Q1 2022 Revance Therapeutics Inc Earnings Call
Welcome to do events try athletics first quarter 2022 financial results and corporate update conference call.
Operator: Welcome to the Revance Therapeutics First Quarter 2022 Financial Results and Corporate Update. At this time, all participants are in a listening mode. Following management's prepared remarks, we will hold a Q&A. To ask a question at this time, please press the star followed by 1 again.
At this time all participants are in a listen only mode. Following management's prepared remarks, we will hold a Q&A session.
Ask a question at this time, please press star followed by one on your attach telephone.
Operator: If anyone has difficulty hearing the conference call, please press star zero for operator. As a reminder, this call is being recorded today, Tuesday, May 10th. I would now like to turn the conference call over to Jessica Serra, Head of Investor Relations and ESG for revenge. Please go ahead.
If anyone has difficulty hearing the conference call. Please press star zero for all theaters assistance.
As a reminder, this call is being recorded today Tuesday may 2022.
I would now like to turn the conference call over to Jessica <unk> head of Investor Relations and ESG for events. Please go ahead.
Thank you Monica joining us on the call today can prevent our chief Executive Officer, Mark Foley President and.
Jessica Serra: Thank you, Mika. Joining us on the call today from Revance are Chief Executive Officer Mark Foley, President Dustin Sjuts, and Chief Financial Officer Toby Schilke. During this conference call, management will make forward-looking statements, including statements related to the regulatory process and potential approval and timing of approval for dacubotrilatum toxinase for injection in globular lines and a therapeutic indication, plans related to RHA Redensity and the OPAL platform, the benefits to us, practices and patience of our products and services, our financial performance, 2022 guidance, expected cash runway, strategic priorities and capital With that, I will turn the call over to Mark Foley, Chief Executive Officer of Revance. Mark. Thank you, Jessica. Good afternoon, everyone.
And Chief Financial Officer, Toby Schulke.
During this conference call management will make forward looking statements, including statements related to the regulatory process and potential approval timing of approval for basketball and let him talk to local injection and blah blah blah lines and a therapeutic indication plans related to our chamber density and awful lot one the benefits to us.
This is in patients with my products and services, our financial performance 2022 guidance expected cash runway should teach it priorities and capital allocation plan, our market to market and revenue opportunity and the market demand for our products and services portfolio growth and our business strategy and operations and convert.
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With that I will turn the call over to Mark Foley, Chief Executive Officer Mark.
Okay.
Mark Foley: And thank you for joining our first quarter 2022 financial results conference call. We had a very productive start to the year, delivering on several important objectives. First, and most importantly, the FDA accepted our BLA resubmission for daxibotulinum toxin A for injection for glabellar lines. With the acceptance, we received a new PDUFA date of September 8, 2022, which reflects a Class II resubmission and will include a re-inspection of our manufacturing facility. This important regulatory milestone was made possible by the completion of our new working cell bank qualification package in Q1. And I would like to thank the technical operations, clinical, and regulatory teams for all their hard work in achieving this objective. Having a PDUFA date is key.
Thank you Jessica good afternoon, everyone and thank you for joining our first quarter 2022 financial results Conference call.
We had a very productive start to the year delivering on several important objectives first and most importantly, the FDA accepted our BLA resubmission for <unk> botulinum toxin a for injection for glabella lines with the acceptance we received a new producer date of September eight 2022, which reflects a class two resubmission.
And we will include a reinspection of our manufacturing facility.
This important regulatory milestone was made possible by the completion of our new working cell banks qualification package in Q1.
And I would like to thank the technical operations clinical and regulatory teams for all their hard work in achieving this objective.
I think the Paducah date is key and this.
Mark Foley: This will be the first time since our deferred action in November 2020 that we are working towards a specific date. We will continue to work with the FDA to facilitate their timely review while recognizing that we are now one step closer to a potential approval later this year. Another priority was to strengthen our balance sheet and extend our cash runway in order to support our strategic priorities of getting our lead asset approved, increasing sales of our RHA collection, and enhancing our customer relationships with Opal. To that end, we were pleased to achieve this key objective by completing a $300 million non-diluted debt financing with Ethereum Capital and raising an additional $31.8 million in net proceeds from our ATM offering program.
This will be the first time since our deferred action in November 2020 that we're working towards a specific date, we will continue to work with the FDA to facilitate their timely review, while recognizing that we are now one step closer to a potential approval later this year.
Another priority was to strengthen our balance sheet and extend our cash runway in order to support our strategic priorities of getting our lead asset approved increasing sales of our RH, a collection and enhancing our customer relationships with opal.
To that end, we were pleased to achieve this key objective by completing a 300 million dollar non dilutive debt financing with a theory them capital and raising an additional $31 $8 million in net proceeds from our ATM offering program.
With our recent financing activities and the additional notes that we can issue with the FDA approval of vaccine botulinum toxin April injection, our cash runway it can be extended into 2024.
Mark Foley: With our recent financing activities and the additional notes that we can issue with the FDA approval of Daxibotulinum toxin A for injection, our cash runway can be extended into 2024. We believe we are well-positioned for the significant opportunity ahead at Revance. In aesthetics, we believe our innovative portfolio of products and services will allow us to capitalize on the multibillion dollar market opportunity that continues to grow at a healthy clip.
We believe we are well positioned for the significant opportunity ahead at revamps.
Anesthetics, we believe our innovative portfolio of products and services will allow us to capitalize on the multibillion dollar market opportunity that continues to that continues to grow at a healthy clip.
Mark Foley: The core of our portfolio is our long-acting neuromodulator, and we are both ready and excited to bring our drug product to market. Our commercial infrastructure is strong, anchored by our proven 100 plus person sales team, our over 3500 aesthetic accounts, which continue to grow, and our industry-leading training and experience center at our Nashville corporate headquarters. Together with our differentiated commercial strategy and complementary portfolio offering, we believe Daxibotulinum toxin A for injection has a solid foundation for commercial success.
Although our portfolio is our long acting neuromodulator, and we're both ready and excited to bring our drug product to market.
Our commercial infrastructure as strong anchored by our proven 100, plus person sales team are over 3500 aesthetic accounts, which continue to grow and our industry, leading training and experience center at our Nashville corporate headquarters.
With our differentiated commercial strategy and complementary portfolio offering we believe dachsie botulinum toxin a per injection has a solid foundation for commercial success.
Mark Foley: Additionally, in advance of the anticipated approval of our neuromodulator, we've entered into partnerships with two experienced, full-finished contract manufacturing organizations to help support our production needs. This is in addition to the drug substance and drug product we will be manufacturing at our Northern California facility. Turning to therapeutics, we continue to be excited about the opportunity for our long-acting neuromodulator. Currently, we are ready to file a supplemental BLA for doxybotulinum toxin A for injection for the treatment of cervical dystonia following FDA approval of our indication for glabellar lines.
Additionally, in advance of the anticipated approval of our neuromodulator, we've entered into partnerships with two experienced fill finish contract manufacturing organizations to help support our production needs.
This is in addition to the drug substance and drug product, we will be manufacturing at our northern California facility.
Turning to therapeutics, we continue to be excited about the opportunity for a long acting neuromodulator.
Currently we are ready to file a supplemental BLA for doxey botulinum toxin a for injection for the treatment of cervical dystonia. Following the FDA approval of our indication for glabella lines with.
Mark Foley: We successfully completed our Aspen Phase III clinical program in November of last year and have been actively preparing our supplemental filing. Given the encouraging data from our clinical programs, which showed that our drug product was generally safe, effective, and had a long duration profile, we look forward to our potential opportunity in therapeutics as well. Our indication for cervical dystonia will be our entry point into the $1.2 billion global muscle movement disorder category, which has a compound annual growth rate in the high single digits.
We successfully completed our Aspen phase III clinical program in November of last year and have been actively preparing our supplemental filing.
Given the encouraging data from our clinical programs, which showed that our drug product was generally safe effective and had a long duration profile, we look forward to our potential opportunity in therapeutics as well.
Indication for cervical dystonia, we'll be our entry point into the $1 $2 billion global muscle movement disorder category.
Has a compound annual growth rate in the high single digits.
In summary, we have several important near term catalysts across our business and execution will continue to be key.
Mark Foley: In summary, we have several important near-term catalysts across our business, and execution will continue to be key. We remain bullish on the long-term market opportunity for revance, and in particular, on our ability to lead the long-acting neuromodulator segment. I would like to thank all members of the organization for their continued dedication and support in advancing our corporate objectives and priorities. With that, I will turn the call over to Dustin, who will discuss our performance in the first quarter. Dustin.
We remain bullish on the long term market opportunity for rebounds, and in particular on our ability to lead the long acting neuromodulator segment.
I would like to thank all members of the organization for their continued dedication and support in advancing our corporate objectives and priorities.
With that let me turn the call over to Duston, who will cover our performance in the first quarter Duston.
Dustin Sjuts: Thank you, Mark. I'd like to start by highlighting again the significant regulatory milestone we achieved with the FDA's acceptance of our resubmission. With the September 8th PDUFA date, we're looking forward to potential approval and launch of our neuromodulator in the not-too-distant future. The cornerstone of the Revance Aesthetics Strategy is to foster long-term partnerships with exclusive providers and provide product innovation that delivers the best consumer outcome. We believe that Doxybotulinum Toxin A for injection, once approved, will anchor that strategy, build on our track record with RHA and OPAL, and position us for accelerated growth in the years ahead.
Thank you Mark I'd like to start by highlighting again, the significant regulatory milestone we have achieved with the fda's acceptance of our Resubmission with the September eight <unk> date, we're looking forward to potential approval and launch of our neuromodulator in the not too distant future.
