Revance Therapeutics Inc (RVNC) 2024 Q1 法說會逐字稿

Welcome to the Revance Therapeutics first-quarter 2024 financial results and corporate update conference call.

歡迎參加 Revance Therapeutics 2024 年第一季財務表現及公司更新電話會議。

(Operator Instructions) As a reminder, this call is being recorded today, Thursday, May 9, 2024.

（操作員說明）謹此提醒，本次通話將於今天（2024 年 5 月 9 日星期四）錄音。

I would now like to turn the conference call over to Laurence Watts of New Street Investor Relations.

我現在想將電話會議轉交給新街投資者關係部的勞倫斯·瓦茨 (Laurence Watts)。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Joining us on the call today from Revance are President and Chief Executive Officer, Mark Foley; and Chief Financial Officer, Toby Schilke.

Revance 總裁兼執行長 Mark Foley 今天加入了我們的電話會議。和財務長 Toby Schilke。

During this call, management will make forward-looking statements, including statements related to the impact of our pricing and strategy on DAXXIFY and adoption; expectations related to product adoption, account activation, and reorders; consumer needs, preferences, and behavior; the benefits and value to us, practices, and consumers of our products, including the efficacy, duration, skin quality, and safety of our products; access to our products; future therapeutic indications; 2024 guidance; cash flow breakeven; positive adjusted EBITDA; future capital expenditures; anticipated revenue and top line growth; our strategic priorities; our anticipated success; our blockbuster potential; our ability to grow and take share; and market opportunity and expectations; our strategy, planned operations, and commercialization plans, including consumer offers and timing of those plans.

在本次電話會議中，管理階層將做出前瞻性聲明，包括與我們的定價和策略對 DAXXIFY 和採用的影響相關的聲明；與產品採用、帳戶啟動和重新訂購相關的期望；消費者需求、偏好和行為；我們的產品對我們、實踐和消費者的好處和價值，包括我們產品的功效、持續時間、皮膚品質和安全性；訪問我們的產品；未來的治療適應症； 2024 年指導；現金流量損益兩平；調整後的正數 EBITDA；未來的資本支出；預期收入和營收成長；我們的戰略重點；我們預期的成功；我們的一鳴驚人的潛力；我們成長與分享的能力；以及市場機會和期望；我們的策略、計劃營運和商業化計劃，包括消費者優惠和這些計劃的時間表。

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.

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有重大差異。

Factors that could cause these results to be different from these statements include factors the company describes in our annual report on Form 10-K and our quarterly report on Form 10-Q.

可能導致這些結果與這些陳述不同的因素包括公司在 10-K 表年度報告和 10-Q 表格季度報告中描述的因素。

Revance undertakes no duty or obligation to update any forward-looking statement as a result of new information, future events, or changes in its expectations.

Revance 不承擔因新資訊、未來事件或預期變更而更新任何前瞻性聲明的責任或義務。

Also on today's call, we will present both GAAP and non-GAAP financial measures.

在今天的電話會議上，我們還將介紹公認會計準則和非公認會計準則的財務指標。

Reconciliations of GAAP to non-GAAP measures are included in our earnings release.

我們的收益報告中包含了 GAAP 與非 GAAP 指標的調整表。

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

接下來，我將把電話轉給 Revance 總裁兼執行長 Mark Foley。

Mark?

標記？

Thank you, Laurence.

謝謝你，勞倫斯。

Good afternoon, everyone, and thank you for joining our first-quarter 2024 financial results conference call.

大家下午好，感謝您參加我們的 2024 年第一季財務業績電話會議。

Q1 '24 was the second full quarter, reflecting DAXXIFY's strategy change, and we are encouraged by the ongoing traction and momentum that we are seeing related to this change.

24 年第一季是第二個完整季度，反映了 DAXXIFY 的策略變化，我們看到與這一變化相關的持續牽引力和勢頭，這讓我們感到鼓舞。

Specifically, DAXXIFY aesthetic sold were up 105% year over year and notably up 7% on a quarter-over-quarter basis, despite Q1 traditionally being a seasonally down quarter when compared to Q4.

具體而言，DAXXIFY 美學銷售額年增 105%，環比成長 7%，儘管第一季傳統上與第四季相比是季節性下降的季度。

Moreover, DAXXIFY grew its market share from 3% at the end of Q4 '23 to 3.7% at the end of Q1 '24, highlighting not only its ability to grow but also take share.

此外，DAXXIFY 的市佔率從 23 年第 4 季末的 3% 成長到 24 年第 1 季末的 3.7%，這不僅凸顯了其成長能力，還凸顯了其佔領市場份額的能力。

In the first quarter, DAXXIFY net revenue was $22.1 million after a reduction of $2 million related to our consumer coupon program, which function by like a rebate.

第一季度，DAXXIFY 淨收入為 2,210 萬美元，因為我們的消費者優惠券計劃（該計劃的作用類似於回扣）減少了 200 萬美元。

While we were encouraged by the feedback we received on the consumer coupon program, we will look to structure future offerings in a way that doesn't require a full revenue offset, and that is more consistent with competitor programs from a revenue treatment and sales and marketing expense perspective.

雖然我們對消費者優惠券計劃收到的反饋感到鼓舞，但我們將尋求以不需要全額收入抵消的方式構建未來的產品，並且在收入處理和銷售方面與競爭對手的計劃更加一致營銷費用的角度。

Importantly, feedback from the field continues to be positive and reveals that practices are re-engaging with DAXXIFY not only because of its duration profile but also because of its fast onset and improved skin quality, which is made possible by its unique and differentiated peptide formulation.

重要的是，來自該領域的反饋仍然是積極的，並表明實踐正在重新使用DAXXIFY，不僅因為它的持續時間概況，而且因為它的快速起效和改善的皮膚質量，這是透過其獨特和差異化的勝肽配方實現的。

To that end, in the quarter, I was able to personally meet with over 200 injectors across a variety of regional dinners and office visits.

為此，在本季度，我透過各種區域晚宴和辦公室訪問親自會見了 200 多名註射者。

And I was very encouraged by the receptivity, feedback, and support we are getting as a result of our new strategy.

我們因新策略而獲得的接受度、回饋和支持讓我深受鼓舞。

With our reduced price to the practice, we are encouraged to see that accounts are passing along the savings to their patients, thereby allowing them to experience DAXXIFY's performance benefits at a price that is in line with other toxins.

隨著我們降低診所價格，我們很高興看到帳戶將節省的費用轉嫁給患者，使他們能夠以與其他毒素一致的價格體驗 DAXXIFY 的性能優勢。

At the end of the day, customers are reporting that they're choosing to lean in with DAXXIFY because they feel it is a better product.

歸根結底，客戶報告說他們選擇使用 DAXXIFY 是因為他們覺得這是一個更好的產品。

In the quarter, we also launched a new DAXXIFY messaging campaign titled, The DAXXIFY Difference – Fast.

在本季度，我們也推出了新的 DAXXIFY 訊息活動，名為「The DAXXIFY Difference – Fast」。

Lasts.

持續。

And the Look, and we removed the no advertised price limitation, which has allowed accounts to more easily promote DAXXIFY to their customers and which will help further amplify DAXXIFY's voice in the market.

還有外觀，我們取消了無廣告價格限制，這使得帳戶可以更輕鬆地向其客戶推廣 DAXXIFY，這將有助於進一步放大 DAXXIFY 在市場上的話語權。

Consistent with prior commentary, our last two quarters were focused on existing DAXXIFY accounts in order to reestablish confidence and a more positive relationship going forward.

與先前的評論一致，我們過去兩個季度的重點是現有的 DAXXIFY 帳戶，以重建信心並建立更積極的關係。

We believe that this focus was necessary to build the right foundation for long-term success.

我們相信，這種關注對於長期成功奠定正確的基礎是必要的。

Now that we have concluded this phase, we expect to return to a more normal new account cadence and portfolio focus.

現在我們已經結束了這個階段，我們預計將恢復到更正常的新帳戶節奏和投資組合重點。

In the quarter, we were also encouraged by the strong reordering activity as existing accounts represented more than two-thirds of DAXXIFY revenue in the quarter, the higher average order size per account representing deeper penetration, consumer end pricing coming in line with competitor prices reflecting that the strategy change is having the desired effect, all of which has contributed to a meaningful uptick in unit sales on both an annual and quarterly basis as well as a healthy gain in market share.

本季度，我們也受到強勁的再訂購活動的鼓舞，因為現有帳戶佔本季DAXXIFY 收入的三分之二以上，每個帳戶的平均訂單規模越大，代表滲透率越深，消費者端定價與競爭對手價格一致，反映出策略性變化正在產生預期效果，所有這些都有助於年度和季度銷量的大幅增長以及市場份額的健康增長。

Turning to our RHA, despite filler market softness in Q1 and outsized DAXXIFY focus, we continue to grow our filler market share and ended Q1 with 9.8% share, up from 9.1% in Q4.

談到我們的RHA，儘管第一季填料市場疲軟且對DAXXIFY 的關注度過大，我們的填料市場份額仍在繼續增長，第一季末的份額為9.8%，高於第四季度的9.1% 。

While RHA revenue declined 2% year over year, our ability to take share in a soft filler quarter, positions us well going forward, particularly as the market returns to more normal growth, we launched some of our new initiatives and as our focus shifts to a more balanced portfolio approach.

雖然RHA 收入年減2%，但我們在軟填料季度中佔據份額的能力使我們在未來保持良好的地位，特別是隨著市場恢復到更正常的增長，我們推出了一些新舉措，並且隨著我們的重點轉向更平衡的投資組合方法。

Underpinning our ongoing market share gains and traction in the filler market is the quality and differentiated performance profile of the RHA portfolio, combined with our commercial team's ability to execute.

RHA 產品組合的品質和差異化性能特徵，以及我們商業團隊的執行能力，支撐著我們在填充劑市場中不斷獲得的市場份額和吸引力。

As we move into Q2, we are excited to be launching RHA 3 for lip augmentation and fullness as lips are the number one filler procedure performed in the US.

隨著我們進入第二季度，我們很高興推出用於豐唇和豐唇的 RHA 3，因為嘴唇是美國進行的第一大填充手術。

And while Q1 revealed some softness in the US filler market, we expect the market to return to historic high-single-digit growth through the balance of 2024.

儘管第一季美國填料市場出現一些疲軟，但我們預計該市場將在 2024 年剩餘時間內恢復歷史性高個位數成長。

To this end, we are encouraged by the early traction and momentum we are seeing in Q2 related to both the fillers and toxin markets.

