DENVER, Colo., 09 August, 2024 (247marketnews.com) – (Nasdaq:RVNC) are discussed in this article.
Revance Therapeutics, Inc. (RVNC) saw a notable stock surge, opening at $3.10 and climbing to $3.55, marking a 20.31% increase from the market open. The previous close at $2.95 highlights significant bullish momentum. With a trading volume of 1.4 million, there is strong interest and potential volatility. Technical analysis indicates the stock has surpassed a key resistance level at $3.30, with moving averages suggesting continued upward momentum. Investors should keep an eye on the $3.65 resistance level and watch for market sentiment and news catalysts to predict future trends.
Revance Therapeutics has also reported impressive financial results for Q2 2024, reflecting its steady progress. The company achieved total product revenues of $65.3 million, up 20% year-over-year. DAXXIFY® net revenue saw a 27% year-over-year increase to $28.7 million, driven by a 65% annual increase in aesthetic units sold and a 15% rise quarter-over-quarter. With over 3,700 ordering accounts, this performance underscores strong market reception.
The RHA® Collection, produced by Teoxane SA, contributed $36.6 million in net revenue, an increase of 15% from the previous year, bolstered by the launch of RHA 3 for lip augmentation. President and CEO Mark J. Foley expressed satisfaction with the market’s response to their DAXXIFY strategy and the robust performance of the RHA Collection.
Revance also launched DAXXIFY for cervical dystonia, marking its entry into the $2.7 billion U.S. therapeutic neurotoxin market, offering a long-lasting treatment option and strengthening its market position.
Looking forward, the company projects 2024 total net product revenue to exceed $280 million, with goals to achieve cash flow break-even and positive Adjusted EBITDA by 2025, supported by strong cash reserves of $232.2 million as of June 30, 2024. Revance will host a conference call and webcast on August 8, 2024, at 4:30 p.m. ET to discuss these results and provide further corporate updates.
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