These Analysts Lower Their Forecasts On Revance Therapeutics After Q1 Results
Portfolio Pulse from Avi Kapoor
Revance Therapeutics, Inc. (RVNC) reported a Q1 GAAP loss of 54 cents per share, beating market expectations but missing on sales estimates with $51.936 million versus expected $56.634 million. The company saw significant growth in aesthetic units sold and market share gains for its products DAXXIFY and RHA collection. Despite the mixed results, Revance maintains its 2024 revenue forecast of at least $280 million. Following the earnings announcement, Needham and Mizuho adjusted their price targets on RVNC, with Needham maintaining a Buy rating and Mizuho a Neutral rating.
May 10, 2024 | 1:23 pm
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Revance Therapeutics reported better-than-expected Q1 EPS but missed sales forecasts. The company remains optimistic about its 2024 revenue forecast. Analysts adjusted price targets, reflecting a cautious but not pessimistic outlook.
The mixed Q1 results with a better-than-expected EPS but lower sales might lead to a neutral short-term impact on RVNC's stock price. The maintenance of the 2024 revenue forecast suggests underlying confidence in the company's growth trajectory, which could balance out the negative sales miss. Analysts' adjustments to price targets reflect a recalibration rather than a drastic change in outlook, indicating a cautious but not deeply pessimistic view.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100