Revance Therapeutics Inc (RVNC) 2023 Q1 法說會逐字稿

Welcome to the Revance Therapeutics First Quarter 2023 Financial Results and Corporate Update Conference Call. (Operator Instructions) As a reminder, this call is being recorded today, Tuesday, May (technical difficulty) for Revance. Please go ahead.

歡迎來到 Revance Therapeutics 2023年第一季度財務業績和公司更新電話會議。 （操作員說明）提醒一下，今天，即 5 月星期二（技術難度），Revance 正在錄製此通話。請繼續。

Thank you, operator. 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 call, management will make forward-looking statements, including statements related to 2023 guidance, cash flow breakeven, operating leverage, blockbuster potential, our ability to draw on our debt and future revenue expenses (technical difficulty) the market, our growth potential, our CD approval and entry into the therapeutics market, our potential in other therapeutic indications, our commercial success, injector and consumer preferences and behavior, the efficacy and duration of DAXXIFY, the benefits to us, practices and consumers of our products and strategy, our customer base, the supply and manufacturing of DAXXIFY, our sales team, our strategic partnerships and our strategy, planned operations and commercialization plans and timing.

謝謝你，運營商。今天與我們一起參加 Revance 電話會議的還有首席執行官 Mark Foley； Dustin Sjuts 總裁；和首席財務官 Toby Schilke。在此電話會議期間，管理層將做出前瞻性陳述，包括與 2023 年指導、現金流盈虧平衡、經營槓桿、重磅炸彈潛力、我們利用債務和未來收入支出（技術難度）市場的能力、我們的增長潛力相關的陳述、我們的 CD 批准和進入治療市場、我們在其他治療適應症中的潛力、我們的商業成功、注射器和消費者的偏好和行為、DAXXIFY 的功效和持續時間、對我們、我們產品和戰略的實踐和消費者的好處，我們的客戶群、DAXXIFY 的供應和製造、我們的銷售團隊、我們的戰略合作夥伴關係以及我們的戰略、計劃運營和商業化計劃和時間安排。

Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements, as a result of these risks and uncertainties. Factors that could cause results to be different from these statements include factors that the company describes in the section titled Risk Factors in our Annual Report on Form 10-K filed with the SEC on February 28th, 2023, and our quarterly report on Form 10-Q filed with the SEC today, May 9th, 2023. Revance undertakes no duty or obligation to update any forward-looking statements, as a result of new information, future events or changes in its expectations.

由於這些風險和不確定性，我們的實際結果和事件發生的時間可能與此類前瞻性陳述中的預期存在重大差異。可能導致結果與這些陳述不同的因素包括公司在我們於 2023 年 2 月 28 日向美國證券交易委員會提交的 10-K 表格年度報告和我們關於 10-K 表格的季度報告中標題為風險因素的部分中描述的因素。 Q 於今天（2023 年 5 月 9 日）向 SEC 提交。Revance 不承擔因新信息、未來事件或預期變化而更新任何前瞻性陳述的責任或義務。

Also on today's call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our earnings release.

同樣在今天的電話會議上，我們將介紹 GAAP 和非 GAAP 財務措施。我們的收益發布中包含非 GAAP 指標與 GAAP 指標的對賬。

With that, I will turn the call over to Mark Foley, Chief Executive Officer of Revance. Mark?

有了這個，我將把電話轉給 Revance 的首席執行官 Mark Foley。標記？

Thank you, Jessica. Good afternoon, everyone, and thank you for joining our first quarter 2023 financial results conference call. We are very pleased to report our first quarter results, highlighted by strong execution on our DAXXIFY launch and the continued growth of our RHA Collection of dermal fillers.

謝謝你，傑西卡。大家下午好，感謝您參加我們的 2023 年第一季度財務業績電話會議。我們很高興地報告我們第一季度的業績，突出表現在我們 DAXXIFY 發布的強勁執行以及我們的 RHA 真皮填充劑系列的持續增長。

Total revenue nearly doubled from last year to $49 million for the first quarter, and we continue to see healthy procedure volumes in our target accounts, as well as favorable trends supporting the long-term growth of the facial injectables market. With our lead asset launched and our contract manufacturer now online to produce DAXXIFY at scale, we are in a great position to continue the growth of our aesthetics franchise. At the same time, we're excited to see our opportunity in therapeutics quickly approaching with our PDUFA date for DAXXIFY for cervical dystonia set for later this summer.

第一季度的總收入幾乎翻了一番，達到 4900 萬美元，我們繼續看到目標客戶的健康手術量，以及支持面部注射劑市場長期增長的有利趨勢。隨著我們的主要資產的推出和我們的合同製造商現在在線大規模生產 DAXXIFY，我們處於繼續發展我們的美學專營權的有利位置。與此同時，我們很高興看到我們在治療方面的機會迅速接近我們的 DAXXIFY 治療頸肌張力障礙的 PDUFA 日期定於今年夏天晚些時候。

The first year of DAXXIFY's launch is an exciting time for the company and critically important from an execution standpoint. Since we initiated our DAXXIFY early experience program in December, we've continued to be encouraged by the strong level of enthusiasm and positive feedback we received from both aesthetic providers and consumers. Between DAXXIFY's PrevU program and recent launch, we believe our performance thus far is indicative of a few things.

DAXXIFY 推出的第一年對公司來說是激動人心的時刻，從執行的角度來看至關重要。自從我們於 12 月啟動 DAXXIFY 早期體驗計劃以來，我們一直受到美容供應商和消費者的強烈熱情和積極反饋的鼓舞。在 DAXXIFY 的 PrevU 計劃和最近的發布之間，我們相信我們迄今為止的表現表明了一些事情。

First, DAXXIFY's innovative formulation and differentiated performance profile has been highly anticipated by the aesthetics market. We believe with duration being the #1 unmet need for injectors and consumers, DAXXIFY's novel peptide formulation along with its ability to enhance aesthetic outcomes without increasing the amount of core neurotoxin continues to drive excitement and demand, while also shaping the narrative on toxins to our advantage.

首先，DAXXIFY的創新配方和差異化性能一直受到美容市場的高度期待。我們相信，持續時間是注射器和消費者的第一大未滿足需求，DAXXIFY 的新型肽配方及其在不增加核心神經毒素量的情況下增強美學效果的能力繼續推動興奮和需求，同時也塑造了我們對毒素的敘述優勢。

Second, DAXXIFY's disruptive innovation allows us to approach the market in a way that no other manufacturer has before. And so far, we're very encouraged that our targeted and measured approach to DAXXIFY's launch is continuing to prove out. Based on our prestige strategy, we are focused on going deep into accounts versus wide, just like we have done with our RHA line of fillers. And with our no advertised pricing policy, we are committed to partnering with practices in an effort to help moderate the commoditization of the facial injectables market and assist them in maintaining healthy margins.

其次，DAXXIFY 的顛覆性創新使我們能夠以前所未有的方式進入市場。到目前為止，令我們感到非常鼓舞的是，我們針對 DAXXIFY 推出的有針對性和慎重的方法正在繼續證明。基於我們的聲望策略，我們專注於深入客戶而不是廣泛客戶，就像我們對 RHA 填料系列所做的那樣。憑藉我們的無廣告定價政策，我們致力於與實踐合作，努力幫助緩和麵部注射劑市場的商品化，並幫助他們保持健康的利潤率。

Third, we have an experienced and proven commercial team with a track record of success, along with an established base of customers. Recall that this team successfully launched the RHA Collection under the same strategy despite the operational challenges presented by the COVID-19 pandemic. We safely conducted thousands of in-person and virtual trainings to onboard our sales team and customers. With DAXXIFY's introduction to the market, we look forward to deepening our relationships with our existing practice partners, while also leveraging our leading portfolio to further expand our base of customers.

第三，我們擁有一支經驗豐富、久經考驗的商業團隊，擁有成功的記錄，以及穩固的客戶群。回想一下，儘管 COVID-19 大流行帶來了運營挑戰，但該團隊還是以相同的策略成功推出了 RHA 系列。我們安全地進行了數千次面對面和虛擬培訓，以幫助我們的銷售團隊和客戶入職。隨著 DAXXIFY 進入市場，我們期待加深與現有實踐合作夥伴的關係，同時利用我們領先的產品組合進一步擴大我們的客戶群。

Lastly, we plan to continue our focus on training and education and believe that our Nashville Experience Center serves as an important platform for us to drive customer engagement, while also showcasing our leading brands and strategy. Our commitment to training, education and patient outcomes is central to ensuring that injectors realize the full benefit of our innovative products. We believe this is one of the reasons why the RHA Collection of fillers is the fastest-growing filler line on the market.