The cornerstone of the revamped aesthetic strategy is to foster long term partnerships with exclusive providers and provide product innovation that delivers the best consumer outcomes. We believe the dachsie botulinum toxin acre injection once approved will anchor of that strategy.
Build on our track record with RH, and Opal and position us for accelerated growth in the years ahead now turning to our performance.
Dustin Sjuts: Now turning to our performance, growth continued across our aesthetics portfolio in the first quarter, with our RHA collection reaching all-time sales of over $100 million just after completing its first year of commercial launch. RHA sales for the quarter totaled $20.8 million, up 78.9% year over year, driven by solid account growth and increased productivity within our accounts. Despite the first quarter being the slowest period of the year for aesthetic procedures, we continue to drive consumer awareness and adoption through our targeted sales efforts and live and virtual training sessions at our Nashville headquarters. Across our products and services portfolio, total accounts grew to over 3,500 at the end of the first quarter.
Growth continued across our snacks portfolio in the first quarter with our IHA collection, reaching all time sales of over $100 million just after completing its first year of commercial launch.
<unk> sales for the quarter totaled $28 million up 78, 9% year over year, driven by solid account growth and increased productivity within our accounts.
Despite the first quarter being the slowest period of the year for static procedures, we continued to drive consumer awareness and adoption to our targeted sales efforts and live and virtual training sessions at our National headquarters.
Across our products and services portfolio total accounts grew to over 3500 at the end of the first quarter.
Dustin Sjuts: We have a number of training and education experiences planned over the coming months to continually drive product adoption and expertise, especially as we prepare the launch of RET Redensity in Q3 of this year. We are excited to bring to market the first and only FDA-approved filler for both superficial dermal and dermal injection of dynamic perioral rites or lip lines. Redensity has the most stretch of the RHA collection and has a low rate of modification to deliver a natural look that is consistent with the rest of the collection. Given its unique formulation properties, injectors can fine-tune the treatment of lip lines.
We have a number of training and education experiences planned over the coming months to continually drive product adoption and expertise, especially as we prepare the launch of our IHA where density in Q3 of this year.
We are excited we are excited to bring to market. The first and only FDA approved filler for both superficial dermal and dermal injection of dynamic Perry oral rite AIDS or lift lines.
Free density has the most stretch of the RH a collection and has a low rate of modification to deliver a natural look that is consistent with the rest of the collection.
Given its unique formulation properties injectors can fine tune the treatment of lift lines. We believe the product will be a great addition to the IHA collection, providing injectors with more treatment options to optimize outcomes.
Dustin Sjuts: We believe the product will be a great addition to the RHA collection, providing injectors with more treatment options to optimize outcomes. Turning to our fintech platform, gross payment volume totaled $154 million in the first quarter, up 66.4% from the same period last year, driven by account growth and higher transaction volumes processed. On a trailing 12-month basis, GPV was approximately $570 million.
Turning to our Fintech platform gross payment volume totaled $154 million in the first quarter up 66, 4% from the same period last year, driven by account growth and higher transaction volumes processed.
On a trailing 12 month basis, <unk> was approximately $570 million.
Dustin Sjuts: The team continues to work hard to enhance OPAL's platform experience. We are currently working on building practice loyalty capabilities with memberships and improving insights with transaction data. All the new features under development are designed to help practices grow their business and, in turn, allow us to deepen our relationships with our practice providers. In short, we are excited about the future of the OPAL platform and its ability to unlock additional value for Revance. With that, I'll turn the call over to Toby to cover our first quarter financials. Thank you, Dustin.
The team continues to work hard to enhance the <unk> platform experience. We're currently working on building practice loyalty capabilities with memberships and improving insights with transaction data.
All the new features under development are designed to help practices grow their business and in turn allow us to deepen our relationships with our practice providers.
In short we are excited about the future of the open platform and its ability to unlock additional value for events and with that I'll turn the call over to Toby to cover our first quarter financials.
Toby Schilke: Before I discuss the results for the quarter, I'd like to review our recent financing activities on a balance sheet. As Mark mentioned, enhancing our financial flexibility ahead of the potential approval of our neuromodulator was a key objective for 2022. And we were pleased to achieve this goal despite being in a challenging financial market. In March, we closed a $300 million note purchase agreement with Ethereum Capital as part of our long-term financing strategy to support our operating plan.
Thank you Dustin before I discuss the results for the quarter I'd like to review, our recent financing activities and our balance sheet as Mark mentioned enhancing our financial flexibility ahead of the potential approval of our neuromodulator was a key objective for 2022.
And we were pleased to achieve this goal despite being in a challenging financial market.
In March we closed a $300 million note purchase agreement with the theory of capital as part of our long term financing strategy to support our operating plan.
Toby Schilke: The agreement will not only serve as an important bridge to the FDA approval and commercialization of our neuromodulator, but also support the growth of the rest of our orthopedics portfolio. I won't go into all the details on the call, but we'll provide brief highlights of the transaction. Tranch 1 of $100 million was issued at closing, providing us with immediate liquidity.
The agreement will not only serve as an important bridge to the FDA approval and commercialization of our neuromodulator, but also support the growth of the rest of our aesthetics portfolio.
We won't go into all the details on the call. We will provide brief highlights of the transaction.
Tranche one of $100 million.
Issued at closing, providing us with immediate liquidity tranche two of another $100 million.
Toby Schilke: Tranch 2 of another $100 million will be available at our option, subject to the FDA approval of our neuromodulator, within 18 months of closing, and Tronch III and uncommitted $100 million available at our option within 24 months of closing and tied to revenue targets for our neuromodulator. Further details of the transaction are available in the note purchase agreement that was filed with our forum PENQ earlier today. With the $100 million in notes issued and an additional committed $100 million available, subject to the FDA approval of Daxibotulinum toxin A for injection for glabellar lines, our cash runway can be extended into 2024.
Will it be available at our option subject to FDA approval of our neuromodulator within 18 months of closing and.
<unk> III and uncommitted $100 million available at our option within 24 months of closing and tied to revenue targets for our neuromodulator.
Further details of the transaction are available in the note purchase agreement that was filed with our Form 10-Q earlier today.
With the $100 million of notes issued and an additional committed 100 million available subject to the FDA approval of Dachsie botulinum toxin for injection for glabella lines, our cash runway can be extended into 2022 into 2024.
Toby Schilke: In addition to our debt financing, we raised $31.8 million in net proceeds year-to-date from our ATM program, $8.9 million of which was raised during the first quarter. With the total shares of common stock issued, we have effectively completed our $125 million ATM offering that was initiated in 2020. Total cash, cash equivalents, and short-term investments at quarter end were $262.6 million.
In addition to our debt financing, we raised 31 8 million in net proceeds year to date from our ATM program $8 9 million of which was raised during the first quarter with the total shares of common stock issued we have effectively completed our 125.
A.
<unk> ATM offering that was initiated in 2020.
Total cash cash equivalent and short term investments at quarter end was $262 $6 million.
Toby Schilke: For the time being, our cash preservation measures that are gated to the FDA approval of daxibotulinum toxin A for injection remain unchanged, and disciplined capital allocation will continue to be a priority. Turning to the results for the first quarter, total revenue was $25.3 million, representing an increase of 89.9% from $13.3 million in the same period last year. Revenue growth was primarily due to increased sales of the RHA collection of dermal
For the time being our cash preservation measures that are gated to the FDA approval of Dachsie botulinum toxin a firm Jackson remain unchanged and disciplined capital allocation will continue to be a priority.
Turning to the results for the first quarter total revenue was $25 3 million, representing an increase of 89, 9% from $13 3 million in the same period in 2021.
Toby Schilke: Revenue for the first quarter included $20.8 million of product revenue from the RHA collection, $3.6 million of collaboration revenue from our partnership with Viatris, and $0.9 million of service revenue from our FinTech platform. Operating expenses for the first quarter were $87.5 million, compared to $83.3 million for the same period last year.
Revenue growth was primarily due to increased sales of the RH a collection of dermal fillers.
Revenue for the first quarter included $28 million of product revenue from the Army J collection, three $6 million of collaboration revenue from our partnership with VA tourists and zero point $9 million of service revenue from our Fintech platform.
Operating expenses for the first quarter were $87 5 million.
Compared to $83 3 million for the same period last year.
Toby Schilke: Excluding depreciation and amortization and stock-based compensation, non-GAAP operating expenses were $59.9 million for the first quarter, representing a 7% decline over the same period last year due to lower SG&A expenses as a result of our cash preservation measures, although partially offset by higher R&D costs related to pre-commercial manufacturing and quality activities related to our neuromodulator and product development for Opal. As a reminder, we project R&D expenses in 2022 to be primarily driven by manufacturing costs for Daxibotulinum toxin A for injection, which, according to GAP accounting standards, are expensed as a period cost until the drug product is approved.
Excluding depreciation and amortization and stock based compensation non-GAAP operating expenses were $59 9 million for the first quarter, representing a 7% decline over the same period last year due to lower SG&A expenses as a result of our cash preservation measures.
Partially offset by higher R&D costs related to pre commercial manufacturing and quality activities related to our neuromodulator and product development for <unk>.
As a reminder, we project R&D expenses in 2022 to be primarily driven by manufacturing costs for Dachsie botulinum toxin acre injection, which according to GAAP accounting standards, our expect our expense as a period cost until the drug product is approved.
Toby Schilke: As for our operating expense outlook, we are confirming our previously announced GAAP and non-GAAP operating expense guidance for 2022. Finally, Revance's shares of Common Stock outstanding as of April 29, 2022 were approximately $72.8 million, or with $80.4 million fully diluted shares, excluding the impact of convertible bets.
