What's Going On With Botox Rival Revance Therapeutics' Stock Today?

Revance Therapeutics Inc RVNC commenced a plan to exit the OPUL payments business, citing that significant costs and resources required to support OPUL no longer align with the company’s capital allocation priorities. 

The exit and restructuring activities predominantly include a reduction in OPUL personnel headcount, the termination of OPUL research and development activities, and a reduction of outside services expenses related to OPUL. 

The company expects to record a restructuring charge of up to $7.0 million for such activities. 

Exiting OPUL payments business by the end of Q1 2024 expects to free up approximately $20 million a year for reinvestment in DAXXIFY aesthetics and therapeutic commercial launches.

With current cash, cash equivalents, and short-term investments of $319.7 million as of June 30, 2023, and the additional $50 million in notes funded through Athyrium Capital in August 2023, the company is funded to breakeven and expects to be Adjusted EBITDA positive in 2025.

The company is expected to provide product revenue guidance in the first half 2024.

Q3 2023 product revenue is expected to be around Q2 2023 based on the recent rollout of the new pricing program and traditional seasonality in facial injectables.

GAAP operating expenses updated from $460 million – $480 million to $545 million – $585 million, with Non-GAAP expenses updated from $320 million – $340 million to $315 million – $335 million.

Non-GAAP R&D expenses updated from $80 million – $90 million to $75 million – $85 million.

Price Action: RVNC shares are down 29.60% at $11.76 on the last check Tuesday.