最後，我們計劃繼續專注於培訓和教育，並相信我們的納什維爾體驗中心是我們推動客戶參與的重要平台，同時也展示了我們的領先品牌和戰略。我們對培訓、教育和患者結果的承諾是確保注射器充分發揮我們創新產品優勢的核心。我們相信這是 RHA 系列填料成為市場上增長最快的填料系列的原因之一。

Overall, we feel very good about our progress, execution and position in the robust and resilient $3.5 billion U.S. facial injectables market, which includes both neuromodulators and dermal fillers. While we believe we are at the beginning of a tremendous opportunity, we recognize that these are early days with hard work ahead of us. DAXXIFY's launch is our top priority, and we remain very focused on successful execution.

總的來說，我們對我們在價值 35 億美元的美國面部注射劑市場（包括神經調節劑和真皮填充劑）中的進展、執行和地位感到非常滿意。雖然我們相信我們正處於一個巨大機遇的開端，但我們認識到，現在還處於初期階段，我們還需要艱苦的工作。 DAXXIFY 的發布是我們的首要任務，我們仍然非常關注成功執行。

Turning to therapeutics. Our team has begun laying the groundwork for anticipated approval of DAXXIFY for the treatment of cervical dystonia or CD. Our upcoming PDUFA date is August 19th. And if approved, we anticipate launching a PrevU early experience program in late 2023, followed by a commercial launch in 2024.

轉向治療學。我們的團隊已經開始為預期批准 DAXXIFY 用於治療頸肌張力障礙或 CD 奠定基礎。我們即將到來的 PDUFA 日期是 8 月 19 日。如果獲得批准，我們預計將在 2023 年底啟動 PrevU 早期體驗計劃，然後在 2024 年進行商業發布。

In preparation for our entry into therapeutics, we are in the process of building out our managed care and medical affairs teams, while also putting in place the necessary commercial infrastructure to support our planned PrevU program upon approval. We're making great progress on all these fronts and are looking forward to the opportunity to help CD patients achieve sustained symptom relief with DAXXIFY's differentiated efficacy and duration profile.

在準備進入治療學領域時，我們正在組建我們的管理式醫療和醫療事務團隊，同時也在建立必要的商業基礎設施，以支持我們計劃中的 PrevU 計劃。我們在所有這些方面都取得了巨大進展，並期待有機會通過 DAXXIFY 的差異化療效和持續時間來幫助 CD 患者實現持續的症狀緩解。

The current U.S. cervical dystonia market size is estimated to be in excess of $300 million with a projected compound annual growth rate of over 7%. We that CD approval will provide us with a gateway into the $1 billion muscle movement disorders category and further highlight DAXXIFY's potential in other therapeutic indications.

目前美國頸肌張力障礙市場規模估計超過 3 億美元，預計複合年增長率超過 7%。我們的 CD 批准將為我們提供進入價值 10 億美元的肌肉運動障礙類別的途徑，並進一步突出 DAXXIFY 在其他治療適應症中的潛力。

With that, I'll turn the call over to Dustin. Dustin?

有了這個，我會把電話轉給達斯汀。達斯汀？

Thank you, Mark. 2023 is setting up to be a transformational year for Revance. DAXXIFY's launch is off to a strong start. The RHA Collection is continuing to grow, and we continue to deepen our relationships with our providers. I'm very proud of the team's strong execution and performance in this first quarter.

謝謝你，馬克。 2023 年將成為 Revance 轉型的一年。 DAXXIFY 的發布開局良好。 RHA Collection 正在持續增長，我們也在繼續加深與供應商的關係。我為團隊在第一季度的強大執行力和表現感到非常自豪。

Starting with our dermal fillers, RHA sales increased 45% year-over-year, resulting in Q1 sales of $30.3 million. On a sequential basis, results were also strong despite Q1 traditionally being a seasonally slower period for the aesthetics market. We are pleased to see RHA Redensity along with the rest of the collection, including RHA 2, 3 and 4 gain wider adoption given the product's range of utility and ability to deliver natural-looking results for patients.

從我們的真皮填充劑開始，RHA 銷售額同比增長 45%，導致第一季度銷售額達到 3030 萬美元。從環比來看，儘管第一季度傳統上是美容市場的季節性淡季，但結果也很強勁。我們很高興看到 RHA Redensity 以及該系列的其他產品（包括 RHA 2、3 和 4）獲得更廣泛的採用，因為該產品的實用範圍和為患者提供自然效果的能力。

We continue to be encouraged by our customers' conviction in our filler line and their excitement in adding DAXXIFY to their product mix. We look forward to building on our commercial success, realizing the synergies of our neuromodulator and filler combination and continuing to grow both product lines under our prestige go-to-market strategy, which is underpinned by our no advertising pricing policy.

客戶對我們的灌裝機系列的信心以及他們將 DAXXIFY 添加到他們的產品組合中的興奮讓我們繼續感到鼓舞。我們期待在我們的商業成功的基礎上再接再厲，實現我們的神經調節劑和填充劑組合的協同作用，並在我們享有盛譽的上市戰略下繼續發展這兩個產品線，該戰略以我們的無廣告定價政策為基礎。

Turning to DAXXIFY. Following the conclusion of PrevU, we are pleased to initiate our commercial launch in late Q1 and report over $15 million in DAXXIFY revenue for the first quarter, where a majority of our sales volume came from accounts onboarded prior to launch. Recall the PrevU was our early advisory and experience program that spanned from December 2022 to March of this year. Despite the phase -- or during this phase, select practices gained exclusive access to DAXXIFY, treating tens of thousands of patients, and as, as a result, gained significant first-hand experience with this innovative product.

轉向 DAXXIFY。在 PrevU 結束後，我們很高興在第一季度末啟動我們的商業發布，並報告第一季度 DAXXIFY 收入超過 1500 萬美元，其中我們的大部分銷售額來自發布前註冊的賬戶。回想一下 PrevU 是我們從 2022 年 12 月到今年 3 月的早期諮詢和體驗計劃。儘管處於這個階段——或者在這個階段，一些精選的實踐獲得了 DAXXIFY 的獨家使用權，治療了數万名患者，並因此獲得了這一創新產品的重要第一手經驗。

The advisory program led to key insights and learnings that provided us invaluable guidance, as we transitioned into commercial launch with a key focus on optimizing outcomes and seamless practice integration. We continue to be very encouraged by the positive feedback we're receiving from providers and consumers on their early experience with DAXXIFY, including duration, onset, efficacy, skin quality and overall aesthetic outcomes. To-date, there has been no shortage of interest from providers, as we kicked off our highly anticipated commercial launch in late March with a priority on live, in-person training. Additionally, we supplemented these in-person trainings with virtual training options in order to enhance our customer engagement options.

該諮詢計劃帶來了重要的見解和學習，為我們提供了寶貴的指導，因為我們過渡到商業發布，重點是優化結果和無縫實踐整合。我們繼續從供應商和消費者那裡收到關於他們早期使用 DAXXIFY 的積極反饋，包括持續時間、起效、功效、皮膚質量和整體美學效果，這讓我們感到非常鼓舞。迄今為止，供應商一直對我們感興趣，因為我們在 3 月下旬啟動了備受期待的商業發布，並優先提供現場、面對面的培訓。此外，我們通過虛擬培訓選項補充了這些面對面培訓，以增強我們的客戶參與選項。

Further, our OPUL fintech platform generated $180 million of gross processing volume or GPV for the first quarter and $690 million of GPV for the trailing 12 months. Overall, I'm very pleased with our strong sales results that ongoing commercial momentum ending the quarter with over 5,500 accounts across our aesthetics portfolio.

此外，我們的 OPUL 金融科技平台在第一季度產生了 1.8 億美元的總處理量或 GPV，在過去 12 個月產生了 6.9 億美元的 GPV。總的來說，我對我們強勁的銷售業績感到非常滿意，該季度結束時持續的商業勢頭在我們的美學產品組合中擁有超過 5,500 個客戶。

To support our continued aesthetic portfolio growth, we expanded our sales organization by approximately 50 reps. Our recently expanded 150-person plus field force will be focused on 2 key objectives: first, growing our share within the $2 billion U.S. neuromodulator market with focus and intention. This means driving the adoption of DAXXIFY by going deeper within our early adopters, while also adding new accounts that best fit the profile for long-term partnerships. We believe this targeted approach aligns with our strategy and allows us to deliver the highest ROI. As we scale our launch, it's important to note that the adoption process for accounts can vary, but typically follows a standard cadence of training, sample, trial and then deeper adoption.