As for our operating expense outlook, we are confirming our previously announced GAAP and non-GAAP operating expense guidance for 2022.
Finally revamp the shares of common stock outstanding as of April 29, 2022 were approximately $72 8 million work with $80 4 million fully diluted shares excluding the impact of convertible debt.
And with that I'll turn the call back over to Mark.
Mark Foley: And with that, I'll turn the call back over to Mark. Thank you, Toby. In closing, we are pleased with the meaningful progress we have made from a regulatory, financial, and operational perspective, all positioning us for growth and opportunity ahead. We remain focused on delivering on our strategic priorities for 2022, with the top priority being obtaining FDA approval for our highly anticipated Daxibotulinum toxin A for injection for glabellar Lyme. Also, I'd like to thank all of our stakeholders for their continued support of REVANCE. With that, I will now open the call to questions. Operator.
Thank you Tobey in closing we are pleased with the meaningful progress we have made from a regulatory financial and operational perspective, all positioning us for growth and opportunity ahead.
We remain focused on delivering on our strategic priorities for 2022 with the top priority being obtaining FDA approval for our highly anticipated <unk> botulinum toxin a for injection for <unk> lines.
Also I'd like to thank all of our stakeholders for their continued support of rebounds with that I will now open the call up for questions operator.
Operator: As a reminder, to ask a question, you will need to press star 1. To withdraw your question, press... and why will we compile? Your first question comes from the line of Kent Caxatori from Colorado. Hey team, congratulations on all the progress. I just have a couple questions. The first is just wanted to see if the reinspection is actually going on, and then second, Mark, in the past, you talked about a little bit of a rushed launch of DAXI, assuming approval. Can you just talk about what that entails, as you think about kind of what accounts you should go to, the level of training, and then maybe discuss with us, in the absence of sales early, kind of what metrics we Thanks so much.
Mark Foley: First off, could you highlight the first question a little bit, something about re-inspection? Yeah, just wondering if it's been scheduled yet, actually formally scheduled. Okay. Gotcha. Perfect. Okay. So let me hit those in order.
As a reminder to ask a question you will need to press star one on your telephone to withdraw your question press the pound or Husky. Please stand by while we compile.
Compile the Q&A roster.
Your first question comes from the line of Ken Cacciatore from Cowen and co. Your line is now open.
Congratulations on all the progress just a couple of questions. The first is just wanted to see if the reinspection is actually correct.
And then second I know Mark in the past you talked about a little bit of a <unk> launch of taxi assuming approval can you just talk about what that entails as you think about kind of what accounts you should you will go to level of training and then maybe discuss with us.
Absent of sales early kind of what metrics, we should be focused on and then lastly on approval I know you have a 100 person sales team now can you just give us a sense of where that is going thanks. So much.
Sure Ken.
First off could you highlight I missed the first question a little bit something about reinspection, yes, just wondering if that's been scheduled yet actually formally schedule okay.
Mark Foley: So first one on the reinspection, consistent with our company policy, we're not going to be commenting on the status of the ongoing BLA review process or interactions with the FDA. However, we did sort of break from that, given the COVID environment and some of the FOIA requests that were made public, and we felt like we needed to comment on that. So really, the next time that you'll hear from us will be around the, you know, PDUFA action date, or should we hear something sooner.
Got you perfect. Okay. So let me hit those in order. So first one on the reinspection.
Consistent with our company policy, we're not going to be commenting on the status of the ongoing BLA review process or interactions with the FDA, we did sort of break from that given the COVID-19 environment.
And some of the.
Requests that were made public so we felt like we needed to comment on that so really the next time that youll hear from us will be around the Paducah action date or should we hear something sooner.
Mark Foley: Of course, if we hear anything material between now and then, we will also put that out. But, you know, we're going to stick with a kind of prior company policy. And we'll continue to, you know, be as responsive to the FDA as possible to, you know, support, you know, our planned approval. In terms of the pacing of the launch of DAXI and the metrics, you know, if you think about it, we've long talked about DAXI, because of its performance profile, having a unique opportunity in the market, but it is going to be different.
Of course that we hear anything material between now and then we would also put that out but we're going to stick with kind of prior company policy and will continue to be as responsive to the FDA as possible to support.
Our planed approval.
In terms of the pacing of the launch of vaccine. The metrics. If you think about it we've long talked about dachsie because of its performance profile has a unique opportunity in the market, but it is going to be different and so it's going to be really critical that we use. This initial launch phase to make sure that we get it in the hands of the targeted group of practices to let them use.
Mark Foley: And so it's going to be really critical that we use this initial launch phase to make sure that we get it in the hands of a targeted group of practices to let them use it in a more real-world setting.
Is it in a more a real world setting. So historically, we've talked about this phased launch where the early phase is going to be in the hands of the small group and then we'll expand that to a little broader group based on the learnings that we have so.
We think this is the right way to build the brand over long term and this is different than other competitor products, where there is no difference in terms of sort of the reconstitution or or the performance of the product and so we think this is the right way to launch the product and its very consistent with what we did with RH a line of fillers to we started with a very.
Mark Foley: So, you know, historically, we've talked about this phased launch, where the early phase is going to be in the hands of a small group, and then we'll expand that to a slightly broader group based on the learnings that we have. So we think this is the right way to build the brand over the long term. And this is different than other competitor products where there's no difference in terms of, you know, sort of the reconstitution or the performance of the product.
Phase launch all geared towards ensuring the right long term outcomes and then once we get sort of that foundation. Built then we can start to accelerate it. The good news is as we now have over 3500 accounts, where we've got relationships between both our products and services.
So we will have no shortage of accounts that we can leverage once we get through this initial phase.
Dustin Sjuts: And so, you know, we think this is the right way to launch the product. And it's very consistent with what we did with the RHA line of fillers, too. We started with a very phased launch, all geared towards ensuring the right long-term outcomes. And then once we get sort of that foundation built, then we can start to accelerate it. You know, the good news is that we now have over 3,500 accounts where we've got relationships between both our products and services.
On the metric side of it I think in the early phase, we will talk about sort of some of the learnings from the the early rollout.
And then we'll certainly signal once we feel that we're ready to start more of the ramp kind of when that when that is.
Dustin Sjuts: So we'll have no shortage of accounts that we can leverage once we get through this initial phase. You know, on the metric side of it, I think in the early phase, we'll talk about, you know, sort of some of the learnings from the early rollout. And then we'll certainly signal once we feel that we're ready to start more of the ramp, kind of when that is. In terms of the sales force, you are right; we've got roughly a 100-person sales organization.
In terms of the sales force you are right. We've got roughly 100 person sales organization given that we're going to start in more of a step a staged approach with this launch we will certainly look to expand the sales force.
Dustin Sjuts: Given that we're going to start in more of a staged approach with this launch, we will certainly look to expand the sales force once we feel like we're ready to accelerate into that next phase of broad commercial adoption, but we'll also want to make sure that we pace that with, you know, what's the right time in terms of, you know, account, you know, staging up some of the territories and expanding so that we do that in a Great Thanks, Ken. Your next question comes from the line of Seamus Fernandez from Guggenheim. Your line is now open.
Once we feel like we're ready to accelerate into that next phase of broad commercial adoption, but will also want to make sure that we pace that with what's the right time in terms of.
Account.
Changing up some of the territories and expanding so that we do that in a very thoughtful way.
Thanks, so much.
Great. Thanks, Ken.
Your next question comes from the line of seamless Fernandez from Guggenheim. Your line is now open.
Mark Foley: Thanks for the questions, guys. So congrats on the quarter. Just wanted to get maybe a little bit more color as you think about the timing of launch. So, you know, if, Unknown Attendee, Chris Shibutani, Lachlan Hanbury, Mikaela Franceschina, Navann Dietschi, Jessica Serra, Stacy Ku, John Boyle, Jack Padovano, Alana Lelo, Karishma Raghuram, Charles Wang, Revance Therapeutics Unknown Attendee, Chris Shibutani, Lachlan Hanbury, Mikaela Franceschina, Navann Dietschi, Jessica Serra, Stacy Ku, John Boyle, Karishma Raghuram, Charles Wang, Revance Therapeutics Inc.
Thanks for the questions guys. So congrats on the quarter just wanted to get maybe a little bit more color.
Do you think about the timing of launch so.
If we.
Mark Foley: Unknown Attendee, Chris Shibutani, Lachlan Hanbury, Mikaela Franceschina, Navann Dietschi, Jessica Serra, Stacy Ku, John Boyle, Karishma Raghuram, Charles Wang, Revance Therapeutics Inc. Unknown Attendee, Chris Shibutani, Lachlan Hanbury, Mikaela Franceschina, Navann Dietschi, Jessica Serra, Stacy Ku, John Boyle, Karishma Raghuram, Charles Wang, Revance Therapeutics Inc. Unknown Attendee, Chris Shibutani, Lachlan Hanbury, Mikaela Franceschina, Navann Dietschi, Jessica Serra, Stacy Ku, John Boyle, Karishma Raghuram, Charles Wang, Revance Therapeutics Inc. Unknown Attendee, Chris Shibutani, Lachlan Hanbury, Mikaela Franceschina, Navann Dietschi, Jessica Serra, Stacy Ku, John Boyle, Karishma Raghuram, Charles Wang, Revance Therapeutics, Sure
We were to actually see.
Full approval on the Purdue Fund September 8th can you just kind of walk us through what needs to happen.
You know from from.
From that point in time to then execute the launch officially.
