GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC
Revance Therapeutics Inc (NAS:RVNC)
Not Rated
Possible Value Trap, Think Twice[5]$ 14.60
Biotechnology
Market Cap: $ 1,048 Mil
Revance Therapeutics Inc is a clinical-stage biopharmaceutical company. It is engaged in the development, manufacturing, and commercialization of novel botulinum toxin products for multiple aesthetic and therapeutic applications.
Valuation Rank
Score: 0 /10CurrentIndustry MedianHistorical Median
PE RatioLoss28.85Loss
Forward P/EN/A23.72N/A
PB Ratio8.733.274.46
PS Ratio15.4317.331135
P/FCFN/A34.13N/A
Shiller P/EN/A43.62N/A
PEG RatioN/A1.97N/A
Valuation Analysis
% of Price
NCAV-2.34-16
Tangible Book-1.2-8
Price14.60
Dividend & Ownership
Dividend Yield(ttm) %N/A
Dividend Yield(forward) %N/A
PayoutN/A
Dividend Growth(5y) %N/A
Yield on Cost(5y) %N/A
Continuous Div. sinceN/A
Insider Ownership %2.46
Institution Ownership %63.27
Financial Strength
Score: 2 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.8413.8715.43
Equity-to-Asset0.210.760.78
Interest Coverage0.00227.460.00
Piotroski F-Score333
Profitability Rank
Score: 2 /10CurrentIndustry MedianHistorical Median
Operating Margin %-462.11-197.61-9892.69
Net Margin %-470.81-201.20-12463.96
ROE %-114.24-38.81-68.80
ROA %-44.51-31.07-55.45
ROC (Joel Greenblatt) %-533.42-464.25-475.36
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)N/A65.41213.9
EBITDA Growth (%)N/A-7.8N/A
Oprt. Income Growth (%)N/A-9.6N/A
EPS w/o NRI Growth (%)N/A-8.3N/A
Free Cash Flow Growth (%)N/A-22.4N/A
Book Value Growth (%)N/A-11.4-70.1
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue411131920
Net Income-81-78-72-72-74
EPS-1.34-1.24-1.08-1.07-1.1
Revenue (YoY) %8236.9612408.9922829.316188.96414.86
Net Income (YoY) %96.2372.7715.6719.16-8.47
EPS (YoY) %39.5825.25-6.09-4.46-17.91
Warning Signs
SEVEREFinancial Strength: Poor
SEVEREAltman Z-Score: Distress
SEVEREPiotroski F-Score: Low
SEVEREBeneish M-Score: Possible manipulator
Good Signs
GOODOperating Margin %: Expansion
Insider Trades
InsiderPositionDateTradesCur. Shares
Foley Mark JCEO11/29/2140000879978
Moxie DwightSVP, GC & Secre09/27/21-167547804
Rankin AubreyPresident, Inno08/16/21-9364541376
Rankin AubreyPresident, Inno07/28/21-54332555689
Rankin AubreyPresident, Inno07/26/21-55382610021
Rankin AubreyPresident, Inno04/05/21-2665403
Rankin AubreyPresident, Inno03/04/21-33119665405
Rankin AubreyPresident, Inno02/01/21-33119686619
Rankin AubreyPresident, Inno12/30/20-33119719738
As of 12-06-2021
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W13.80-1.21
1M2.24-2.43
3M-46.150.40
6M-48.938.98
YTD-48.4822.46
1Y-39.0725.39
3Y-11.2019.60
5Y-3.8917.70
10Y--15.98
40.78
15.28
10.22
2M
1.2M
2011201220132014201520162017201820192020CurrentPerformance
------38.940.7833.5936.337.420.3934.333.83Highest Stock Price
--------15.0212.5518.318.0610.2212.4612.34Lowest Stock Price
------403966593130574485019611048Market Cap
7.27.217.719.424.328.130.136.243.55867.8Shares Outstanding-Diluted
N/AN/AN/AAt LossAt LossAt LossAt LossAt LossAt LossAt LossAt LossPE Ratio
------2.283.823.354.865.113.775.248.73PB Ratio