為了支持我們持續的美學產品組合增長，我們將銷售組織擴大了大約 50 名代表。我們最近擴大到 150 人以上的現場工作人員將專注於兩個關鍵目標：首先，以專注和意圖擴大我們在價值 20 億美元的美國神經調節劑市場中的份額。這意味著通過深入了解我們的早期採用者來推動 DAXXIFY 的採用，同時還添加最適合長期合作夥伴關係的新帳戶。我們相信這種有針對性的方法符合我們的戰略，並使我們能夠提供最高的投資回報率。在我們擴大發布規模時，請務必注意，帳戶的採用過程可能會有所不同，但通常遵循培訓、樣本、試用然後更深入採用的標準節奏。

Our second objective is to continue our market penetration of the RHA Collection by demonstrating its differentiated properties through continued training and education. Customer feedback indicates our training program have helped them realize the full benefit of the products utility supporting product adoption and optimal aesthetic outcomes. Through our strategy, we have quickly gained market share and have significant headroom for growth with the addition of DAXXIFY and our portfolio selling opportunities.

我們的第二個目標是通過持續的培訓和教育展示其差異化特性，從而繼續我們對 RHA 系列的市場滲透。客戶反饋表明我們的培訓計劃幫助他們實現了支持產品採用和最佳審美效果的產品效用的全部好處。通過我們的戰略，我們迅速獲得了市場份額，並通過增加 DAXXIFY 和我們的投資組合銷售機會獲得了巨大的增長空間。

Turning to operational infrastructure, we are also very pleased to have bolstered our manufacturing supply chain during the quarter. In March, we received the FDA's approval for our fill-finish CMO, Ajinomoto Biopharma or Aji. With approval, all the inventory that was produced preapproval by Aji has been released for commercial use and we're in a great position to support the growth of DAXXIFY.

談到運營基礎設施，我們也很高興在本季度加強了我們的製造供應鏈。 3 月，我們的灌裝成品 CMO Ajinomoto Biopharma 或 Aji 獲得了 FDA 的批准。經批准，Aji 預先批准生產的所有庫存都已發布用於商業用途，我們處於支持 DAXXIFY 發展的有利位置。

Before I turn the call over to Toby, I'd like to provide an update on our partnership with Fosun Pharma. In April, Fosun announced that the BLA for DaxibotulinumtoxinA for injection for glabellar lines was accepted by review for China's National Medical Products Administration. We continue to work with our partner in supporting our efforts to commercialize our product in China, which remains the second largest market globally for neuromodulators.

在我將電話轉給托比之前，我想提供有關我們與復星醫藥合作夥伴關係的最新信息。 4月，復星宣布眉間紋注射用大肉毒桿菌BLA通過國家藥品監督管理局審評。我們繼續與我們的合作夥伴合作，支持我們在中國將我們的產品商業化的努力，中國仍然是全球第二大神經調節劑市場。

With that, I'll turn the call over to Toby to cover our first quarter and full year financials.

有了這個，我會把電話轉給托比來報導我們第一季度和全年的財務狀況。

Thank you, Dustin. Total revenue for the first quarter 2023 was $49.3 million, representing a 95% increase from the same period last year due to increased sales of the RHA Collection and sales of DAXXIFY. Revenue for the first quarter included $30.3 million of RHA Collection revenue, $15.4 million of DAXXIFY revenue, $3.6 million of service revenue and $0.1 million of collaboration revenue.

謝謝你，達斯汀。 2023 年第一季度的總收入為 4930 萬美元，較去年同期增長 95%，這是由於 RHA Collection 和 DAXXIFY 的銷售額增加所致。第一季度的收入包括 3030 萬美元的 RHA Collection 收入、1540 萬美元的 DAXXIFY 收入、360 萬美元的服務收入和 10 萬美元的協作收入。

With DAXXIFY launched and Aji now approved, I'd like to note a couple of items related to our cost of product revenue. Recall, in accordance with GAAP, we have been expensing DAXXIFY manufacturing costs incurred in our Northern California facility, as a period R&D item until the product was approved. Similarly, with Aji's approval, we will begin capitalizing DAXXIFY manufacturing costs occur -- incurred at the facility beginning Q2, 2023. When our DAXXIFY inventory produced prior to approval is used, we expect our cost of product revenue to increase.

隨著 DAXXIFY 的推出和 Aji 的批准，我想指出幾個與我們的產品收入成本相關的項目。回想一下，根據 GAAP，我們一直在將我們在北加州工廠產生的 DAXXIFY 製造成本作為期間研發項目進行支出，直到產品獲得批准。同樣，在 Aji 的批准下，我們將開始資本化 DAXXIFY 製造成本——在 2023 年第二季度開始的工廠發生。當我們使用批准之前生產的 DAXXIFY 庫存時，我們預計我們的產品收入成本會增加。

Turning to OpEx. GAAP OpEx for the first quarter was $107.4 million compared to $87.5 million for the same period in 2022. Excluding cost of revenue, depreciation, amortization and stock-based compensation, non-GAAP OpEx was $71.5 million for the first quarter compared to $59.9 million for the same period last year. On a year-over-year basis, non-GAAP operating expenses increased by 19%, while revenues increased by 95%. We're pleased to see our operating leverage improve, as a result of DAXXIFY's launch in our commercial growth. And as we scale our operations, we expect to continue to realize operating leverage going forward.

轉向運營支出。第一季度的 GAAP 運營支出為 1.074 億美元，而 2022 年同期為 8750 萬美元。不計收入成本、折舊、攤銷和基於股票的薪酬，第一季度非 GAAP 運營支出為 7150 萬美元，而 2022 年同期為 5990 萬美元去年同期。與去年同期相比，非 GAAP 運營費用增長了 19%，而收入增長了 95%。由於 DAXXIFY 在我們的商業增長中的推出，我們很高興看到我們的經營槓桿有所改善。隨著我們擴大業務規模，我們希望繼續實現未來的經營槓桿。

As we previously stated, we expect our 2023 GAAP OpEx to be $460 million to $480 million and non-GAAP OpEx, which exclude cost of revenue, depreciation, amortization and stock-based compensation to be $320 million to $340 million. Our 2023 non-GAAP research and development expense is expected to be $80 million to $90 million.

正如我們之前所說，我們預計 2023 年 GAAP 運營支出為 4.6 億美元至 4.8 億美元，非 GAAP 運營支出（不包括收入成本、折舊、攤銷和基於股票的薪酬）為 3.2 億美元至 3.4 億美元。我們 2023 年的非 GAAP 研發費用預計為 8000 萬至 9000 萬美元。

Turning to our balance sheet. We ended Q1 with $273.9 million in cash, cash equivalents and short-term investments. As we have previously indicated, with our current cash position, the committed additional $100 million tranche 2 of our note purchase agreement and our anticipated revenues and expenditures, we believe our U.S. aesthetic portfolio will be funded to breakeven.

轉向我們的資產負債表。我們以 2.739 億美元的現金、現金等價物和短期投資結束了第一季度。正如我們之前所指出的，根據我們目前的現金狀況、我們的票據購買協議承諾的額外 1 億美元的第 2 部分以及我們的預期收入和支出，我們相信我們的美國美學投資組合將獲得資金以實現收支平衡。

Finally, Revance's shares of common stock outstanding, as of April 28, 2023, were approximately [84 million], with [92 million] fully diluted shares, excluding the impact of convertible debt.

最後，截至 2023 年 4 月 28 日，Revance 的已發行普通股股份約為[8400萬]，其中[9200萬]完全稀釋，不包括可轉換債務的影響。

And with that, I'll turn the call back over to Mark.

有了這個，我會把電話轉回給馬克。

Thank you, Toby. In closing, we are very excited about the year ahead and believe that we are well positioned to continue our growth and share gains in the facial injectable market, and we look forward to expanding into the therapeutics market upon CD approval, which we anticipate later this year.

謝謝你，托比。最後，我們對來年感到非常興奮，相信我們有能力繼續在面部注射市場的增長和分享收益，我們期待在 CD 批准後擴展到治療市場，我們預計稍後年。

Importantly, we believe we have the right people, products and strategy that will enable us to execute on our plan and deliver on our blockbuster potential in the U.S. aesthetics market. We look forward to updating you on our progress and plan to host an Investor Day in September of this year to provide a deeper dive into our aesthetics and therapeutics franchises and our outlook going forward.