為此，我們對第二季度看到的與填充劑和毒素市場相關的早期牽引力和勢頭感到鼓舞。

Lastly, at the end of the first quarter, there were over 7,500 aesthetic accounts, of which 3,500 have ordered DAXXIFY, which leaves us with significant runway to further expand our number of accounts and ordering base going forward.

最後，在第一季末，有超過 7,500 個美容帳戶，其中 3,500 個訂購了 DAXXIFY，這為我們未來進一步擴大帳戶數量和訂購基礎留下了重要的空間。

Now let me turn to our therapeutics franchise.

現在讓我談談我們的治療專營權。

This afternoon, we announced the commercial launch of DAXXIFY for the treatment of cervical dystonia, marking our entry into the $2.7 billion US therapeutic neurotoxin market, which is projected to grow 8% annually over the next five years.

今天下午，我們宣布將用於治療頸部肌張力失調的 DAXXIFY 商業化上市，標誌著我們進入了價值 27 億美元的美國治療性神經毒素市場，預計未來五年將以每年 8% 的速度成長。

DAXXIFY is the first and only peptide-formulated long-lasting neurotoxin that offers the potential to improve duration of symptom control with a favorable safety profile, providing patients and physicians with a compelling new treatment option for a painful and disabling chronic conditions.

DAXXIFY 是第一個也是唯一一個勝肽配方的長效神經毒素，它具有改善症狀控制持續時間的潛力，並且具有良好的安全性，為患者和醫生提供了一種令人信服的新治療選擇，用於治療痛苦和殘疾的慢性疾病。

DAXXIFY for cervical dystonia provides a significant opportunity for Revance and marks the culmination of our decades-long mission to bring true innovation to the therapeutics market.

頸部肌張力失調的 DAXXIFY 為 Revance 提供了一個重要的機會，標誌著我們數十年來為治療市場帶來真正創新的使命的頂峰。

While toxins are the gold standard of care for cervical dystonia, patients struggle to achieve sustained symptom relief in between treatments.

雖然毒素是治療頸部肌張力失調的黃金標準，但患者在治療之間很難實現持續的症狀緩解。

This is due to the fact that toxin treatment can only occur every 12 weeks based on product labeling and reimbursement guidelines, even though the therapeutic benefit of current toxins typically wears off 8 to 10 weeks after injection.

這是因為根據產品標籤和報銷指南，毒素治療只能每 12 週進行一次，儘管當前毒素的治療效果通常會在註射後 8 至 10 週後消失。

As a result, this frequently leaves patients with unmanaged symptoms that can lead to significant pain, social stigma, and the inability to drive or work.

因此，這常常使患者出現無法控制的症狀，從而導致嚴重疼痛、社會恥辱以及無法駕駛或工作。

DAXXIFY has the potential to offer CD patients more good days and better symptom control in between treatments, ending the roller coaster ride that many cervical dystonia patients experience.

DAXXIFY 有潛力為 CD 患者提供更多的美好時光，並在治療之間更好地控制症狀，結束許多頸椎肌張力失調患者經歷的過山車之旅。

Following our CD approval in August of 2023, we launched the PrevU, early-experience program, with the objective of optimizing treatment outcomes and ensuring smooth practice integration.

在 2023 年 8 月獲得 CD 批准後，我們啟動了 PrevU 早期體驗計劃，旨在優化治療結果並確保順利的實踐整合。

To date, real-world clinical results from PrevU, which has now ceased enrollment as we move into our full launch, are in line with our prior ASPEN clinical program, providing us with a strong foundation for commercial success.

迄今為止，PrevU 的實際臨床結果與我們先前的 ASPEN 臨床計劃一致，為我們的商業成功提供了堅實的基礎。

The program enrolled over 300 patients, most of which are now in their second treatment cycle.

該計劃招募了 300 多名患者，其中大多數目前處於第二個治療週期。

Based on a survey we conducted, which included all 17 physicians who participated in the PrevU program since inception, 94% indicated that they perceived DAXXIFY to last longer than what they have seen with conventional botulinum toxins based on just their first treatment cycle experience and prior to dose optimization.

根據我們進行的一項調查，其中包括自PrevU 計畫啟動以來參與的所有17 名醫生，94% 的人表示，僅根據他們的第一個治療週期經驗和先前的經驗，他們認為DAXXIFY 的持續時間比傳統肉毒毒素的持續時間更長。

Additionally, we've been pleased to see that DAXXIFY safety profile continues to be encouraging over a broad range of doses.

此外，我們很高興看到 DAXXIFY 在廣泛的劑量範圍內的安全性繼續令人鼓舞。

We look forward to sharing some of our PrevU insights at upcoming medical meetings.

我們期待在即將舉行的醫學會議上分享我們對 PrevU 的一些見解。

Post-approval, we established our therapeutics commercial infrastructure in preparation for launch and received our permanent J-code, which will streamline the reimbursement pathway for providers.

批准後，我們建立了治療商業基礎設施，為推出做準備，並收到了我們的永久 J 代碼，這將簡化提供者的報銷途徑。

Also, we operationalized our Access DAXXIFY reimbursement support services in order to minimize potential hurdles to adoption.

此外，我們也營運了 Access DAXXIFY 報銷支援服務，以盡量減少採用的潛在障礙。

Within that platform, we have tools and resources to support practices, including our patient affordability programs, our co-pay program for the underinsured, and a patient assistance program to ensure out-of-pocket costs do not impede access to therapy.

在該平台內，我們擁有支持實踐的工具和資源，包括我們的患者負擔能力計劃、保險不足的共同支付計劃以及確保自付費用不會妨礙獲得治療的患者援助計劃。

Currently, DAXXIFY is covered for over 78% of commercial lives, which when combined with our government coverage, represents over 200 million lives and includes the top health plans in the US.

目前，DAXXIFY 涵蓋了超過 78% 的商業生活，加上我們的政府覆蓋範圍，代表了超過 2 億人的生活，其中包括美國的頂級健康計劃。

We are energized by our mission to positively impact the lives of cervical dystonia patients and believe that we have the right payer infrastructure in place to facilitate a smooth switch process.

我們的使命是積極影響頸部肌張力失調患者的生活，我們對此充滿活力，並相信我們擁有適當的付款人基礎設施來促進順利的轉換過程。

That said, given the conservative nature of the treating physicians and CD market size, we anticipate initial revenues will be modest.

也就是說，考慮到治療醫生的保守性質和 CD 市場規模，我們預期初始收入將不大。

However, we remain bullish regarding DAXXIFY's potential in the cervical dystonia market and subsequent therapeutic indications and our PrevU results have only helped to further increase our confidence in DAXXIFY's long-term potential in the therapeutics market.

然而，我們仍然看好 DAXXIFY 在頸部肌張力失調市場的潛力以及後續的治療適應症，而我們的 PrevU 結果只會有助於進一步增強我們對 DAXXIFY 在治療市場的長期潛力的信心。

Before I turn the call over to Toby to cover our first-quarter financials, I want to highlight the progress we're making on one of our other 2024 strategic priorities, namely focused and disciplined capital allocation.

在我將電話轉給托比介紹我們第一季的財務狀況之前，我想強調一下我們在 2024 年其他策略重點之一上取得的進展，即集中和嚴格的資本配置。

In conjunction with our DAXXIFY strategy change, we've implemented a number of OpEx efficiency measures designed to both streamline and lower our overall operating expense profile while also ensuring that we can free up the necessary capital to invest in both our aesthetics and therapeutics franchises.

結合我們的 DAXXIFY 策略變化，我們實施了一系列營運支出效率措施，旨在簡化和降低我們的整體營運支出狀況，同時確保我們能夠釋放必要的資本來投資我們的美容和治療特許經營權。

I'm pleased to report that we are ahead of plan with respect to these efforts, and Toby will touch on that shortly.

我很高興地向大家報告，我們在這些方面的努力超出了計劃，托比很快就會談到這一點。

With over $275 million in cash, cash equivalents, and investments at the end of Q1, the ongoing growth and opportunity we have with DAXXIFY and RHA and initiatives in place for the second quarter and balance of the year, we are reiterating our guidance, which includes net product revenue of at least $280 million; non-GAAP OpEx of $290 million to $310 million, which is currently trending to the low end of the range; and our goal of reaching positive adjusted EBITDA in 2025.

截至第一季末，我們擁有超過 2.75 億美元的現金、現金等價物和投資，我們與 DAXXIFY 和 RHA 的持續增長和機遇，以及第二季度和今年剩餘時間的舉措，我們重申我們的指導，包括至少2.8 億美元的淨產品收入；非 GAAP 營運支出為 2.9 億至 3.1 億美元，目前正趨於該範圍的低端；我們的目標是在 2025 年實現正向調整 EBITDA。

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

接下來，我將把電話轉給托比，介紹我們第一季的財務狀況。

Thank you, Mark.

謝謝你，馬克。

The press release and the 10-Q we issued today details our financial results in full.

我們今天發布的新聞稿和 10-Q 報告詳細介紹了我們的財務表現。

So I will only go over the highlights on this call.

所以我只會回顧這次電話會議的亮點。

Our fintech platform business, which was our legacy service segment, is now a discontinued operation and is reflected as such on our financial statements.

我們的金融科技平台業務是我們的傳統服務部門，現已停止運營，並反映在我們的財務報表中。

Consequently, the results that I will discuss exclude discontinued operations.

因此，我將討論的結果不包括已終止的業務。

Total revenue for the first quarter ended March 31, 2024, was $51.9 million compared to $45.8 million for the same period last year, representing a 13% increase in revenue due to DAXXIFY.

截至 2024 年 3 月 31 日的第一季總營收為 5,190 萬美元，而去年同期為 4,580 萬美元，DAXXIFY 帶來的營收成長了 13%。

Net revenue for the first quarter included $29.6 million of RHA collection revenue, $22.1 million of DAXXIFY revenue, and $0.2 million of collaboration revenue related to our biosimilar to BOTOX program with Viatris.

第一季的淨收入包括 2,960 萬美元的 RHA 收集收入、2,210 萬美元的 DAXXIFY 收入以及與 Viatris 的 BOTOX 生物仿製藥計畫相關的合作收入 20 萬美元。

Total operating expenses from continuing operations for the first quarter were $98.8 million compared to $92.5 million for the same period in 2023.

第一季持續營運的總營運費用為 9,880 萬美元，而 2023 年同期為 9,250 萬美元。

Excluding cost of product revenue, stock-based compensation, depreciation, and amortization, non-GAAP operating expenses from continuing operations for the first quarter were $73.6 million compared to $64.5 million for the same period in 2023.

不計產品收入成本、股票薪酬、折舊和攤銷，第一季持續營運的非公認會計準則營運費用為 7,360 萬美元，而 2023 年同期為 6,450 萬美元。

As Mark alluded to, we are reiterating our guidance for 2024 and specifically related to our non-GAAP OpEx guidance of $290 million to $310 million, we are currently trending to the low end of that range due to cost savings and other efficiency initiatives.

