy and data protection laws; our
ability to effectively manage our expanded operations in connection
with the acquisition of Hint, Inc; the profitability of and our
ability to scale OPUL™, our ability to transfer practices from
HintMD to OPUL™, the features and functionalities and benefits to
practices and patients of OPUL™; interruptions or performance
problems associated with HintMD or OPUL™; our ability to obtain
funding for our operations; our ability to continue obtaining and
maintaining intellectual property protection for our drug product
candidates; the accuracy of our estimates regarding expenses,
future revenues, capital requirements, our financial performance
and the economics of DaxibotulinumtoxinA for Injection, the RHA®
Collection of dermal fillers and OPUL™; the cost and our ability to
defend ourselves in product liability, intellectual property, class
action or other lawsuits; the volatility of our stock price; and
other risks. Detailed information regarding factors that may cause
actual results to differ materially from the results expressed or
implied by statements in this press release may be found in our
periodic filings with the Securities and Exchange Commission (SEC),
including factors described in the section entitled "Risks Factors"
on our Form 10-K filed with the SEC on February 25, 2021 and
including, without limitation, our Form 10-Q for the quarter ended
September 30, 2021, expected to be filed with the SEC on November
9, 2021. The forward-looking statements in this press release speak
only as of the date hereof. We disclaim any obligation to update
these forward-looking statements.
Use of Non-GAAP Financial Measures
Revance has presented certain non-GAAP financial measures in
this release. This release and the reconciliation tables included
herein include non-GAAP selling, general and administrative
expenses, which excludes depreciation, amortization and stock-based
compensation; non-GAAP R&D expense, which excludes
depreciation, amortization and non-cash stock-based compensation;
and total non-GAAP operating expense, which excludes costs of
revenue, depreciation, amortization and stock-based compensation.
Revance excludes costs of revenue, depreciation, amortization and
stock-based compensation because management believes the exclusion
of these items is helpful to investors to evaluate Revance's
recurring operational performance. Revance management uses these
non-GAAP financial measures to monitor and evaluate its operating
results and trends on an on-going basis, and internally for
operating, budgeting and financial planning purposes. The non-GAAP
financial measures should be considered in addition to results
prepared in accordance with GAAP but should not be considered a
substitute for or superior to GAAP results.
Certain non-GAAP measures included in this report were not
reconciled to the comparable GAAP financial measures because the
GAAP measures are not accessible on a forward-looking basis. The
company is unable to reconcile these forward-looking non-GAAP
financial measures to the most directly comparable GAAP measures
without unreasonable efforts because the company is currently
unable to predict with a reasonable degree of certainty the type
and extent of certain items that would be expected to impact GAAP
measures for these periods but would not impact the non-GAAP
measures. Such items include costs of revenue, depreciation,
amortization, and stock-based compensation. The unavailable
information could have a significant impact on the company’s GAAP
financial results.
REVANCE THERAPEUTICS,
INC.
Condensed Consolidated Balance
Sheets
(In thousands, except share
and per share amounts)
(Unaudited)
September 30,
December 31,
2021
2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
127,177
$
333,558
Short-term investments
146,504
102,947
Accounts receivable, net
1,658
1,829
Inventories
10,192
5,876
Prepaid expenses and other current
assets
8,352
5,793
Total current assets
293,883
450,003
Property and equipment, net
22,029
17,499
Goodwill
146,964
146,964
Intangible assets, net
59,491
71,343
Operating lease right of use assets
45,533
29,632
Restricted cash
5,057
3,445
Other non-current assets
8,871
1,334
TOTAL ASSETS
$
581,828
$
720,220
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES
Accounts payable
$
8,038
$
12,657
Accruals and other current liabilities
38,887
32,938
Deferred revenue, current
10,941
7,851
Operating lease liabilities, current