重要的是，我們相信我們擁有合適的人員、產品和戰略，這將使我們能夠執行我們的計劃並發揮我們在美國美學市場的巨大潛力。我們期待著向您介紹我們的最新進展，併計劃在今年 9 月舉辦投資者日，以更深入地了解我們的美容和治療特許經營權以及我們的未來展望。

With that, I will now open the call up for questions. Operator?

有了這個，我現在將打開問題的電話。操作員？

(Operator Instructions) We do have a question from the line of Seamus Fernandez from Guggenheim.

（操作員說明）我們確實有來自古根海姆的 Seamus Fernandez 的問題。

Great, and congrats on the quarter. Just a couple of quick questions in terms of how the -- and how many PrevU accounts there were sort of prior to full launch. Maybe you could just give us a little bit of color in terms of the expansion? And what we're talking about in terms of the potential number of accounts when the team is talking about going deep instead of broad?

太好了，祝賀這個季度。關於在完全啟動之前有多少 PrevU 帳戶的情況，只需幾個簡單的問題。也許你可以給我們一些關於擴展的顏色？當團隊談論深入而不是廣泛時，我們談論的潛在客戶數量是多少？

And then just the second question. I think you mentioned that you're going to be operating with, I think, 150 reps in the field. Can you just maybe help us understand if that's sort of the fully resourced field force? And how many accounts you would anticipate touching with that size of field force?

然後是第二個問題。我想你提到過你將在現場與 150 名代表一起工作。您能否幫助我們了解這是否是資源充足的現場部隊？您預計會有多少客戶接觸到如此規模的外勤人員？

Great. Thanks, Seamus. So in terms of the number of PrevU accounts, as we said previously, PrevU was designed to be a 1-quarter plan, where we were going to get experience with a small group of advisers that were going to use the product in a real-world setting. We kicked that off in December and sunsetted that when we got into March, which is consistent with what we've previously communicated.

偉大的。謝謝，西默斯。因此，就 PrevU 賬戶的數量而言，正如我們之前所說，PrevU 被設計為一個季度計劃，我們將獲得一小群顧問的經驗，這些顧問將在實際中使用該產品-世界設定。我們在 12 月開始了這項工作，並在進入 3 月時取消了這項工作，這與我們之前的溝通一致。

And as we said on our fourth quarter and year-end call, we onboarded roughly 400 accounts or so as part of the PrevU program. And then we said in our scripted remarks that we ended up kicking off launch in March, but that the accounts that were onboarded prior to launch comprised the majority of the sales volume in Q1. And so we're now moving into the full launch phase, and we're really encouraged with how everything is tracking and evolving.

正如我們在第四季度和年終電話會議上所說，作為 PrevU 計劃的一部分，我們加入了大約 400 個帳戶。然後我們在我們的腳本評論中說，我們最終在 3 月份啟動了發布，但在發布之前註冊的帳戶佔第一季度銷量的大部分。因此，我們現在正進入全面啟動階段，我們對一切的跟踪和發展方式感到非常鼓舞。

In terms of the expansion, if you look at it, we've been adding roughly 500 accounts per quarter. We don't have necessarily an internal target, but that's sort of what the sales force has been able to digest when they were kind of a 100-person sales force. So we start with the DAXXIFY launch with roughly 5,500 accounts, where we have a relationship across our products and services. And given that we've got a relationship with those folks, that will be where we start with the DAXXIFY roll out and launch.

在擴張方面，如果你看一下，我們每季度大約增加 500 個賬戶。我們不一定有內部目標，但這就是銷售人員在 100 人的銷售人員時能夠消化的內容。因此，我們從大約 5,500 個帳戶的 DAXXIFY 啟動開始，我們在這些帳戶中建立了跨產品和服務的關係。鑑於我們與這些人建立了關係，這將是我們開始推出 DAXXIFY 的地方。

We talked about prestige segment being the group that we're going after with the big defining portion there being no advertised pricing, and we said that we think that's roughly 12,000 to 15,000 accounts. And so that will continue to be the group that we target and focused on with both RHA and [DAXXIFY's], we launch more broadly. And we also said that we believe that, that group comprises more than 50% of the facial injectable volume for toxins and fillers in the U.S.

我們談到了聲望部分是我們追求的群體，其中很大一部分沒有廣告定價，我們說我們認為大約有 12,000 到 15,000 個帳戶。因此，這將繼續成為我們針對和關注 RHA 和 [DAXXIFY's] 的群體，我們將更廣泛地推出。我們還表示，我們相信，該群體占美國面部毒素和填充劑可注射量的 50% 以上。

And then with regards to the 150 sales reps, maybe I'll kick it over to Dustin to have him talk a little bit about how we think about that from a total size and number of accounts and where we're going to go from here.

然後關於 150 名銷售代表，也許我會把它交給達斯汀讓他談談我們如何從總規模和客戶數量以及我們將要從這裡去的地方考慮一下.

I think, Mark, you hit it right. The target being between 10,000 and 15,000 accounts, we feel good about this being the starting point from a rep perspective, but we'll evaluate kind of productivity each year and determine what's the right time to add or keep going with this force you have. So we feel good about where we're at with now. This kind of big kind of step-up from [100 to 150], this allows to kind of get through that next phase, and then we'll evaluate it because each territory will be slightly different from a productivity perspective in terms of number of accounts they can call on. But our focus is to continue to go as deep as we possibly can, driving that share of market within the accounts around DAXXIFY and RHA.

我想，馬克，你說得對。目標是在 10,000 到 15,000 個帳戶之間，從銷售代表的角度來看，我們很高興這是一個起點，但我們每年都會評估某種生產力，並確定什麼時候是添加或繼續使用您擁有的這種力量的正確時間。所以我們對我們現在所處的位置感覺很好。這種從 [100 到 150] 的大幅提升，可以讓我們度過下一階段，然後我們將對其進行評估，因為從生產率的角度來看，每個地區的生產率都會略有不同他們可以調用的帳戶。但我們的重點是繼續盡可能深入，在 DAXXIFY 和 RHA 周圍的賬戶中推動市場份額。

Great. And just one clarification follow-up. So it sounds like the PrevU account alone basically took us from the [$10 million to $11 million] that was booked in the fourth quarter of last year, and then, so the incremental [5] was still with the sort of PrevU account program and now sort of the next leg, where full launch is kind of kicking off more so from the first week of April than anything? Is that an accurate assessment of the -- basically what we just went through?

偉大的。並且只是一個澄清跟進。所以聽起來 PrevU 賬戶本身基本上就讓我們從去年第四季度預訂的 [1000 萬美元到 1100 萬美元]，然後，增量 [5] 仍然與 PrevU 賬戶程序有關，並且現在是下一個階段，從 4 月的第一周開始全面啟動比什麼都重要？這是對我們剛剛經歷的事情的準確評估嗎？

Well, it's hard. I don't know that [I got it] fully. We're not going to get into the specifics. We tried to give directional commentary because we're in the PrevU phase, and now we'll move into the normal launch, and we'll be consistent with how we've talked about the RHA launch as well. But I think what we stated was, listen, if you go back to December, we had a lot of accounts that made meaningful purchases before they were really had any experience with the product.

好吧，這很難。我不知道 [我明白了] 完全。我們不打算深入細節。我們試圖給出定向評論，因為我們處於 PrevU 階段，現在我們將進入正常發布，我們也將與我們談論 RHA 發布的方式保持一致。但我認為我們所說的是，聽著，如果你回到 12 月，我們有很多客戶在他們真正對產品有任何體驗之前就進行了有意義的購買。

And as we said at that time, that was a pleasant surprise because most accounts will onboard a new product with a training, sampling, trial and then ultimately determining their adoption, the technology there. And because of the pent-up demand and the fact that these were the first practices to get the product, we saw early purchasing.

正如我們當時所說，這是一個令人驚喜的驚喜，因為大多數客戶都會通過培訓、抽樣、試用來使用新產品，然後最終確定他們的採用情況和那裡的技術。由於被壓抑的需求以及這些是獲得產品的第一批做法，我們看到了早期採購。

What was encouraging to us in Q1, though, is that a majority of the sales volume in Q1 was made up of purchases from the accounts that we had onboarded prior to launch. And so we're now in the launch phase, which we kicked off in March. We've not said how many accounts those are, although we did have a bias and a preference towards onboard -- towards in-person training here in Nashville. And now as we get going into kind of a more hitting our stride in Q2 in the launch, we would expect that those accounts will go through a more traditional onboarding, where they will, again, get trained, we'll sample them, they'll do trial, and then they will figure out sort of their adoption curve, as they move forward. But again, encouraging in Q1 based on the reorders and the support that we have from the PrevU Group. Next question?