------8472846.671881.823972.22195.441623107.3515.43PS Ratio
-------4.69-10.28-4.76-8.63-4.13-3.76-6.7-4.05EV-to-EBITDA
2011201220132014201520162017201820192020TTMPer Share Data
0.080.10.040.020.010.010.010.10.010.260.95Revenue per Share
-6.25-8.120.02-3.24-3.02-3.18-4.01-3.94-3.67-4.86-4.49Earnings per Share
-3.98-5.47-3.06-3.2-2.42-2.25-3.26-11.59-10.07-3.15-3.86Free Cash Flow per Share
----------------------Dividends per Share
-21.66-30.2-8.887.428.956.187.363.944.312.26-1.2Tangible Book per Share
----------------------Median PS Value
----------------------Graham Number
2011201220132014201520162017201820192020TTMIncome Statement
0.60.70.60.40.30.30.33.70.415.363Revenue
0.60.70.60.40.30.30.33.70.410.643.8Gross Profit
99.1----------------68.969.5Gross Margin %
28.343.938.852.472.679.5117.8146.4164.9283.7334.8Total Operating Expense
-27.7-43.2-38.2-52.1-72.3-79.2-117.5-142.6-164.5-273.2-291Operating Income
-4979.9-6023.2-6195.3-13590-24106-26385-44846-3825-39821-1782.5-462.1Operating Margin %
-44.9-58.3-52.4-62.9-73.5-89.3-120.6-142.6-159.4-282.1-296.5Net Income
-8054.4-8125.4-8500.5-16427-24492-29757-46026-3823.2-38603-1840.7-470.8Net Margin %
-27.1-29.3-37.3-52.2-72.3-88.2-120.1-139.5-159.4-269.6-290.1EBIT
-25.1-27.5-35.4-50.2-70.3-86.7-118.7-137.8-156.5-259.3-271.4EBITDA
-------668.6-34.2-41.5-54.1-68.8-85.9-94.1-114.2ROE %
-112.4-218.4-290.8-58.5-31.4-37.2-48.2-54.6-56.3-53.2-44.5ROA %
2011201220132014201520162017201820192020Sep21Balance Sheet
29.64.13.9171201.663.5282.973.3171.2333.6127.2Cash & Equivalents
--0.10.20.30.26027--1.81.7Total Receivables
39.913.422.6192.5275.8204.4295.7226.3340.3720.2581.8Total Assets
4.695.422.92.93.13.51.9--3.54.44.8Short-Term Debt & CLO
64.4112.60.65.31.9----25.9207.7320.8Long-Term Debt & CLO
195.4230.2180.216.122.627.326.980.7114.8345.9461.7Total Liabilities
-155.5-216.7-157.5176.4253.3177.1268.8145.6225.5374.3120.2Total Stockholders Equity
-155.5-216.7-157.5176.4253.3177.1268.8145.6225.5374.3120.2Total Equity
2011201220132014201520162017201820192020TTMCashflow Statement
-28.4-38.9-47.8-55.1-55.7-59.8-95.3-104.2-106.2-178.5-239.2Cash Flow from Operations
-0.1-0.2-6.4-7-56.4-75.5118.8-107-17.612.1-66Cash Flow from Investing
----------------------Repurchase of Stock
54.113.613.3-5.84.6-3.5-3.6-0.9--287.5--Net Issuance of Debt
54.113.654229.1142.6-2.6195.91.8221.7331.596.8Cash Flow from Financing
25.6-25.5-0.216730.5-138219.4-209.597.9165.1-208.5Net Change in Cash
-0.2-0.3-6.5-7-3.3-3.5-2.6-315-331.4-4.2-15.9Capital Expenditure
-28.6-39.2-54.2-62-59-63.3-98-419.3-437.5-182.7-255.2Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
NAS:CHRSCoherus BioSciences Inc311,363At Loss3.86-63.71-30.32-121.76
NAS:RVNCRevance Therapeutics Inc221,048At Loss15.43-470.81-44.51-114.24
NAS:MGNXMacrogenics Inc721,005At Loss8.36-128.49-36.42-47.20
NAS:KNSAKiniksa Pharmaceuticals Ltd71816At Loss41.00-885.14-55.56-62.99
NAS:PHATPhathom Pharmaceuticals Inc51576At Loss0.000.00-66.56-107.76
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Poor (2/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.84

