2014 Q4 Form 10-Q Financial Statement

#000119312514411349 Filed on November 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $75.00K $75.00K $158.0K
YoY Change -75.73% -52.53%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.790M $5.300M $2.142M
YoY Change 59.67% 147.43%
% of Gross Profit
Research & Development $9.130M $8.600M $6.284M
YoY Change 46.31% 36.86%
% of Gross Profit
Depreciation & Amortization $490.0K $600.0K $400.0K
YoY Change 0.0% 50.0% -55.06%
% of Gross Profit
Operating Expenses $13.92M $13.90M $8.426M
YoY Change 50.65% 64.97%
Operating Profit -$13.83M -$8.268M
YoY Change 67.21%
Interest Expense -$200.0K $228.0K $351.0K
YoY Change 25.0% -35.04%
% of Operating Profit
Other Income/Expense, Net -$160.0K -$5.000K -$38.00K
YoY Change -83.84% -86.84%
Pretax Income -$14.21M -$13.98M -$8.880M
YoY Change 40.97% 57.43%
Income Tax
% Of Pretax Income
Net Earnings -$14.21M -$13.98M -$8.879M
YoY Change 40.95% 57.42%
Net Earnings / Revenue -18949.33% -18636.0% -5619.62%
Basic Earnings Per Share -$0.60 -$0.60 -$55.90
Diluted Earnings Per Share -$0.60 -$0.60 -$55.90
COMMON SHARES
Basic Shares Outstanding 23.72M shares 23.33M shares 228.8K shares
Diluted Shares Outstanding 23.33M shares 228.8K shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $171.0M $187.5M $1.900M
YoY Change 4284.62% 9768.42%
Cash & Equivalents $171.0M $187.5M $1.909M
Short-Term Investments
Other Short-Term Assets $239.0K $86.00K $1.100M
YoY Change 246.38% -92.18%
Inventory
Prepaid Expenses $1.085M $1.451M
Receivables $300.0K $1.421M
Other Receivables $0.00 $0.00
Total Short-Term Assets $172.7M $190.9M $3.000M
YoY Change 3488.1% 6263.67%
LONG-TERM ASSETS
Property, Plant & Equipment $19.27M $17.39M $13.10M
YoY Change 34.64% 32.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.00K $183.0K $2.800M
YoY Change -99.04% -93.46%
Total Long-Term Assets $19.74M $18.01M $15.90M
YoY Change 10.69% 13.28%
TOTAL ASSETS
Total Short-Term Assets $172.7M $190.9M $3.000M
Total Long-Term Assets $19.74M $18.01M $15.90M
Total Assets $192.5M $208.9M $18.90M
YoY Change 749.94% 1005.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.149M $2.666M $10.10M
YoY Change -43.01% -73.6%
Accrued Expenses $4.145M $3.317M $4.900M
YoY Change -0.38% -32.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.900M $8.800M $8.300M
YoY Change -87.34% 6.02%
Total Short-Term Liabilities $10.24M $14.75M $31.70M
YoY Change -78.48% -53.48%
LONG-TERM LIABILITIES
Long-Term Debt $600.0K $900.0K $6.300M
YoY Change -84.62% -85.71%
Other Long-Term Liabilities $5.300M $5.300M $4.700M
YoY Change 10.42% 12.77%
Total Long-Term Liabilities $5.900M $6.200M $11.00M
YoY Change -32.18% -43.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.24M $14.75M $31.70M
Total Long-Term Liabilities $5.900M $6.200M $11.00M
Total Liabilities $16.10M $21.01M $42.60M
YoY Change -71.36% -50.69%
SHAREHOLDERS EQUITY
Retained Earnings -$258.8M -$244.6M
YoY Change 32.12%
Common Stock $435.2M $432.5M
YoY Change 1035.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $176.4M $187.9M -$23.70M
YoY Change
Total Liabilities & Shareholders Equity $192.5M $208.9M $18.90M
YoY Change 749.94% 1005.41%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$14.21M -$13.98M -$8.879M
YoY Change 40.95% 57.42%
Depreciation, Depletion And Amortization $490.0K $600.0K $400.0K
YoY Change 0.0% 50.0% -55.06%
Cash From Operating Activities -$9.120M -$12.69M -$6.470M
YoY Change -34.76% 96.14% -61.35%
INVESTING ACTIVITIES
Capital Expenditures -$1.540M -$2.020M -$350.0K
YoY Change -59.58% 477.14% 66.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.610M -$2.030M -$360.0K
YoY Change -57.63% 463.89% 80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.800M -1.110M -2.190M
YoY Change -129.31% -49.32% -161.86%
NET CHANGE
Cash From Operating Activities -9.120M -12.69M -6.470M
Cash From Investing Activities -1.610M -2.030M -360.0K
Cash From Financing Activities -5.800M -1.110M -2.190M
Net Change In Cash -16.53M -15.83M -9.020M
YoY Change -922.39% 75.5% -32.69%
FREE CASH FLOW
Cash From Operating Activities -$9.120M -$12.69M -$6.470M
Capital Expenditures -$1.540M -$2.020M -$350.0K
Free Cash Flow -$7.580M -$10.67M -$6.120M
YoY Change -25.47% 74.35% -62.98%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
Revance Therapeutics, Inc.
