Revance Therapeutics, Inc. (NASDAQ:AKAM) posted a loss for its first quarter on Thursday.
Revance Therapeutics posted a GAAP loss of 54 cents per share, compared to market expectations for a loss of 63 cents per share. The company's quarterly sales came in at $51.936 million versus estimates of $56.634 million, according to data from Benzinga Pro.
“We are very pleased to see the DAXXIFY strategy change continue to drive the desired momentum and market share gains. Notably, we saw a healthy uptick in volume both on a year-on-year basis, where aesthetic units sold increased by 105%, and on a sequential quarterly basis where aesthetic units sold increased by 7% despite traditional Q4 to Q1 seasonality. The positive impact of our strategy change was further reflected in our market share gains where DAXXIFY’s share increased from 3.0% in Q4’23 to 3.7% in Q1’24.1 DAXXIFY’s net revenue was $22.1 million for the quarter, after a reduction of $2.0 million related to a consumer coupon program. In addition, the RHA Collection continued to outpace the market growing share from 9.1% in Q4’23 to 9.8%1 in Q1’24, against the backdrop of a soft filler market,” said Mark J. Foley, President and Chief Executive Officer.
Revance continues to expect 2024 total net product revenue, which includes sales of DAXXIFY and RHA collection, to be at least $280 million.
Revance Therapeutics shares rose 0.5% to close at $4.29 on Thursday.
These analysts made changes to their price targets on Revance Therapeutics following earnings announcement.
- Needham cut the price target on Revance Therapeutics from $18 to $12. Needham analyst Serge Belanger maintained a Buy rating.
- Mizuho slashed the price target on Revance Therapeutics from $9 to $8. Mizuho analyst Vamil Divan maintained a Neutral rating.
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