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.21

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 2.71

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 3

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 7.26% vs ROIC : -92.03%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 0.00%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Profitability[3] (Annual data, as of Dec. 2020) : Poor (2/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $20 Mil vs Net Income : $-74 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $127 Mil vs Long-Term Debt* : $321 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : -368.31%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $-1.10

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.00

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $-0.86

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $14.60)


PE Ratio without NRI : At Loss

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 16.65

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 29.45

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 0.00

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : -7.08

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Financial Strength : Poor

Revance Therapeutics Inc displays poor financial strength. Usually this is caused by too much debt for the company.

Altman Z-Score : Distress

Altman Z-score of -2.92 is in distress zone. This implies bankrupcy possibility in the next two years.

Piotroski F-Score : Low

Piotroski F-Score of 3 is low, which usually implies poor business operation.

Beneish M-Score : Possible manipulator

Beneish M-Score 8.39 higher than -1.78, which implies that the company might have manipulated its financial results.

Good Signs

Operating Margin % : Expansion

Revance Therapeutics Inc operating margin is expanding. Margin expansion is usually a good sign.

Insider Buy : Insider Buying

There were 1 insider buying transaction over the past 3 months. The total number of shares bought is 40,000.
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NAS:IMABI-MAB7/10115.800.890.01751.23N/A24.0755.127.4292.26
NAS:KNSAKiniksa Pharmaceuticals Ltd7/1029.680.850.03N/A47.770.00-0.60-489.09
NAS:MGNXMacrogenics Inc7/1011.260.740.09N/A42.59-3.1613.58-193.79
NAS:VCYTVeracyte Inc7/108.740.930.020.00319.120.018.96-13.94
NAS:BEAMBeam Therapeutics Inc5/106.420.740.170.0038.0624.757.33-154.36
NAS:PHATPhathom Pharmaceuticals Inc5/102.490.450.870.0020.000.007.75-1069.47
NAS:CHRSCoherus BioSciences Inc3/101.120.183.200.004-0.42-4.446.25-104.27
NAS:CYTKCytokinetics Inc3/101.790.301.070.0030.93-3.788.70-109.00
NAS:RVNCRevance Therapeutics Inc2/100.840.212.710.003-2.928.397.26-92.03

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NAS:MGNXMacrogenics Inc2/10-128.98-128.49-47.20-36.420.00-355.58-24.40-76.50-66.00
NAS:RVNCRevance Therapeutics Inc2/10-462.11-470.81-114.24-44.510.00-533.42208.40-4.30-6.60
NAS:VCYTVeracyte Inc2/10-41.36-39.14-9.38-8.800.00-219.081.3010.5010.20
NAS:BEAMBeam Therapeutics Inc1/10-47346.99-51395.01-88.40-57.790.00-272.020.000.000.00
NAS:CHRSCoherus BioSciences Inc1/10-57.17-63.71-121.76-30.3232.57-285.81481.400.000.00
NAS:CYTKCytokinetics Inc1/10-932.79-1061.13-191.73-38.410.00-250.7247.2015.208.70
NAS:IMABI-MAB1/1050.9668.2825.7722.6455.412264.60345.600.000.00
NAS:KNSAKiniksa Pharmaceuticals Ltd1/10-875.82-885.14-62.99-55.560.00-1957.850.00-7.601.60
NAS:PHATPhathom Pharmaceuticals Inc1/100.000.00-107.76-66.560.00-5032.160.000.000.00

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NAS:BEAMBeam Therapeutics IncAt Loss5.406183.640.000.000.000.000.00-9.620.00
NAS:CHRSCoherus BioSciences IncAt Loss10.403.860.000.000.000.000.00-15.820.00
NAS:CYTKCytokinetics IncAt Loss11.95120.340.000.008.030.000.00-7.160.00
NAS:KNSAKiniksa Pharmaceuticals LtdAt Loss3.8141.000.000.000.000.000.00-27.860.00
NAS:MGNXMacrogenics IncAt Loss3.458.360.000.000.000.000.00-20.040.00
NAS:PHATPhathom Pharmaceuticals IncAt Loss5.280.000.000.000.000.000.00-35.460.00
NAS:RVNCRevance Therapeutics IncAt Loss8.7315.430.000.000.000.000.00-26.390.00
NAS:VCYTVeracyte IncAt Loss2.3212.623.820.000.000.000.00-3.230.00
NAS:IMABI-MAB31.104.7816.030.000.000.000.002.644.820.00
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Per Share Data



