Financial Data and Key Metrics Changes - In 2024, the company achieved global net revenue of $266.3 million, a 32% increase over 2023, exceeding the guidance range of $260 million to $266 million [31] - The fourth quarter revenue was $79 million, reflecting a 30% increase compared to Q4 2023 [31] - The company reported a gross margin of 68.5% for the full year, with an adjusted gross margin of 69.6%, consistent with guidance [32] - Non-GAAP operating income for Q4 was $6.7 million, a significant improvement from a loss of $3.7 million in Q4 2023 [36] Business Line Data and Key Metrics Changes - The company added over 2,900 new accounts in 2024, bringing the total to more than 15,000 purchasing accounts, representing half of the toxin market [10] - The US market share approached 14% by the end of 2024, exceeding previous guidance [80] - The Evolys injectable gels are expected to contribute 8% to 10% of total revenue in 2025 [41] Market Data and Key Metrics Changes - The total addressable market for the company's products is approximately $6.2 billion, projected to grow to $10 billion by 2028 [40] - The company anticipates the US toxin market to grow in the mid to high single-digit range through 2028 [51] Company Strategy and Development Direction - The launch of Evolys is a top priority, with plans to commercialize in early Q2 2025 [13] - The company aims to achieve at least $700 million in revenue by 2028, with a non-GAAP operating income margin of at least 20% [20] - The company is focusing on integrating Evolys into its existing portfolio, leveraging a cash pay model and co-branded media benefits [17] Management's Comments on Operating Environment and Future Outlook - Management noted that despite challenging market conditions, the toxin market has shown consistent growth, particularly among younger consumers [48] - The company expressed confidence in its ability to capture market share and drive growth through innovative products and strategic partnerships [82] - Management highlighted the importance of the new weight loss label for Evolys, which is expected to attract new patients [52] Other Important Information - The company achieved profitability for the full year 2024, one year ahead of its goal [7] - The Evolys injectable gels utilize proprietary Coldex technology, which is expected to differentiate them from competitors [22] Q&A Session Summary Question: How does the company view the market conditions for US facial injectables? - Management acknowledged challenging market conditions but noted strong growth in the toxin market, particularly among younger consumers [48] Question: What are the expectations for the subscription model's performance? - The subscription model has shown good early results, but the company plans to wait for a full year cycle before sharing detailed metrics [56] Question: What are the growth expectations for the US toxin market in 2025? - Management projected a healthy growth rate for the toxin market, with expectations of mid to high single-digit growth [68] Question: How does the company plan to train accounts for the new Evolys products? - The company has developed a comprehensive training program and plans to train a significant number of accounts quickly [102] Question: What is the significance of the weight loss label for Evolys? - The weight loss label is expected to be a powerful marketing tool, attracting new patients seeking facial injectables [52]

Company Performance - Evolus, Inc. reported quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.06 per share, compared to a loss of $0.14 per share a year ago, representing an earnings surprise of -83.33% [1] - The company posted revenues of $78.95 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 0.08%, but showing an increase from year-ago revenues of $61 million [2] - Over the last four quarters, Evolus has not surpassed consensus EPS estimates, although it has topped consensus revenue estimates two times [2] Stock Performance - Evolus shares have increased by approximately 29.9% since the beginning of the year, while the S&P 500 has declined by -0.5% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.04 on revenues of $71.81 million, and for the current fiscal year, it is $0.21 on revenues of $351.93 million [7] Industry Outlook - The Medical - Products industry, to which Evolus belongs, is currently in the top 36% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry performance can significantly impact stock performance [5][8]