And I know, it's gonna be measured, but maybe you can just walk us through you know.
Training of the sales force that would need to happen incrementally.
And then just you know when you would anticipate actually launching in I think in the past Marc.
You had talked about maybe the initial rollout being to a concentrated group of physicians maybe.
Something in the hundreds and then expanding.
<unk> and more broadly as physicians got experience I think that's consistent with what you just talked about but I didn't know if those numbers were.
Were reasonable.
Expectations and then just lastly on the fillers can you just walk us through a little bit you know.
Really good performance in what is a seasonally.
Typically kind of seasonally a weak quarter or weaker quarter in first quarter.
Second quarter very strong just wondering how the trends are looking at this point.
You know as we're halfway through the quarter. Thanks.
Mark Foley: Mabel, I'll answer the beginning of your first question, then turn it over to Dustin on some of the sales, and then we'll move on to your second question after that. So, you know, in terms of the rollout, you know, post-approval, so, like you said, if we receive approval on September 8th, as a theoretical, then there's going to be a little bit of time after we receive that approval to get sort of the final packaging and the labeling and everything squared away and put on the boxes so that we can ship it. So you have, you know, a few weeks there that you have to account for on the logistics side of it.
Sure.
Ill answer at the beginning of your first question and then turn it over to Duston on some of the sales and then and then hit your second question after that so.
So the rollout post approval. So like you said, if we receive approval on September eight.
Theoretical then theres going to be a little bit of time. After we received that approval to get sort of the final packaging and the labeling and everything.
Core it away and put on the boxes. So that we can ship. It. So you got a few weeks there that you have to account for in the logistics side of it after that we've talked about going to a very small concentrated group of physicians to again get it in their hands and have them provide us feedback on a real world setting and then following that faith.
Mark Foley: After that, we talked about going to a very small, concentrated group of physicians to, again, get it in their hands and have them, you know, provide us feedback in a real world setting. And then, following that phase, we would then move to this broader group that you talked about. And then, you know, with RHA, we said that with roughly 100 or so customers, we'll right-size to what we think that group is for this next phase to take that learning from that initial group, use it in a broader setting, and then use that learning and experience to refine sort of the training and education process that will be needed to roll it out.
We would then move to this broader group that you talked about and then with the <unk>, we said that with Russ.
Roughly 100, or so customers will right size to what we think that group is for this next phase to take that learnings from that initial group use it in a broader setting and then take that learning and experience to refine sort of.
The training and education process that will be needed to roll it out and again, we've made a pretty sizable investment in Nashville, with our corporate training and education center to be able to make sure that we're providing world class training and given sort of the performance profile of the product. We think that will get high levels of engagement from physicians and injectors to want to make sure.
Mark Foley: And, you know, again, we've made a pretty sizable investment in Nashville with our corporate training and education center to be able to make sure that we're providing world-class training. And, you know, given sort of the performance profile of the product, we think that, you know, we'll get high levels of engagement from physicians and injectors to want to make sure that they learn all the tips and tricks that will be important to getting a successful outcome. And, Dustin, maybe you can talk a little bit about Salesforce and any other logistics associated with it. Yeah, no, thanks, Mark.
Or that they learn all the tips and tricks that we important to getting a successful outcome and that's maybe can talk a little bit about salesforce and any other logistics associated with it yes. Thanks Mark.
Dustin Sjuts: Obviously, the good and bad is that we've had a little extra time here. So we are very well prepared from a Salesforce training perspective. We were able to train on a lot of the clinical data already, as well as the toxin market landscape, right? But those are data that we can train on now.
The good and bad as we've had a little extra time here. So we are very well prepared from a sales force training perspective, we were able to train on a lot of the clinical data already as well as the toxin market landscape right that those are data that we can train on now so they have been brought up to speed with that while constantly kind of getting up to speed with all the new.
Dustin Sjuts: So they have been brought up to speed on that while constantly kind of getting up to speed with all the new clinical programs and things that are ongoing. So we feel like we've got a jumpstart from a Salesforce training perspective. We will bring them together to train them on then the marketing messaging, the labeling, those sorts of things specific to DAXI. But we believe that we can do that in tandem with some of these launch phases that Mark said. And I think we'll also be able to leverage the national experience to potentially expand a bit on the early numbers in those groups.
Programs and things that are ongoing so we feel like we've got a jumpstart from our sales force training perspective, we will bring them together to train them. On then the marketing messaging labeling those sorts of things specific to <unk>, but we believe that we can do that in tandem with some of these launch phases that that Mark said and I think we'll also be able to leverage the Nashville.
<unk> to potentially expand a bit of the early numbers in those groups. We've made that investment allow us to be very efficient with our training and accommodate significantly more numbers and we're able to do with the <unk> preview. So it will be focused on obviously launching the product with the right account as what's the what's the right outcomes.
Dustin Sjuts: We've made that investment to allow us to be very efficient with our training and accommodate significantly more numbers than we were able to do with the RHA preview. So it will be focused on obviously launching the product with the right account and with the right outcomes. But we feel like we'll be in a really good position to get started early. Mark, do we hit the RHA trends? Yeah. And so, you know, Seamus, to your question on just sort of what we're seeing out there in the market and trends. Yeah, I mean, as you noted, Q1 is seasonally a down quarter, certainly relative to Q4.
We feel like we'll be in a really good position to to get started early March and we hit the IHA trends yeah. So.
Seamus to your question on just sort of what we're seeing out there in the market and trends, yes. I mean as you noted Q1 is seasonally a down quarter certainly relative to Q4, and we were encouraged based on the performance of our <unk> sales in Q1 that the degradation of Q4 to Q1 was less than what is typically the industry standard and I think that reflects the fact that we're still.
Mark Foley: And we were encouraged based on the performance of our RHA sales in Q1 that, you know, the degradation of Q4 to Q1 was, you know, less than what is typically the industry standard. And I think that reflects the fact that we're still in launch and growth mode. So we continue to be encouraged by what we're seeing. And, you know, here we are, a little over a year into launch, generating almost $100 million from the launch, with three SKUs.
<unk> launched in growth mode. So we continue to be encouraged by what we're seeing and you know here, we are a little over a year into launch generating almost $100 million from the launch launching three skus. So we're really proud of what the commercial team has accomplished out there.
Mark Foley: So we're really proud of what the commercial team has accomplished out there. You know, we continue to be encouraged by the trends that we're seeing in the market. And so in Q2, you know, we're continuing to see a good market out there, good demand for injectables. I know there's a little bit of a question around sort of rising interest rates and COVID resurgence.
We continue to be encouraged by the trends that we're seeing in the market and so in Q2.
We're continuing to see a good market out there.
Good demand for Injectables I know, there's a little bit of a question around sort of rising interest rates and COVID-19 resurgence, but thus far we continue to feel like the market's.
Mark Foley: But thus far, we continue to feel like the market's, you know, steady as she goes. And we're continuing to see, you know, good growth there. So we continue to be cautiously optimistic as we move through the year in terms of how we think the injectable market's going to perform. Great, thanks guys. Your next question comes from the line of David Amsellem from Piper Cellar. Hey, thanks, so just have a
Steady as she goes and we're continuing to see good growth. There. So we continue to be cautiously optimistic as we move through the year in terms of how we think the injectable market is going to perform.
Great. Thanks, Thanks Seamus.
Your next question comes from the line of David <unk> from Piper Sandler Your line is now open.
David Amsellem: So first, on Redensity, can you just talk about how you're sizing up that opportunity and specifically the extent of which that expands the overall peak sales potential of the RHA franchise? So that's number one. And then number two, just a high-level question about the toxin market. We've seen some pretty strong growth among the market leaders and even strong growth among some smaller players here. So I guess the question here is, you know, do you see a lot of that growth coming from, Unknown Attendee, Chris Shibutani, Lachlan Hanbury, Mikaela Franceschina, Navann Dietschi, Jessica Serra Thanks.
Hey, Thanks, So just have a couple.
So first on route density.
Can you just talk about how you're sizing up the opportunity and specifically the extent to which that explore.
Expands the overall peak.
Peak sales potential of the RH a franchise so that's one.
Number one and then number two just a high level question about the toxin market, we've seen some pretty strong.
Gross out of the <unk>.
Market leaders in an even strong growth.
Some smaller players here. So I guess the question here is you know.
Do you see a lot of that growth coming from.
Prestige accounts, the kinds of accounts that youre going to be targeting initially.
Of that coming from just an expansion of just the number of injectors and as you looked at that how does that inform how you were thinking about.
Early commercialization.
And your efforts surrounding dachsie. Thanks.
Great. Thanks, David.
Mark Foley: Great. Thanks, David. I'll go ahead and have Dustin answer your first question about Redensity, you know, how we size the market and how we think about, you know, what it might do as an expansion opportunity. So Dustin, why don't you hit that one?
I'll go ahead and to have duston to answer your first question about <unk>, how we size the market and how we think about what it might do from an expansion opportunities. So that's what when you hit that one yeah. Thanks, David We're really excited about the launch of <unk> density It will be our fourth gel in the marketplace since launch and we will be the first company that has four unique gel.
Dustin Sjuts: Yeah, thanks, David. We're really excited about the launch of RHA Redensity. It will be our fourth gel in the marketplace since launch, and we'll be the first company that has four unique gel properties in the market that early from introduction in the United States, which allows us to really address the ever-changing needs of the practitioners in the United States. From a market perspective, it's really difficult in the dermal filler market to kind of tease them out indication by indication because so much of the use is outside of the kind of FDA-labeled indications.