Per Share Data

Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
0.08
0.1
0.04
0.02
0.01
0.01
0.01
0.1
0.01
0.26
0.95
Revenue per Share
-3.5
-3.84
-2
-2.59
-2.89
-3.09
-3.94
-3.81
-3.6
-4.47
-4.1
EBITDA per Share
-3.77
-4.08
-2.1
-2.69
-2.97
-3.14
-3.99
-3.86
-3.67
-4.65
-4.38
EBIT per Share
-6.25
-8.12
0.02
-3.24
-3.02
-3.18
-4.01
-3.94
-3.67
-4.86
-4.49
Earnings per Share (Diluted)
-6.25
-27.2
1.05
-3.24
-3.02
-3.18
-4.01
-3.94
-3.67
-4.86
-4.49
EPS without NRI
--
--
--
--
--
--
-3.7
-5.08
-5.53
-5.72
-6.13
Owner Earnings per Share (TTM)
-3.98
-5.47
-3.06
-3.2
-2.42
-2.25
-3.26
-11.59
-10.07
-3.15
-3.86
Free Cash Flow per Share
-3.96
-5.42
-2.69
-2.84
-2.29
-2.13
-3.17
-2.88
-2.44
-3.08
-3.62
Operating Cash Flow per Share
4.13
0.57
0.22
7.19
8.92
6.48
7.75
4.76
5.54
6.31
3.81
Cash per Share
-21.66
-30.2
-8.88
7.42
8.95
6.18
7.36
3.94
4.31
5.41
1.67
Book Value per Share
-21.66
-30.2
-8.88
7.42
8.95
6.18
7.36
3.94
4.31
2.26
-1.2
Tangible Book per Share
9.61
14.83
1.44
0.15
0.3
0.19
0.05
--
0.56
3.07
4.53
Total Debt per Share
--
--
--
16.94
34.16
20.7
35.75
20.13
16.23
28.34
14.6
Month End Stock Price

Ratios

Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
--
--
--
-669
-34.21
-41.49
-54.09
-68.8
-85.92
-94.06
-114
ROE %
--
--
--
-293
-8.96
-12.39
-11.13
-13.46
-22.79
-17.95
-13.09
ROE % Adjusted to Book Value
-112
-218
-291
-58.5
-31.38
-37.18
-48.23
-54.62
-56.27
-53.2
-44.51
ROA %
--
--
Neg. E
-669
-34.21
-41.49
-54.09
-68.8
-85.92
-148
-650
Return-on-Tangible-Equity
-112
-218
-291
-58.5
-31.38
-37.18
-48.23
-54.62
-56.27
-66.99
-65.56
Return-on-Tangible-Asset
-321
-380
-350
-311
-371
-582
-1211
-1171
-571
-610
-533
ROC (Joel Greenblatt) %
-87.13
--
--
-66.42
-32.41
-39.33
-52.29
-59.48
-64.59
-56.24
-47.85
ROCE %
-175
-64.01
-43.53
-127
-267
-331
-622
-547
-327
-146
-92.03
ROIC %
--
--
--
10.57
8.32
8.53
14.07
11.12
6.16
8.37
7.26
WACC %
25.79
33.01
22.99
73.52
19.8
15.65
12.66
2.35
--
12.55
3.3
Effective Interest Rate on Debt %
99.1
--
--
--
--
--
--
--
--
68.88
69.53
Gross Margin %
-4980
-6023
-6195
-13590
-24106
-26385
-44846
-3825
-39821
-1782
-462
Operating Margin %
-8054
-8125
-8500
-16427
-24492
-29757
-46026
-3823
-38603
-1841
-471
Net Margin %
-5128
-5472
-8790
-16201
-19666
-21099
-37392
-11243
-105938
-1192
-405
FCF Margin %
-0.44
-0.49
-0.16
0.02
0.03
0.03
0.01
--
0.13
0.57
2.71
Debt-to-Equity
-3.89
-16.15
-6.96
0.92
0.92
0.87
0.91
0.64
0.66
0.52
0.21
Equity-to-Asset
1.73
7.93
1.13
0.02
0.03
0.03
0.01
--
0.09
0.3
0.56
Debt-to-Asset
4.89
17.15
7.96
0.08
0.08
0.13
0.09
0.36
0.34
0.48
0.79
Liabilities-to-Assets
1.38
2.69
3.42
0.36
0.13
0.12
0.1
1.43
0.15
1.99
6.57
Gross-Profit-to-Asset %
0.01
0.03
0.03
0
0
0
0
0.01
0
0.03
0.09
Asset Turnover
--
38.18
88.74
250
228
123
123
1324
23862
43.56
13.79
Days Sales Outstanding
56721
--
--
--
--
--
--
--
--
791
167
Days Payable
--
--
--
--
--
--
--
--
--
450
117
Days Inventory
-56721
38.18
88.74
250
228
123
123
1324
23862
-298
-35.93
Cash Conversion Cycle
--
--
--
--
--
--
--
--
--
0.81
3.12
Inventory Turnover
0.01
--
--
--
--
--
--
--
--
0.31
0.3
COGS-to-Revenue
--
--
--
--
--
--
--
--
--
0.38
0.1
Inventory-to-Revenue
0.27
0.45
10.5
18.21
11.09
11.57
10.02
84.48
802
0.28
0.25
Capex-to-Revenue
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Financial Satement