正如馬克所提到的，我們重申了2024 年的指導，特別是與我們2.9 億至3.1 億美元的非GAAP 營運支出指導相關的指導，由於成本節約和其他效率舉措，我們目前正趨向於該範圍的低端。

On the balance sheet side, our current cash position, bolstered by an equity offering in the first quarter, which resulted in gross proceeds of $100 million in combination with our operating plan, provides us with multiple levers to achieve positive adjusted EBITDA in 2025.

在資產負債表方面，我們目前的現金部位在第一季股票發行的支持下實現了1 億美元的總收益，再加上我們的營運計劃，為我們在2025 年實現正調整EBITDA 提供了多種槓桿。

Finally, Revance's shares of common stock outstanding as of April 30, 2024, were approximately 104.4 million with approximately 113.5 million fully diluted shares, excluding the impact of convertible debt.

最後，截至 2024 年 4 月 30 日，Revance 的已發行普通股約為 1.044 億股，其中完全稀釋股約為 1.135 億股，不包括可轉換債務的影響。

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

然後，我會將電話轉回給馬克。

Thank you, Toby.

謝謝你，托比。

For the rest of 2024, we remain focused on delivering at least 32% topline growth while effectively managing spend to reach positive adjusted EBITDA in 2025.

在 2024 年剩餘時間裡，我們仍然專注於實現至少 32% 的營收成長，同時有效管理支出，以在 2025 年實現正調整 EBITDA。

We believe this is achievable through successful execution on our DAXXIFY and RHA growth initiatives in aesthetics, our launch of DAXXIFY in cervical dystonia, and through maintaining disciplined capital allocation while ensuring we have the necessary resources to fund our two franchises.

我們相信，透過成功執行我們在美學領域的DAXXIFY 和RHA 成長計劃、在頸部肌張力失調方面推出DAXXIFY，以及透過保持嚴格的資本配置，同時確保我們擁有必要的資源來資助我們的兩個特許經營權，這是可以實現的。

We remain encouraged by our ongoing market share gains across both DAXXIFY and RHA, and the positive response we are seeing to DAXXIFY strategy change as reflected by the significant increase in unit volume on a year-over-year and quarterly basis.

我們對 DAXXIFY 和 RHA 市場份額的持續增長以及我們看到的 DAXXIFY 戰略變化的積極反應感到鼓舞，這反映在銷量同比和季度的大幅增長。

As a result, we continue to have conviction in our blockbuster potential in the US aesthetics market.

因此，我們仍然堅信我們在美國美容市場的巨大潛力。

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

現在，我將開始提問。

(Operator Instructions) Seamus Fernandez, Guggenheim.

（操作員說明）Seamus Fernandez，古根漢。

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

So Mark, I just wanted to get a better sense of the trajectory that you're already seeing in the second quarter so far.

馬克，我只是想更好地了解到目前為止您在第二季度已經看到的軌跡。

Obviously, the $22 million would have been $24 million without the couponing program.

顯然，如果沒有優惠券計劃，這 2200 萬美元本來就是 2400 萬美元。

But presumably, you knew about the couponing dynamics.

但想必您了解優惠券動態。

So just trying to get a better sense of the trajectory that you're seeing.

所以只是想更了解你所看到的軌跡。

I know that the plan was to accelerate to expand the number of injectors in the second quarter with a full push after you had really reestablished the pricing.

我知道，計劃是在真正重新確定定價後，在第二季度全力推動擴大注射器數量。

So just wanted to get a better sense of what you're seeing so far in these first five weeks of the second quarter to give you confidence that that $280 million minimum guidance threshold is achievable.

因此，我只是想更好地了解您在第二季度前五週內所看到的情況，以便讓您相信 2.8 億美元的最低指導門檻是可以實現的。

And then the second part of that question also related to guidance is just the filler dynamics.

該問題的第二部分也與指導相關，即填料動力學。

Obviously, we're seeing a lot of pushes and pulls there, but you do have the launch of the new lip formulation, RH 3.

顯然，我們看到了很多推動和拉動，但您確實推出了新的唇部配方 RH 3。

So can you just help us understand what you see as the incremental revenue opportunity there, just given the high frequency of lip filler use?

那麼，考慮到唇部填充劑的使用頻率很高，您能否幫助我們了解您認為那裡的增量收入機會是什麼？

Thanks.

謝謝。

Sure.

當然。

So Seamus, let me start with the first one in terms of our confidence in the product revenue guidance of at least $280 million.

Seamus，讓我從第一個開始，我們對至少 2.8 億美元的產品收入指導充滿信心。

As you noted, we were very pleased with the DAXXIFY performance in Q1.

正如您所指出的，我們對 DAXXIFY 第一季的表現非常滿意。

And as we've made the shift in the pricing change, it's all about getting trial usage and experience because we believe that more accounts and consumers that get exposed to DAXXIFY and its performance attributes, not just duration, but skin quality in onset, that's where the stickiness creates.

當我們改變定價時，一切都是為了獲得試用和體驗，因為我們相信更多的帳戶和消費者會接觸到DAXXIFY 及其性能屬性，不僅僅是持續時間，還有起效時的皮膚質量，這就是黏性產生的地方。

And obviously, we're trying to build a growing base of accounts and customers and we saw that pull through at the account level where saw more accounts ordering larger quantities, which is a good early sign for us.

顯然，我們正在努力建立一個不斷增長的帳戶和客戶群，我們看到在帳戶層級實現了這一目標，看到更多的帳戶訂購了更大的數量，這對我們來說是一個很好的早期跡象。

And so when we look through the course of the year, we would expect to have sequential growth throughout the year, certainly on the DAXXIFY side, as we layer in more accounts.

因此，當我們回顧這一年的進程時，我們預計全年都會出現連續成長，尤其是在 DAXXIFY 方面，因為我們會增加更多帳戶。

And given our outsized focus on DAXXIFY the first two quarters and doubling back, we would expect that new account adds will start to elevate as we move towards the remainder of the year.

鑑於我們在前兩個季度對 DAXXIFY 的過度關注以及加倍關注，我們預計隨著今年剩餘時間的推移，新帳戶的增加將開始增加。

In terms of what we're seeing in Q2, there's typically a cadence in terms of the quarterly phasing or the monthly phasing in a quarter.

就我們在第二季度看到的情況而言，季度階段或每月階段通常有一個節奏。

First month of the quarter tends to be the lightest followed by the second and followed by the third.

該季度的第一個月往往是最輕的，其次是第二個月，然後是第三個月。

But we're seeing good volumes in at least the accounts that we are in through April and the early part of May across both the toxin and notably the filler side of it.

但我們至少在四月和五月初的帳戶中看到了毒素的大量交易，尤其是填充劑方面的交易量。

It's probably hard to tell right now, on the filler side of it, how much of that is our launch of the lip indication because as you mentioned that that's certainly going to be a tailwind for us.

現在可能很難說，在它的填充物方面，我們推出的唇部指示有多少是因為正如你所提到的，這肯定會成為我們的順風車。

And we have some other initiatives that we'll be rolling out through the balance of the year around portfolio, plans, and other practice-based initiatives designed to reward engagement and volume.

我們還有一些其他舉措，我們將在今年餘下的時間裡圍繞投資組合、計劃和其他旨在獎勵參與度和數量的基於實踐的舉措推出。

And so we like what we're seeing early on in Q2 from that perspective.

因此，從這個角度來看，我們喜歡第二季初期所看到的情況。

Again, I do think given that lips are the number one indication, that helps.

再說一次，我確實認為考慮到嘴唇是第一個指示，這會有所幫助。

And I do think our reps now are spending more time with a balanced selling approach, not just more DAXXIFY focused.

我確實認為我們的銷售代表現在花更多的時間在平衡的銷售方法上，而不僅僅是更加關注 DAXXIFY。

So it's early, but again, if you go back to the market share gains that we saw in Q1, we really like our positioning and our ability to continue to take share.

所以現在還為時過早，但如果你回顧我們在第一季看到的市場份額成長，我們真的很喜歡我們的定位和我們繼續佔據份額的能力。

So we continue to feel very good about how we think the rest of the year is going to play out.

因此，我們對今年剩餘時間的情況仍然感到非常滿意。

Great.

偉大的。

And maybe just a final question.

也許只是最後一個問題。

On the therapeutic side, you continue to guide pretty conservatively in terms of how to think about the therapeutic contribution in 2024.

在治療方面，您繼續以相當保守的方式指導如何思考 2024 年的治療貢獻。

But given all the progress that you've made with the J code and the opportunity for reimbursement, how do you feel you're positioned?

但鑑於您在 J 代碼方面取得的所有進展以及報銷的機會，您認為自己的定位如何？

Do you feel you're positioned to perhaps do better this year from a therapeutics perspective to be able to deliver on that guidance?

您是否認為今年從治療學的角度來看您可能會做得更好，從而能夠實現這一指導？

Or is the guidance from your perspective pretty locked and loaded as it relates to your aesthetics business and you just feel good about the trajectory of the business on aesthetics and we should think about therapeutic as predominantly incremental?

或者，從您的角度來看，指導是否相當鎖定和負載，因為它與您的美學業務相關，並且您對美學業務的發展軌跡感到滿意，我們應該將治療視為主要是漸進的？

Yes, I think it's the latter.

是的，我認為是後者。

Again, we are very encouraged by what we're seeing in the therapeutics business, particularly based on the PrevU engagement.

同樣，我們對治療業務中所看到的情況感到非常鼓舞，特別是基於 PrevU 的參與。

And taking the measured approach that we did not only gave us really good feedback from the clinicians, but it allowed us to really put in place the entire reimbursement process, from the J code to the coverage at the commercial level to patient access programs.

採用經過衡量的方法，我們不僅從臨床醫生那裡獲得了非常好的反饋，而且使我們能夠真正落實整個報銷流程，從 J 代碼到商業層面的覆蓋範圍，再到患者訪問計劃。

And so, given that it's a buy-and-bill product in these practices, that's why you don't get those sort of early stocking orders.

因此，考慮到在這些做法中它是一種購買並開立帳單的產品，這就是為什麼你不會收到那種早期備貨訂單的原因。

They want to treat a few patients, make sure that they can get paid, start conservatively with dosing, and then figure out how to optimize.

他們想要治療一些患者，確保他們能夠獲得報酬，從保守的劑量開始，然後找出如何優化。

But we believe that once they get through that early phase, which will take a little bit, then we would expect to see meaningful share gains on that.

