Revance Therapeutics (NASDAQ: RVNC) reported Q3 EPS of ($0.96), $0.02 better than the analyst estimate of ($0.98).

“Revance is entering a pivotal period, given the large number of value-inflection points we have created for the company, beginning in just a few weeks with the anticipated submission of our first BLA for DAXI with the FDA,” said Mark J. Foley, President and Chief Executive Officer at Revance. “In 2020, we expect to report topline results for three Phase 2 clinical trials, as well as our ASPEN-1 Phase 3 trial in cervical dystonia. In addition, we anticipate 2020 will see FDA approval for, and the commercial launch of, our long-acting neuromodulator, DAXI, in glabellar lines. I’m thrilled to be taking the helm of this company at such a dynamic time. I want to take this opportunity to acknowledge everyone who has helped position Revance for the momentous period we are entering.”

2019 Financial Outlook

Revance reiterates its financial guidance provided in February 2019. Revance expects 2019 GAAP operating expense to be in the range of $173 to $185 million and non-GAAP operating expense, which excludes depreciation and stock-based compensation costs, to be in the range of $148 to $158 million as driven by increased research and development expenditures and launch preparation activities. With five clinical programs and preparations to file the BLA underway, Revance anticipates 2019 non-GAAP research and development (R&D) expense to be $93 to $100 million. With the successful capital infusion through partnering agreements in 2018 and an equity raise in January, management believes the company has adequate cash reserves to fund its current operations through 2020.

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