Income Statement

Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
0.56
0.72
0.62
0.38
0.3
0.3
0.26
3.73
0.41
15.33
62.98
Revenue
0.01
--
--
--
--
--
--
--
--
4.77
19.19
Cost of Goods Sold
0.55
0.72
0.62
0.38
0.3
0.3
0.26
3.73
0.41
10.56
43.79
Gross Profit
99.1
--
--
--
--
--
--
--
--
68.88
69.53
Gross Margin %
5.56
11.2
11.01
19.04
25.09
29.08
37.4
53.86
61.14
150
201
Selling, General, & Admin. Expense
22.74
32.71
27.83
33.39
47.53
50.38
80.36
92.5
103
126
117
Research & Development
--
--
--
--
-0
0
-0
--
0.87
8.18
16.87
Other Operating Expense
28.29
43.9
38.84
52.43
72.62
79.46
118
146
165
284
335
Total Operating Expense
-27.74
-43.19
-38.23
-52.05
-72.32
-79.16
-117
-143
-164
-273
-291
Operating Income
-4980
-6023
-6195
-13590
-24106
-26385
-44846
-3825
-39821
-1782
-462
Operating Margin %
0.02
0.01
0
0.04
0.23
1.17
1.41
4.02
5.53
4.32
1.72
  Interest Income
-17.79
-28.96
-15.16
-10.67
-1.19
-1.08
-0.46
-0.04
--
-15.15
-9.11
  Interest Expense
-17.78
-28.95
-15.16
-10.63
-0.96
0.09
0.95
3.98
5.53
-10.83
-7.39
Net Interest Income
0.65
13.88
0.94
-0.24
-0.2
-10.2
-4.04
-0.91
-0.5
-0.72
-0.81
Other Income (Expense)
-44.86
-58.26
-52.45
-62.92
-73.48
-89.27
-121
-140
-159
-285
-299
Pre-Tax Income
--
--
--
--
--
--
--
-3
--
2.62
2.72
Tax Provision
--
--
--
--
--
--
--
-2.15
--
0.92
0.91
Tax Rate %
-44.86
-58.26
-52.45
-62.92
-73.48
-89.27
-121
-143
-159
-282
-297
Net Income (Continuing Operations)
-44.86
-58.26
-52.45
-62.92
-73.48
-89.27
-121
-143
-159
-282
-297
Net Income
-8054
-8125
-8500
-16427
-24492
-29757
-46026
-3823
-38603
-1841
-471
Net Margin %
--
--
14.06
--
--
--
--
--
--
--
-- Preferred Dividends
-6.25
-8.12
0.02
-3.24
-3.02
-3.18
-4.01
-3.94
-3.67
-4.86
-4.49
EPS (Basic)
-6.25
-8.12
0.02
-3.24
-3.02
-3.18
-4.01
-3.94
-3.67
-4.86
-4.49
EPS (Diluted)
7.18
7.18
17.74
19.39
24.34
28.12
30.1
36.17
43.46
58.01
67.78
Shares Outstanding (Diluted Average)
-27.07
-29.3
-37.28
-52.25
-72.29
-88.19
-120
-140
-159
-270
-290
EBIT
1.98
1.78
1.88
2.05
2
1.45
1.47
1.73
2.91
10.25
18.75
Depreciation, Depletion and Amortization
-25.09
-27.52
-35.4
-50.19
-70.29
-86.74
-119
-138
-157
-259
-271
EBITDA

