Revenue Projections - Preliminary unaudited net revenue for Q4 2025 is expected to be between $88.6 million and $90.6 million, representing a 12% to 15% increase over Q4 2024[4] - Full-year 2025 net revenue is projected to be between $295.5 million and $297.5 million, reflecting an 11% to 12% growth compared to 2024[4] - The company anticipates 2026 net revenue guidance of $327 million to $337 million, indicating an 11% to 13% growth from 2025[4] - The long-term financial outlook for 2028 is updated to reflect total net revenue between $450 million and $500 million, representing a three-year CAGR of 15% to 19%[4] Profitability - Positive non-GAAP operating income for Q4 2025 is reaffirmed at $5 million to $7 million, marking a significant milestone for the company[4] - The company expects to achieve sustainable annual profitability beginning in 2026[9] Product Contributions - Evolysse injectable hyaluronic acid gels contributed approximately 8% of total revenue for full-year 2025[9] - The anticipated commercial launch of Estyme in Europe is expected to enhance revenue contributions in 2026[9] Strategic Focus - The company is focused on increasing market share and expanding its portfolio internationally, with a disciplined spending approach to drive profitability[3] - Cash and cash equivalents as of December 31, 2025, are reported at $53 million, up from $43.5 million on September 30, 2025, indicating strong sales growth and prudent expense management[9]

Core Viewpoint - Evolus, Inc. announced preliminary, unaudited net revenue for Q4 and full-year 2025, indicating a focus on aesthetic portfolio growth [1] Financial Performance - The preliminary unaudited results are based on the most current information available to management and are subject to change until the audit of the company's 2025 financial results is completed [1]

Group 1 - The article promotes a weekly newsletter focused on stocks in the biotech, pharma, and healthcare industries, highlighting key trends and catalysts that influence market valuations [1] - Edmund Ingham, a biotech consultant with over 5 years of experience, leads the Haggerston BioHealth investing group, which caters to both novice and experienced investors [1] - The investing group provides insights such as buy and sell ratings, product sales forecasts for major pharmaceutical companies, integrated financial statements, discounted cash flow analysis, and market-specific analyses [1]

Core Insights - Evolus Inc. is projected to double in value by 2026 despite recent challenges in consumer sentiment and inflationary pressures affecting demand for elective aesthetic procedures [1] - Mizuho has lowered Evolus's price target to $19 from $20 while maintaining an Outperform rating, reflecting a cautious outlook on the company's product estimates [1][3] Financial Performance - In Q3 2025, Evolus reported global net revenue of $69 million, a 13% year-over-year increase, driven by strong demand for its neurotoxin Jeuveau, which generated $63.2 million [2] - The new Hyaluronic Acid filler, Evolysse, contributed $5.7 million in revenue during the same quarter [2] - For the full year 2025, Evolus revised its total net revenue outlook to between $295 million and $305 million [2] Market Position and Challenges - Evolus holds a 14% market share in the US aesthetic neurotoxin market, supported by a customer loyalty program that has grown to over 1.3 million members, a 34% increase year-over-year [3] - The company added approximately 500 new purchasing accounts in Q3, indicating expansion in its professional customer base [3] - The US aesthetic market is facing challenges, particularly in consumer spending, with the HA filler market experiencing a double-digit decline, complicating Evolysse's market entry [3]

Summary of Evolus Conference Call Company Overview - Evolus is currently in a significant growth phase, having launched its second product, Evolysse, alongside its flagship product Jeuveau, which has established a strong market presence in the U.S. and Europe [2][3][4] Key Points and Arguments Product Development and Market Position - Jeuveau has been recognized as the fastest-growing brand in the U.S. aesthetic market, capturing mid-teens market share, marking the first time a company has achieved double-digit market share since the entry of the first two players [2][4] - Evolysse is positioned as a differentiated product utilizing new technology (COLDEX) for hyaluronic acid (HA) production, with plans to introduce a sculpt product for the mid-face in the upcoming year [3][4][22] - The company has built a customer base of 17,000 clinics across the U.S., which presents significant growth opportunities as it enters the second phase of commercialization [3][4] Market Dynamics and Performance - Despite a challenging macroeconomic environment, Evolus has reported double-digit growth, with Jeuveau continuing to grow in the U.S. and strong international performance, particularly in the U.K. [4][5][48] - The aesthetic market, particularly for neuromodulators, has historically shown resilience during economic downturns, although current conditions are presenting unique challenges [6][7][8] - The company anticipates a rebound in the market, driven by pent-up consumer demand, as consumers are currently delaying treatments due to economic pressures [8][9] Competitive Landscape - The competitive landscape includes established players like AbbVie and Galderma, with Evolus focusing on differentiating its products through quality and innovative marketing strategies [6][7][9] - Evolus has successfully positioned Jeuveau against Botox through head-to-head clinical trials, demonstrating superior efficacy in multiple endpoints [12][13][14] Consumer Trends and Marketing Strategy - There is a growing consumer trend towards preventive aesthetic treatments, with younger demographics increasingly seeking these services [7][8] - Evolus has launched a campaign to rebrand HA fillers, moving away from the term "filler" to "injectable HA," which has resonated positively with consumers [29][30] - The company is leveraging its loyalty program to encourage repeat purchases and cross-selling between Jeuveau and Evolysse [19][22] Financial Outlook and Business Development - Evolus has access to $100 million in capital for business development, with a focus on achieving profitability by the fourth quarter of 2025 and for the full year of 2026 [41][42][48] - The company expects to see sequential improvement in performance as it wraps around a depressed market base, with a strong international growth trajectory anticipated [46][47][48] Future Product Pipeline - The introduction of the Skulpt product is expected in the second half of 2026, which will complement the existing HA product line and enhance the company's market position [46][47] - Evolus is exploring opportunities in biostimulators and other innovative products to expand its portfolio [43][44] Additional Important Insights - The company has successfully reduced expenses by $25 million, positioning itself for profitability amidst a declining market [48] - Evolus is focused on building partnerships with clinics, emphasizing the importance of training and support for product adoption [20][21][25] This summary encapsulates the key insights from the Evolus conference call, highlighting the company's strategic direction, market dynamics, and future growth potential.