Part I [Business](index=7&type=section&id=Item%201.%20Business) Evolus is a global performance beauty company focused on cash-pay aesthetics, offering Jeuveau® and launching Evolysse™ fillers [Products and Product Candidates](index=7&type=section&id=Item%201.%20Business%20-%20Products%20and%20Product%20Candidates) Evolus's portfolio includes commercial neurotoxin Jeuveau® and upcoming Evolysse™ HA fillers Evolus Product Pipeline Overview | Product Line | Status | Description | Treatment | Approvals | Estimated 2028 Market Size | | :--- | :--- | :--- | :--- | :--- | :--- | | **Jeuveau®** | Commercial | Injectable botulinum toxin type A | Temporary improvement of frown lines | U.S. (2019), Canada (2018), EU/UK (2019), Australia (2023), Switzerland (2023) | U.S.: $4.3B, Europe: $1.0B | | **Evolysse™** | Launching in 2025 | Portfolio of injectable hyaluronic acids | Improvement of nasolabial folds, mid-face volume, lip fullness, etc. | EU (2024 - 4 products), U.S. (2025 - 2 products) | U.S.: $1.8B, Europe: $1.0B | - The company anticipates launching Evolysse™ Form and Smooth in the U.S. in the second quarter of 2025 and all four approved products in Europe in the second half of 2025[23](index=23&type=chunk) - Premarket approval (PMA) is being sought from the FDA for Evolysse™ Sculpt and Lips, with expected U.S. launches in 2026 and 2027, respectively[23](index=23&type=chunk) [Market Opportunity and Strategy](index=8&type=section&id=Item%201.%20Business%20-%20Market%20Opportunity%20and%20Strategy) Facial injectables market projected to reach **$14.5 billion** by 2028, aligning with Evolus's aesthetic-only strategy - The facial injectables market, consisting of neurotoxins and hyaluronic acid gels, is estimated to be **$10.9 billion** in 2024 and is expected to grow to **$14.5 billion** in 2028[26](index=26&type=chunk) - The company strategically focuses its marketing efforts on the millennial segment, which it believes views aesthetic treatments as integral to personal health and self-care[27](index=27&type=chunk) - A key strategic pillar is pursuing an aesthetic-only strategy, as Jeuveau® is currently the only U.S. commercialized neurotoxin without a therapeutic indication, which the company believes enhances marketing and pricing flexibility[29](index=29&type=chunk) [Manufacturing and Supply Agreements](index=9&type=section&id=Item%201.%20Business%20-%20Manufacturing%20and%20Supply%20Agreements) Evolus relies on third-party manufacturers Daewoong for Jeuveau® and Symatese for Evolysse™ under exclusive agreements - Daewoong manufactures Jeuveau® under a license and supply agreement that requires Evolus to make minimum annual purchases to maintain exclusivity[31](index=31&type=chunk)[33](index=33&type=chunk) - Symatese manufactures Evolysse™ under two separate agreements for the U.S. and Europe, both with 15-year initial terms and minimum purchase requirements to maintain exclusivity[32](index=32&type=chunk)[35](index=35&type=chunk)[38](index=38&type=chunk) [Competition](index=11&type=section&id=Item%201.%20Business%20-%20Competition) Evolus faces intense competition in neurotoxin and dermal filler markets from larger, well-resourced companies - The U.S. aesthetic neurotoxin market has six approved products, including Jeuveau®, with primary competitors being BOTOX®, Dysport®, Xeomin®, Daxxify®, and Letybo®[40](index=40&type=chunk)[42](index=42&type=chunk) - The U.S. dermal filler market, where Evolysse™ will compete, includes major product lines like Juvéderm®, Restylane®, Belotero®, and RHA®[41](index=41&type=chunk)[43](index=43&type=chunk) [Government Regulation](index=12&type=section&id=Item%201.%20Business%20-%20Government%20Regulation) Evolus operates under strict global regulations, with Jeuveau® as a biologic and Evolysse™ as a Class III medical device - In the U.S., biologic products like Jeuveau® require a Biologics License Application (BLA) from the FDA, while medical devices like Evolysse™ require premarket review, typically a Premarket Approval (PMA) for Class III devices[47](index=47&type=chunk)[49](index=49&type=chunk)[55](index=55&type=chunk) - In the European Union, medical devices must obtain a CE mark to be marketed. The EU Medical Device Regulation (EU MDR), which has replaced the previous directive, imposes stricter requirements and requires all products to undergo review and approval under the new regulations[67](index=67&type=chunk) - The company is subject to data privacy and security laws, including HIPAA in the U.S. and the General Data Protection Regulation (GDPR) in the EU, which govern the handling of personal and health information[72](index=72&type=chunk) [Human Capital](index=17&type=section&id=Item%201.