EX-12.1 7 d459933dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Revance Therapeutics, Inc.,

Computation of Ratios of Earnings to Fixed Charges

(in thousands of dollars, except ratios)

 

    

Nine

Months Ended
September 30, 2017

    Year Ended December 31,  
       2016     2015     2014     2013     2012  

Earnings:

            

Loss from continuing operations before income taxes

   $ (84,680   $ (89,270   $ (73,476   $ (62,917   $ (52,448   $ (58,259

Fixed charges, as calculated below

     766       1,471       1,567       3,670       15,924       29,248  

Amortization of capitalized interest

     2       3       5       2       —         —    

Interest capitalized

     (37     —         —         (972     (453     —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ (83,949   $ (87,796   $ (71,904   $ (60,217   $ (36,977   $ (29,011
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

            

Interest Expense (1)

   $ 476     $ 1,082     $ 1,190     $ 3,313     $ 15,617     $ 28,959  

Estimated interest component of rent expense (3)

     290       389       377       357       307       289  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 766     $ 1,471     $ 1,567     $ 3,670     $ 15,924     $ 29,248  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges (2)

     —         —         —         —         —         —    

 

(1) Interest expense includes amortization of debt discounts, amortization of debt issuance costs, interest on convertible notes, capitalized interest, and effective interest on financing obligations.
(2) Our earnings were insufficient to cover fixed charges by $84.7 million for the nine months ended September 30, 2017, $89.3 million in 2016, $73.5 million in 2015, $62.9 million in 2014, $52.4 million in 2013 and $58.3 million in 2012.
(3) Estimated using an interest rate of 10.375% and 9.85% for 2015 through the nine months ended September 30, 2017 and 2012 through 2014, respectively, which is considered to be a reasonable estimate of the interest factor.

For the periods indicated above, we had no outstanding shares of preferred stock with required dividend payments. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are identical to the ratios presented in the tables above.