但我們相信，一旦他們度過了這個需要一點時間的早期階段，那麼我們預計會看到有意義的份額成長。

So I think if you time out 2024 as accounts start to work through that phase, we will certainly see some that lean in more aggressively early, but we think most are going to kind of go through that.

因此，我認為，如果在 2024 年帳戶開始經歷該階段時超時，我們肯定會看到一些人更早地更積極地投入，但我們認為大多數人都會經歷這一階段。

So we would expect much more meaningful contribution as we move into '25.

因此，當我們進入 25 世紀時，我們預計會做出更有意義的貢獻。

But it's more -- as you said, we expect the aesthetics is going to carry a big chunk of this year and that therapeutics will be incremental.

但更重要的是——正如你所說，我們預計美學將在今年佔據很大一部分，並且治療將是漸進的。

We could be surprised a little bit on the upside, but that's how we're thinking about it from our internal modeling.

我們可能會對好的方面感到驚訝，但這就是我們從內部模型中思考的方式。

Stacy Ku, TD Cowen.

史黛西·庫，TD·考恩。

Hi, thanks so much for taking our questions and congrats on the progress.

您好，非常感謝您提出我們的問題並祝賀我們的進展。

So we have a few follow-ups.

所以我們有一些後續行動。

On the first question, so can you just talk about your evolving thoughts on the RHA contribution this year?

關於第一個問題，您能否談談您對今年RHA貢獻的不斷變化的想法？

And to ask a little bit more specifically, if we take your guidance, we do need to see strong growth over the next few quarters.

更具體地說，如果我們接受您的指導，我們確實需要看到未來幾季的強勁成長。

So if we understand how Q1 looks, it looks like it's at similar levels to last year.

因此，如果我們了解第一季的情況，就會發現它與去年的水平相似。

So just help us feel comfortable with your belief that we could meaningfully grow beyond 2023 RHA sales.

因此，請幫助我們相信您的信念，即我們可以在 2023 年 RHA 銷售額之後實現有意義的成長。

Is it really that RHA 3 launch is really going to kind of increase share there?

RHA 3 的推出真的會增加那裡的份額嗎？

And then the second question is looking to Q2, previously, you've discussed it takes around a quarter for an account to sample and try DAXXIFY before ordering.

然後第二個問題是關注第二季度，之前，您已經討論過一個帳戶需要大約四分之一的時間來採樣並在訂購之前嘗試 DAXXIFY。

So just help us set expectations in terms of the timing of sales acceleration versus a usual lift -- seasonality lift that you'll see in aesthetic market for Q2?

那麼，請幫助我們設定銷售加速的時間與通常的提升（您將在第二季度美學市場中看到的季節性提升）的預期？

Just a second question, just kind of the dynamics between the broadening the accounts versus the normal time for sampling.

這是第二個問題，擴大帳戶與正常採樣時間之間的動態關係。

And then the last question, just curious if you're willing to comment.

然後是最後一個問題，只是好奇你是否願意發表評論。

As you discussed your plans of going broader and deeper, of the accounts that you've already onboarded for DAXXIFY, can you talk about what percentage has had made it their primary neurotoxin in their practice versus one of the offerings?

當您討論更廣泛、更深入的計劃時，在您已經加入的 DAXXIFY 帳戶中，您能否談談與其中一項產品相比，在他們的實踐中將其作為主要神經毒素的比例是多少？

So just curious how you're doing as you go deeper with some of the relationships.

所以只是好奇當你更深入地處理一些關係時你做得如何。

Thanks so much.

非常感謝。

Sure.

當然。

So thanks, Stacy.

謝謝，史黛西。

Let me kind of walk through these.

讓我來介紹一下這些。

So first, in terms of how we think again about the cadence of revenue and what you need to see in terms of growth and what's going to drive that, hey, listen, Q1 was softer on the filler side than what we expected.

因此，首先，就我們如何重新考慮收入節奏以及您需要看到的成長以及推動成長的因素而言，嘿，聽著，第一季的填充量比我們預期的要軟。

If you look at it, we actually had pretty healthy share growth, even with again an outsized focus on DAXXIFY.

如果你看一下，我們實際上擁有相當健康的份額成長，即使再次過度關注 DAXXIFY。

So I think we're continuing to take share based on the quality of the product.

因此，我認為我們將繼續根據產品品質來獲取份額。

We expect the market will return to more normal high-single-digit growth.

我們預計市場將恢復更正常的高個位數成長。

And so we believe that will also be a tailwind for us as we continue to take share with RHA.

因此，我們相信，隨著我們繼續與 RHA 分享份額，這也將成為我們的順風車。

Previously, when we've given conceptual guidance to our $280 million, more than $200 million in product, we said a little more than half of that's going to be RHA.

此前，當我們為我們的 2.8 億美元、超過 2 億美元的產品提供概念指導時，我們說其中一半多一點將是 RHA。

And so if you look at what that means from a year-over-year growth perspective, you can get there in sort of teens growth on RHA, which we think is manageable, particularly when you start layering in the RHA3 for lips, some of the promos that we're going to run around that, the fact that it's the number one performed filler procedure.

因此，如果您從逐年增長的角度來看這意味著什麼，您可以透過 RHA 實現青少年的成長，我們認為這是可以控制的，特別是當您開始為嘴唇分層使用 RHA3 時，我們將圍繞這一點點進行宣傳，事實上，這是第一個執行的填充程序。

And then we do expect to start to benefit from some portfolio programs based on our broader account base and ways that we will be able to leverage one product with the other to incentivize further leaning in.

然後，我們確實希望開始從一些基於我們更廣泛的帳戶基礎的投資組合計劃中受益，以及我們能夠利用一種產品與另一種產品來激勵進一步傾斜的方式。

And so that's kind of how we think about that.

這就是我們的想法。

And as I said, I know it's early, but we like what we're seeing in April.

正如我所說，我知道現在還為時過早，但我們喜歡四月所看到的情況。

And I'm sure some of that is the lips.

我確信其中一些是嘴唇。

But I think some of that's the team, again, turning their focus to broader portfolio as well.

但我認為其中一些是團隊再次將注意力轉向更廣泛的投資組合。

In terms of Q2 and how we think about the time it takes for a new account to fully get up to speed and onboard, yeah, it's probably a quarter or two.

就第二季以及我們如何看待新帳戶完全熟悉速度和加入所需的時間而言，是的，可能是一兩個季度。

There's still some that are going to want to see a duration signal with DAXXIFY before they fully decide where that fits into their practice, even though we've softened the duration message.

儘管我們已經軟化了持續時間信息，但仍有一些人希望在完全決定適合他們的實踐之前使用 DAXXIFY 看到持續時間信號。

And what we continue to hear from accounts is while duration is great, onset and particularly the skin quality continue to be really important differentiators for them, and so it's hard for me to say with certainty how those things are all going to knit together when you think about Q2 being a stronger quarter compared to Q1.

我們繼續從帳戶中聽到的是，雖然持續時間很長，但發病時間，尤其是皮膚品質對他們來說仍然是非常重要的區別因素，所以我很難肯定地說，當你與第一季度相比，第二季度是一個更強勁的季度。

But when we step back, we have a certain account target of new accounts that we want to add in total accounts that we want to get to by the end of the year using similar utilization metrics.

但是，當我們退後一步時，我們有一個新帳戶的特定帳戶目標，我們希望使用類似的使用率指標將其添加到我們希望在年底之前達到的帳戶總數中。

And frankly, we've continued to grow the utilization per account Q4 to Q1.

坦白說，我們從第四季到第一季繼續提高每個帳戶的使用率。

And so we can continue that trend and add the new accounts, which we think are very reasonable.

因此，我們可以繼續這一趨勢並添加新帳戶，我們認為這是非常合理的。

That's how we come up with the numbers that we feel comfortable with.

這就是我們得出令我們滿意的數字的方式。

In terms of the broader versus deeper and how we think about adoption, I would say that it's evolving right now.

就更廣泛與更深層次以及我們如何看待採用而言，我想說它現在正在發展。

I'd say it's certainly a minority of our accounts that have made DAXXIFY their leading and primary toxin, more than 50%.

我想說的是，我們的帳戶中肯定只有一小部分將DAXXIFY作為他們的主要和主要毒素，超過50%。

I think it's a good healthy number.

我認為這是一個很好的健康數字。

Where we're in those accounts, we occupy a decent spot.

我們在這些帳戶中佔據著不錯的位置。

And our goal is as they get more familiar and more comfort with it that we can lean in more and continue to increase that penetration, particularly as they get more familiar.

我們的目標是，當他們變得更加熟悉和更加舒適時，我們可以更多地依靠並繼續提高滲透率，特別是當他們變得更加熟悉時。

And so again, we have some different initiatives about that.

同樣，我們對此有一些不同的舉措。

But I would say it's a small percentage of the accounts that have sort of said, DAXXIFY is our primary toxin.

但我想說的是，只有一小部分帳戶表示，DAXXIFY 是我們的主要毒素。

Okay, wonderful.

好吧，太棒了。

And just a follow-up.

只是後續行動。

Sounds like you are this year, 2024, thinking about maybe implementing -- when you say portfolio programs, is that is that bundling?

聽起來你今年 2024 年正在考慮實施——當你說投資組合計劃時，這就是捆綁嗎？

That is correct.

那是對的。

We do plan to do that this year in 2024.

我們確實計劃在今年 2024 年做到這一點。

Annabel Samimy, Stifel.

安娜貝爾·薩米米，斯蒂菲爾。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Just following up on the portfolio programs, I guess in terms of the plans that you have in place right now, the coupon you treated as a rebate, are you planning on having portfolio programs as a rebate as well?

只是跟進投資組合計劃，我想就您現在製定的計劃而言，您將優惠券視為回扣，您是否也計劃將投資組合計劃作為回扣？

I guess, what was the rather direct savings for those accounts?

我想，這些帳戶的直接儲蓄是多少？

And then just as we think about the portfolio, have you begun to see more filler ordering from accounts that now have DAXXIFY and vice versa?

然後，正如我們思考投資組合一樣，您是否開始看到更多的填充訂單來自現在擁有 DAXXIFY 的帳戶，反之亦然？

And are you starting to see that account leverage now that you have a portfolio to offer rather than just one product?

既然您擁有可以提供的投資組合而不僅僅是一種產品，您是否開始看到帳戶槓桿作用？

And then switching to therapeutics, in your PrevU program, I was just wondering if the injection frequency -- have you noticed whether the injection frequency for these physicians would change?

然後轉向治療，在你的 PrevU 計劃中，我只是想知道注射頻率 - 你是否注意到這些醫生的注射頻率是否會改變？

Is it still on -- or do they still plan on interacting on a 12-week basis and just getting better coverage for that patient during those 12 weeks or really extending the time to the next injection because they're able to?