%20Business%20-%20Human%20Capital) Evolus employs 332 full-time individuals, with 57% women, focusing on competitive compensation and an inclusive culture - As of December 31, 2024, the company had **332** full-time employees, with **57%** being women[75](index=75&type=chunk) - The company's total rewards strategy includes competitive base pay, bonus/commission, long-term equity incentives (Stock Options and RSUs), and a robust benefits package[77](index=77&type=chunk) - Evolus promotes an inclusive culture through an employee-led Culture & Belonging Council and provides diversity, equity, and inclusion training[79](index=79&type=chunk) [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) Evolus faces risks including financial losses, intense competition, supply dependence, IP litigation, funding needs, and regulatory compliance [Business and Strategic Risks](index=19&type=section&id=Item%201A.%20Risk%20Factors%20-%20Business%20and%20Strategic%20Risks) Business risks include financial losses, intense competition, market adoption uncertainty, economic downturns, cybersecurity, and capital needs - The company has a history of significant losses, recording a net loss of **$50.4 million** for the year ended December 31, 2024, and an accumulated deficit of **$609.4 million**[84](index=84&type=chunk) - Jeuveau® and Evolysse™ face significant competition from large, experienced companies like AbbVie and Galderma, which have greater financial resources, brand recognition, and larger product portfolios[85](index=85&type=chunk) - The company may require additional financing to fund operations, and a failure to obtain capital on acceptable terms could force it to delay, limit, or reduce its commercialization and development efforts[96](index=96&type=chunk) - The business relies on digital technology, including the Evolus Practice App, and could suffer from system failures or cybersecurity incidents, which have become more sophisticated and frequent[107](index=107&type=chunk)[109](index=109&type=chunk) [Risks Related to Licensors and Suppliers](index=31&type=section&id=Item%201A.%20Risk%20Factors%20-%20Risks%20Related%20to%20Licensors%20and%20Suppliers) Evolus is entirely dependent on sole-source licensors and suppliers, facing risks from agreement termination and manufacturing disruptions - The company's ability to commercialize Jeuveau® and Evolysse™ is completely dependent on its agreements with Daewoong and Symatese, respectively. A breach or termination of these agreements would be materially adverse[138](index=138&type=chunk)[139](index=139&type=chunk) - Evolus relies solely on Daewoong to manufacture Jeuveau® and Symatese to manufacture Evolysse™. Any production problems or failure to comply with cGMP regulations by these partners could disrupt supply and lead to regulatory sanctions[140](index=140&type=chunk)[141](index=141&type=chunk) - Inaccurate forecasting of product demand could lead to inventory issues, such as excess inventory that expires or inadequate supply to meet customer orders, negatively affecting financial performance[145](index=145&type=chunk) [Intellectual Property Risks](index=33&type=section&id=Item%201A.%20Risk%20Factors%20-%20Intellectual%20Property%20Risks) IP risks include infringement claims, reliance on licensors for core IP protection, and challenges in defending rights globally - Third-party claims of IP infringement could prevent or delay commercialization efforts. The medical aesthetic field has large patent portfolios, and litigation is common[146](index=146&type=chunk) - The company relies on its licensors (Daewoong and Symatese) to protect key intellectual property, as botulinum toxin itself is not patentable, only its manufacturing process. A failure to protect these trade secrets and patents would harm the business[150](index=150&type=chunk) - Protecting intellectual property rights globally is expensive and challenging, as the laws of some foreign countries offer less protection than in the United States[158](index=158&type=chunk) [Regulatory and Legal Risks](index=37&type=section&id=Item%201A.%20Risk%20Factors%20-%20Regulatory%20and%20Legal%20Risks) Regulatory and legal risks include complex global regulations, uncertain approvals, post-approval compliance, and shareholder litigation - The business and its products are subject to extensive and costly government regulation in the U.S. and abroad. Failure to comply can result in sanctions, fines, or product recalls[168](index=168&type=chunk)[169](index=169&type=chunk) - Obtaining regulatory approval for new product candidates is not guaranteed and is an expensive, lengthy process. The FDA and other authorities have substantial discretion and can delay, limit, or deny approval for many reasons[170](index=170&type=chunk)[175](index=175&type=chunk) - The company is subject to prohibitions on promoting products for off-label uses. If found to have done so, it could face significant fines, penalties, and damage to its reputation[115](index=115&type=chunk) - The company is a defendant in shareholder derivative lawsuits, which could result in substantial costs and divert management's attention, even if the claims are unsuccessful[191](index=191&type=chunk) [Risks Related to Common Stock](index=41&type=section&id=Item%201A.