2019 Q3 Form 10-Q Financial Statement

#000147929019000093 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $46.00K $0.00 $686.0K
YoY Change -98.05% -100.0% 814.67%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.74M $13.60M $12.73M
YoY Change 18.26% 6.77% 47.91%
% of Gross Profit
Research & Development $25.85M $25.53M $22.87M
YoY Change 18.3% 11.61% 24.93%
% of Gross Profit
Depreciation & Amortization $730.0K $790.0K $420.0K
YoY Change 65.91% 88.1% 16.67%
% of Gross Profit
Operating Expenses $42.59M $39.12M $35.61M
YoY Change 18.28% 9.88% 32.28%
Operating Profit -$42.54M -$39.12M -$34.92M
YoY Change 26.45% 12.04% 30.1%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$130.0K $115.0K -$172.0K
YoY Change -9.72% -166.86% 30.3%
Pretax Income -$41.41M -$37.39M -$34.08M
YoY Change 26.13% 9.71% 26.83%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$41.41M -$37.39M -$34.08M
YoY Change 26.12% 9.71% 26.81%
Net Earnings / Revenue -90019.57% -4967.93%
Basic Earnings Per Share
Diluted Earnings Per Share -$956.1K -$864.3K -$925.1K
COMMON SHARES
Basic Shares Outstanding 44.10M shares 44.01M shares 36.78M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $209.0M $241.9M $233.7M
YoY Change 0.29% 3.51% 41.21%
Cash & Equivalents $58.92M $90.03M $39.28M
Short-Term Investments $150.1M $151.9M $194.5M
Other Short-Term Assets $6.500M $8.000M $9.100M
YoY Change -13.33% -12.09% 3.41%
Inventory
Prepaid Expenses
Receivables $5.000M $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $220.6M $249.9M $242.9M
YoY Change 2.17% 2.89% 39.3%
LONG-TERM ASSETS
Property, Plant & Equipment $14.92M $15.26M $12.20M
YoY Change 10.55% 25.15% 8.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.519M $2.392M $3.315M
YoY Change -14.44% -27.84% 273.31%
Total Long-Term Assets $45.24M $45.99M $16.24M
YoY Change 163.55% 183.15% 27.65%
TOTAL ASSETS
Total Short-Term Assets $220.6M $249.9M $242.9M
Total Long-Term Assets $45.24M $45.99M $16.24M
Total Assets $265.8M $295.9M $259.1M
YoY Change 14.06% 14.19% 38.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.902M $7.966M $5.435M
YoY Change -5.98% 46.57% 33.24%
Accrued Expenses $18.69M $14.74M $13.57M
YoY Change 18.93% 8.61% -5.42%
Deferred Revenue $5.241M $18.83M
YoY Change -40.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $34.15M $44.70M $28.32M
YoY Change 7.38% 57.8% 28.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $80.40M $62.70M $20.90M
YoY Change 320.94% 200.0%
Total Long-Term Liabilities $80.40M $62.70M $20.90M
YoY Change 320.94% 200.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.15M $44.70M $28.32M
Total Long-Term Liabilities $80.40M $62.70M $20.90M
Total Liabilities $114.5M $107.4M $49.27M
YoY Change 124.78% 117.89% 78.11%
SHAREHOLDERS EQUITY
Retained Earnings -$798.9M -$757.5M -$611.3M
YoY Change 24.02% 23.92% 28.53%
Common Stock $950.1M $945.9M $821.4M
YoY Change 14.97% 15.16% 29.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $151.3M $188.5M $209.9M
YoY Change
Total Liabilities & Shareholders Equity $265.8M $295.9M $259.1M
YoY Change 14.06% 14.19% 38.51%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$41.41M -$37.39M -$34.08M
YoY Change 26.12% 9.71% 26.81%
Depreciation, Depletion And Amortization $730.0K $790.0K $420.0K
YoY Change 65.91% 88.1% 16.67%
Cash From Operating Activities -$31.95M -$29.29M -$36.56M
YoY Change 25.74% -19.89% 50.51%
INVESTING ACTIVITIES
Capital Expenditures -$1.480M -$380.0K -$1.270M
YoY Change -51.16% -70.08% 4.96%
Acquisitions
YoY Change
Other Investing Activities $2.400M $54.39M $5.100M
YoY Change -92.81% 966.47% -86.51%
Cash From Investing Activities $920.0K $54.01M $3.830M
YoY Change -96.97% 1310.18% -89.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.00K 40.00K 2.940M
YoY Change -108.89% -98.64% -6.96%
NET CHANGE
Cash From Operating Activities -31.95M -29.29M -36.56M
Cash From Investing Activities 920.0K 54.01M 3.830M
Cash From Financing Activities -80.00K 40.00K 2.940M
Net Change In Cash -31.11M 24.76M -29.79M
YoY Change -631.79% -183.12% -292.69%
FREE CASH FLOW
Cash From Operating Activities -$31.95M -$29.29M -$36.56M
Capital Expenditures -$1.480M -$380.0K -$1.270M
Free Cash Flow -$30.47M -$28.91M -$35.29M
YoY Change 36.15% -18.08% 52.9%

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PaymentsToAcquireShortTermInvestments
164970000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
212197000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1466000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2335000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
117000000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
18000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
146000 USD
us-gaap Payments To Acquire In Process Research And Development
PaymentsToAcquireInProcessResearchAndDevelopment
100000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-49429000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-196486000 USD
rvnc Proceeds From Issuanceof Follow On Offering Netof Commissionsand Discount