dei Trading Symbol
TradingSymbol
RVNC
us-gaap Operations Commenced Date1
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2002-06-30
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
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1999-08-10
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2005-04-19
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of Condensed Consolidated Financial Statements in conformity with US&#xA0;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting periods. Such management estimates include the fair value of common stock, stock-based compensation, fair value of convertible preferred stock and warrants, fair value of derivatives, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates.</p> </div>
dei Document Period End Date
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2014-09-30
us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
If the Company experiences a greater than 50 percentage point aggregate change in ownership over a three-year period (a Section 382 ownership change), utilization of its pre-change net operating loss, or NOL, and credit carryforwards are subject to an annual limitation under Sections 382 and 383 of the Internal Revenue Code. California and New Jersey, where the Company files state tax returns, have similar laws. The annual limitation generally is determined by multiplying the value of the Company’s stock at the time of such ownership change (subject to certain adjustments) by the applicable long-term tax-exempt rate.
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18009537 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.70
dei Entity Central Index Key
EntityCentralIndexKey
0001479290
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2025-01-31
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18009537 shares
us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
1438000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-48705000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-75000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
146000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1238000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2654000
us-gaap Operating Income Loss
OperatingIncomeLoss
-38203000
us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
18000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-73000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
26206000
us-gaap Revenues
Revenues
308000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
6230000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5444000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-48705000
us-gaap Net Income Loss
NetIncomeLoss
-48705000
us-gaap Interest Paid
InterestPaid
971000
us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
-500000
us-gaap Notes Assumed1
NotesAssumed1
1050000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-8331000
us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
800000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-83000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
649000
us-gaap Interest Expense
InterestExpense
10336000
us-gaap Operating Expenses
OperatingExpenses
38511000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24261000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14250000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
148000
us-gaap Interest Expense Debt
InterestExpenseDebt
271000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
183572000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1178000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3900000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
6750000
us-gaap Depreciation
Depreciation
1561000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
234892000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1198000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-5369000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1402000
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
832000
us-gaap Financing Interest Expense
FinancingInterestExpense
66000
us-gaap Share Based Compensation
ShareBasedCompensation
4611000
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-3524000
rvnc Non Cash Interest Income Expense
NonCashInterestIncomeExpense
-9365000
rvnc Issuance Of Common Stock Warrants
IssuanceOfCommonStockWarrants
981000
rvnc Conversion Of Seriese One Two Three Four Five Preferred Stock Into Common Stock
ConversionOfSerieseOneTwoThreeFourFivePreferredStockIntoCommonStock
123982000
rvnc Issuance Of Convertible Preferred Stock Warrants
IssuanceOfConvertiblePreferredStockWarrants
80000
rvnc Line Of Credit Facility Funding Term
LineOfCreditFacilityFundingTerm
P12M
rvnc Issuance Of Common Stock Upon Net Exercise Of Warrants
IssuanceOfCommonStockUponNetExerciseOfWarrants
6490000
rvnc Adjustments To Additional Paid In Capital Termination Of Repurchase Rights Related To Common Stock Issued Pursuant To Early Exercises
AdjustmentsToAdditionalPaidInCapitalTerminationOfRepurchaseRightsRelatedToCommonStockIssuedPursuantToEarlyExercises
58000
rvnc Gain Loss On Warrant
GainLossOnWarrant
-1356000
rvnc Noncash Deferred Initial Public Offering Costs
NoncashDeferredInitialPublicOfferingCosts
546000
rvnc Gain Loss On Settlement In Exchange Of Preferred Stock Warrants
GainLossOnSettlementInExchangeOfPreferredStockWarrants
-1356000
rvnc Noncash Interest Expense
NoncashInterestExpense
9400000
rvnc Conversion Of Preferred Stock Warrants To Common Stock Warrants
ConversionOfPreferredStockWarrantsToCommonStockWarrants
1441000
rvnc Percentage Of Weighting To Determine Fair Value
PercentageOfWeightingToDetermineFairValue
1.00 pure
CY2014Q1 us-gaap Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
P36M
CY2013 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
1800000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-55.92
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
228785 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-55.92
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228785 shares
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12793000
CY2013Q3 us-gaap Revenues
Revenues
158000
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12793000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6284000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-8883000
CY2013Q3 us-gaap Interest Paid
InterestPaid
392000
CY2013Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
103000
CY2013Q3 us-gaap Interest Expense
InterestExpense
351000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
8426000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-8268000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-38000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2142000
CY2013Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1100000
CY2013Q3 us-gaap Depreciation
Depreciation
400000
CY2013Q3 rvnc Non Cash Interest Income Expense
NonCashInterestIncomeExpense
41000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23331104 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23331104 shares
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13977000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-13825000
CY2014Q3 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
14000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000
CY2014Q3 us-gaap Revenues
Revenues
75000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13977000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-13977000
CY2014Q3 us-gaap Interest Paid
InterestPaid
276000
CY2014Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
238000
CY2014Q3 us-gaap Interest Expense
InterestExpense
228000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
13900000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8600000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5300000
CY2014Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1300000
CY2014Q3 us-gaap Depreciation
Depreciation
600000
CY2014Q3 rvnc Non Cash Interest Income Expense
NonCashInterestIncomeExpense
48000

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