是否仍然有效，或者他們是否仍然計劃以 12 週為基礎進行互動，並在這 12 週內為該患者提供更好的覆蓋，或者真的延長下次注射的時間，因為他們有能力這樣做？

I'm just trying to understand whether you've seen some stretching out of those second injections.

我只是想了解您是否看到第二次注射的時間有所延長。

And then finally, also, are physicians comfortable that this is now the same technique, it's just more durable with lowered adverse events and does that possibly give them comfort to try in other movement disorder indications that they also feel very comfortable using this product?

最後，醫生是否感到滿意，因為現在這是相同的技術，它只是更耐用，不良事件減少，這是否可能讓他們放心地嘗試其他運動障礙跡象，他們也感覺使用該產品非常舒適？

Thanks.

謝謝。

Sorry, that was a lot of questions.

抱歉，問了很多問題。

I'll try to move through them.

我會嘗試通過它們。

Thanks, Annabel.

謝謝，安娜貝爾。

So first off, on the portfolio programs, we plan to roll those out going forward.

因此，首先，在投資組合計劃上，我們計劃在未來推出這些計劃。

So those are early.

所以這些都還早。

The consumer coupon that we ran, we wanted to pilot to see, hey, with the consumer coupon, can we incentivize accounts to go deeper with us and offer this to a broader range of their patients, again, with this idea that once they try DAXXIFY, particularly with our new pricing and get exposed to the benefits of the product that that could result in stickiness.

我們運行的消費優惠券，我們想試用看看，嘿，透過消費優惠券，我們能否激勵帳戶與我們更深入地合作，並將其提供給更廣泛的患者，再次，這個想法是，一旦他們試試DAXXIFY，特別是我們的新定價，並了解可能會產生黏性的產品優勢。

And it was very well received.

並且很受歡迎。

But since we don't have a consumer loyalty program set up and some of these other programs, the only way we could really do it was as basically a consumer coupon funneled through the practice that served as a rebate, which is why we had to take the full revenue reversal for that program.

但由於我們沒有建立消費者忠誠度計劃和其他一些計劃，我們真正能做到這一點的唯一方法基本上是透過作為回扣的做法提供消費者優惠券，這就是為什麼我們必須這樣做對該計劃進行全額收入逆轉。

But it gave us good insights and learning.

但它給了我們很好的見解和學習。

So as we think about our portfolio programs going forward, there will be a combination of some price incentives to practices to lean in with us more broadly across the portfolio.

因此，當我們考慮未來的投資組合計劃時，將會結合一些價格激勵措施來在整個投資組合中更廣泛地與我們合作。

And then there'll be a variety of service offerings.

然後將提供各種服務。

So we've long stated that we're more focused right now on practice programs that create value for the practices since we think that they're the best suited to be able to influence switch and choice on the product side of it.

因此，我們長期以來一直表示，我們現在更專注於為實踐創造價值的實踐計劃，因為我們認為它們最適合能夠影響產品方面的轉換和選擇。

And so we'll have a variety of other initiatives also linked to portfolio that aren't just dollars and savings.

因此，我們將採取與投資組合相關的各種其他舉措，而不僅僅是美元和儲蓄。

They might be programs or other value-added services that they can benefit from.

它們可能是他們可以從中受益的計劃或其他增值服務。

And we will start to roll those out this year.

我們將於今年開始推出這些產品。

And we would expect, given the relationship that we have either with DAXXIFY or RHA, that we should be able to create programs that incentivize trial and hopefully adoption, given the relationship that we have with the other products.

我們期望，考慮到我們與 DAXXIFY 或 RHA 的關係，考慮到我們與其他產品的關係，我們應該能夠創建激勵試驗並希望採用的計劃。

So we're excited and encouraged about that.

所以我們對此感到興奮和鼓舞。

Your question on the therapeutic side, with regards to frequency of injections, it's been really interesting, and frankly, one of the benefits of running the PrevU program to get real-world experience.

你在治療方面的問題，關於注射頻率，這真的很有趣，坦白說，這是執行 PrevU 程式以獲得真實經驗的好處之一。

Obviously, there's two camps.

顯然，有兩個陣營。

There's some that are saying, listen, I care less about extending the duration of the treatment effect and more about making sure that within that 12-week gap between retreatment that they get as much benefit as possible.

有些人會說，聽著，我不太關心延長治療效果的持續時間，而更關心確保在再治療之間的 12 週間隔內，他們獲得盡可能多的益處。

So we have some that we've talked to who have said, listen, most of the patients that I treat, they're at center of excellence, they drive, and come a long way.

因此，我們採訪過的一些人說，聽著，我治療的大多數患者，他們都處於卓越的中心，他們開車，並且走了很長的路。

They don't want to have any downtime.

他們不想有任何停機時間。

So if I can keep them on a 12-week reinjection cycle and I can give them more good days and avoid some of the rollercoaster effects that they experienced today, that's a huge win.

因此，如果我能讓他們保持 12 週的重新註射週期，並且可以給他們更多美好的日子，並避免他們今天經歷的一些過山車效應，那就是一個巨大的勝利。

We have others that say, hey, you know what, I'm going to start them on this, bring them back at 12 weeks.

我們還有其他人說，嘿，你知道嗎，我要讓他們開始做這個，在 12 週時讓他們回來。

But if I see and I can get them to 14 or 16, that's a huge win.

但如果我能看到並且能讓他們達到 14 或 16，那就是一個巨大的勝利。

And so it's been interesting in therapeutics, I think, because it's a reimbursed space because these are debilitating conditions.

因此，我認為，治療學很有趣，因為這是一個可報銷的領域，因為這些都是使人衰弱的病症。

I think there's a little bit more of a shift towards, first, I want to just get more better days and then if it turns out that I can extend the duration profile even better.

我認為有更多的轉變，首先，我想要獲得更多更好的日子，然後如果事實證明我可以更好地延長持續時間。

But we feel based on what we're hearing from them, it will be a big win if we can just do a better job of controlling symptoms within that 12-week current timeframe.

但根據我們從他們那裡聽到的消息，我們認為，如果我們能夠在當前 12 週的時間內更好地控制症狀，那將是一個巨大的勝利。

In terms of the technique, yeah, the same injection technique.

就技術而言，是的，相同的注射技術。

And what's been really encouraging for us is across a range of different doses, we are seeing that we're maintaining a very good safety profile, consistent with what we saw in the ASPEN program.

對我們來說真正令人鼓舞的是在一系列不同的劑量下，我們看到我們保持著非常好的安全性，這與我們在 ASPEN 計劃中看到的一致。

And we think a little bit of that speaks to the peptide formulation and the precision of the product.

我們認為這與勝肽配方和產品的精度有關。

And so we continue to be cautiously optimistic that we're going to see the benefit of this duration profile with, again, a very good safety profile going forward.

因此，我們繼續謹慎樂觀地認為，我們將再次看到這種持續時間概況的好處，以及未來非常好的安全概況。

And then last question you asked just about spontaneous use.

您問的最後一個問題是關於自發性使用的。

What's interesting on the commercial coverage side of it is they ultimately determine what they cover.

商業報道方面有趣的是他們最終決定了他們報道的內容。

And we have some of these commercial plans that are covering DAXXIFY as a toxin generically across.

我們有一些商業計劃將 DAXXIFY 作為一種通用的毒素。

And I think from that -- from payer to payer, they will ultimately decide, with their coverage universe, how they are willing to reimburse the product.

我認為，從付款人到付款人，他們最終將根據其覆蓋範圍決定他們願意如何償還產品。

And so obviously, we can only promote it for cervical dystonia.

顯然，我們只能推廣它來治療頸部肌張力失調。

But if you look at the payer coverage universe, we do have coverage beyond just cervical dystonia in many of the commercial payer plans.

但如果你看看付款人承保範圍，你會發現在許多商業付款人計劃中，我們的承保範圍確實超出了頸部肌張力失調。

Chris Shibutani, Goldman Sachs.

克里斯·澀谷，高盛。

Great.

偉大的。

Thank you very much.

非常感謝。

A question on aesthetics and then a question on the therapeutic side.

一個關於美學的問題，然後是一個關於治療的問題。

Within the aesthetics market, there's been commentary about the tone of the market overall on fillers as being one that has been a little bit slower to recover or has been lagging somewhat.

在美容市場中，有人評論填充劑市場的整體基調恢復得有點慢，或者有些滯後。

Can you comment in terms of what you're seeing, and in particular, with regard to what do you feel as if there is any aspect of filler fatigue in relation to toxins, just observations about the market?

您能否根據您所看到的情況發表評論，特別是您的感覺，是否存在與毒素相關的填充疲勞的任何方面，只是對市場的觀察？

And then on the therapeutic side, I appreciated the commentary that you gave about your launch approaches.

然後在治療方面，我很欣賞您對發布方法的評論。

You've talked about account numbers on the aesthetics.

您談到了美學上的帳號。

Can you help us, as you expand from PrevU to a broader launch, what kind of numbers of accounts you're talking about here so that we can hopefully get a sense for gauging progress?

當您從 PrevU 擴展到更廣泛的發佈時，您能否幫助我們了解您在這裡談論的帳戶數量是多少，以便我們有希望了解衡量進度的情況？

And then I couldn't help but notice that you use specifically in your vocabulary when you're talking about payers that you are trying to put in place a smooth switch process, is that the focus of the strategy versus, say, new patient starts?

然後我忍不住注意到，當您談論您試圖實施平穩轉換流程的付款人時，您在詞彙中特別使用的是該策略的重點與新患者的開始？

Thank you.

謝謝。

Hey.

嘿。

Thanks, Chris.

謝謝，克里斯。

From the aesthetics side of it, in terms of what's impacting sort of the filler market and why was there softness in Q1, it's really hard to tell because it's one quarter.

從美觀的角度來看，就影響填料市場的因素以及為什麼第一季出現疲軟而言，真的很難說，因為只有四分之一。

Obviously, some of the larger players have reported already and noticed a similar observation in Q1.

顯然，一些較大的參與者已經報告並注意到第一季的類似觀察結果。

I don't know if it's an economic issue where some patients maybe are saying, hey, rather than three syringes, I'm going to get to syringes.

我不知道這是否是經濟問題，有些病人可能會說，嘿，我要買注射器，而不是三個注射器。

We've heard some of that.

我們聽說過其中一些。

Or whether it's, like you said, a filler fatigue where people are changing ultimately what they want.

或者就像你說的，這是否是一種填充疲勞，人們最終會改變他們想要的東西。

It feels like it's more of a single-quarter effect because if we look at Q2 and again, I know it's early, it does feel like things are returning a little bit to the normal.