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Core Insights - Evolus, Inc. reported a quarterly loss of $0.14 per share, better than the Zacks Consensus Estimate of a loss of $0.19, marking an earnings surprise of +26.32% [1] - The company posted revenues of $68.97 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.70% and showing an increase from $61.08 million year-over-year [2] - Evolus shares have declined approximately 41.9% year-to-date, contrasting with the S&P 500's gain of 15.1% [3] Financial Performance - Over the last four quarters, Evolus has exceeded consensus EPS estimates only once [2] - The current consensus EPS estimate for the upcoming quarter is $0.12 on revenues of $91.18 million, while for the current fiscal year, it is -$0.48 on revenues of $297.1 million [7] Market Outlook - The company's earnings outlook and management's commentary during the earnings call will be crucial for future stock price movements [3][4] - The Zacks Rank for Evolus is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [6] Industry Context - The Medical - Products industry, to which Evolus belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, which may impact stock performance [8] - Comparatively, ICU Medical, another company in the same industry, is expected to report a quarterly earnings decline of -3.1% year-over-year [9]

Financial Data and Key Metrics Changes - Global net revenue for Q3 2025 was $69 million, representing a 13% increase compared to Q3 2024 [30] - Gross margin for Q3 was reported at 66.5%, with adjusted gross margin at 67.6% [31] - Non-GAAP operating loss for Q3 was $3.1 million, an improvement from a loss of $6.7 million in Q3 2024 [35] Business Line Data and Key Metrics Changes - Jeuveau revenue for Q3 was $63.2 million, while Evolisse contributed $5.7 million [31] - The Evolus consumer loyalty program grew to over 1.3 million members, a 34% increase year-on-year [7] - Evolisse's revenue increased sequentially to approximately $5 million after initial stocking [14] Market Data and Key Metrics Changes - The U.S. aesthetic market remains down in single digits, but Jeuveau outperformed the category with unit volume growth year-to-date [10][12] - The company strengthened its market share to 14% in the U.S. year-to-date [13] Company Strategy and Development Direction - Evolus aims to achieve profitability in 2025 and sustainable annual profitability starting in 2026 [11][37] - The company is focusing on expanding its portfolio and has introduced a bundled offering to drive market share gains [15][56] - Evolus is actively pursuing strategic business development opportunities to expand its pipeline [29] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of stabilization in consumer demand for injectables, despite challenges in the aesthetic market [11] - The company remains confident in navigating potential tariff impacts and maintaining financial performance [18][32] Other Important Information - Evolus submitted a PMA to the U.S. FDA for Evolve's Sculpt, with potential approval anticipated in 2026 [17] - The company has taken proactive measures to mitigate potential tariff impacts on pharmaceuticals, including Jeuveau [18][32] Q&A Session Summary Question: Can you discuss the dynamics of Evolisse and the impact of market sentiment? - Management highlighted that initial training is crucial for product adoption, with significant inflection points observed after second training sessions [44][45] - The market is currently facing challenges, but Q4 is expected to be stronger due to accumulated experience and seasonal factors [48] Question: What are the usage trends between Evolisse Smooth and Form? - Both products are used for the nasolabial fold, but Smooth is preferred for a softer effect while Form provides more structure [57][62] Question: Can you elaborate on the sequential growth for Jeuveau in Q3? - The company maintained consistent promotional efforts and engaged consumers through loyalty programs, which contributed to the growth [66] Question: What is the split between U.S. and international sales for Jeuveau? - The company does not provide detailed segment reporting but noted growth in both U.S. and international markets [71][73] Question: What are the potential impacts of tariffs on the business? - Management is closely monitoring tariff developments and has taken steps to mitigate potential impacts, including pulling forward inventory purchases [103][104]

