2019 Q4 Form 10-Q Financial Statement

#000147929019000109 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $89.00K $46.00K $2.362M
YoY Change -81.72% -98.05% 3049.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $18.77M $16.74M $14.16M
YoY Change 40.49% 18.26% 54.73%
% of Gross Profit
Research & Development $27.49M $25.85M $21.85M
YoY Change 7.68% 18.3% 0.95%
% of Gross Profit
Depreciation & Amortization $760.0K $730.0K $440.0K
YoY Change 58.33% 65.91% 15.79%
% of Gross Profit
Operating Expenses $46.26M $42.59M $36.00M
YoY Change 18.95% 18.28% 16.93%
Operating Profit -$46.17M -$42.54M -$33.64M
YoY Change 20.2% 26.45% 9.52%
Interest Expense $980.0K $0.00 $0.00
YoY Change 5.38% -100.0%
% of Operating Profit
Other Income/Expense, Net -$130.0K -$130.0K -$144.0K
YoY Change -13.33% -9.72% 12.5%
Pretax Income -$45.33M -$41.41M -$32.83M
YoY Change 20.49% 26.13% 7.11%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$45.33M -$41.41M -$32.83M
YoY Change 11.6% 26.12% 7.12%
Net Earnings / Revenue -50928.09% -90019.57% -1390.09%
Basic Earnings Per Share
Diluted Earnings Per Share -$993.0K -$956.1K -$905.2K
COMMON SHARES
Basic Shares Outstanding 45.11M shares 44.10M shares 36.94M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $290.1M $209.0M $208.4M
YoY Change 65.02% 0.29% 35.85%
Cash & Equivalents $171.2M $58.92M $45.13M
Short-Term Investments $119.0M $150.1M $163.3M
Other Short-Term Assets $6.500M $6.500M $7.500M
YoY Change 27.45% -13.33% 167.86%
Inventory $0.00
Prepaid Expenses
Receivables $0.00 $5.000M
Other Receivables $0.00 $0.00
Total Short-Term Assets $296.6M $220.6M $215.9M
YoY Change 42.65% 2.17% 38.15%
LONG-TERM ASSETS
Property, Plant & Equipment $14.76M $14.92M $13.49M
YoY Change 2.12% 10.55% 17.33%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.669M $2.519M $2.944M
YoY Change -48.6% -14.44% 252.15%
Total Long-Term Assets $43.69M $45.24M $17.17M
YoY Change 137.08% 163.55% 32.91%
TOTAL ASSETS
Total Short-Term Assets $296.6M $220.6M $215.9M
Total Long-Term Assets $43.69M $45.24M $17.17M
Total Assets $340.3M $265.8M $233.1M
YoY Change 50.34% 14.06% 37.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.010M $6.902M $7.341M
YoY Change -5.03% -5.98% 9.9%
Accrued Expenses $18.64M $18.69M $15.72M
YoY Change 24.67% 18.93% 30.23%
Deferred Revenue $7.911M $5.241M $8.749M
YoY Change -7.88% -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 $40.98M $34.15M $31.81M
YoY Change 28.18% 7.38% 48.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $73.80M $80.40M $19.10M
YoY Change 51.23% 320.94%
Total Long-Term Liabilities $73.80M $80.40M $19.10M
YoY Change 51.23% 320.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.98M $34.15M $31.81M
Total Long-Term Liabilities $73.80M $80.40M $19.10M
Total Liabilities $114.8M $114.5M $50.95M
YoY Change 42.21% 124.78% 87.83%
SHAREHOLDERS EQUITY
Retained Earnings -$844.2M -$798.9M -$644.2M
YoY Change 23.28% 24.02% 27.24%
Common Stock $1.070B $950.1M $826.4M
YoY Change 28.82% 14.97% 27.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $225.5M $151.3M $182.1M
YoY Change
Total Liabilities & Shareholders Equity $340.3M $265.8M $233.1M
YoY Change 50.34% 14.06% 37.75%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$45.33M -$41.41M -$32.83M
YoY Change 11.6% 26.12% 7.12%
Depreciation, Depletion And Amortization $760.0K $730.0K $440.0K
YoY Change 58.33% 65.91% 15.79%
Cash From Operating Activities -$33.51M -$31.95M -$25.41M
YoY Change 7.61% 25.74% 18.35%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$1.480M -$3.030M
YoY Change -82.1% -51.16% 471.7%
Acquisitions
YoY Change
Other Investing Activities $31.21M $2.400M $33.39M
YoY Change -48.6% -92.81% 122.6%
Cash From Investing Activities $30.92M $920.0K $30.36M
YoY Change -47.68% -96.97% 109.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 114.8M -80.00K 900.0K
YoY Change 71668.75% -108.89% -90.13%
NET CHANGE
Cash From Operating Activities -33.51M -31.95M -25.41M
Cash From Investing Activities 30.92M 920.0K 30.36M
Cash From Financing Activities 114.8M -80.00K 900.0K
Net Change In Cash 112.2M -31.11M 5.850M
YoY Change 299.15% -631.79% 175.94%
FREE CASH FLOW
Cash From Operating Activities -$33.51M -$31.95M -$25.41M
Capital Expenditures -$290.0K -$1.480M -$3.030M
Free Cash Flow -$33.22M -$30.47M -$22.38M
YoY Change 12.53% 36.15% 6.88%

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3532000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
183000000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
50000000 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
1537000 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
-48511000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-166127000 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
4822000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1229000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1906000 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
106830000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1618000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-14334000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-237614000 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
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59652000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45862000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
313000 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
920000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-41400000 USD
us-gaap Net Income Loss
NetIncomeLoss
-114100000 USD
CY2019Q3 rvnc Working Capital Surplus
WorkingCapitalSurplus
186400000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-798900000 USD
CY2019Q3 rvnc Contractwith Customer Liability Net
ContractwithCustomerLiabilityNet
209000000.0 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;">September 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>$2.9 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>1.1 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>1.7%</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 nine months ended </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> and 2018, no payment was made for the product approval payment.</span></div>
CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
206720000 USD
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
42000 USD
CY2019Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
206762000 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
CY2019Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
206762000 USD
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
171776000 USD
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y2M12D
CY2019Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P14Y
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1425000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
4193000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
298000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
886000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
1723000 USD
us-gaap Lease Cost
LeaseCost
5079000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1633000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6735000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6942000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5464000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5557000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
17959000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
44290000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14195000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
30095000 USD
CY2019Q3 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
4704000 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
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4303000 USD
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4092000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12882000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12422000 USD
rvnc Increase Decreasein Deferred Tax Assets
IncreaseDecreaseinDeferredTaxAssets
15000000 USD

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