Operator: The next question comes from Tim Lugo with William Blair.
Lachlan Hanbury-Brown: This is Lachlan on for Tim. I guess one clarification to start on the market share data, can you talk about how that’s calculated? Is that patients treated, vials sold, some other metric? On 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 you may have seen?
Mark Foley: First on the market share question. So we use a third party, independent data source, Qsight, which is part of Guidepoint. And the market share is calculated by average patient spend at the practice level. So kind of if we look at the total dollars that a patient spends across these practices, that’s how we calculate the market share. And it’s a good sample size. Obviously, they’ve powered it to make sure that it’s accurate and reflects kind of what the trends are in the market. 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 treat on the face. And so, what we are seeing is a good mix of a nice pipeline of new accounts that are coming in and sort of 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.
And that was reflected by, again, that’s a higher average order volume per practice that we saw in Q1 compared to Q4. And so, it’s going to be a mix. 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. And so, there’ll be some variability among practices, but on average, they get in, they start it with a certain subset of patients, and then they continue to grow it from there.
Operator: The final question comes from Navann Ty with BNP Paribas.
Navann Ty: 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? I had a second question on therapeutics. The CD launch came slightly earlier than expected, so is it based on the previous survey or early feedback or other companies’ payer preparations?
Mark Foley: I’ll try and make sure I hit these right. So, first, in terms of our customer mix with Revance and the consumer coupon, the lines are increasingly getting blurred across med spa versus core account because you’ll find, for example, plastic surgeons, they might own three med spas and they’re the medical director there. And so, is that a plastic surgery account or is it a med spa account? If you look at it, our primary focus in the quarter was to double back around to those accounts that had already ordered DAXXIFY. And so, we said that we’ve got now 3,500 ordering DAXXIFY accounts since the end of Q1, we have a really good healthy mix of all types. We’ve got some med spas, really high volume med spas. We have some boutique med spas.
We have plastic surgeons. We have dermatologists. And we have some cosmetic physicians. So we have a good mix across all of those. The consumer coupon went into a subset of accounts and represented all those different ones. I think, universally, it was appreciated because they realized that it made for a much easier switch process and it allowed these accounts to offer their patients something of value, which is always good for them as a practice to say, I’ve got something else that I can offer to you. Your other question on the CD side and sort of how we’re tracking. And we got approval last August. We did indicate that we were going to start a PrevU program because we wanted these subset of KOLs to have access to the product to get through a few treatment cycles to inform our go-forward.
And that’s where we sort of 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 there’s published papers out there that say more than 80% of patients have symptom breakthrough before they can get re-injected at week 12, that’s a big win. They talked a little bit about how they think about dosing and dose escalation, and so all of that is woven in. As you point out, we were very encouraged with the progress that our payer team has made. 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, and we do think it bodes well for the long term.
So we are very encouraged and we have high expectations for that franchise.
Operator: Maybe if I can ask as well if you have immediate uses for the $100 million offerings.
Mark Foley: I’m sorry I missed that, Navann?
Navann Ty: If you have immediate uses for the $100 million offering.
Mark Foley: Oh, the proceeds that we raised. Toby, do you want to hit that one?
Tobin Schilke: I think when we talked about the offerings for general corporate proceeds, and so we continue to feel good about our runway and things like that. We took the time on giving feedback on sort of where we were with various debt obligations that it would be prudent to strengthen our balance sheet. So there wasn’t immediate use for that other than general corporate.
Operator: Thank you. This concludes the Revance Therapeutics 2024 first quarter financial results call. Thank you for your participation. You may now disconnect your line.