不過，讓我們在第一季度感到鼓舞的是，第一季度的大部分銷量都是從我們在發布前註冊的賬戶購買的。所以我們現在處於啟動階段，我們在三月份開始了。我們沒有說這些賬戶有多少，儘管我們確實對船上有偏見和偏愛——偏向於在納什維爾這裡的面對面培訓。現在，隨著我們在第二季度的發布中取得更大的進步，我們希望這些帳戶將通過更傳統的入職培訓，他們將再次接受培訓，我們會對他們進行抽樣，他們他們會進行試驗，然後他們會在前進的過程中弄清楚他們的採用曲線。但同樣，基於我們從 PrevU 集團獲得的再訂單和支持，在第一季度令人鼓舞。下一個問題？

Your next question comes from the line of Balaji Prasad from Barclays.

你的下一個問題來自巴克萊銀行的 Balaji Prasad。

A couple. Firstly, Mark, what changes if any have been made from your PrevU phase to your commercial launch phase based on any specific feedback that I got from physicians and users?

一對夫婦。首先，馬克，根據我從醫生和用戶那裡得到的任何具體反饋，從你的 PrevU 階段到你的商業啟動階段有什麼變化嗎？

Secondly, I also would love to get a sense of what feedback you've had on the pricing? And do you have enough information to decide on pricing for the rest of the year? And also, you commented on most orders in Q -- 1Q being reorders from the ones you onboarded in December. Can you just give a more accurate split between new orders versus reorder?

其次，我也很想了解您對定價有何反饋？您是否有足夠的信息來決定今年剩餘時間的定價？而且，您評論了 Q 中的大多數訂單 - 1Q 是您在 12 月加入的訂單的重新訂單。您能否更準確地區分新訂單和再訂單？

Sure. So in terms of what we learned from PrevU, given that DAXXIFY had only been used in clinical trials and primarily in the upper face, we were interested in really 2 main things, as part of the PrevU program: one was clinical performance of the product; and the second one was practice integration, reconstitution, pricing, how they position the product to customers. And so we learned an awful lot from this early PrevU group and the advisory work that we did along this journey.

當然。因此，就我們從 PrevU 中學到的知識而言，鑑於 DAXXIFY 僅用於臨床試驗且主要用於上臉，作為 PrevU 計劃的一部分，我們真正對 2 件主要事情感興趣：一是產品的臨床性能;第二個是實踐整合、重組、定價，以及他們如何將產品定位給客戶。因此，我們從這個早期的 PrevU 小組以及我們在此過程中所做的諮詢工作中學到了很多東西。

And so what we've seen is that the practices are using the product consistent with other neurotoxins. We've seen a range in terms of how they approach it from reconstitution levels. And we've seen a range in terms of how they're approaching some other areas. But at a high level, we've been very encouraged by their ability to treat their patients very similarly with how they would do with other neurotoxins, while still getting the benefit of our differentiated performance profile.

因此，我們所看到的是，這些做法使用的產品與其他神經毒素一致。我們已經看到了他們如何從重構水平接近它的範圍。我們已經看到了他們如何接近其他一些領域的範圍。但在高層次上，我們對他們以與對待其他神經毒素的方式非常相似的方式對待他們的患者的能力感到非常鼓舞，同時仍然從我們差異化的性能概況中受益。

And so we've wrapped all that up and have provided forums for sharing that information. One of those that you mentioned is pricing. So we had at the outset of PrevU, some that we're charging 2x their current neurotoxins, some that we're charging [1.3 to 1.5]. And I think in every given practice, they're trying to figure out what do they think that right balances both for their consumers and from the profitability that they're targeting. And as you can imagine, there's a variety of different prices that people pay in the market that's out there.

因此，我們已經將所有這些都整理好了，並提供了分享這些信息的論壇。你提到的其中一個是定價。所以我們在 PrevU 開始時，有些我們收取的是他們當前神經毒素的 2 倍，有些我們收取的是 [1.3 到 1.5]。而且我認為在每一個給定的實踐中，他們都在試圖找出他們認為對他們的消費者和他們所針對的盈利能力的正確平衡。正如您可以想像的那樣，人們在市場上支付的價格各不相同。

I would say more on average, the pricing is settling into probably more of that 1.5x conventional neurotoxin on average. But again, you will see a range. And so we just learned an awful lot through this early phase, and it continues to reinforce it, that was the right program and we were right to be disciplined and allowing a little bit of time for a smaller group to really get some experience. And as we are now going through the next -- the onboarding phase of the launch, we feel that we've been able to crisp the messaging and everything up around that side of it.

我會說平均更多，定價可能更多地融入到平均 1.5 倍的傳統神經毒素中。但同樣，您會看到一個範圍。因此，我們在這個早期階段學到了很多東西，並且它繼續加強它，這是正確的計劃，我們受到紀律處分並允許一小部分時間真正獲得一些經驗是正確的。當我們現在正在經歷下一個——發布的入職階段時，我們覺得我們已經能夠清晰地傳達消息以及它周圍的一切。

In terms of the pricing going forward, we continue to feel just like with RHA that we have the right strategy for now, where there are a couple of different price points that customers pay based on the volume that they buy at any given point in time. Of course, longer term, we'll continue to evaluate whether or not from a bundling standpoint or other things, there's improvements or optimization that we want to make with pricing.

就未來的定價而言，我們繼續感覺就像 RHA 一樣，我們現在有正確的策略，客戶根據他們在任何給定時間點購買的數量支付幾個不同的價格點.當然，從長遠來看，我們會繼續評估是否從捆綁的角度或其他方面，我們希望在定價方面做出改進或優化。

But we really feel like we're being a good partner right now, where we're not obligating people to contractual minimums or anything else, and they can buy the products when they want at -- the volume they want to get whatever price that they think is best for them. And so we think that's certainly the right strategy for now and it's proven to be the right strategy for RHA fillers.

但我們真的覺得我們現在是一個很好的合作夥伴，我們不會強迫人們遵守合同最低限度或其他任何東西，他們可以在他們想要的時候購買產品——他們想要的數量，無論價格是多少他們認為對他們來說是最好的。因此，我們認為這肯定是目前正確的策略，而且它已被證明是 RHA 填充劑的正確策略。

In terms of the reorders, we're not going to get to that level of granularity. It's very early. But again, I come back to -- we're just -- we're very encouraged by how the early launch is going, the feedback that we're getting from the consumers and from the injectors, and it continues to reinforce our strategy going forward. Thanks, Balaji. Next question?

就重新訂購而言，我們不會達到那種粒度級別。現在還早。但是，我再次回到——我們只是——我們對早期發布的進展情況、我們從消費者和注射器那裡得到的反饋感到非常鼓舞，它繼續加強我們的戰略向前走。謝謝，巴拉吉。下一個問題？

And your next question comes from the line of Chris Shibutani from Goldman Sacs.

你的下一個問題來自 Goldman Sacs 的 Chris Shibutani。

Great. Can you just clarify something in terms of when you record the revenues, presumably the volume of orders across the different clinicians is varying. So to be included within, say, the first quarter, it sounds as if there was very little in the way of expanded accounts at the end of March there, again, when do you actually recognize the revenues on that?

偉大的。你能否就何時記錄收入澄清一些事情，大概不同臨床醫生的訂單量是不同的。因此，要包括在第一季度內，聽起來似乎在 3 月底擴大賬戶的方式很少，再一次，你什麼時候真正確認收入？

And then a question in terms of the therapeutic opportunity there. Again, can you give us a sense for perhaps the relative scaling of how you go from -- I can understand the aesthetic side having a bit of a prestige segment, I'm less familiar with how that would go in terms of the therapeutic aspect, some dimensioning and sizing of what the cadence of training and ultimate expansion into the therapeutic opportunity that's going to look like? It sounds like you have a similar framework, but I'm less familiar with the dimensions.

然後是關於那裡的治療機會的問題。再一次，你能不能讓我們了解一下你的發展方式的相對規模——我能理解美學方面有一點聲望部分，我不太熟悉治療方面的情況，一些尺寸和大小的訓練節奏和最終擴展到治療機會看起來像什麼？聽起來你有一個類似的框架，但我對維度不太熟悉。

Sure. Thanks for those, Chris. So in terms of revenue recognition, we recognize revenue when the practice receives the order. So we take the order in, we ship the product and we don't recognize the revenue until they've actually received. And again, there's no third party or middle man (technical difficulty) results in stocking or other things. And these are accounts that try and manage their cash flow wisely. And you'll see different ordering patterns, some like to order on a quarterly, some order on a monthly, other sort of order as needed. And so we recognize the revenue when it is received.