Cashflow Statement

Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
-44.86
-58.26
-52.45
-62.92
-73.48
-89.27
-121
-143
-159
-282
-297
Net Income From Continuing Operations
1.98
1.78
1.88
2.05
2
1.45
1.47
1.73
2.91
10.25
18.75
Depreciation, Depletion and Amortization
--
--
--
--
--
0.03
0.08
-26.95
27
-1.74
0.93
  Change In Receivables
--
--
--
--
--
--
--
--
--
-5.88
-6.22
  Change In Inventory
-0.37
-1.13
0.42
-1
-0.19
-5.62
4.85
-2.91
-1.38
0.91
7.31
  Change In Prepaid Assets
0.87
4
-0.64
-1.09
2.49
8.46
1.92
3.18
3.21
17.91
1.83
  Change In Payables And Accrued Expense
-0.57
-10.01
-2.64
-1.07
0.23
-0.1
-0.4
49.4
5.44
28.76
-9.8
  Change In Other Working Capital
-0.07
-7.13
-2.85
-3.16
2.52
2.76
6.44
22.72
34.27
39.97
-5.95
Change In Working Capital
--
--
--
--
--
--
--
--
--
-2.72
-- Deferred Tax
0.27
0.08
0.55
6.53
12.39
11.95
13.23
16.27
17.92
36.45
44.4
Stock Based Compensation
--
--
--
--
--
9.06
2.93
--
--
--
-- Asset Impairment Charge
14.26
24.61
5.11
2.42
0.9
4.23
1.18
-2.39
-1.83
19.64
0.08
Cash Flow from Others
-28.41
-38.91
-47.76
-55.07
-55.67
-59.83
-95.34
-104
-106
-179
-239
Cash Flow from Operations
-0.15
-0.32
-6.48
-6.98
-3.33
-1.67
-2.53
-315
-331
-4.1
-15.93
Purchase Of Property, Plant, Equipment
--
--
--
--
--
0
--
1.54
0.01
--
-- Sale Of Property, Plant, Equipment
--
--
--
--
--
--
--
--
--
-0.82
-- Purchase Of Business
--
--
--
--
-54.09
-281
-36.03
-6.99
-3.24
-259
-198
Purchase Of Investment
--
--
--
--
1
209
157
213
317
276
148
Sale Of Investment
--
--
--
--
--
-1.8
-0.1
-0.1
--
-0.12
-- Net Intangibles Purchase And Sale
0.08
0.08
0.08
--
0
-0
0
-0
0
0
-- Cash From Other Investing Activities
-0.08
-0.24
-6.4
-6.98
-56.42
-75.5
119
-107
-17.59
12.13
-66
Cash Flow from Investing
--
--
--
235
136
--
196
--
223
83.95
21.71
Issuance of Stock
--
--
40.65
--
--
--
--
--
--
--
-- Net Issuance of Preferred Stock
67.15
18.17
21.9
6.75
9.83
--
--
--
--
288
--   Issuance of Debt
-13.08
-4.56
-8.58
-12.54
-5.25
-3.54
-3.64
-0.93
--
--
--   Payments of Debt
54.07
13.61
13.33
-5.79
4.58
-3.54
-3.64
-0.93
--
288
-- Net Issuance of Debt
--
0.01
0.02
0.33
1.76
0.9
3.35
2.71
-1.18
-39.96
7.76
Other Financing
54.07
13.62
53.99
229
143
-2.64
196
1.78
222
331
96.79
Cash Flow from Financing
25.58
-25.54
-0.17
167
30.51
-138
219
-209
97.9
165
-208
Net Change in Cash
-0.15
-0.32
-6.48
-6.98
-3.33
-3.47
-2.63
-315
-331
-4.22
-15.93
Capital Expenditure
-28.56
-39.23
-54.24
-62.05
-59
-63.3
-97.97
-419
-438
-183
-255
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Financial Satement


