Revance Therapeutics, a biotechnology company focused on innovative aesthetic and therapeutic offerings, including its next-generation neuromodulator product, DaxibotulinumtoxinA for Injection, announced the signing of a definitive agreement to acquire Hint, Inc., a privately held company doing business under the name HintMD, which has created an integrated financial technology (fintech) platform for the aesthetics industry. The transaction is expected to close in the third quarter of 2020, subject to customary closing conditions, including receipt of approval of the requisite HintMD stockholders. Revance will hold a conference call and webcast at 8.30 a.m. ET to discuss the acquisition and strategic rationale behind it.
Read More: How Coronavirus is Impacting Multifamily Investments and the Transaction Process
“We’re delighted that HintMD will be joining the Revance family upon completion of this acquisition”
HintMD, based in Pleasanton, Calif., has developed a proprietary fintech platform that includes:
- Vertically Integrated Payments Platform – As both an authorized payment facilitator (PayFac) and payment processor, the HintMD platform can process a broad range of practice transactions. By doing so, the HintMD platform streamlines the patient checkout process and provides visibility into practice analytics and trends that are not available with traditional credit card processors or legacy systems that sit outside the normal work flow. Additionally, the HintMD platform enables secure, contactless patient checkout and seamless point-of-sale processing, particularly relevant in today’s COVID-19 environment.
- Patient Subscriptions and Loyalty Programs – The HintMD platform enables personalized subscription treatment solutions with recurring billing programs and patient wallet technology to facilitate flexible payment options. Subscription programs have demonstrated improved patient treatment compliance and practice economics. The open nature of the HintMD platform allows practices to offer their own patient loyalty programs and integrate existing brand rewards plans, while also facilitating third-party transactions, thus lowering administration time, enabling easier access of rewards, and improving payment reconciliation.
More than 33,000 U.S. aesthetic practices generated greater than $56 billion in annual credit card processing volume in 2019. On average, credit card processors charge between 0.5% – 1% to complete a financial transaction depending on a variety of factors including the type of credit card, whether or not the card is physically present and other variables. In addition to credit card processing, the HintMD platform also has the ability to support patient subscriptions, loyalty programs and third-party services, each of which can potentially contribute additional service revenue. Combined, the HintMD platform would give Revance access to an existing $500+ million market, with potential market expansion opportunities.
“The strategic acquisition of HintMD would augment Revance’s strong aesthetics product portfolio with an innovative fintech platform to transform both the practice and patient experience and deliver real value,” said Mark Foley, President and Chief Executive Officer of Revance. “This transaction could grow our total U.S. aesthetics market opportunity to more than $2.6 billion, which we believe we can access through our planned commercial infrastructure. Marketing the HintMD platform, in combination with the RHA® Collection of dermal fillers and our investigational neuromodulator product, DaxibotulinumtoxinA for Injection, upon approval, would position us as a true industry innovator. We’re creating a compelling aesthetics franchise comprised of next-generation products and digital services designed to improve office efficiency and profitability, while also enhancing patient engagement and retention. In tandem, we’re also advancing our therapeutics pipeline, with two significant topline clinical trial results in the second half of the year. We look forward to completing this acquisition and offering both product and digital service innovation to customers.”
Read More: SIMON Markets LLC and Raymond James Launch New Strategic Partnership for Annuities
