On Monday, William Blair maintained an Outperform rating on Revance Therapeutics (NASDAQ:RVNC) stock, following the company's disclosure of first-quarter 2024 earnings for its DAXXIFY product.
Revance reported revenue of $22.1 million for the quarter, closely aligning with William Blair's projection of $22.2 million but slightly below the consensus estimate of $23.5 million.
Despite the first quarter historically being a slower period for aesthetic products, DAXXIFY's volume increased by 7% from the previous quarter. This growth indicates a strong demand for the product and an increase in market share from 3.0% to 3.7%.
The revenue for the quarter was affected by a $2.0 million deduction due to a consumer coupon program that Revance tested. While the program received positive feedback, the company intends to adjust future promotions to avoid direct impacts on revenue. This trial program was part of Revance's strategy to boost the product's market presence.
The company's report also highlighted that more than two-thirds of DAXXIFY's total revenue in the first quarter came from reordering accounts.
This suggests a high level of satisfaction among practices that have used the product. The company concluded the quarter with over 7,500 accounts, of which more than 3,500 have placed orders for DAXXIFY.
Revance's performance in the first quarter demonstrates a continued commitment to expanding its customer base and increasing the adoption of DAXXIFY in the market.
The company's ability to maintain a steady growth trajectory despite the seasonal lull in the aesthetics industry underscores the underlying demand for its product.
In conclusion, Revance's first-quarter earnings for DAXXIFY represent a solid start to the year 2024, with the company showing resilience in a traditionally slow quarter and laying the groundwork for future growth strategies that will not compromise revenue.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.