Balance Sheet

Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
29.62
4.08
3.91
171
202
63.5
283
73.26
171
334
127
  Cash And Cash Equivalents
--
--
--
--
50.69
122
--
103
119
103
147
  Marketable Securities
29.62
4.08
3.91
171
252
186
283
176
290
437
274
Cash, Cash Equivalents, Marketable Securities
--
0.08
0.23
0.3
0.08
0.13
0.05
27
--
1.83
1.66
  Accounts Receivable
--
--
--
--
0.08
5.9
--
--
--
--
--   Other Current Receivables
--
0.08
0.23
0.3
0.16
6.03
0.05
27
--
1.83
1.66
Total Receivables
--
--
--
--
--
--
--
--
--
5.88
10.19
  Inventories, Other
--
--
--
--
--
--
--
--
--
5.88
10.19
Total Inventories
0.5
1.25
0.68
1.4
1.5
1.14
2.27
5.11
6.49
5.79
8.35
Other Current Assets
30.12
5.41
4.81
173
254
193
285
208
297
450
294
Total Current Assets
--
--
--
--
1.75
--
--
--
--
--
-- Investments And Advances
0.81
0.92
0.95
1.01
1.48
1.31
2.2
3.44
4.75
6.28
14.91
  Machinery, Furniture, Equipment
0.25
0.33
8.88
13.42
13.48
4.95
4.34
8.93
2.39
4.93
2.27
  Construction In Progress
11.99
12.09
12.68
14.75
16.22
16.48
16.24
16.06
51.02
55.41
72.46
  Other Gross PPE
13.04
13.34
22.5
29.18
31.18
22.74
22.78
28.42
58.15
66.62
89.64
Gross Property, Plant and Equipment
-4.6
-6.36
-8.19
-9.91
-11.47
-12.16
-13.53
-13.97
-16.87
-19.49
-22.07
  Accumulated Depreciation
8.44
6.98
14.32
19.27
19.71
10.59
9.25
14.45
41.29
47.13
67.56
Property, Plant and Equipment
--
--
--
--
--
--
--
--
--
218
206
Intangible Assets
--
--
--
--
--
--
--
--
--
147
147
  Goodwill
1.37
1.04
3.52
0.46
0.4
1.08
1.24
3.98
2.4
4.78
13.93
Other Long Term Assets
9.81
8.02
17.83
19.74
21.86
11.67
10.49
18.43
43.69
270
288
Total Long-Term Assets
39.93
13.42
22.65
192
276
204
296
226
340
720
582
Total Assets
0.78
1.81
5.53
3.15
2.66
3.75
6.81
8.43
8.01
12.66
8.04
  Accounts Payable
1.99
5.11
3.28
1.61
2.27
8.64
5.75
7.66
10.5
14.09
13.17
  Current Accrued Expense
2.77
6.91
8.8
4.76
4.92
12.39
12.56
16.1
18.51
26.75
21.21
Accounts Payable & Accrued Expense
3.46
94.51
22.86
2.64
--
--
--
--
--
--
--   Short-Term Debt
1.09
0.94
--
0.31
3.14
3.48
1.87
--
3.47
4.44
4.83
  Short-Term Capital Lease Obligation
4.55
95.45
22.86
2.94
3.14
3.48
1.87
--
3.47
4.44
4.83
Short-Term Debt & Capital Lease Obligation
0.5
--
0.08
--
--
--
--
8.59
7.91
7.85
10.94
  Current Deferred Revenue
0.5
--
0.08
--
--
--
--
8.59
7.91
7.85
10.94
DeferredTaxAndRevenue
1.03
15.57
15.82
2.54
3.98
3.78
6.47
7.28
11.09
21.93
28.89
Other Current Liabilities
8.86
118
47.56
10.24
12.04
19.65
20.9
31.97
40.98
60.96
65.87
Total Current Liabilities
63.49
11
2.63
--
--
--
--
--
--
181
280
  Long-Term Debt
0.94
0.01
--
0.6
5.35
1.87
--
--
25.87
27.15
40.47
  Long-Term Capital Lease Obligation
64.44
11
2.63
0.6
5.35
1.87
--
--
25.87
208
321
Long-Term Debt & Capital Lease Obligation
-0.44
-0.49
-0.16
0.02
0.03
0.03
0.01
--
0.13
0.57
2.71
Debt-to-Equity
12.81
3.04
3.18
3.73
3.77
3.65
3.34
46
47.95
77.29
73.76
NonCurrent Deferred Liabilities
109
98.17
127
1.54
1.41
2.12
2.61
2.75
-0
0
1.25
Other Long-Term Liabilities
187
112
133
5.86
10.53
7.64
5.95
48.76
73.82
285
396
Total Long-Term Liabilities
195
230
180
16.1
22.57
27.29
26.85
80.73
115
346
462
Total Liabilities
--
--
--
0.02
0.03
0.03
0.04
0.04
0.05
0.07
0.07
Common Stock
-160
-218
-196
-259
-332
-422
-542
-685
-844
-1126
-1335
Retained Earnings
--
--
--
--
-0.04
-0.05
--
-0.01
0
--
-0
Accumulated other comprehensive income (loss)
4.59
1.6
38.33
435
586
599
811
830
1070
1501
1455
Additional Paid-In Capital
--
--
-0
0
-0
--
--
-0
0
0
0
Other Stockholders Equity
-155
-217
-158
176
253
177
269
146
225
374
120
Total Stockholders Equity
-155
-217
-158
176
253
177
269
146
225
374
120
Total Equity
-3.89
-16.15
-6.96
0.92
0.92
0.87
0.91
0.64
0.66
0.52
0.21
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Valuation Ratios



Valuation Ratios

Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
N/A
N/A
N/A
At Loss
At Loss
At Loss
At Loss
At Loss
At Loss
At Loss
At Loss PE Ratio
N/A
N/A
N/A
At Loss
At Loss
At Loss
At Loss
At Loss
At Loss
At Loss
At Loss PE Ratio without NRI
--
--
--
2.28
3.82
3.35
4.86
5.11
3.77
5.24
8.73
PB Ratio
--
--
--
2.28
3.82
3.35
4.86
5.11
3.77
12.57
-- Price-to-Tangible-Book
--
--
--
847
2847
1882
3972
195
1623
107
15.43
PS Ratio
--
--
--
614
2408
1376
3910
152
1427
113
17.47
EV-to-Revenue
--
--
--
-4.69
-10.28
-4.76
-8.63
-4.13
-3.76
-6.7
-4.05
EV-to-EBITDA
--
--
--
-4.5
-10
-4.68
-8.53
-4.07
-3.7
-6.44
-3.79
EV-to-EBIT
--
--
--
-22.22
-10
-21.37
-11.72
-24.57
-27.03
-15.53
-26.39
Earnings Yield (Joel Greenblatt) %