感覺更像是單季的影響，因為如果我們再看看第二季度，我知道現在還為時過早，感覺事情確實有點恢復正常了。

I do think we had the post-Zoom effect where we saw a little bit of an artificial increase in filler volume after the whole COVID lockdown, being on Zoom for a while, people with little bit more discretionary spend, and so I think that drove a little bit more of an elevated market.

我確實認為我們有後 Zoom 效應，在整個新冠疫情封鎖之後，我們看到填充量人為增加了一點，在 Zoom 上呆了一段時間，人們的可自由支配支出多了一點，所以我認為這推動了更高一點的市場。

I think we're now returning more to normal.

我認為我們現在正在恢復正常。

I've not heard from clinicians any sort of change in consumer sentiment about filler.

我沒有從臨床醫生那裡聽到消費者對填充劑的看法有任何變化。

So I think it probably had more to do with a little bit of the economics, but that seems to be abating as we move into Q2 and into the back part of the year.

因此，我認為這可能與一點經濟因素有關，但隨著我們進入第二季和今年下半年，情況似乎正在減弱。

On the PrevU side of it, in terms of the number of accounts, we've said that the top 500 accounts, there's caught on average two injectors per account, top 1000 injectors do about 70% of the volume.

在 PrevU 方面，就帳戶數量而言，我們說過前 500 個帳戶，每個帳戶平均有兩個注入者，前 1000 個注入者約佔總量的 70%。

So it's a much more concentrated market.

所以這是一個更集中的市場。

We have a commercial organization of about 20 people that will be targeting this, and that's a mix of sales reps, market access, and medical affairs.

我們有一個大約 20 人的商業組織就是針對這個目標的，其中包括銷售代表、市場准入和醫療事務人員。

And so we think that's going to be a pretty good balance.

所以我們認為這將是一個很好的平衡。

To your question on switch versus new patients, given that cervical dystonia is an orphan indication, this is mainly a switch population.

對於您關於轉換患者與新患者的問題，鑑於頸肌肌張力失調是一種孤兒適應症，這主要是轉換族群。

So it's a -- there's not a lot of new people moving in, even though there's an opportunity, certainly, for new patients to come in.

所以，儘管新患者有機會進來，但並沒有很多新人搬進來。

This is largely going to be a switch patient, which is great because it can be easy for both the patient and the injecting physician to know what their prior treatment cycle looks like.

這很大程度上將是一個轉換患者，這很好，因為患者和注射醫生都可以輕鬆地知道他們之前的治療週期是什麼樣的。

And so any incremental benefit that you can provide either on the duration, symptom control, or safety is going to be very well received, and these are very active communities too that share information pretty readily.

因此，您可以在持續時間、症狀控製或安全性方面提供的任何增量好處都將受到廣泛歡迎，而且這些社區也是非常活躍的社區，可以輕鬆共享資訊。

And so we think that since this is the real first true new innovation in this category in a while, that we'll get a fair bit of visibility within that community.

因此，我們認為，由於這是一段時間內該類別中真正的第一個真正的新創新，因此我們將在該社區中獲得相當多的知名度。

But we do expect it's going to be much more of a switch patient.

但我們確實預計這將更多是一個轉換患者。

Now I did talk a little bit about the phasing.

現在我確實談了一些關於分階段的問題。

I do think with a switch patient and a new product, they're going to start conservatively on the dose.

我確實認為，對於轉換患者和新產品，他們將在劑量上保守地開始。

They're going to want to make sure that there aren't introducing any unnecessary side effects and then they will start to dose escalate in subsequent visits.

他們需要確保不會引入任何不必要的副作用，然後他們將在隨後的就診中開始增加劑量。

And that's why it will take them a little while to just build that confidence to be able to lean in more aggressively.

這就是為什麼他們需要一段時間才能建立信心，以便能夠更積極地投入。

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

Thanks.

謝謝。

And apologize if I missed any color here since I joined late.

由於我加入較晚，如果我錯過了這裡的任何顏色，請道歉。

I wanted to ask you about competitive dynamics in both the toxin and the filler space.

我想問您有關毒素和填充劑領域的競爭動態。

So regarding the toxin space, you have the Hugel asset that gained approval.

因此，關於毒素領域，你擁有獲得批准的 Hugel 資產。

And then as you look at the filler space, you've got Evolus coming into the market next year.

然後，當您查看填充空間時，您會發現 Evolus 將於明年進入市場。

And I guess my question here is how are you thinking about pricing as both categories get more crowded?

我想我的問題是，隨著這兩個類別變得更加擁擠，您如何考慮定價？

That's number one.

這是第一名。

And then number two, at what point do you see practices -- sort of the larger practices, I should say, not carrying everything?

第二，你在什麼時候看到實踐──我應該說，更大的實踐，而不是承載一切？

You know, what do you see from a lot of practices is they sort of offer essentially all of the key options as it relates to facial injectables and at what point do they start picking and choosing more and freezing certain players out?

你知道，你從許多實踐中看到的是，他們基本上提供了與臉部注射相關的所有關鍵選項，他們在什麼時候開始挑选和選擇更多並凍結某些球員？

How do you think about that going forward?

您如何看待未來的發展？

Thank you.

謝謝。

Sure.

當然。

Thanks, David.

謝謝，大衛。

So just on the competitive dynamics, first off, it's a big market that's got healthy growth.

因此，就競爭動態而言，首先，這是一個健康成長的大市場。

And as you've seen, different companies are finding their own place in the market.

正如您所看到的，不同的公司正在市場中找到自己的位置。

We've chosen to take an innovation strategy with the belief that we can carve out a pretty healthy part in the market by bringing performance attributes that are different from the others.

我們選擇採取創新策略，相信我們可以透過提供與其他公司不同的性能屬性，在市場上佔據相當健康的份額。

And I do think as more competitors come into the market, to your second question, practices are going to need to make some decisions about how many they carry because in the absence of a real performance benefit, I think, increasingly, they're going to ask themselves, from an inventory management standpoint, why do I need to carry all of them?

我確實認為，隨著越來越多的競爭對手進入市場，對於你的第二個問題，實踐將需要就他們攜帶的數量做出一些決定，因為在缺乏真正的性能優勢的情況下，我認為，他們越來越多地從庫存管理的角度問自己，為什麼我需要攜帶所有這些？

Is there something that this product gives me that I can't get with the others?

該產品是否能為我帶來其他產品無法提供的東西？

And so as we've come in and we've learned more about DAXXIFY, in particular, again, not just the duration but the onset and skin quality, we think that we're going to be able to compete very effectively based on a performance profile that we think will resonate certainly with a reasonable subset of the market and certainly one that allows us to hit our target of blockbuster potential in the US aesthetics market.

因此，當我們進來時，我們對 DAXXIFY 有了更多的了解，特別是，不僅僅是持續時間，還有起效和皮膚質量，我們認為我們將能夠基於我們認為這種性能肯定會引起市場的合理子集的共鳴，並且肯定能讓我們達到美國美容市場的重磅潛力目標。

And so we believe that that's going to be our way to win.

所以我們相信這將是我們獲勝的方式。

We've adjusted our price so that we're able to offer this to our accounts and they can offer to their consumers at a price that is competitive.

我們調整了價格，以便我們能夠向我們的客戶提供此服務，他們也可以以具有競爭力的價格向消費者提供。

And so these practices and these patients are able to get incremental value for the dollar spend.

因此，這些做法和這些患者能夠從美元支出中獲得增量價值。

And that's sort of how we think about competition.

這就是我們對競爭的看法。

And so as some of the newer players come in, we think, if anything, they're likely going to compete probably more in other segments of the market.

因此，隨著一些新玩家的加入，我們認為，如果有的話，他們可能會在市場的其他領域中展開更多競爭。

And because of bundling and loyalty and services, we do think that the US market's a little bit more insulated compared to some of the other international markets and should allow for a full value play across that.

由於捆綁、忠誠度和服務，我們確實認為美國市場與其他一些國際市場相比更加隔離，並且應該允許在其中充分發揮價值。

And then same on the filler side, I mean, listen, the RHA collection of fillers has been in the market for a long time.

然後在填充物方面也是如此，我的意思是，聽著，RHA 系列填充物已經在市場上存在很長時間了。

The Teoxane franchise is very well known, highly regarded.

Teoxane 特許經營權非常知名，備受推崇。

It's the least modified of the fillers.

它是改性最少的填料。

And as a result, the performance attributes, we believe when we go in or able to win business, we win it not on price but we win it based on the quality of the product.

因此，就性能屬性而言，我們相信，當我們進入或能夠贏得業務時，我們不是透過價格贏得業務，而是透過產品品質贏得業務。

And so we think that's ultimately going to be our strategy.

所以我們認為這最終將成為我們的策略。

And we know that there will be different ways that different companies compete.

我們知道，不同的公司會有不同的競爭方式。

But to close out then on your second question, I do think that accounts will start to increasingly pick and choose in the absence of bringing something of differentiation either on the services or on the product side, I think that it will be harder for them to carry all the products.

但結束你的第二個問題，我確實認為，在服務或產品方面沒有帶來差異化的情況下，帳戶將開始越來越多地挑選，我認為他們將更難攜帶所有產品。

If I may sneak in a follow-up, as the both spaces get more crowded, do you envision outright price competition or scenarios in either or both of the spaces where your hand is just gets forced on price?

如果我可以偷偷地跟進一下，隨著這兩個空間變得更加擁擠，您是否設想在兩個空間中的一個或兩個空間中進行徹底的價格競爭或您的手只是被迫價格的情況？

How do you think about that?

您對此有何看法？

I think it already exists today, David.

我認為它今天已經存在了，大衛。

I don't know that newer player coming in, offering perhaps more price incentive because I mean, there are competitors out there today that's leaning pretty heavily on price and whether it's direct price or samples or other things like that, I think you already have a pretty competitive market and pricing has been pretty resilient.

我不知道新玩家的加入，可能會提供更多的價格激勵，因為我的意思是，今天有一些競爭對手非常依賴價格，無論是直接價格還是樣品或其他類似的東西，我認為你已經有了市場競爭相當激烈，定價也相當有彈性。

And again, I think it comes down to the fact that there are other things that come into this than price.

再說一遍，我認為這歸結於這樣一個事實：除了價格之外，還有其他因素參與其中。

It's the product quality.

這是產品品質。

It's what other services.

這就是其他服務。

I think we've got a pretty competitive market already and there are definitely some players that either as a strategy or on a quarterly basis, lean heavily on incentives that directly tie into a better deal and the market has been pretty resilient there.

我認為我們已經有了一個競爭相當激烈的市場，而且肯定有一些參與者無論是作為戰略還是按季度，都嚴重依賴與更好的交易直接相關的激勵措施，而且那裡的市場一直相當有彈性。

Terence Flynn, Morgan Stanley.

