Revance Therapeutics, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant developments in revenue, profitability, and strategic initiatives. The company generated total revenue of $59.9 million for the third quarter, an increase from $54.1 million in the same period of 2023, driven primarily by product revenue, which rose to $58.8 million from $54.1 million. For the nine months ended September 30, 2024, total revenue reached $177.2 million, up from $154.3 million in the prior year.
The revenue growth was notably supported by DAXXIFY®, which saw its revenue increase to $28.3 million for the third quarter, compared to $22.0 million in 2023, and $79.2 million for the nine months, up from $60.0 million. Conversely, revenue from the RHA® Collection of dermal fillers slightly decreased to $30.5 million for the third quarter, down from $32.1 million in 2023, but increased for the nine months to $96.7 million from $94.2 million.
Despite the revenue growth, Revance reported a net loss of $38.1 million for the third quarter, a decrease from a net loss of $141.2 million in the same quarter of 2023. For the nine months, the net loss was $128.7 million, significantly improved from $268.3 million in the prior year. The reduction in losses was attributed to decreased stock-based compensation expenses and operational efficiencies.
Revance's financial position showed a decline in cash and cash equivalents, which fell to $58.6 million as of September 30, 2024, from $137.3 million at the end of 2023. However, short-term investments increased to $125.5 million. The company reported an accumulated deficit of $2.2 billion and a total stockholders’ deficit of $163.0 million.
Strategically, Revance is pursuing a merger with Crown, announced on August 11, 2024, where Crown will acquire all outstanding shares at $6.66 per share. The tender offer is expected to commence by November 12, 2024. The merger is subject to customary closing conditions, including antitrust approvals, which have already been received. Additionally, Revance has exited its Fintech Platform business, with operations classified as discontinued, and has focused on its core biotechnology products.
The company has also faced litigation challenges, including a patent infringement complaint from Allergan regarding DAXXIFY®, with a jury trial scheduled for December 2024. Management has expressed substantial doubt about the company's ability to continue as a going concern, necessitating potential actions such as refinancing debt or restructuring operations.
About Revance Therapeutics, Inc.
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