當然。謝謝你，克里斯。所以在收入確認方面，我們在實踐收到訂單時確認收入。所以我們接受訂單，我們運送產品，直到他們實際收到我們才確認收入。再一次，沒有第三方或中間人（技術困難）導致庫存或其他事情。這些是試圖明智地管理現金流的賬戶。你會看到不同的訂購模式，有些喜歡按季度訂購，有些喜歡按月訂購，其他類型的訂購則視需要而定。因此，我們在收到收入時確認收入。

And then on the therapeutic side, as it relates to the cadence of the PrevU launch that we want to do there, the one difference for therapeutics program versus aesthetics is the reimbursement piece. And so we've put in place a market access team, who's already started working with providers to grease the skids there to make sure that when we get approval, that we can get this in as frictionless as possible. But given that cervical dystonia is a condition, where typically injectors start low on the dosing side and then increase dosing over time based on how well the toxin works. We will get into that more in our Investor Day in September, but there will be some subtleties and differences there. But we believe that we're putting the right infrastructure and to make sure that our PrevU program focuses on high volume injectors that we get the necessary information that we need to lay the foundation for a successful launch.

然後在治療方面，因為它與我們想要在那裡做的 PrevU 發布的節奏有關，治療計劃與美學的一個區別是報銷部分。因此，我們成立了一個市場准入團隊，該團隊已經開始與供應商合作，為那裡的滑板加油，以確保當我們獲得批准時，我們可以盡可能順利地進入市場。但考慮到頸椎肌張力障礙是一種情況，通常注射器開始時劑量較低，然後根據毒素的效果隨著時間的推移增加劑量。我們將在 9 月的投資者日對此進行更多討論，但那裡會有一些細微差別和差異。但我們相信我們正在建立正確的基礎設施，並確保我們的 PrevU 計劃專注於大容量注射器，我們可以獲得必要的信息，為成功推出奠定基礎。

Thanks, Chris. Next question?

謝謝，克里斯。下一個問題？

And your next question comes from the line of Stacy Ku [with] Cowen.

你的下一個問題來自 Stacy Ku [with] Cowen。

Congratulations on the nice progress. First, just a follow-up on a previous question. Can you discuss in more detail how that original training from the PrevU program is now informing specifically the messaging to the broader clinician group. So any additional nuances about refining the dose, particularly in other areas of the face and messaging up expectations to patients would be appreciated. You spoke previously, but any updated thoughts would be very helpful?

祝賀你取得了不錯的進步。首先，只是對上一個問題的跟進。您能否更詳細地討論一下來自 PrevU 計劃的原始培訓現在如何具體地向更廣泛的臨床醫生群體傳達信息。因此，任何關於改進劑量的額外細微差別，特別是在面部的其他區域和向患者傳達期望的信息，都將受到讚賞。你之前說過，但任何更新的想法都會很有幫助嗎？

And then based on your commentary, it seems like the different pricing tiers and incentives do include situations, where the practice might be able to profit even more on DAXXIFY than BOTOX. So how should we be thinking about those higher volume orders, as we think about the broader practices? Is that a possibility for the majority of these 5,000 accounts, as we think about the long-term. Is it fair to assume over time, the majority of accounts will ultimately be in that high volume of tier to get that 10% premium pricing, as you talk about deepening the accounts?

然後根據您的評論，似乎不同的定價層級和激勵措施確實包括一些情況，在這種情況下，DAXXIFY 的做法可能比 BOTOX 獲利更多。那麼，當我們考慮更廣泛的實踐時，我們應該如何考慮那些更高數量的訂單呢？從長遠來看，這 5,000 個帳戶中的大多數是否有這種可能性。隨著時間的推移，假設大多數賬戶最終將處於那個高容量層以獲得 10% 的溢價定價，這是否公平，正如你所說的深化賬戶？

And then last question for Dustin. You've discussed the potential of [DTC] on the second half this year with the broader launch. So can you just talk about the balance of leaving it to the individual clinicians and practices to communicate expectations regarding DAXXIFY aesthetics profile versus some of the other maybe type of other messaging with key learnings from your PrevU Group?

然後是 Dustin 的最後一個問題。你已經討論了 [DTC] 在今年下半年更廣泛發布的潛力。那麼，您能否談談將其留給各個臨床醫生和實踐來傳達對 DAXXIFY 美學概況的期望與其他一些可能類型的其他消息傳遞以及從您的 PrevU 小組中學到的關鍵知識之間的平衡？

Sure. So Stacy, I'll hit the first 2, and then hand the third one over to Dustin on the [DTC]. So in terms of the original training and what we learned through PrevU and how we've incorporated that in, I'll hit one, for example, on the pricing side of it. Again, it's hard to know for sure in terms of what others are paying. So we say on average, we think we're going to be about 10% to 40% more expensive to the practice than the market leader out there.

當然。所以 Stacy，我會打第一個 2，然後在 [DTC] 上將第三個交給 Dustin。因此，就最初的培訓和我們通過 PrevU 學到的知識以及我們如何將其納入其中而言，我會打一個，例如，在它的定價方面。同樣，很難確定其他人支付的費用。所以我們平均說，我們認為我們的實踐成本將比市場領導者高出 10% 到 40%。

And so then it really depends on what -- how much they buy from us because they'll get -- their pricing from us will depend on how much they buy at any given point in time. And that can sort of vary by 20% based on whether they buy the least amount or the greatest amount of product. And we haven't publicly published it, although obviously, all the different providers have that information. So any time they make a buy from us, they'll have to make a decision on how much product do they want to purchase based on what pricing tier that they want to fall into.

因此，這實際上取決於什麼——他們從我們這裡購買了多少，因為他們會得到——他們從我們這裡購買的價格將取決於他們在任何給定時間點購買的數量。根據他們購買的產品數量最少還是最多，這可能會有 20% 的差異。我們還沒有公開發布它，儘管很明顯，所有不同的提供商都有這些信息。因此，無論何時他們從我們這裡購買，他們都必鬚根據他們想要屬於的定價等級來決定他們想要購買多少產品。

One of the things that we have shared, for example, in the full launch is the learnings that we have from pricing, where we said originally, practices were pricing at a variety of ranges from, call it, 1.2x to 2x their cost of their current toxin. And instead, what we're finding is most are settling into that 1.5x range. And so it's a lot of things like that, where we talk about some of those learnings on the practice integration side, where we're able -- what we think to make the onboarding of these next round of accounts more efficient and more effective based on the learnings from that original group.

例如，我們在完整髮布中分享的一件事是我們從定價中學到的知識，我們最初說過，實踐的定價範圍很廣，從 1.2 倍到 2 倍的成本他們目前的毒素。相反，我們發現大多數都穩定在 1.5 倍的範圍內。因此，有很多類似的事情，我們在實踐整合方面討論了一些學習，在那裡我們能夠——我們認為可以使下一輪客戶的入職更有效率和更有效的基礎從最初的小組中學到的東西。

And so on the pricing tiers and the high volume, you asked, do we think that the practices that we're selling into are going to fall into the higher price tiers? I assume you're meaning on our side. Again, that will depend on typically how they buy. Some, frankly, will care less about buying the highest tier to get the best price and would rather only buy product when they need it, so that they don't put as much inventory on the shelf. Others will try and optimize, they will buy more and might be comfortable buying once a quarter, for example. And so again, right now, on our pricing tiers, we think they are the right tiers for us to have at this stage. And again, they don't obligate practices to make any long-term commitment to us very similar to the RHA side. And then, I'll throw it over to Dustin on the DTC side.

那麼關於定價層級和高容量，你問，我們是否認為我們銷售的做法會落入更高的價格層級？我想你的意思是站在我們這邊。同樣，這通常取決於他們的購買方式。坦率地說，有些人不太關心購買最高等級的產品以獲得最優惠的價格，而寧願只在需要時購買產品，這樣他們就不會在貨架上放太多庫存。其他人會嘗試優化，他們會購買更多，例如每季度購買一次可能會很舒服。因此，現在，在我們的定價等級上，我們認為它們是我們現階段擁有的正確等級。再一次，他們沒有義務對我們做出任何與 RHA 方面非常相似的長期承諾。然後，我會把它交給 DTC 方面的 Dustin。

Well, first, I'd like to say on the consumer side, we've been very happy and pleased with what we're hearing around the social channels and how patients are liking their treatment with DAXXIFY. We've also been in market testing some messaging, as it relates to our novel peptide formulation and those messages that resonate best with that consumer.