特倫斯‧弗林，摩根士丹利。

Hi, this is Dan on for Terence.

大家好，我是特倫斯的丹。

Thanks for taking our questions.

感謝您回答我們的問題。

Just a little bit on the market and you spoke to the filler side.

只是市場上的一點點，你談到了填充物方面。

But any color on the toxin market would be helpful.

但毒素市場上的任何顏色都會有幫助。

Maybe just kind of what you saw in 1Q and how you're thinking about over the course of this year.

也許只是您在第一季看到的情況以及您在今年的想法。

And then just on the OpEx side, maybe just a little more on the savings progression that you're seeing over the course of this year and just how that's going?

然後就營運支出而言，也許只是更多地介紹一下您在今年看到的節省進度以及進展如何？

Thanks.

謝謝。

Great.

偉大的。

Well, I'll take the first one and then flip the second one on OpEx over to Toby.

好吧，我將接受第一個，然後將 OpEx 上的第二個轉交給托比。

But the toxin market has been pretty resilient.

但毒素市場一直相當有彈性。

I think if you look back at other points in time, even when there were some economic stress around 2008, the toxin market was not impacted to the same levels to filler market.

我認為，如果你回顧其他時間點，即使在 2008 年左右出現一些經濟壓力，毒素市場也沒有受到與填充劑市場相同水平的影響。

I think it has to do with a few things.

我認為這與幾件事有關。

It's a lower-cost procedure.

這是一個成本較低的程序。

Once consumers get used to getting their toxin and their wrinkles not coming back as soon as they start to show, it's a lot more obvious where it's fillers.

一旦消費者習慣了體內的毒素和皺紋一旦開始出現就不會再出現，那麼填充劑的作用就會更加明顯。

They tend to last 12 to 18 months.

它們往往持續 12 至 18 個月。

It's a little bit more of a subtle change.

這是一個更微妙的改變。

And so at times, it's easier for them to perhaps push out treatment a little bit longer.

因此，有時，他們更容易將治療時間推遲一點。

And so we continue to see the toxin market is being healthy.

因此，我們繼續看到毒素市場健康發展。

And again, we would expect that to continue to grow certainly as all the underlying fundamentals continue to play out.

同樣，隨著所有基本面的繼續發揮作用，我們預計這一數字將繼續增長。

And so we think we'll continue to see the high-single-digit growth that we've seen historically on the toxin market.

因此，我們認為我們將繼續看到毒素市場歷史上所見的高個位數成長。

And then Toby, I'll throw it over to you on the OpEx savings.

然後托比，我會把營運支出節省的問題交給你。

Thanks, Mark.

謝謝，馬克。

It's a great question.

這是一個很好的問題。

When we commented on the prepared remarks, we talked about non-GAAP OpEx from continuing operations and we noted an increase year on year.

當我們評論準備好的評論時，我們談到了持續營運的非公認會計原則營運支出，我們注意到同比增長。

That's partially because we took a step up on the field force to support our aesthetics and increase, obviously, ahead of the cervical dystonia launch.

這部分是因為我們在現場力量上採取了一個步驟來支持我們的美學，並且顯然是在頸部肌張力失調推出之前增加的。

So that's been offsetting.

所以這已經被抵銷了。

When you look at it instead of a year on year but a sequential basis from continuing operations, excluding the impact of OPUL, you can compare -- I think it was $91.7 million in Q4 of non-GAAP OpEx, excluding OPUL from continuing operations to $73.6 million in non-GAAP OpEx in Q1 2024.

當你看它而不是同比，而是持續經營業務的連續基礎時，不包括OPUL 的影響，你可以進行比較——我認為第四季度非GAAP 運營支出為9170 萬美元，不包括OPUL 的持續經營業務2024 年第一季的非 GAAP 營運支出為 7,360 萬美元。

And the team did an analysis, we think about 40% or so was driven by efficiency initiatives that we've had across the company to deliver that.

團隊進行了分析，我們認為大約 40% 左右是由我們在整個公司範圍內實施的效率計劃推動的。

There is some seasonality to spend in Q4.

第四季的支出存在一定的季節性。

That's related to increase aesthetics activity.

這與增加美學活動有關。

But we feel that the efficiency initiatives that we've put into place in the last several quarters are starting to pay dividends.

但我們認為，我們在過去幾季實施的效率措施正在開始帶來紅利。

Serge Belanger, Needham & Co.

塞爾吉貝朗格，李約瑟公司

Hi, good afternoon.

嗨，下午好。

This is Serge.

這是塞爾吉。

Mark, the first question is about the -- your net pricing as DAXXI over the first quarter, if it changed and whether you expect it to change over the remainder of 2024 as volumes grow?

馬克，第一個問題是關於您第一季 DAXXI 的淨定價是否發生變化，以及您是否預計隨著銷量的增長，它在 2024 年剩餘時間內會發生變化？

And then you also talked about, on the other side, the consumer prices have been coming down and becoming more in line with the other products.

然後您也談到，另一方面，消費者價格一直在下降，並且與其他產品更加一致。

Was the couponing strategy to help that movement down to be comparable to your competitors?

幫助這一趨勢下降的優惠券策略是否可以與您的競爭對手相提並論？

Thanks.

謝謝。

Thanks, Serge.

謝謝，塞爾吉。

On the net pricing side, listen, this was solely related to the consumer coupon.

在淨定價方面，聽著，這僅與消費優惠券有關。

So we had to take our gross revenue of $24.1 million, reduce it by $2 million to $22.1 million because of the value of the consumer coupon that we ran.

因此，由於我們運行的消費者優惠券的價值，我們必須將 2,410 萬美元的總收入減少 200 萬美元，達到 2,210 萬美元。

And so net pricing, going forward, we will continue to report on net pricing based on some of the different initiatives that we do.

因此，淨定價，展望未來，我們將繼續根據我們所做的一些不同舉措來報告淨定價。

There could be some gross-to-net impacts on that.

這可能會產生一些總淨影響。

But as we said, ideally, we would structure future programs in a way that it's either more of a revenue deferral or a sales and marketing expense, where possible.

但正如我們所說，理想情況下，我們將在可能的情況下以更多的收入遞延或銷售和行銷費用的方式建立未來的計劃。

But this was a great one that we wanted to pilot and evaluate.

但這是一個很棒的項目，我們想要進行試點和評估。

And we saw the desired effect.

我們看到了預期的效果。

It was very well received at the practices where we rolled it out.

在我們推出它的實踐中，它非常受歡迎。

In talking to them, they were able to -- that conversion discussion with the patient was much easier and that helps get more patients exposed to DAXXIFY, which we think will create the necessary stickiness that we want over time.

在與他們交談時，他們能夠——與患者進行轉換討論變得更加容易，這有助於讓更多患者接觸 DAXXIFY，我們認為隨著時間的推移，這將創造我們想要的必要的黏性。

And so that was more on the services activation for more consumers.

因此，更多的是為更多消費者啟動服務。

In terms of consumer pricing coming down, that wasn't related or connected to the consumer coupon.

就消費者價格下降而言，這與消費者優惠券無關。

When we rolled out the lower price to accounts, since we don't ultimately control what they charge to the consumer, we were hoping that they would pass that savings along, but it doesn't happen overnight.

當我們向帳戶推出較低價格時，由於我們最終無法控制他們向消費者收取的費用，我們希望他們能夠將節省的費用轉嫁給客戶，但這不會在一夜之間發生。

You had some accounts that were happy charging a premium and wanted to stay the course.

您有一些帳戶很樂意收取溢價並希望堅持到底。

And then you had others who are trying to figure that out.

然後還有其他人試圖解決這個問題。

But we listened to the market.

但我們聽取了市場的聲音。

We made the price change so that they could offer DAXXI at a price that's in line with other toxins.

我們改變了價格，以便他們能夠以與其他毒素一致的價格提供 DAXXI。

So the switch discussion or the discussion with the patient becomes much easier.

因此切換討論或與患者的討論變得容易得多。

Hey, I can give you this new peptide power toxin.

嘿，我可以給你這種新的勝肽動力毒素。

It's the latest innovation in the toxin space.

這是毒素領域的最新創新。

It's not going to cost you anymore.

它不會再花你的錢了。

And oh, by the way, you're likely going to see it kick in quicker, last long, and you'll observe some better skin quality.

哦，順便說一句，您可能會看到它起效更快、持續時間更長，並且您會觀察到皮膚質量更好。

And that has made for a much easier switch process.

這使得切換過程變得更加容易。

And so we've been encouraged by the fact that DAXXI is coming down, but that's untethered from the consumer coupon.

因此，我們對 DAXXI 的下降感到鼓舞，但這不受消費者優惠券的限制。

The consumer coupon program went out to a subset of accounts whereas it's this overall price strategy.

消費者優惠券計劃適用於一部分帳戶，而這是整體價格策略。

But we feel -- and again, with all my visits, people are saying this has just really made things easier.

但我們感覺——在我所有的訪問中，人們都說這確實讓事情變得更容易了。

People are loving DAXXIFY, and this change has made it much easier to switch patients.

人們喜歡 DAXXIFY，這項改變使得更換患者變得更加容易。

Got it.

知道了。

And then when we've conducted aesthetic consumer surveys, DAXXI typically comes in the last of all the toxins in terms of awareness.

然後，當我們進行美學消費者調查時，就意識而言，DAXXI 通常排在所有毒素的最後。

And obviously, it's the newest product.

顯然，這是最新的產品。

So that's not surprising.

所以這並不奇怪。

But curious what you see in your own surveys and what you're doing to increase that awareness of the product to drive additional demand?

但想知道您在自己的調查中看到了什麼，以及您正在採取哪些措施來提高產品意識以推動額外需求？

Yeah.

是的。

So yeah, listen, obviously, coming into the market where we are, the first thing that we wanted to do is to make sure that we got the providers in a good spot because if we spend a lot of awareness dollars with the consumer and they went into accounts that either didn't offer DAXXIFY or accounts that weren't happy with DAXXIFY, that wasn't going to create a good ROI.

所以，是的，聽著，顯然，進入我們所在的市場，我們想做的第一件事就是確保我們讓提供者處於一個好的位置，因為如果我們在消費者身上花費大量的認知資金，他們就會進入不提供 DAXXIFY 的帳戶或對 DAXXIFY 不滿意的帳戶，這不會創造良好的投資回報率。

So that's why we spent the last two quarters really focused on re-engaging these practices that already were trained on DAXXIFY, saw the promise and the benefit, but given the pricing, struggled with sort of patient expectations.