Revenue Performance - Product revenue increased by $8.8 million, or 14.6%, to $68.97 million for the three months ended September 30, 2025, compared to $60.16 million for the same period in 2024[186]. - Total net revenues rose by $7.9 million, or 12.9%, to $68.97 million for the three months ended September 30, 2025, driven by the launch of Evolysse™ and increased sales of Jeuveau[187]. - Total net revenues for the nine months ended September 30, 2025, increased by $19.6 million, or 10.4%, to $206.88 million from $187.33 million in 2024[200]. Cost and Expenses - Cost of goods sold increased by $4.1 million, or 21.8%, to $23.13 million for the three months ended September 30, 2025, primarily due to higher volumes of Jeuveau and Evolysse[188]. - Selling, general and administrative expenses increased by $0.3 million, or 0.6%, to $52.82 million for the three months ended September 30, 2025, primarily due to higher selling-related costs[190]. - Research and development expenses decreased by $0.3 million, or 11.6%, to $2.05 million for the three months ended September 30, 2025, due to lower clinical operations costs[191]. - Cost of goods sold for the nine months ended September 30, 2025, increased by $11.4 million, or 19.8%, to $69.06 million from $57.66 million in 2024[201]. - Selling, general and administrative expenses increased by $18.3 million, or 12.4%, to $166.1 million for the nine months ended September 30, 2025[203]. - Research and development expenses decreased by $0.6 million, or 9.6%, to $6.1 million for the nine months ended September 30, 2025[204]. - Depreciation and amortization increased by $1.3 million, or 77.5%, to $2.9 million for the nine months ended September 30, 2025[206]. - Restructuring costs were $1.4 million in the nine months ended September 30, 2025, with no costs incurred in the prior year[207]. Profitability and Loss - Gross profit margin decreased to 66.5% for the three months ended September 30, 2025, down from 68.9% in the same period of 2024[189]. - Gross profit margin was 66.6% for the nine months ended September 30, 2025, down from 69.2% in 2024[202]. - Net loss for the three months ended September 30, 2025, was $15.74 million, compared to a net loss of $19.17 million for the same period in 2024[186]. - Net loss was $51.8 million for the nine months ended September 30, 2025, compared to a net loss of $43.6 million in 2024[212]. Cash Flow and Financial Position - Cash and cash equivalents as of September 30, 2025, were $43.5 million, with positive working capital of $68.2 million[211]. - Cash used in operating activities increased to $55.1 million for the nine months ended September 30, 2025, compared to $22.8 million for the same period in 2024, primarily due to a higher net loss and increased inventory purchases[227]. - Cash used in investing activities rose to $6.3 million in the nine months ended September 30, 2025, up from $3.5 million in the same period in 2024, driven by a $2.8 million increase in expenditures on capitalized internal-use software and property and equipment[228]. - Cash provided by financing activities decreased to $17.3 million for the nine months ended September 30, 2025, compared to $48.7 million in the same period in 2024, mainly due to lower cash receipts from stock options and the absence of a follow-on equity offering[229]. - Cash and cash equivalents decreased to $43.5 million at the end of the nine months ended September 30, 2025, down from $85.0 million at the end of the same period in 2024[226]. Obligations and Future Commitments - The company has an accumulated deficit of $661.2 million as of September 30, 2025[212]. - The fair value of contingent royalty obligations to Evolus Founders was recorded at $36.7 million as of September 30, 2025[217]. - The company has approximately $65 million in future interest payments on outstanding New Pharmakon Term Loans, with $14.1 million due within the next twelve months[232]. - The company is obligated to make quarterly royalty payments based on a low single-digit percentage of net sales of Jeuveau, which will terminate after the 10-year anniversary of its first commercial sale in the U.S.[232]. - Milestone payments under the Symatese U.S. Agreement total €12.1 million, contingent on FDA approval of three Evolysse™ products, with specific amounts due at various future dates[232]. Market Risks - The company is exposed to market risks primarily from fluctuations in interest rates and foreign currency exchange rates, with no material changes reported since the last annual report[236][237].

Market Position and Growth - Evolus is gaining market share in the U S neurotoxin market, with Jeuveau's share increasing from 4% in 2019 to 14% in 2025[18] - The global addressable market for neurotoxins and fillers is expected to grow to $7 billion in 2028, with neurotoxins reaching $3.7 billion and fillers reaching $3.7 billion[20] - Evolus International is expected to achieve $100 million in revenue in 2028[23] Financial Performance and Projections - The company anticipates total net revenues for 2025 to be between $295 million and $305 million, representing an 11% to 15% increase over 2024[119] - Evolysse injectable HA gels are projected to contribute 10% to 12% of total revenue for the full year 2025[119] - Evolus projects $700 million in total net revenue and a non-GAAP operating income margin of 20% by 2028[120] Product Launches and Expansion - Evolysse Form and Evolysse Smooth HA gels launched in the U S in Q2 2025[45] - Estyme products are expected to launch internationally in the first half of 2026[119] - Evolysse Sculpt is scheduled to launch in the U S in the second half of 2026[45] Customer Engagement and Loyalty - The Evolus Rewards program has grown to over 13 million total enrollments by Q3 2025[63] - 70% of toxin consumers also use a dermal filler[74] - 37% of consumers receive both toxin and filler treatments during the same appointment[76]