ProceedsFromIssuanceofFollowOnOfferingNetofCommissionsandDiscount
108100000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
480000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3834000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1148000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1813000 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
521000 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
366000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
932000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
106911000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
723000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
16778000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-243464000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73986000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
283476000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
90764000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40012000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
3000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1408000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2128000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-37400000 USD
us-gaap Net Income Loss
NetIncomeLoss
-72700000 USD
CY2019Q2 rvnc Working Capital Surplus
WorkingCapitalSurplus
205200000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-757500000 USD
CY2019Q2 rvnc Contractwith Customer Liability Net
ContractwithCustomerLiabilityNet
241900000 USD
rvnc Cashand Cash Equivalentsand Investments Operating Plan Funding Term Minimum
CashandCashEquivalentsandInvestmentsOperatingPlanFundingTermMinimum
P12M
us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-bottom:16px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Use of Estimates</span></div><div style="line-height:120%;padding-bottom:16px;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Such management estimates include revenue recognition, deferred revenue, accruals including clinical trial accruals, stock-based compensation, fair value of derivative liability, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and on assumptions that it believes are reasonable; however, actual results could significantly differ from those estimates.</span></div>
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
24700000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
28200000 USD
CY2019Q1 us-gaap Deferred Rent Credit
DeferredRentCredit
3500000 USD
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Medicis Settlement<div style="line-height:120%;padding-bottom:16px;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In July 2009, the Company and Medicis Pharmaceutical Corporation (“Medicis”) entered into a license agreement granting Medicis worldwide aesthetic and dermatological rights to the Company’s investigational botulinum toxin type A product candidate. In October 2012, the Company entered into a settlement and termination agreement with Medicis. The terms of the settlement provided for the reacquisition of the rights related to all territories of DAXI and DaxibotulinumtoxinA Topical from Medicis and for consideration payable by the Company to Medicis of up to </span><span style="font-family:inherit;font-size:10pt;"><span>$25.0</span></span><span style="font-family:inherit;font-size:10pt;"> million, comprised of (i) an upfront payment of </span><span style="font-family:inherit;font-size:10pt;"><span>$7.0</span></span><span style="font-family:inherit;font-size:10pt;"> million, which was paid in 2012, (ii) a proceeds sharing arrangement payment of </span><span style="font-family:inherit;font-size:10pt;"><span>$14.0</span></span><span style="font-family:inherit;font-size:10pt;"> million due upon specified capital raising achievements by the Company, of which </span><span style="font-family:inherit;font-size:10pt;"><span>$6.9</span></span><span style="font-family:inherit;font-size:10pt;"> million was paid in 2013 and </span><span style="font-family:inherit;font-size:10pt;"><span>$7.1</span></span><span style="font-family:inherit;font-size:10pt;"> million in 2014, and (iii) a product approval payment of </span><span style="font-family:inherit;font-size:10pt;"><span>$4.0</span></span><span style="font-family:inherit;font-size:10pt;"> million to be paid upon the achievement of regulatory approval for DAXI or DaxibotulinumtoxinA Topical by the Company. In December 2012, Medicis was subsequently acquired by Valeant Pharmaceuticals International Inc., now known as Bausch Health Companies Inc. </span></div><div style="line-height:120%;padding-bottom:16px;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company determined that the settlement provisions related to the proceeds sharing arrangement payment in (ii) above and product approval payment in (iii) above were derivative instruments that require fair value accounting as a liability and periodic fair value remeasurements until settled. </span></div><div