%20Risk%20Factors%20-%20Risks%20Related%20to%20Common%20Stock) Common stock risks include price volatility, potential dilution from future sales, no dividend policy, and anti-takeover provisions - The trading price of the company's common stock has been volatile, ranging from a low of **$9.99** to a high of **$17.49** during the year ended December 31, 2024[192](index=192&type=chunk) - Future sales of common stock by the company, including through its ATM program, could depress the market price and dilute existing shareholders[196](index=196&type=chunk)[198](index=198&type=chunk) - Anti-takeover provisions, such as a staggered board and prohibitions on stockholder action by written consent, may prevent or frustrate attempts by stockholders to change management or effect a takeover[199](index=199&type=chunk)[200](index=200&type=chunk) - The company has never paid dividends and does not expect to in the foreseeable future, with earnings intended to be retained for business growth[207](index=207&type=chunk) [Unresolved Staff Comments](index=49&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved written comments from the Securities and Exchange Commission staff - None[212](index=212&type=chunk) [Cybersecurity](index=49&type=section&id=Item%201C.%20Cybersecurity) Evolus maintains a cybersecurity risk management program with Board oversight, reporting no material incidents to date - The company's cybersecurity program is managed by the SVP of IT and Operations, with oversight from the Chief Financial Officer and the Board of Directors[216](index=216&type=chunk)[217](index=217&type=chunk) - The program includes systems for infrastructure security, employee training, third-party risk management, and an incident response plan[213](index=213&type=chunk)[214](index=214&type=chunk) - To date, the company does not believe its business has been materially affected by any identified cybersecurity threats or incidents[215](index=215&type=chunk) [Properties](index=49&type=section&id=Item%202.%20Properties) Evolus leases its corporate headquarters in Newport Beach, CA, with the lease extended to January 2030 - The company leases its corporate headquarters in Newport Beach, CA. The lease was recently amended to add space and extend the term to January 31, 2030[218](index=218&type=chunk)[219](index=219&type=chunk) [Legal Proceedings](index=50&type=section&id=Item%203.%20Legal%20Proceedings) A securities class action was dismissed in Evolus's favor, while a related derivative lawsuit remains stayed - The securities class action lawsuit against the company and certain officers was dismissed, with a final judgment entered in the company's favor in October 2024[220](index=220&type=chunk) - A shareholder derivative lawsuit, alleging similar facts, remains stayed. The company believes the complaint is without merit but cannot estimate a potential range of loss[221](index=221&type=chunk)[222](index=222&type=chunk) - The company received a books and records demand from a putative stockholder related to similar allegations, the outcome of which is uncertain[223](index=223&type=chunk) [Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not applicable[225](index=225&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=52&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Evolus common stock trades on Nasdaq (EOLS); the company has never paid dividends and retains earnings for growth - The company's common stock trades on the Nasdaq Stock Market under the symbol "EOLS"[228](index=228&type=chunk) - As of February 28, 2025, there were approximately **24** holders of record of the common stock[229](index=229&type=chunk) - The company has never paid cash dividends and does not intend to in the foreseeable future, retaining earnings for business growth[230](index=230&type=chunk) [[Reserved]](index=54&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information - [Reserved][236](index=236&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=55&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net revenues grew 32% to **$266.3 million** in 2024, with net loss improving to **$50.4 