好吧，首先，我想在消費者方面說，我們對我們在社交渠道上聽到的消息以及患者如何喜歡他們使用 DAXXIFY 的治療感到非常高興和高興。我們還在市場上測試了一些信息，因為它與我們的新型肽配方和最能引起消費者共鳴的信息有關。

So we feel good about coming out of those message testing that will likely provide our sales organization, as well as our accounts, more digital marketing assets, more direct-to-consumer assets that can be augmented, both be in the practice, but also outside to provide that awareness, that providers will want for consumers walking and talking about DAXXIFY. So we'll be looking to do more of that in the back half of the year.

因此，我們對從那些可能會為我們的銷售組織以及我們的客戶提供更多數字營銷資產、更多可以增強的直接面向消費者的資產的消息測試中走出來感覺很好，兩者都在實踐中，而且外部提供這種意識，供應商將希望消費者走路和談論 DAXXIFY。因此，我們希望在今年下半年做更多這樣的事情。

The great thing is that for the first time, we now have a message that's different than any other neuromodulator in the marketplace. We feel like there's an opportunity to leverage that uniqueness today and look forward to sharing more of that, as we get into the back half of the year. Next question?

最棒的是，我們現在第一次獲得了不同於市場上任何其他神經調節劑的信息。我們覺得今天有機會利用這種獨特性，並期待在我們進入今年下半年時分享更多。下一個問題？

And your next question comes from the line of David Amsellem from Revance Therapeutics (sic) [Piper Sandler].

你的下一個問題來自 Revance Therapeutics（原文如此）[Piper Sandler] 的 David Amsellem。

Actually, I work at Piper Sandler, not Revance, just to clarify.

實際上，我在 Piper Sandler 工作，而不是 Revance，只是為了澄清一下。

That I was going to say.

我正要說的。

Yes. Maybe moving up in the world. So a couple of questions -- a couple of things I wanted to clarify in case I missed them. First, can you talk about how many accounts at present above and beyond PrevU that you've trained, I don't know if I missed that or if you're disclosing that?

是的。也許在世界上進步。所以有幾個問題——有幾件事我想澄清一下，以防我錯過了它們。首先，您能談談您目前培訓了多少 PrevU 以上和以外的帳戶，我不知道是我漏掉了還是您透露了？

And then secondly, in terms of the training over time, how much of it do you think will be in Nashville versus at the practitioner site? And how will that mix evolve, as the year progresses?

其次，就隨著時間的推移進行的培訓而言，您認為納什維爾與從業者現場的培訓有多少？隨著時間的推移，這種組合將如何演變？

And then lastly, just an RHA question, taking a step back. I mean, the product obviously had a nice ramp, and I think in Europe, the share is something around 10% or so. So how are you thinking about overall peak share for RHA in the United States? Just latest thoughts there would be helpful?

最後，只是一個 RHA 問題，退後一步。我的意思是，該產品顯然有一個很好的增長，我認為在歐洲，這個份額大約在 10% 左右。那麼，您如何看待美國 RHA 的總體峰值份額？只是最新的想法會有幫助嗎？

Sure. So in terms of the number of accounts, we've not disclosed how many total accounts we've now trained between PrevU and the launch in March. And I don't expect that, that's something that we will give, at least for a little while going forward. We'll talk just like we have with RHA and with our OPUL platform or total number of accounts.

當然。因此，就帳戶數量而言，我們沒有透露從 PrevU 到 3 月發布之間我們現在培訓了多少帳戶。而且我不期望，這是我們將給予的東西，至少在未來的一段時間內。我們將像與 RHA 和我們的 OPUL 平台或賬戶總數一樣進行討論。

And there's 2 reasons for that: one is competitive reasons; and number two, as you're aware, we're not able to roll the product out to everybody all at once. And so we do have some accounts that obviously are anxious to get the product and we've not been able to onboard them yet. And so we won't be disclosing that and we didn't disclose that at this point.

這有兩個原因：一個是競爭原因；第二，如您所知，我們無法同時向所有人推出該產品。因此，我們確實有一些客戶顯然急於獲得該產品，但我們還無法加入他們。所以我們不會透露，我們現在也沒有透露。

But if you look at higher level in terms of our ability to onboard accounts, as we said, there are several steps that you want to go through to ultimately result in orders and reorders. That's training is step 1, sampling is step 2, trialing of the product and bringing patients back and getting sort of whatever comfort level the practice wants and then that turns into orders -- reorders and adoption.

但是，如果你從更高的層次看我們的賬戶能力，正如我們所說，你需要完成幾個步驟才能最終產生訂單和再訂單。這是第一步的培訓，第二步的抽樣，試用產品並讓患者回來並獲得實踐想要的任何舒適度，然後轉化為訂單——重新訂購和採用。

And so we would expect that the group of accounts that we're now onboarding is going to behave more traditionally in that fashion versus what we saw from the PrevU Group, where we saw big bolus orders out of the gate without having any experience with the product because of the excitement and the patients that they had. And so we would expect that to continue to be the predominant way that people onboard over time.

因此，與我們從 PrevU Group 看到的情況相比，我們預計我們現在加入的這組賬戶將以這種方式表現得更加傳統產品是因為興奮和他們擁有的患者。因此，我們預計隨著時間的推移，這將繼續成為人們加入的主要方式。

In terms of the mix between in-person and virtual, listen, we want to provide flexibility for our customers to engage them in the most appropriate way possible. And virtual be also key for training additional folks within an account. So you might have somebody that came here in person to Nashville to get trained, but then they have other injectors, so they want other people in the practice to get trained and having a virtual option will be important. We will continue to prioritize Nashville Experience Center because we just think that we can provide a better experience and can provide a more focused, dedicated period of time, where we think the onboarding process is likely to be more effective.

就面對面和虛擬的混合而言，聽著，我們希望為我們的客戶提供靈活性，讓他們以最合適的方式參與進來。虛擬也是培訓帳戶中其他人的關鍵。所以你可能有人親自來納什維爾接受培訓，但他們有其他注射器，所以他們希望實踐中的其他人接受培訓，並且擁有虛擬選擇將很重要。我們將繼續優先考慮納什維爾體驗中心，因為我們認為我們可以提供更好的體驗，可以提供更專注、專注的時間段，我們認為入職流程可能會更有效。

Having said that, we recognize that in order to meet the pace of onboarding that we want and to get access to all the different injectors that we want that the virtual piece of it makes a lot of sense. So -- on the front end, we think it's going to be more weighted in-person. But in fairness, probably as we go out over time, virtual will probably take on a more predominant role in that. And listen, my guess is we'll probably have follow-up and version 2s of trainings too once people had it for a while in terms of tips and tricks and things that people have learned out there, just like that we've done with RHA. And I would think that both formats will be effective in allowing us to do that.

話雖如此，我們認識到，為了滿足我們想要的入職速度並獲得我們想要的所有不同註射器的訪問權限，它的虛擬部分非常有意義。所以 - 在前端，我們認為它會更加重要。但公平地說，隨著時間的推移，虛擬可能會在其中扮演更重要的角色。聽著，我的猜測是，一旦人們在提示和技巧以及人們在那裡學到的東西方面進行了一段時間的培訓，我們可能也會進行後續培訓和第 2 版培訓，就像我們已經完成的那樣房顫。我認為這兩種格式都可以有效地讓我們做到這一點。

In terms of RHA, you're right, when we -- we licensed in RHA line of fillers from TEOXANE, we did say that they had, at that time sort of 9%, call it, 10% market share in the top 5 EU markets. And we sort of said aspirationally, that's a good goal for us. If you look at where we've exited Q4 and where we are in Q1, we're kind of right up on that right now. And we continue to see that we've got a lot of room to run.

就 RHA 而言，你是對的，當我們——我們從 TEOXANE 獲得 RHA 系列填料的許可時，我們確實說過他們當時在前 5 名中有 9%，稱之為 10% 的市場份額歐盟市場。我們有點雄心勃勃地說，這對我們來說是一個很好的目標。如果你看看我們在第四季度退出的位置和我們在第一季度的位置，我們現在就在這上面。我們繼續看到我們有很大的運行空間。

We've talked about the prestige segment, we're going after, which is this 12,000 to 15,000 accounts, and we've been able to kind of get there with, call it, 5,500 accounts. Now clearly, those groups that are [leaning in] with us first are probably the ones, where it's going to be more straightforward. DAXXIFY will definitely open up some doors for us now that we're out in the market. So I don't know that we're at a point, where we're comfortable giving guidance around peak share, but we definitely feel like there's still a lot more room to run with the RHA Collection.