<unk> in the market that early from introduction of the United States, which allows us to really address the ever changing needs of the practices in the United States from a market perspective, it's really difficult in the dermal filler market to kind of tease amount indication by indication because so much of the uses outside of the kind of FDA labeled.
Indications, we feel like the <unk>. The line is unique and that it is able to be the first and only product that's injected superficially and mid <unk>, which allows for the icing on the cake effect across a variety of locations and so it's a great fit it allows us to continue to be innovative in this space have something new to <unk>.
Dustin Sjuts: We feel like the RHA Redensity line is unique in that it is able to be the first and only product that's injected superficially and mid-dermally, which allows for that icing on the cake effect across a variety of locations. And so it's a great fit.
Dustin Sjuts: It allows us to continue to be innovative in the space, have something new to talk about and train on, and also continue to address evolving needs. And so we feel really good about it being that product that helps us maintain that relevance and shows the strength of the entire range of the product. And then on your second question, David, regarding the toxin market and the strength there, and where's the growth coming from? I mean, are we seeing the same trends, right?
About train on and also continue to address the evolving needs and so we feel really good about it being that.
That product that helps us continue that relevancy and shows the strength of the entire tire range of the product.
Mark Foley: I think that, you know, if you look at sort of the forecast over time, I think collectively, as an industry, we continue to think we're going to see good growth in the facial injectable category. And I think it's going to be a combination of all the factors that continue to drive it today. You've got some younger people that are engaging in sort of rejuvenation; you've got, you know, people that are deciding to finally engage in aesthetics because they want to retain the best version of themselves.
And then on your second question, David regarding the toxin market and the strength, there and where is the growth coming from I mean, we're seeing the same trends right I think that if you look at sort of the.
The forecast over time, I think collectively as an industry. We continue to think we're going to see good growth in the facial injectable category and I think it's going to be a combination of all the factors that continue to drive it today, you've got some younger people that are engaging in sort of Purdue the nation you've got.
People that are deciding to finally engage in aesthetics, because they want to retain the best version of themselves and I think that's a function of a good healthy market and with more competition and more awareness I think youre going to see more people come in and we would expect also with our long acting neuromodulator that it's going to stimulate another narrative out in the market around sort of the benefits of toxins overall.
Mark Foley: And I think that's a function of a healthy market. And with more competition and more awareness, I think you're going to see more people come in. And we would expect, also, with our long-acting neuromodulator, that it's going to stimulate another narrative out in the market around sort of the benefits of toxins overall. So I don't know that there's any sort of unique catalyst right now.
So I don't know that theres any sort of unique catalyst right now I think it's the collective the fact of the industry further investing dollars and bringing more people into the fold. Some of the growth is impacted by price increases that some of the competitor companies have taken so I think youre seeing not only good increase in overall procedures, but some lift.
Mark Foley: I think it's the collective effect of, you know, the industry further investing dollars and bringing more people into the fold. You know, some of the growth is impacted by price increases that some of the competing companies have taken. So I think you're seeing, not only a good increase in overall procedures, but some lift due to price as well. But I don't think any of this changes our strategy.
Due to price as well I don't think any of this changes our strategy. When we've done of our market survey work. We continue to believe that the value proposition of a long acting neuromodulator really resonates with people that are seeking a toxin treatment and so we think that will continue to benefit from the overall growth in that.
A healthy subset of that that group is we believe is going to be interested in the value proposition of a long acting neuromodulator, but.
Mark Foley: You know, when we've done all of our market survey work, we continue to believe that the value proposition of a long-acting neuromodulator really resonates with people that are seeking a toxin treatment. And so we think that, you know, we'll continue to benefit from the overall growth and that, you know, a healthy subset of that group, we believe is going to be interested in the value proposition of a long-acting neuromodulator.
We feel that the strategy that we've had in place for some time continues to be the right strategy and even with the market growth, we don't see any needed to change that.
Mark Foley: But, you know, we feel that the strategy that we've had in place for some time continues to be the right strategy, and even with market growth, we don't see any need to change that. Thanks, guys. Right. Thanks, David.
Okay. Thanks, guys.
Great. Thanks, David.
Your next question comes from the line of Annabel Sammy from Stifel. Your line is now open hi.
Mark Foley: Your next question comes from the line of Annabel Samy from... Hi, thanks for taking my question. I was wondering, as far as training is concerned, is there anything you can share with us about the product profile that you understand to be different that physicians really need to be trained on outside of duration? You already mentioned that there's some reconstitution that's required, so I know training for new neuromodulators has tripped up others in the past, and so how do you feel about the profile here and how easy it is to train physicians on this one? I guess question number one: what kind of barriers do you have there for adoption?
Alright, Thanks for taking my question.
I was wondering as far as the training is concerned is there anything you can share with us on the product profile that you understand it would be different that physicians, who really need to be trained on it outside of duration. You already mentioned that there is some reconstitution is required so I know training.
For new Neuromodulators have tripped up others in the past and so how do you feel about the profile here and how easy it is to train patients physicians on this one so that's.
I guess question number one what kind of barriers that you have there for adoption.
Mark Foley: And then just to reconfirm, I'm not sure if you're going to even answer this, but can you tell us whether the FDA's current review by the FDA is strictly based on the manufacturing changes that you made, and everything else has been negotiated, i.e., labeled that this is strictly a manufacturing thing? And then I guess those are my two questions. The others have been answered.
Then just yet.
Reconfirm not sure if youre going to have been asked this but can you tell us where the.
The FDA review by the FDA is strictly based on the manufacturing changes that you've made and everything else has been negotiated E labels that strictly in manufacturing thing.
And then I.
I guess those are my two questions. The others have been answered. Thank you.
Mark Foley: Thank you. Yeah, so, on the training side of it, I mean, I think we've got the benefit of having seen other companies launch into the marketplace with sort of different dilution or reconstitution and variety. So we're acutely aware of the importance of making sure. I think one of the big advantages that we have is the unique performance profile. So any time you're asking somebody to change behavior or learn something new, the question is, is it worth their time to invest in doing something different?
Yeah. So first on the training side of it I mean, I think we've got the benefit of having seen other companies launch into the marketplace with sort of different dilution of reconstitution of variety. So we're acutely aware of the importance of making sure I think one of the big advantages that we have is the unique performance profile, so and anytime youre asking somebody to change behavior.
I learned something new the question is is it worth their time to invest in doing something different and we believe that based on the duration profile of our neuromodulator that the answer is yes. So we are very aware of the fact that.
Mark Foley: And we believe that based on the duration profile of our neuromodulator, the answer is yes. But we are very aware of the fact that, you know, everybody has their own dosing, right? So our dosing is different than others, and so we need to make sure that our injectors understand exactly how to reconstitute, you know, what that, you know, sort of injection pattern was for the clinical trials. And then that brings us back to sort of the strategy of working with a small group of sort of leaders in the field to, you know, get some real-world feedback and then use those learnings again to, you know, share that with the next group that we go into.
Everybody has their own dosing right. So our dosing is different than others.
And so we need to make sure that our injectors understand exactly how to reconstitute what that sort of injection pattern was for the clinical trials and then that brings us back to sort of the strategy of working with a small group of sort of leaders in the field to get some real world feedback and then use those learnings again too.
<unk>.
Sure that with that next group that we go into and so we think we are being very thoughtful and we'll be very methodical and as we talked earlier, that's why for us out of the gate, it's not so much how much revenue we generate initially it's how do we ensure that we get really good clinical outcomes because with good clinical outcomes. We believe that we've got a.
Mark Foley: And so, you know, we think we are being very thoughtful and we'll be very methodical. And as we talked earlier, that's why for us out of the gate, it's not so much how much revenue we generate initially, it's how do we ensure that we get really good clinical outcomes. Because with good clinical outcomes, we believe that, you know, we've got a great opportunity to be a meaningful player in this market. And frankly, it's not too different from the launch of the RHA fillers.
Great opportunity to be a meaningful player in this market.
Frankly, it's not too different than the launch of the <unk> fillers.
Mark Foley: You know, as good as the RHA filler line is, you know, if you look at how physicians are injecting that, there have been some tweaks that these injectors have made. They sometimes tend not to go quite as deep and bury it in the bone and do some things there.
Good is the IHA filler line is.
If you look at how physicians are injecting that.
There've been some tweaks that debt. These injectors have made sometimes tend not to go quite as deep and varied on the bone and do some things there and so we've had to be really thoughtful.
Mark Foley: And so we've had to be really thoughtful while remaining on label to make sure that people understand the subtle differences. And I think that, you know, that's showing up in the performance of the numbers. And so, based on those learnings, we think we've got the right strategy in place. And we also believe that we've set it up to make sure that we are learning out of the gate versus trying to chase a number.
While remaining on label to make sure that people understand the subtle differences and I think that that's showing up in the performance of the numbers and so.
Based on those learnings, we think we've got the right strategy in place and we've also believed that we've set it up to make sure that we are learning out of the gate versus trying to try to chase a number.
Mark Foley: On the second one, in terms of the FDA, in terms of the review, I mean, if you look at the CRL that we received, the observations were limited to, you know, sort of manufacturing. They were five observations.
On the second one in terms of the FDA in terms of the review I mean, if you look at the CRM that we received the observations were limited to.
Sort of manufacturing they were the five observations.
We had a type a meeting we indicated that with the agency wanted us to do was to provide the qualification for the new working cell banks.
Mark Foley: You know, we had a type A meeting. We indicated that, you know, what the agency wanted us to do was to provide the qualification for the new working cell bank. And we also previously stated that, you know, heading into the deferral where we were waiting for the inspection, everything else had already been addressed by the agency. So, you know, clinical, non-clinical, CMC, label.
