Revance Therapeutics, Inc.

Welcome to the Revance Therapeutics second quarter 2023 financial results and corporate update conference call. At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will hold a Q&A session. To ask a question at that time, please press star followed by one on your touchtone phone. If anyone has difficulty hearing the conference call, please press star zero for operator assistance. As a reminder, this call is being recorded today, Tuesday, August 8th, 2023. I would now like to turn the conference call over to Jessica Serra, Head of Investor Relations, Communications, and ESG for revans. Please go ahead.

Thank you, Operator. Joining us on the call today from revans are Chief Executive Officer Mark Foley, President Dustin Stoops, and Chief Financial Officer Toby Schilke. During this conference call, management will make forward-looking statements, including statements related to 2023 guidance, cash flow break-even, operating leverage, blockbuster potential, and capital structure, our ability to draw on our debt, future revenue and expenses, the market, our growth potential, our CD approval and entry into therapeutics, our commercial success, account penetration, injector and consumer preferences and behavior, the efficacy and duration of Daxify, the benefits to us, practices, and consumers of our products and strategy, the impact of our marketing and training plans, our strategic partnerships, and our strategy and priorities, planned operations, and commercialization plans and timing. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. Factors that could cause results to be different from these statements include factors the company describes in the section titled Risk Factors in our annual report on Form 10-K, filed with the SEC on February 28, 2023, and our quarterly reports on Form 10-Q, filed with the SEC on May 9, 2023, and today, August 8, 2023. No duty or obligation to update any forward-looking statements as a result of new information, future investor changes, and its expectations. Also on today's call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our earnings release. With that, I will turn the call over to Mark Foley, Chief Executive Officer of Renance. Mark?

Thank you, Jessica. Good afternoon, everyone, and thank you for joining our second quarter 2023 financial results conference call. Q2 was a foundational quarter for the company as it represented the first full quarter of Daxify's highly anticipated launch. It also included the plan expansion and realignment of our sales force, the first expansion in more than two years, and included the fortification of our balance sheet with $100 million in equity raised through our ATM program and $50 million in debt, which we plan to draw before the end of August. Collectively, this contributed to our strong Q2 results and record quarterly revenue of $58.1 million, which reflected a 105% increase year over year. As Daxify's commercial rollout continues, we remain very encouraged by the product's performance, which includes not only duration, but also reports of fast onset and improved skin texture, as evidenced by the initial product uptake and ongoing demand. While still early in our launch, we continue to experience a very high level of interest from both injectors and consumers for Doxify's differentiated performance profile. We are executing well against our launch strategy, where the valuable learnings from our preview program have been incorporated into our full commercial launch, which is focused on accounts where we have an existing relationship. In addition, enthusiasm for our expanded and highly complementary product portfolio remains high. Given the growth trajectory of both Daxify and RHA, we believe we are on track to realize our blockbuster opportunity in aesthetics, which continues to be supported by our differentiated products, commercial strategy, and high-performing team. While we remain focused on executing in aesthetics, we are also excited about our opportunity in therapeutics, which is just around the corner, with a PDUFA date of August 19th for cervical dystonia, or CD, indication. We believe Daxify's potential in therapeutics is significant, and CD approval will serve as our entry point into the $2.5 billion U.S. therapeutic neuromodulator market. With Daxify's unique peptide formulation, we believe the product has the ability to meaningfully improve patient outcomes in therapeutics. Specifically, doxify's long duration has the potential to both reduce treatment frequency and, perhaps more importantly, minimize symptom reemergence prior to retreatment, which is a common issue for CD patients currently receiving neurotoxin injections. Today, in clinical practice, patients experience painful symptom recurrence as early as 8 to 10 weeks, yet cannot be retreated until 12 weeks. Based on a CD patient survey that was published in a peer-reviewed article in the Journal of Neurology by Dr. Comella, 88% of patients reported symptom reemergence between injections. Because of this treatment gap, we believe Daxify has the potential to provide a more durable treatment option for patients seeking improved symptom relief within their current treatment cycle. And given its differentiated efficacy and safety profile, we believe Daxify's value proposition will resonate strongly with all stakeholders, including patients, providers, and payers. We look forward to sharing more details on our plans for therapeutics at our Investor Day in September. With a number of upcoming milestones and the ongoing launch of DAXify, the second half of the year promises to be both busy and exciting. We are fortunate to be executing from a position of strength due to the recent introduction of DAXify, our expanded sales force, and bolstered balance sheet, alongside a strong and resilient facial injectables market. With that, I'll turn the call over to Dustin.