我們已經討論過聲望部分，我們正在追求，這是 12,000 到 15,000 個帳戶，我們已經能夠達到 5,500 個帳戶。現在很明顯，那些首先 [傾向於] 我們的團體可能是那些會更直接的團體。既然我們已經上市，DAXXIFY 肯定會為我們打開一些大門。所以我不知道我們現在是否可以就峰值份額提供指導，但我們肯定覺得 RHA 系列還有更多的運行空間。

Next question, please. Hello, next question?

請下一個問題。你好，下一個問題？

We can hear you, Mark.

我們能聽到你的聲音，馬克。

Okay. Just waiting for operator.

好的。只等接線員。

My apologies. Your next question comes from the line of Annabel Samimy from Stifel.

我很抱歉。您的下一個問題來自 Stifel 的 Annabel Samimy。

This is [Stacy] calling in for Annabel. Congrats on the quarter. Just 2 questions on our end. I guess following up on a previous question, realizing that you didn't train physicians in January or February at PrevU. Did you train any virtually during that time? And how rapidly did the training pick up in March as you fully launched? And are you now in a position to restart the therapeutical clinical trials, such as moving upper lymph forward into Phase 3? Or are you considering other indications or waiting for approval of CD and the initial stages of commercial launch?

我是 [Stacy] 打電話給 Annabel。祝賀這個季度。我們這邊只有 2 個問題。我想跟進上一個問題，意識到您在 1 月或 2 月沒有在 PrevU 培訓醫生。那段時間你有沒有進行過虛擬訓練？當您全面啟動時，三月份的培訓速度有多快？您現在是否可以重新啟動治療性臨床試驗，例如將上淋巴轉移到第 3 階段？或者您正在考慮其他適應症或等待 CD 的批准和商業啟動的初始階段？

Sure. Thanks, Stacy. So on the PrevU side, as we've indicated, PrevU was a 1 quarter program really designed to roll the product out to a limited number with a focus on kind of here's the early thoughts that we have, here's the messaging and letting them get experience. So we talked about the numbers that we onboarded as part of that.

當然。謝謝，斯泰西。因此，在 PrevU 方面，正如我們所指出的，PrevU 是一個 1 個季度的計劃，真正旨在將產品推出到有限的數量，重點是我們的早期想法，這是消息傳遞並讓他們得到經驗。因此，我們討論了我們作為其中一部分加入的數字。

We did have some virtual training that we had, again, to help educate and train some additional injectors that were in practices, where they had attended on-site. But really now that we're rolling into the launch in March, the priority there was in-person trainings, but we did onboard some accounts in March virtually as well. And so we'll continue to evaluate the right balance there, but feel again, that the priority is going to be on in-person.

我們確實進行了一些虛擬培訓，再次幫助教育和培訓一些在實踐中參加過現場培訓的注射器。但實際上，現在我們將在 3 月份推出，優先考慮的是面對面培訓，但我們實際上也在 3 月份進行了一些客戶培訓。因此，我們將繼續評估那裡的正確平衡，但再次感覺到，優先考慮的是面對面。

In terms of clinical trials for other therapeutic indications, what we've indicated is given that we wrapped up the Phase 2 program in ULS and have clarity from the agency in terms of the Phase 3 program, we've indicated that we'd like to get into the market with CD to better understand our ability to drive adoption and penetration in a therapeutic category with the differentiated performance profile of our product and how that informs additional therapeutic indications and strategy. And again, we'll get into that more in our September Investor Day, as well, but that's the current thinking at this time. Next question?

在其他治療適應症的臨床試驗方面，我們已經表明我們已經完成了 ULS 的第 2 階段計劃，並且該機構對第 3 階段計劃有明確的規定，我們已經表示我們希望與 CD 一起進入市場，以更好地了解我們通過我們產品的差異化性能概況推動治療類別的採用和滲透的能力，以及如何為其他治療適應症和策略提供信息。同樣，我們也將在 9 月的投資者日深入探討這一點，但這是目前的想法。下一個問題？

And your next question comes from the line of Terence Flynn from Morgan Stanley.

你的下一個問題來自摩根士丹利的特倫斯弗林。

Maybe a couple for me. I was just wondering if you can comment at all about April trends versus March in terms of what you're seeing at this point? And then any early insight on the durability? I know you made some comments there, Mark, in your prepared remarks, but just wondering if what you're seeing is in line with the clinical profile or maybe better. Can you comment at all about that?

也許對我來說是一對。我只是想知道您是否可以就目前所看到的情況對 4 月趨勢與 3 月趨勢進行評論？然後對耐用性有什麼早期的了解嗎？我知道你在那裡發表了一些評論，馬克，在你準備好的發言中，但只是想知道你所看到的是否符合臨床特徵或者更好。你能對此發表評論嗎？

And then Toby, just remind us how you're thinking about revenue guidance. Is that something we should expect in 2024? Or is it possible at some point later this year?

然後托比，提醒我們你是如何考慮收入指導的。這是我們應該在 2024 年期待的事情嗎？或者今年晚些時候有可能嗎？

Thanks, Terence. In terms of April trends, as you know, there's always seasonality in the aesthetics business. Q1 and Q3 being the slower quarters, Q2, Q4 being stronger quarters. at least in the lens that we have in the accounts that we're calling on, we're not seeing any weakness in terms of procedure trends and volumes. And so we continue to be encouraged by the procedure volumes that we're seeing in the accounts that we're calling on. And we're now in launch mode and encouraged by the ongoing interest and support for DAXXIFY, as we work our way through the launch phase. So it's early, but we would expect that we'll continue to see those aesthetic trends, where Q2 will be a stronger quarter than Q1.

謝謝，特倫斯。如您所知，就 4 月的趨勢而言，美容行業始終存在季節性。 Q1 和 Q3 是較慢的季度，Q2、Q4 是較強的季度。至少從我們所呼籲的賬戶來看，我們沒有看到程序趨勢和數量方面的任何弱點。因此，我們繼續對我們在所拜訪的賬戶中看到的程序量感到鼓舞。我們現在處於啟動模式，並且在我們努力完成啟動階段的過程中，受到對 DAXXIFY 的持續興趣和支持的鼓舞。所以現在還早，但我們預計我們將繼續看到那些審美趨勢，第二季度將比第一季度更強勁。

In terms of the duration, yes, right now, the results that we're seeing and the feedback that we're hearing is very consistent with what we expected and what we've seen in our SAKURA program, where the medium duration is 6 months, and you're seeing we're not far enough out to see how far patients go out. But with median duration, you're going to see some that get less than 6 months and some that get more than 6 months, which is going to be the same with other neurotoxins, where you see a little bit of a range around those. So thus far, we're encouraged with what we're hearing out there in terms of duration profile being very consistent. And then Toby, I'll throw it over to you in terms of the revenue guidance.

就持續時間而言，是的，現在，我們看到的結果和聽到的反饋與我們的預期和我們在 SAKURA 計劃中看到的非常一致，其中持續時間為 6幾個月，你會發現我們還不夠遠，無法看到患者走出多遠。但是對於中位持續時間，你會看到一些不到 6 個月，一些超過 6 個月，這與其他神經毒素相同，你會看到一些周圍的範圍。到目前為止，我們對我們在那裡聽到的持續時間非常一致的情況感到鼓舞。然後托比，我會把它交給你關於收入指導。

Yes. I think we had stated at the beginning of the year that we were going to put a pause on giving revenue guidance at this juncture just given the interplay between RHA Collection and DAXXIFY and the dynamic of launching a brand-new long-lasting neuromodulator in the U.S. market. I think we said in our prepared remarks that we would provide a little bit more outlook in our September Investor Day that we're planning on hosting. And then from there, we'll continue to give guidance -- I mean, to give -- consider giving when to give guidance.

是的。我認為我們在今年年初曾表示，鑑於 RHA Collection 和 DAXXIFY 之間的相互作用以及在美國市場。我想我們在準備好的發言中說過，我們將在我們計劃舉辦的 9 月投資者日提供更多展望。然後從那裡開始，我們將繼續提供指導——我的意思是，提供——考慮何時提供指導。

Thanks, Terence. Next question? Operator, next question?

謝謝，特倫斯。下一個問題？接線員，下一個問題？

Thank you so much. At this time, there are no further questions in the queue. I would like to hand back to our speakers.

太感謝了。目前，隊列中沒有其他問題。我想交還給我們的發言者。

Right. Thanks, everyone, for your time, and we look forward to interacting with you in the upcoming months ahead. Thank you very much.

正確的。謝謝大家抽出寶貴時間，我們期待在接下來的幾個月中與您互動。非常感謝。