And we also previously stated that heading into the deferral, where we're waiting for the inspection everything else had already been addressed by the agency so clinical non clinical CMC.
Mark Foley: And so we continue to feel very good about where we are and are, you know, looking forward to, you know, working closely with the agency towards our PDUFA date. Okay, if I could just ask one more follow-up on the training question. I guess, I know it's hard to put a timeline on it, but for the training, like, at what point, is it just initial feedback that you're getting in terms of the initial performance, or is this going to take longer because you have to sort of watch the duration and see how the product performs over the course of the six months, and get some feedback from physicians on how satisfied the patients were?
Label, and so we continue to feel very good about where we are.
And are looking forward to working closely with the agency towards our <unk> date.
And if I could just ask one more follow up on the training.
Question is there.
I guess I know, it's hard to put a timeline on it but.
So the training like at what point is it just initial feedbacks that you're getting in terms of the initial performance.
Is this going to take longer because you have to sort of watch the duration and see how the product performs over the course of that six months get some feedback from physicians on how satisfied the patients where like I just wanted to kind of understand that.
Mark Foley: Like, I just want to kind of understand the timeframe that we should think about this training period, let's say. Yeah, no, in talking with our, you know, physicians, I think that given sort of the amount of clinical data that's been generated, demonstrating the duration profile of the product, I think what they're very interested in is sort of that acute look, right? So you inject the patient, you wait a couple days, and you wait to see if you get sort of that look that you're going for.
Timeframe that we should think about this training period, let's say.
Mark Foley: So we actually think that they can do a series of, you know, patients in turns where they inject, and they wait to see whether or not they're getting sort of that, you know, acute result that they're looking for, and whether or not they need to make any other tweaks, you know, to sort of get what the outcome is. I think that today, we're going to get the benefit of the doubt on the duration. And so it's really about that, that acute performance.
Yes, no and talking with our physicians I think that given sort of the amount of clinical data that's been generated demonstrating the duration profile of the product I think they're very interested in is sort of that acute look right. So you inject the patient you wait a couple of days you wait to see did you get sort of that look that you were going for so we.
Do you think that they can do a series of patients in turns where they inject they wait to see whether or not they are getting sort of that.
Cute result that theyre looking for and whether or not they need to make any other tweaks.
To sort of get what the outcome is I think that today, we're going to get the benefit of the doubt on the duration and so it's really about that at our key performance I don't know if you wanted to add anything no I think the other thing Annabel is how they integrated the practices you've seen a lot of these.
Mark Foley: I don't know, Dustin, if you wanted to add anything? No, I think the other thing, Annabelle, is how they integrated the practices. You've seen a lot of these product launches fail because they don't know how to charge for it. They don't know how to explain it.
Product launches fail, because they don't know how to charge forward thinking on how to explain it. This is something that we're going to invest in early on to make sure that when they get the product. They know exactly what the value is how to charge for it how to schedule them and how to get the most satisfaction out of a two times a year neuromodulators. So we feel like it's it's not only just about the clinical and outcomes.
Dustin Sjuts: This is something that we're going to invest in early on to make sure that when they get the product, they know exactly what the value is, how to charge patients for it, how to schedule them, and how to get the most satisfaction out of a two-times-a-year neuromodulator. So we feel like it's not only just about the clinical and outcomes profile, but also about how to best integrate it. If you look at our model, we don't want to call on everyone. You've seen launches where they sample thousands and thousands of accounts, and the metric is to then determine how many of those then convert into successful practices.
Profile, but also about how to best integrate and if you look at our model, we don't want to call on everyone, you've seen launches where they sample thousands of thousands of accounts and the metric is to then determine how many of those then convert into successful practices. We want to kind of go the other way, which is take the practices that believe in the value that we're driving surround them with <unk>.
Dustin Sjuts: We want to kind of go the other way, which is to take the practices that believe in the value that we're driving, surround them with RHA, OPAL, and AXI, and go deeper in those accounts. We feel like that's the strategy that wins, and we focus directly on how to make them successful as our partners versus dropping off a product and trying to expand it as quickly as possible. We think you can drive more value with the latter. Great, thank you so much. Thanks, Annabel. Your next question comes from the line of Balaji Prasad from Barclays. Your line is, Hi, good afternoon. Thanks for the questions. Two from me.
<unk> and go deeper in those accounts, we feel like Thats, the strategy that wins and focusing directly on how to make them successful as our partners versus dropping off a product and trying to expand it as quickly as possible. We think you can drive more value with the latter.
Okay, great. Thank you so much.
Thanks Annabel.
Your next question comes from the line of <unk> Prasad from Barclays. Your line is now open.
Good afternoon, and thanks for the questions two from me.
Mark Foley: Firstly, on the competitive landscape, I would like to get your thoughts around Avalos Extra Strength Jewel. How do you think this would impact market dynamics, assuming that it comes in a couple of quarters after DAXC has been present? And how can you prevent any loss of market share, if at all, with a second toxin, maybe with a similar claim to fame around duration? The second question is about Biosimilar Botox and the delay that Viatris called out yesterday.
Firstly on.
On the competitive landscape I would like to get your thoughts around evidence extra stride juul. How do you think those would impact market dynamics, assuming that it comes in a couple of quarters after vaccines being present.
And how can you prevent any loss of market share if at all with the second dock, saying, maybe similar claim to fame on durations.
Second question is on Biosimilar, Botox, and the <unk> that <unk> called out is today.
Mark Foley: Is there any reason to consider that this project could be shelved or delayed considering your partner's altered importance of Biosimilars' NAP? Thank you. Thanks, Balaji. Why don't I take the first one? I'll take the second one first, then hand it back to Dustin on the competitive landscape and stuff.
Is there any reason to consider that this project could be shelved or delayed considering your partners altered importance of Boston that does not.
Thank you.
Thanks, Blasia why don't I take the first I'll take the second one first and then hand, it back to duston on the competitive landscape and stuff, but so on the <unk> side of it the delay there we used the same drug substance manufacturing for both the Biosimilar to Botox and our program and so theres been a direct impact based on the delay of our approval for <unk>.
Mark Foley: But so on the viatris side of it, you know, the delay there, we use the same drug substance manufacturing for both the biosimilar to Botox in our program. And so there's been a direct impact based on the delay of our approval for daxibotulinum toxin A for injection, which has impacted, you know, that program. But we continue to feel very encouraged. The teams continue to collaborate really well and move forward. We like what we're hearing from the agency about what the path forward looks like. And so that's really been the biggest impact.
Botulinum toxin a per injection.
Which is impacted.
That program, but we continue to feel very encouraged.
<unk> continued to collaborate really well move forward, we like what we're hearing from the agency about what the path forward looks like and so that's really been the biggest impact and so.
Mark Foley: And so, you know, hopefully, you know, with approval, that will put us on a much more deterministic timeframe, but that's related to the viatris side of it. And then if you want to talk about the competitive landscape, Yeah, thanks, Mark. So Balaji, I believe you're talking about the Evolis, you know, high dose, you know, toxin clinical program that they put together. Yeah, so if you look at this, this landscape is not new. The doses that were picked for the neuromodulators that have been in the market for decades were picked specifically because they drove the right efficacy and the right safety profile.
With approval that that will put us on a much more deterministic timeframe, but thats related to the <unk> side of it and then if you want to talk about competitive landscape. Yeah. Thanks, Mark So largely I believe you're talking about the <unk>.
High dose toxin clinical program that they put together a central lab.
Dustin Sjuts: You look at therapeutics being started, there would be a kind of a lean toward if a higher dose product was more efficacious, you'd actually be better off in aesthetics having that because of the kind of combination of the therapeutic pricing. And so we feel that the high dose noise will be out there consistently. But the fundamental fact is that DAXE is the first ever product to be formulated with a cell penetrating peptide that stabilizes the product and delivers an efficacy profile with the same active amount of neuromodulator that is currently on the market today.
Yes. So if you look at this landscape is not new the doses that were picked for the neuromodulators that have been in the market for decades, our picks specifically because they drove the right efficacy.
And the right safety profile.
Look at Therapeutics being started there would be a kind of a lean towards a higher dose product was more efficacious you would actually be better off in aesthetics, having that because of the kind of combinations of therapeutic pricing and so we feel that the high dose noise will be out there consistently but the fundamental factors that taxi is the first ever product can be formulated with the <unk>.
Dustin Sjuts: And so we find a lot of it to be noise. We think DAXE has proven throughout a large clinical profile program, both in aesthetics, across multiple indications in aesthetics, and in therapeutics, that this is a product that acts differently. So it's not a dosing paradigm.
Cell penetrating peptide that stabilizes the product and delivers an efficacy profile with the same active amount of neuromodulator that is currently on the market today and so we find it a lot to be noise. We think taxi has proven throughout a large clinical profile programs, both in aesthetics across multiple indications and instead X and in therapeutics.
At this is a product that acts differently. So it's not a dosing paradigm and so we think there'll be noise out there, but if the a larger dose product was more effective.
Dustin Sjuts: And so we think there'll be noise out there. But if the larger dose product was more effective, we think that that would have had some kind of impact on the market already because they could have done that with Botox or Xeomin or all these other products that have chased those kind of double dose or higher dose studies as well. So we feel really good about the uniqueness of DAXE and look forward to getting into the market. Thank you. Great. Thanks, Balaji.
We think that that would have had kind of impacting the market already because they could have done that with a botox or <unk> or all these other products that have chase those kind of double dose or higher dose studies as well. So we feel really good about the uniqueness of Dachsie and look forward to.
Getting into the market.
Thank you.
Alright, thanks logic.