style="line-height:120%;padding-bottom:16px;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As of </span><span style="font-family:inherit;font-size:10pt;">June 30, 2019</span><span style="font-family:inherit;font-size:10pt;">, the fair value of the Company’s liability for the product approval payment was </span><span style="font-family:inherit;font-size:10pt;"><span>$2.8 million</span></span><span style="font-family:inherit;font-size:10pt;">, which was measured using a term of </span><span style="font-family:inherit;font-size:10pt;"><span>1.4 years</span></span><span style="font-family:inherit;font-size:10pt;">, a risk-free rate of </span><span style="font-family:inherit;font-size:10pt;"><span>1.8%</span></span><span style="font-family:inherit;font-size:10pt;"> and a credit risk adjustment of </span><span style="font-family:inherit;font-size:10pt;"><span>7.5%</span></span><span style="font-family:inherit;font-size:10pt;">. As of </span><span style="font-family:inherit;font-size:10pt;">December 31, 2018</span><span style="font-family:inherit;font-size:10pt;">, the fair value of the Company’s liability for the product approval payment was </span><span style="font-family:inherit;font-size:10pt;"><span>$2.7 million</span></span><span style="font-family:inherit;font-size:10pt;">, which was measured using a term of </span><span style="font-family:inherit;font-size:10pt;"><span>1.5 years</span></span><span style="font-family:inherit;font-size:10pt;">, a risk-free rate of </span><span style="font-family:inherit;font-size:10pt;"><span>2.6%</span></span><span style="font-family:inherit;font-size:10pt;"> and a credit risk adjustment of </span><span style="font-family:inherit;font-size:10pt;"><span>8.0%</span></span><span style="font-family:inherit;font-size:10pt;">. The term is based on an expected Biologics License Application (“BLA”) approval in 2020. For the six months ended </span><span style="font-family:inherit;font-size:10pt;">June 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> and 2018, no payment was made for the product approval payment.</span></div>
CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
240455000 USD
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
116000 USD
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
240571000 USD
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
171784000 USD
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
5000 USD
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
13000 USD
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
171776000 USD
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
240571000 USD
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
171776000 USD
CY2018 rvnc Common Stock Outstanding Heldby Related Party
CommonStockOutstandingHeldbyRelatedParty
3800000 shares
CY2018Q4 rvnc Cash Cash Equivalentsand Investments Heldby Related Party
CashCashEquivalentsandInvestmentsHeldbyRelatedParty
87700000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y2M12D
CY2019Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P14Y
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1425000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
2768000 USD
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
298000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
588000 USD
CY2019Q2 us-gaap Lease Cost
LeaseCost
1723000 USD
us-gaap Lease Cost
LeaseCost
3356000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3268000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6735000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6942000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5464000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5557000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
17959000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
45925000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
15096000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
30829000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.120
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5826000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6011000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
6196000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4696000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
20173000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
42902000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
3069000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3890000 USD
rvnc Indemnification Liability Recordedduring Period
IndemnificationLiabilityRecordedduringPeriod
0 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4420000 USD
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4172000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8579000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8330000 USD
rvnc Increase Decreasein Deferred Tax Assets
IncreaseDecreaseinDeferredTaxAssets
15000000 USD

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