4,829
4,437
Derivative liability
3,179
3,081
Total current liabilities
65,874
60,964
Convertible senior notes
280,319
180,526
Deferred revenue, non-current
73,757
77,294
Operating lease liabilities,
non-current
40,466
27,146
Other non-current liabilities
1,250
—
TOTAL LIABILITIES
461,666
345,930
STOCKHOLDERS’ EQUITY
Convertible preferred stock, par value
$0.001 per share — 5,000,000 shares authorized, and no shares
issued and outstanding as of September 30, 2021 and December 31,
2020
—
—
Common stock, par value $0.001 per share —
190,000,000 and 95,000,000 shares authorized as of September 30,
2021 and December 31, 2020, respectively; 71,838,777 and 69,178,666
shares issued and outstanding as of September 30, 2021 and December
31, 2020, respectively
72
69
Additional paid-in capital
1,454,947
1,500,514
Accumulated other comprehensive loss
(3
)
—
Accumulated deficit
(1,334,854
)
(1,126,293
)
TOTAL STOCKHOLDERS’ EQUITY
120,162
374,290
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
581,828
$
720,220
REVANCE THERAPEUTICS,
INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(In thousands, except share
and per share amounts)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Revenue
Product revenue
$
18,296
$
2,819
$
46,982
$
2,868
Collaboration revenue
1,129
808
4,034
1,116
Service revenue
320
208
832
208
Total revenue
19,745
3,835
51,848
4,192
Operating expenses:
Cost of product revenue (exclusive of
amortization)
5,827
1,081
15,453
1,102
Cost of service revenue (exclusive of
amortization)
59
4
76
4
Selling, general and administrative
52,782
48,183
152,385
99,013
Research and development
30,095
29,130
86,787
96,027
Amortization
3,705
2,565
10,219
3,239
Total operating expenses
92,468
80,963
264,920
199,385
Loss from operations
(72,723
)
(77,128
)
(213,072
)
(195,193
)
Interest income
84
413
266
2,868
Interest expense
(1,571
)
(4,334
)
(4,700
)
(10,738
)
Changes in fair value of derivative
liability
(20
)
(62
)
(98
)
(211
)
Other expense, net
(146
)
(146
)
(608
)
(406
)
Loss before income taxes
(74,376
)
(81,257
)
(218,212
)
(203,680
)
Income tax provision
—
—
—
(100
)
Net loss
(74,376
)
(81,257
)
(218,212
)
(203,780
)
Unrealized loss and adjustment on
securities included in net loss
(1
)
(117
)
(3
)
(3
)
Comprehensive loss
$
(74,377
)
$
(81,374
)
$
(218,215
)
$
(203,783
)
Basic and diluted net loss
$
(74,376
)
$
(81,257
)
$
(218,212
)
$
(203,780
)
Basic and diluted net loss per share
$
(1.10
)
$
(1.34
)
$
(3.24
)
$
(3.62
)
Basic and diluted weighted-average number
of shares used in computing net loss per share
67,782,033
60,526,740
67,297,954
56,233,093
REVANCE THERAPEUTICS,
INC.
Reconciliation of GAAP
SG&A Expense to Non-GAAP SG&A Expense
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2021
September 30, 2021
SG&A expense:
GAAP SG&A expense
$
52,782
$
152,385
Adjustments:
Stock-based compensation
(6,624
)
(21,193
)
Depreciation and amortization
(1,012
)
(2,863
)
Non-GAAP SG&A expense
$
45,146
$
128,329
REVANCE THERAPEUTICS,
INC.
Reconciliation of GAAP R&D
Expense to Non-GAAP R&D Expense
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2021
September 30, 2021
R&D expense:
GAAP R&D expense
$
30,095
$
86,787
Adjustments:
Stock-based compensation
(3,914
)
(11,320
)
Depreciation and amortization
(433
)
(1,352
)
Non-GAAP R&D expense
$
25,748
$
74,115
REVANCE THERAPEUTICS,
INC.
Reconciliation of GAAP
Operating Expense to Non-GAAP Operating Expense
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2021
September 30, 2021
Operating expense:
GAAP operating expense
$
92,468
$
264,920
Adjustments:
Stock-based compensation
(10,538
)
(32,513
)
Depreciation and amortization
(5,150
)
(14,434
)
Costs of revenue (exclusive of
amortization)
(5,886
)
(15,529
)
Non-GAAP operating expense
$
70,894
$
202,444
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version on businesswire.com: https://www.businesswire.com/news/home/20211109006323/en/
Investors Revance Therapeutics, Inc.: Jessica Serra,
626-589-1007 Jessica.serra@revance.com or Gilmartin Group, LLC.:
Laurence Watts, 619-916-7620 laurence@gilmartinir.com
Media Revance Therapeutics, Inc.: Sara Fahy, 949-887-4476
sfahy@revance.com or General Media: Goodfuse: Jenifer Slaw,
347-971-0906 jenifer.slaw@Goodfuse.com
Revance Therapeutics (NASDAQ:RVNC)
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Revance Therapeutics (NASDAQ:RVNC)
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From Jul 2023 to Jul 2024