Mark Foley: Your next question comes from the line of Emile Divan from Mizuho Securities. Your line: Great, thanks for taking my questions, and I think most of mine have also been answered. Just to clarify, I know you can't say too much around the regulatory side of things, you mentioned, so you're not going to be giving the play-by-play like you did. I'm sure you've heard of this group before, but you will still be commenting on any material updates.
Your next question comes from the line of <unk> Divan from Mizuho Securities. Your line is now open.
Alright, Thanks for taking my questions and I think most of mine have also been asked but just just to clarify I know you can't say too much around that.
Inventory side of things, but you mentioned, you said youre not going to be giving them.
Play by play like you did before but you will sort of be commenting on any material update. So I just wanted to make sure. We're clear because we get a lot of questions on this.
Mark Foley: So I just want to make sure we're clear because we get a lot of questions on this issue. So, as you go through the process, would you be announcing sort of when they're coming for an inspection? Like you did last time, would you announce it? Related, or would you now? Is there any...
So as you go through the process would you be announcing sort of when theyre coming for an inspection like you did last time would you announce when it's completed or would you announce that there is any sort of findings from the inspection just trying to get a sense of what you're at this point when you consider the thresholds were giving any update yes, I appreciate that and we certainly can appreciate sort of the desire from the investors.
Mark Foley: Findings from the inspection, just trying to get a sense of what you're at this point, what you consider the threshold. Unknown Speaker Yeah, Navann, I appreciate that. And we certainly can appreciate sort of the desire from the investor community to kind of get whatever information that we're comfortable providing. Yeah, no, we're gonna, we're going to kind of fall back to normal company policy where we don't think it's appropriate to comment on ongoing FDA engagement.
Community to kind of get whatever information that we're comfortable providing yes, we're going to we're going to kind of fall back to normal company policy, where we don't think its appropriate to comment on ongoing FDA engagement. So things like hey has the inspection taking place or not.
Mark Foley: So things like, hey, has the inspection taken place or not, we wouldn't look at that as sort of routine or typical, given that we now have a date that we're working to a PDUFA date. Our next expected communication would be once we receive, you know, official notification from the agency regarding our CRL resubmission on or before September 8. Or if we were to receive anything else material, you know, the scheduling of an inspection, we would not deem to be material; we've already indicated that it's a class two inspection and that we expect an inspection of our facility.
Wouldn't look at that as sort of routine or typical given that we now have a date that we're working to a <unk> date. Our next expected communication would be once we received official notification from the agency regarding our CRO resubmission on or before the September eight.
Or if we were to receive something else material scheduling of an inspection, we would not deem to be material. We've already indicated that as a class II inspection and that we expect a.
An inspection of our facility.
And so we would not expect to give any additional updates between now and either a decision from the agency or our <unk> date, whatever happens first or in the event that we have received something that we deem to be material.
Mark Foley: And so we would not expect to give any additional updates between now and either a decision from the agency or our PDUFA date, whatever happens first, or in the event that we receive something that we deem to be material. Okay, all right, great, thank you for that detail. And then maybe just one quick follow-up on what you said earlier about inflation-wise and consumer spending.
Okay, Alright, great. Thank you for that detail and then maybe just one quick follow up I. Appreciate some of what you said earlier on sort of the macro concerns inflation wise and consumer spending and I know you are still a few months away from a potential launch, but I'm just curious how that might impact how you're thinking about pricing in this market. We've seen competitors raise prices or do you still see there.
Mark Foley: I know you're still a few months away from a potential launch, but I'm just curious how that might impact how you're thinking about pricing in this market, which we've seen in competitors' race prices. Do you still see this? Is this something where you— https://www.youtube.com or the link in the description below.
Is this something where you would come in.
Are you thinking of this on our premiums.
Premiums are basis above where the current other toxins are priced or any sort of additional color on the pricing side.
As we think about.
Mark Foley: Are you thinking about it a few months from now? Sure, you know, we've been very thoughtful about sort of pricing; we've done a lot of market research. You know, we've spoken with a lot of positions to again, given the investment that we've made in innovation, we believe that based on the duration profile of the product and how differentiated and unique it is, it will command and warrant a premium in the marketplace. And so, you know, I don't see us making any short-term decisions based on interest rate hikes or whatever, and the injectable category is proven to be fairly resilient.
But a few months out.
Sure we've been very thoughtful around sort of pricing we've done a lot of market research.
Spoken with a lot of physicians to again, given the investment that we've made in innovation, we believe that based on the duration profile of the product.
And how differentiated and unique it is that it will command and warrant a premium in the marketplace and so.
I don't see us, making any short term decisions based on interest rate hikes or whatever in the injectable category has proven to be fairly resilient. So we believe that there's room for us to charge a premium given the duration profile and that there is also an opportunity for practices to charge consumers more and offer frankly more value to them.
Mark Foley: So we believe that there's room for us to charge a premium given the duration profile, and that there's also an opportunity for practices to charge consumers more and offer, frankly, more value to them. And frankly, if anything, in a market where interest rates rise and other things, we think there will not be an insignificant number of consumers that are going to be looking to make sure that they get good value for the dollars that they spend.
And frankly, if anything in a market where interest rates rise and other things we think there will be.
Not an insignificant number of consumers that are going to be looking to make sure that they get good value for the dollars that they spend so.
We are obviously not given the details of our pricing strategy until launch for competitive reasons, but we think that we've got that right balance of charging a premium practices, making more margin and consumers getting more value in that that will fit in today's market.
Okay, Alright, thank you very much.
Mark Foley: So we, you know, we're obviously not given the details of our pricing strategy until launch for competitive reasons. But we think that we've got that right balance of charging a premium, practices making more margin, and consumers getting more value, and that that will fit in today's market. Okay. All right. Thank you very much. Your next question comes from the line of Douglas Tsao from HC, Wainwright Airlines. Hi, good afternoon
Sure.
Your next question comes from the line of Douglas Chao from H C. Wainwright. Your line is now open.
Douglas Tsao: Thanks for taking the questions. And I might have missed something earlier, but just in terms of the comments around some of the training needed, I'm just curious: www.thevenusproject.com. All of these are the initial group of customers, especially given the fact that there are a fair number of accounts that have had experience with the product during the clinical trial. Great question, Doug.
Hi, good afternoon, thanks for taking the questions.
I might have missed something earlier, but just in terms of the comments around some of the training needed.
Just curious.
How long because it doesn't sound like on for each individual physician is going to necessarily take that long, but how long do you think youll be able to roll this out to sort of that initial group of.
Customers, especially given the fact that there are a fair number of <unk>.
<unk> that have had experience with the product offering.
In the clinical trial. Thank you.
Mark Foley: And I think that, you know, while there certainly weren't 60 or so sites that were part of the clinical trial, you know, remember that they had to do all the injections per the prescribed protocol. And it was only for glabellar lines; we did some phase two work and upper facial lines, but that was sort of a small group of only a handful, four or so. So, you know, even those that have experience with the product are going to want to, you know, use it as they currently use other products, which is going to be more broad.
Sure No great question, Doug and I think that.
While there is certainly no.
60, or so sites that were part of the clinical trial remember that they had to do all the injections per the prescribed protocol and it was only for glabella lines. We did some phase two work in upper facial lines, but that was sort of a small group of only a handful four or so so.
Even though that have experience with the product they're going to want to use it as they currently use other products, which is going to be more broad and so given sort of that desire to use the product get that feedback of how what's that sort of settled look after a couple of days I think that they're probably going to want to cycle through that a little bit in that.
Mark Foley: And so, given sort of that desire to use the product, get that feedback of how, what's that, you know, sort of settled look after a couple of days, I think that they're probably going to want to cycle through that a little bit. And that's why we're going to take this stepwise function, where it'll be that initial small group, we'll take some of those learnings, and then roll it out into sort of a little bit bigger preview group, all with the focus on making sure that we get the right outcome.
Why we're going to take this stepwise function, where it'll be that initial small group. It will take some of those learnings and then roll it out into sort of a little bit bigger preview preview group all with the focus on making sure that we get the right outcome. So.
We'll continue to update you as we move forward, but again, we think this is really the right strategy. In this initial phase to make sure that we focus on outcomes don't compromise that.
Mark Foley: So, you know, we'll continue to update you as you move forward. But we, again, think this is really the right strategy in this initial phase to make sure that we focus on outcomes and don't compromise that. And then, you know, like I said, we've got a growing base of customers as we move forward that we'll be able to lean into. And what will that initial group of customers be? And presumably, that those stats can be a significant overlap with the RHA customers right now? That's correct.
And then like I said, we've got a growing base of customers as we move forward that we'll be able to lean into.
And what will that initial group of customers and presumably with those tests can be significant overlap with the <unk> customers right now.
Mark Foley: Yeah, if you look at our strategy, where we said we're targeting sort of the higher-end customers that are focused on, you know, outcomes and less on sort of pricing. So that targeting is the same targeting that we've used for the RHA fillers. And so there will definitely be, you know, a majority of overlap between our RHA customers as we go into it. In terms of the timing of that, you know, we said that it'll be this initial phase of call it a quarter.
That's correct, yes, if you look at our strategy, where we said we're targeting sort of the higher end customers that are focused on.
Outcomes in lepton on sort of pricing so that targeting is the same targeting that we've used for the <unk> fillers and so it will definitely be a majority of overlap between our customers as we go into it in terms of the timing of that we said that it will be this initial phase of call it a quarter or so with.
This initial group and then we'll move into that preview group, which.
Mark Foley: So with this initial group, and then we'll move into that preview group, where we'll kind of get a better feeling as to, you know, the learnings from that first group, and how long that second phase will be.