因此，這就是為什麼我們在過去兩個季度真正專注於重新採用這些已經在 DAXXIFY 上接受過培訓的實踐，看到了承諾和好處，但考慮到定價，我們很難滿足患者的期望。

And so we thought that was first and foremost.

所以我們認為這是首要的。

We've been supporting the brand with some digital and social, but we'll be upping and increasing our spend there in those area, now that we have a broader user base.

我們一直在透過一些數位和社交方式支持該品牌，但既然我們擁有更廣泛的用戶群，我們將增加在這些領域的支出。

We have some internal KPIs exactly around that, brand awareness, share of voice, all of these things.

我們有一些內部關鍵績效指標正是圍繞這一點，品牌知名度、話語權份額，所有這些。

And so we understand and appreciate the need to support the brand at the consumer level from an awareness standpoint.

因此，我們瞭解並瞭解從認知角度支持消費者層面品牌的必要性。

But we also think that making sure that these practices have the tools at the practice level to be able to engage customers in a discussion around something new is also a really good ROI.

但我們也認為，確保這些實踐擁有實踐層面的工具，能夠讓客戶參與圍繞新事物的討論，這也是一個非常好的投資報酬率。

But yeah, we will increase some of our social and digital efforts to create more awareness.

但是，是的，我們將加大一些社交和數位方面的努力，以提高人們的意識。

Tim Lugo, William Blair.

提姆·盧戈，威廉·布萊爾。

Hey, guys.

大家好。

This is Lachlan on for Tim.

這是拉克蘭替提姆發言。

Thanks for taking the questions.

感謝您提出問題。

I guess one clarification to start on the market share data.

我想首先要從市場佔有率數據開始進行澄清。

Can you just talk about how that's calculated?

能簡單說說是怎麼計算的嗎？

Is that patients treated, vials sold, some other metric?

是治療患者、銷售藥瓶還是其他指標？

And then my actual question, I was curious if you've seen any changes in the use patterns of DAXXIFY since the pricing change, either in terms of how injectors are using it or the type of injectors or practices that are interested in getting it or anything else that you may have seen?

然後我的實際問題是，我很好奇自定價變化以來您是否看到 DAXXIFY 的使用模式發生任何變化，無論是注射器如何使用它還是注射器類型或有興趣獲得它的實踐或您可能還看到過其他什麼嗎？

Sure.

當然。

So first on the market share question, so we use a third-party independent data source, Qsight, which is part of Guide point.

首先是市佔率問題，所以我們使用第三方獨立資料來源Qsight，它是Guide point的一部分。

And this is -- the market share is calculated by average patient spend at the practice level.

這是——市場份額是根據患者在實踐層面的平均支出來計算的。

So if we look at the total dollars that patient spends across these practices, that's how we calculate the market share.

因此，如果我們查看患者在這些治療中花費的總金額，這就是我們計算市場份額的方式。

And it's a -- to good sample size, obviously, they powered it to make sure that it's accurate and reflects what the trends are in the market.

顯然，他們提供了良好的樣本量，以確保其準確並反映市場趨勢。

In terms of usage patterns on DAXXIFY, typically, when an injector decides to inject a product, they use that product for the different areas that they want to treat on the face.

就 DAXXIFY 的使用模式而言，通常，當注射者決定注射產品時，他們會將該產品用於他們想要治療的臉部不同區域。

And so what we are seeing is a good mix of a nice pipeline of new accounts that are coming in and experimenting with it to see where it fits in their practice, combined with existing accounts that are getting more comfortable and confident in the product that are growing their share within their practices.

因此，我們看到的是一個良好的組合，新客戶正在進入並進行試驗，看看它在他們的實踐中適合什麼，再加上現有客戶對產品變得更加舒適和有信心，在實踐中增加他們的份額。

And that was reflected by again the higher average order volume per practice that we saw in Q1 compared to Q4.

與第四季度相比，我們在第一季看到的每個診所的平均訂單量再次反映了這一點。

And so it's going to be mix.

所以這將會是混合的。

And listen, across any practice, since we have a smaller percentage of our accounts that have made DAXXIFY a majority share in their practice, you'll have some that will use it for patients that want something new or some that say, hey, the current toxin I have isn't providing me kind of the value that I want.

聽聽，在任何實踐中，由於我們的帳戶中只有一小部分使DAXXIFY 在他們的實踐中佔據了大部分份額，所以你會有一些將它用於想要新東西的患者或一些說，嘿，我目前擁有的毒素無法提供我想要的價值。

And so there will be some variability among practices.

因此，實踐之間會存在一些差異。

But on average, they get in, they start it with a certain subset of patients, and then they continue to grow it from there.

但平均而言，他們進入後，從特定的患者子集開始，然後從那裡繼續擴大規模。

Navann Ty, BNP Paribas.

納萬·泰，法國巴黎銀行。

Hi, good afternoon.

嗨，下午好。

My first question is, will Revance increase the share of med spa versus derms and plastics, and will that impact the use of coupons and other promotions, going forward?

我的第一個問題是，與真皮和塑膠相比，Revance 會增加醫療水療的份額嗎？

And then I had a second question on therapeutics.

然後我有第二個問題關於治療。

The CD launch came slightly earlier than expected.

CD 的發行比預期稍早。

So is it based on the previous survey or early feedback or other companies' payer preparations?

那麼是基於先前的調查還是早期的回饋或其他公司的付款人準備？

Thank you.

謝謝。

Sure.

當然。

Thanks, Navann.

謝謝，納萬。

I'll try and make sure I get these right.

我會盡力確保我做對了。

So first, in terms of our customer mix with Revance and the consumer coupon, the lines are increasingly getting blurred across, you know, med spa versus core accounts because you'll find, for example, plastic surgeons, they might own three med spas and they're the medical director there.

首先，就我們與Revance 和消費者優惠券的客戶組合而言，醫療水療中心與核心客戶之間的界限越來越模糊，因為你會發現，例如，整形外科醫生，他們可能擁有三個醫療水療中心他們是那裡的醫療主任。

And so is that a plastic surgery account or is it a med spa account.

整形手術帳戶或醫療水療帳戶也是如此。

If you look at it, our primary focus in the quarter was to double background to those accounts that had already ordered DAXXIFY.

如果你看一下，我們本季的主要重點是為那些已經訂購 DAXXIFY 的帳戶提供雙重背景。

And so we said that we've got now 3,500 ordering DAXXIFY accounts as of the end of Q1, we have a really good healthy mix of all types.

所以我們說，截至第一季末，我們已經有 3,500 個訂購 DAXXIFY 帳戶，我們擁有所有類型的非常健康的組合。

We've got some med spas, really high volume med spas.

我們有一些醫療水療中心，非常大容量的醫療水療中心。

We have some boutique med spas.

我們有一些精品醫療水療中心。

We have plastic surgeons.

我們有整形外科醫生。

We have dermatologists.

我們有皮膚科醫生。

And we have some cosmetic physicians.

我們還有一些美容醫生。

So we have a good mix across all of those.

所以我們對所有這些都有很好的組合。

The consumer coupon went into a subset of accounts and represented all those different ones.

消費者優惠券進入帳戶子集並代表所有這些不同的帳戶。

I think universally, it was appreciated because they realized that it made for a much easier switch process and a lot of these accounts to offer their patients something of value, which is always good for them as a practice to say, hey, I've got something else that I can offer to you.

我認為普遍來說，這是值得讚賞的，因為他們意識到這使得轉換過程變得更加容易，並且許多這樣的帳戶可以為他們的患者提供一些有價值的東西，這對他們來說總是有好處的，因為他們可以說，嘿，我已經我還有其他東西可以提供給你。

Your other question on the CD side and how we're tracking it, we got approval last August.

你關於 CD 方面的另一個問題以及我們如何追蹤它，我們在去年八月得到了批准。

We did indicate that we were going to start a PrevU program because we wanted these subsets of KOLs to have access to the product to get through a few treatment cycles to inform our go forward.

我們確實表明我們將啟動 PrevU 計劃，因為我們希望這些 KOL 子集能夠存取該產品，以完成幾個治療週期，為我們的前進提供資訊。

And that's where we learned a little bit more about, hey, yeah, incremental duration is great but if I can get better symptom control within the 12-week treatment timeframe since published papers out there that say more than 80% of patients have symptom breakthrough before they can get reinjected at week 12, that's a big win.

這就是我們了解到的更多信息，嘿，是的，增加持續時間固然很棒，但如果我能在12 週的治療時間內獲得更好的症狀控制，因為發表的論文稱超過80% 的患者出現了症狀突破在第 12 週重新註射之前，這是一個巨大的勝利。

We also -- they talked a little bit about how they think about dosing and dose escalation.

我們也——他們談論了一些他們對劑量和劑量遞增的看法。

And so all of that is woven in.

所以所有這些都是交織在一起的。

As you point out, we were very encouraged with the progress that our payer team has made.

正如您所指出的，我們的付款團隊所取得的進展讓我們深受鼓舞。

I mean, to have a J code, to have over 200 million lives covered, pushing 80% of commercial plans already incorporating us into their plans is obviously a big jump compared to where companies would normally be at this stage of launch.

我的意思是，擁有 J 代碼，覆蓋超過 2 億人的生命，推動 80% 的商業計劃已經將我們納入他們的計劃，與公司通常在這個啟動階段的情況相比，顯然是一個巨大的飛躍。

And we do think it bodes well for the long term.

我們確實認為這從長遠來看是個好兆頭。

So we are very encouraged and we have high expectations for that franchise.

所以我們非常受鼓舞，並且對這個系列抱有很高的期望。

Thank you.

謝謝。

And then maybe I can ask as well if you have immediate uses for the $100 million offering.

然後也許我也可以問一下您是否可以立即使用這 1 億美元的產品。

I'm sorry.

對不起。

I missed that, Navann.

我錯過了，納文。

If you had immediate uses for the $100 million offering?

您是否可以立即使用這 1 億美元的產品？

The proceeds that we raised.

我們籌集的收益。

Toby, do you want to hit that one?

托比，你想打那個嗎？

No, I think when we talked about the offering for general corporate proceeds and so we continue to feel good about our runway and things like that.

不，我認為當我們談論一般企業收益的發行時，我們繼續對我們的跑道和類似的事情感覺良好。

So this is -- we took time on giving feedback on where we were with the various debt obligations that it would be prudent to strengthen our balance sheet.

因此，我們花了一些時間就各種債務義務的狀況提供回饋，以謹慎地加強我們的資產負債表。

So there wasn't immediate use for that other than general corporate.

因此，除了一般企業之外，沒有立即使用它。

Thank you.

謝謝。

This concludes the Revance Therapeutics 2024 first-quarter financial results call.

Revance Therapeutics 2024 年第一季財務業績電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。