Valuation and Quality

Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
--
--
--
403
966
593
1305
744
850
1961
1048
Market Cap
--
--
--
235
723
413
1024
568
589
1736
1100
Enterprise Value
--
--
--
16.94
34.16
20.7
35.75
20.13
16.23
28.34
14.6
Month End Stock Price
-23.1
-31.5
-9.93
6.52
8.12
5.52
7.01
2.57
3.35
1.31
-2.62
Net Cash per Share
-23.03
-31.31
-9.88
6.59
8.18
5.77
7.08
3.44
3.47
1.5
-2.34
Net Current Asset Value
-23.1
-31.49
-9.92
6.53
8.12
5.53
7.01
3.12
3.35
1.37
-2.53
Net-Net Working Capital
--
--
--
--
--
--
--
-29.12
-34.65
-25.83
-30.55
Intrinsic Value: Projected FCF
--
--
--
--
--
--
-23.19
-88.62
-95.82
-236
-659
Earnings Power Value (EPV)
--
--
-19.78
13.25
24.19
9.74
26.33
0.21
0.33
0.65
-2.92
Altman Z-Score
N/A
N/A
N/A
4
3
3
4
4
2
3
3
Piotroski F-Score
--
--
--
-2.31
-2.85
-2.67
-3.53
45.15
-6.82
46.44
8.39
Beneish M-Score
-2.91
-2.86
-10.13
0.39
0.05
-0.01
-0.06
-0.1
-0.16
0.44
0.27
Scaled Net Operating Assets
-41.01
-142
7.56
-0.45
14
22.54
-48.71
30.35
-10.48
-16.07
1.5
Sloan Ratio %
3.4
0.05
0.1
16.87
21.1
9.81
13.65
6.5
7.24
7.38
4.46
Current Ratio
3.4
0.05
0.1
16.87
21.1
9.81
13.65
6.5
7.24
7.29
4.31
Quick Ratio
3.35
0.03
0.08
16.71
20.96
9.44
13.53
5.5
7.08
7.16
4.15
Cash Ratio
--
--
--
--
--
--
--
--
N/A
--
-- Interest Coverage
--
--
--
38.9
40.78
33.59
36.3
37.4
20.39
34.3
33.83
Highest Stock Price
--
--
--
--
15.02
12.55
18.3
18.06
10.22
12.46
12.34
Lowest Stock Price
--
--
-147
-33.98
-18.99
-1.27
-27.46
-1.26
-41.65
-32.08
-7.89
Shares Buyback Ratio %
--
--
--
-58.24
-14.1
--
-15.03
--
-26.22
-4.28
-2.07
Buyback Yield %
--
28.21
-65
-42.86
-40
-8.33
-18.18
1044
-90.29
2540
1214
YoY Rev. per Sh. Growth
--
-29.93
100
-21700
6.79
-5.3
-26.1
1.75
6.85
-32.43
2.39
YoY EPS Growth
--
-9.7
47.98
-29.72
-11.59
-6.82
-27.78
3.35
5.49
-24.13
4.43
YoY EBITDA Growth
--
--
--
--
--
--
--
-5.04
-9.44
-7.1
-7.8
5-Year EBITDA Growth Rate
7.18
7.18
17.74
19.39
24.34
28.12
30.1
36.17
43.46
58.01
67.78
Shares Outstanding (Basic Average)
7.18
7.18
17.74
23.77
28.29
28.65
36.52
36.98
52.37
69.18
71.79
Shares Outstanding (EOP)
--
--
--
--
--
--
1.95
1.41
0.73
1.2
0.87
Beta
03/28/14
02/06/14
03/28/14
03/04/15
03/04/16
02/28/17
03/02/18
02/28/19
02/26/20
02/25/21
  Filing Date
03/28/14
03/04/15
03/04/16
02/28/17
03/02/18
02/28/19
02/26/20
02/25/21
02/25/21
02/25/21
  Restated Filing Date
02/27/17
02/28/18
02/27/19
02/24/20
02/22/21
  Earnings Release Date
--
--
--
65
46
40
30
25
18
113
113
Number of Shareholders
--
--
62
83
103
106
134
170
193
470
470
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Revance Therapeutics Inc (NAS:RVNC)
www.gurufocus.com/stock/NAS:RVNC

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.