It will kind of get a better feeling as to the learnings from that first group how long that second phase will be and I think that's the kind of information that we'll be able to share as you think about your models once we get that feedback.
Mark Foley: And I think that's the kind of information that we'll be able to share as you think about your models once we get that feedback. Okay, and so that will be sort of an initial phase and the preview phase. And then after that, we would move in, and you would move into sort of a broader line. That is correct.
Okay, and so that will be sort of initial phase then the preview finish and then after that we would move in you would move into sort of a broader launch.
That is correct.
Okay.
Mark Foley: Okay. Great, thank you so much. Great. Thanks, Doug. Your next question comes from the line to Jim Leto from William Blair.
Great. Thank you so much.
Great. Thanks, Doug.
Your next question comes from the line of Jim <unk> from William Blair. Your line is now open.
Hi, Tim This is John on for Tim. Thanks, So much for taking our questions just two from US. So first just wondering.
John: Hi team, this is John on behalf of Tim. Thanks so much for taking our questions; just two from us. So first, I was wondering about your latest views on how the profile for the RHI A-Line will change next year, assuming that DACA..., to run to your end that you build off that franchise. And second, for the supplemental VLA, I'm just wondering if you can give us any more color on the timelines for filing, assuming DACC is approved. Is that going to be something that's going to take in the order of weeks or months? So why don't I take the second one first, John, and then I'll let Dustin hit the first one?
The profile for the IHI airline will change next year, assuming that the.
Marketing around year end.
And second the supplemental I'm just wondering if you can give us any more color on the timeline.
Is that going to be something that's on the order of.
Sure.
Okay.
So why don't I take the second one first John and then ill, let Dustin hit the first one so the supplemental filing for cervical dystonia, we've already completed the entire clinical program. We pulled together the information that will needed to complete that.
Mark Foley: So the supplemental filing for cervical dystonia, you know, we've already completed the entire clinical program. We've pulled together all the information that will be needed to complete that submission post the approval of DAX-C botulinum toxin A for injection in the globular line. So I would expect that the submission of that supplemental BLA will occur within a quarter post-launch. And then, as you know, we completed a phase two program in upper limb spasticity. We paused additional clinical programs in therapeutics during this phase, given the CRL, to preserve our cash runway.
That submission post the approval of Dachsie botulinum toxin a projection for glabella lines. So I would expect that the submission of that supplemental BLA will occur within a quarter post launch.
And then as you know we completed a phase II program and our preliminary spasticity, we paused additional clinical programs in therapeutics. During this phase given the CRM to preserve our cash runway and so once we file the CD we get into market. Then we'll kind of revisit sort of what's the next step that we want to take on the therapy.
Mark Foley: And so once we file the CD, we get into the market, then we'll kind of revisit, you know, sort of what's the next step that we want to take on the therapeutics program. And then, Dustin, I'll hand over the first one to you. Yeah, we remain really excited about the kind of long-term trajectory of the RHA collection. In talking now, we'll have four unique gels with two different indications and also further indications coming in the future.
<unk> program, and then duston ill hand over the first one yes, we remain really excited about the kind of long term trajectory of the R&D chain collection.
Talking now will have four unique gels with two different indications and also further indications coming in the future and so that coupled with yes. The sales force will have a different priority in terms of adding vaccine in the bag, but we're also looking at what's the right time to expand reps and then how do you look at this bundling opportunity between <unk> and actually how does <unk>.
Mark Foley: And so that, coupled with, yes, the sales force will have a different priority in terms of adding DAX-C to the bag, but we're also looking at what's the right time to expand reps. And then how do you look at this bundling opportunity between RHA and DAX-C? How does RHA unlock potential for DAX-C, and how does DAX-C unlock potential for RHA?
<unk> unlock potential for <unk>, how does that actually unlock potential for our HIV. So we feel really good about the trajectory you have got a healthy growing dermal filler market in United States, We've long talked about <unk>, having a 10% share kind of in the markets in which they compete ex U S.
Dustin Sjuts: So we feel really good about the trajectory. You've got a healthy, growing dermal filler market in the United States. We've long talked about Teoxane having a 10% share kind of in the markets in which they compete, ex-U.S., where they compete directly. And us having DAX-C will continue to allow us to kind of execute against that and potentially higher. So we feel really good about the trajectory of all those products and really then adding Opal to ensure the stickiness across the entire portfolio. So we should be hitting on all cylinders with the launch of DAX-C in combination with our training efforts and then kind of wrapping up the full portfolio. Thank you so much for the additional, Great.
Where they compete directly and us having taxi will continuing allow us to kind of execute against that and potentially higher. So we feel really good about the trajectory of all of those products and really then adding opel to ensure the stickiness across the entire portfolio. So we should be hitting on all cylinders with the launch of Dachsie in combination of our training efforts.
And then kind of wrapping together the full portfolio.
Thanks, so much for the additional color.
John: Thanks, Joe. Thanks, John. Your next question comes from the line of Rahid Basin from MEDEM.
Great. Thanks, John Thanks, John .
Your next question comes from the line of Rohit <unk> from Needham. Your line is now open.
Hi, This is Robert on for Serge. Thanks for taking my question could you talk a bit about how the rollout of the open platform is going and do you plan to phase out.
Rohit: Hi, this is Rohit on behalf of Serge. Thanks for taking my question. Can you talk a bit about how the rollout of the Opal platform is going? And do you plan to phase out Indie over time? And out of the 3,500 accounts, how many are using Opal and how many HintMD. Yeah, Rohit, this is Mark.
Overtime and out of the 3500 accounts how many users.
Are using the Opel and how many empty platform. Thanks.
Mark Foley: So, you know, at the launch, I kind of stepped back and, you know, looked at what the goals for this year were. So, you know, we talked about becoming a payment facilitator as being an important step to have, you know, access to the source data to help provide practice insights. So, we've evolved the system now to OPAL, where we have the payment facilitator function. We've also turned on the catalog as well, so that when checkouts are performed, these practices can, you know, flag the services that were provided, again, so that we have source-level data.
Yeah Rohit. This is mark so on the launch if I kind of step back and look at what were the goals for this year. So we talked about becoming a payment facilitator as being an important step to have access to the source data to help provide the practice insights so.
We've evolved the system now to Opel to where we have the payment facilitator function. We also turned off turned on.
The catalog as well so that when checkouts are performed these practices can.
Flagged the services that were provided again that we are a source of all the data. So this year is about rolling out opal with that functionality payback and catalog and so we're off to a good start in Q1, we reported on our gross processing volumes. So we've seen again good growth in accounts that habit and the overall processing.
Mark Foley: So, this year is about rolling out OPAL with that functionality, payback, and catalog. And so, you know, we're off to a good start in Q1. We reported on our growth processing volume.
Volume and that'll be a metric that we continue to report out on.
As a indicator of the health of the business. We've also talked about migrating the hint MD over to the <unk> platform and so we're well underway and we're just trying to make sure that we right size that the NMDA platform has been very successful for those accounts that have adopted it and so we just want to make sure that as we shift people from <unk> over to Opel.
Mark Foley: So, we've seen, again, good growth in accounts that have it and the overall processing volume, and that'll be a metric that we continue to report out on as an indicator of the health of the business. We've also talked about migrating the HINT MD over to the OPAL platform, and we're well underway, and we're just trying to make sure that we right-size that. You know, the HINT MD platform has been very successful for those accounts that have adopted it.
Don't break anything along the way or lose momentum in those accounts, but our expectation is that we will migrate.
Most if not all of the N M D accounts over to <unk> this year.
And so we like that trajectory, we talked also about turning on practice insights getting the catalog up and running and then continuing to drive further value in this platform, we have not broken out the specific number of accounts that have the open platform within the 3500 accounts nor have we broken out the <unk> out separately.
Mark Foley: And so, we just want to make sure that as we shift people from HINT MD over to OPAL, you know, that we don't break anything along the way or lose momentum in those accounts. But, you know, our expectation is that we will migrate most, if not all, of the HINT MD accounts over to OPAL this year. And so, we like that trajectory. We also talked about, you know, turning on practice insights, you know, getting the catalog up and running, and then, you know, continuing to drive further value in this platform. You know, we have not broken out the specific number of accounts that have the OPAL platform within the 3,500 accounts, nor have we broken out the RHA accounts separately.
Said that between the two we're in over 3500 accounts and we've been very sort of consistent and measured in the onboarding of new accounts on a quarterly basis.
Mark Foley: We've just said that between the two, we're in over 3,500 accounts, and we've been very consistent and measured in the onboarding of new accounts on a quarterly basis. Great. Thank you.
Great. Thank you.
Great. Thanks very much.
Okay. There are no further question at this time I will turn the call back over to Mark for any final comments.
Operator: Okay, there are no further questions at this time. I will turn the call back over to Mark for any... Thank you everyone for joining today's call. We have the upcoming William Blair Healthcare Conference, so we look forward to seeing those of you at the conference who are going to be in attendance. And we welcome your requests for meetings directly through us as well. So feel free to reach out to Jessica if you'd like to schedule some time. With that, I would like to thank all of you for participating in today's call. This concludes today's conference call. Thank you for participating. You may now go on, [music]
Okay. Thank you everyone for joining today's call we have the upcoming William Blair Health Care Conference. So we look forward to seeing those of you there at that conference we're going to be in attendance.
And we welcome your requests for meetings.
Directly through us as well so feel free to reach out to Jessica if you'd like to schedule. Some time with that I would like to thank all of you for participating in today's call.
This concludes today's conference call. Thank you for participating you may now disconnect.
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