million** [Results of Operations](index=56&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20-%20Results%20of%20Operations) Net revenues increased 32% to **$266.3 million** in 2024, with gross profit margin stable at 68% and net loss improving Comparison of Operations (2024 vs. 2023) | (in millions) | 2024 | 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total net revenues** | $266.3 | $202.1 | $64.2 | 32% | | **Gross profit** | $182.3 | $137.6 | $44.7 | 32% | | Gross profit margin | 68% | 68% | - | - | | **Loss from operations** | $(34.4) | $(49.2) | $14.8 | (30)% | | **Net loss** | $(50.4) | $(61.7) | $11.3 | (18)% | Comparison of Operations (2023 vs. 2022) | (in millions) | 2023 | 2022 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total net revenues** | $202.1 | $148.6 | $53.5 | 36% | | **Gross profit** | $137.6 | $89.8 | $47.8 | 53% | | Gross profit margin | 68% | 60% | - | - | | **Loss from operations** | $(49.2) | $(65.3) | $16.1 | (25)% | | **Net loss** | $(61.7) | $(74.4) | $12.7 | (17)% | - The increase in gross profit margin from **60%** in 2022 to **68%** in 2023 was primarily due to reduced royalty obligations to Medytox, which were lowered to a mid-single digit percentage of net revenue starting in September 2022[254](index=254&type=chunk)[255](index=255&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20-%20Liquidity%20and%20Capital%20Resources) Evolus held **$87.0 million** in cash as of December 2024, supported by a **$46.8 million** equity offering and a **$125 million** term loan Cash and Liquidity Overview | (in millions) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $87.0 | $62.8 | | Working capital | $88.4 | $64.1 | | Stockholders' equity (deficit) | $5.5 | $(20.7) | - In March 2024, a follow-on offering raised net proceeds of **$46.8 million**, with an additional **$4.2 million** raised from the exercise of underwriter options in April 2024[266](index=266&type=chunk) - The company has a term loan agreement with Pharmakon, with **$125 million** drawn in total as of December 2023. The loan bears a variable interest rate of SOFR + **8.5%** and matures in December 2027[268](index=268&type=chunk)[269](index=269&type=chunk)[435](index=435&type=chunk) [Critical Accounting Policies and Estimates](index=66&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20-%20Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant estimates for revenue recognition and the valuation of the contingent royalty obligation - Revenue recognition requires significant estimates for sales-related adjustments, including volume-based rebates and the consumer loyalty program, which is treated as a separate performance obligation (material right)[295](index=295&type=chunk)[296](index=296&type=chunk)[382](index=382&type=chunk) - The fair value of the contingent royalty obligation payable to the Evolus Founders is a critical estimate determined using a discounted cash flow method (Level 3 inputs), based on projected net revenues, a discount rate, and timing of cash flows[297](index=297&type=chunk)[373](index=373&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Evolus faces market risks from interest rate fluctuations on its variable-rate loan and foreign currency exchange rates - The company is exposed to interest rate risk on its **$121.5 million** outstanding variable-rate term loan as of December 31, 2024[301](index=301&type=chunk) - Foreign exchange risk is primarily from exposure to the British pound and the EU euro, but has not been significant to date[302](index=302&type=chunk) [Financial Statements and Supplementary Data](index=69&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) Audited financial statements for 2022-2024 received an unqualified opinion, with contingent royalty valuation as a critical audit matter - The report contains the audited Consolidated Balance Sheets, Statements of Operations and Comprehensive Loss, Statements of Stockholders' Equity (Deficit), and Statements of Cash Flows[305](index=305&type=chunk) - The independent auditor, Ernst & Young LLP, issued an unqualified opinion on the financial statements and the effectiveness of internal control over financial reporting[308](index=308&type=chunk)[309](index=309&type=chunk) - The auditor identified the valuation of the contingent royalty obligation as a critical audit matter due to the challenging and subjective judgments involved in evaluating the projected net revenues of Jeuveau®[312](index=312&type=chunk)[314](index=314&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=106&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting or financial disclosure matters - None[506](index=506&type=chunk) [Controls and Procedures](index=107&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and auditors concluded that disclosure controls and internal control over financial reporting were effective as of December 2024 - Management concluded that disclosure controls and procedures were effective as of December 31, 2024[508](index=508&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2024, based on the COSO 2013 framework[509](index=509&type=chunk) - The independent registered public accounting firm, Ernst & Young LLP, issued an unqualified attestation report on the effectiveness of the company's internal control over financial reporting[510](index=510&type=chunk)[515](index=515&type=chunk) [Other Information](index=109&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None[523](index=523&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=109&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[524](index=524&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=109&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the Proxy Statement for the 2025 Annual Meeting of Stockholders[526](index=526&type=chunk) [Executive Compensation](index=109&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the Proxy Statement for the 2025 Annual Meeting of Stockholders[528](index=528&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=109&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership and related stockholder matters are incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the Proxy Statement for the 2025 Annual Meeting of Stockholders[529](index=529&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=109&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Related party transactions and director independence information is incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the Proxy Statement for the 2025 Annual Meeting of Stockholders[530](index=530&type=chunk) [Principal Accounting Fees and Services](index=109&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Principal accounting fees and services information is incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the Proxy Statement for the 2025 Annual Meeting of Stockholders[531](index=531&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=110&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section provides an index of exhibits and financial statement schedules filed with the Form 10-K - This section contains an index of all exhibits filed as part of the Form 10-K, including material contracts, certificates of incorporation, and officer certifications[534](index=534&type=chunk) [Form 10-K Summary](index=113&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - None[541](index=541&type=chunk)

Group 1 - Evolus, Inc. shares increased by 5.5% to close at $15.04, with notable trading volume and a 41.6% gain over the past four weeks [1][2] - The company received FDA approval for Evolysse Form and Evolysse Smooth injectable hyaluronic acid gels, marking its entry into the U.S. HA dermal filler market and expanding its total addressable market by 78% to approximately $6 billion [2] - Quarterly earnings are expected to be $0.06 per share, reflecting a year-over-year increase of 142.9%, with revenues projected at $79 million, up 29.5% from the previous year [3] Group 2 - The consensus EPS estimate for Evolus has been revised 100% lower over the last 30 days, indicating a negative trend in earnings estimate revisions, which typically does not lead to price appreciation [4] - Evolus holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [4] - The company is part of the Zacks Medical - Products industry, which includes Verano Holdings Corp., also holding a Zacks Rank of 3 [4][5]

Evolus, Inc. (EOLS) shares rallied 28.3% in the last trading session to close at $13.48. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 3% loss over the past four weeks.The sharp upsurge in EOLS shares can be attributed to positive market sentiment surrounding the company’s impressive preliminary results and strong growth outlook. Evolus reported a strong preliminary Q4 2024 performance, posting $79 million ...

[Evolus Announces Record 2024 Results and Strong 2025 Outlook](index=1&type=section&id=Evolus_Announces_Record_2024_Results_and_Strong_2025_Outlook) Evolus reported record 2024 financial results and outlined a strategic vision for multi-product growth and profitability through 2028 [Fourth Quarter and Full-Year 2024 Preliminary Financial Highlights](index=1&type=section&id=Fourth_Quarter_and_Full_Year_2024_Preliminary_Financial_Highlights) Evolus reported preliminary unaudited net revenue of $79.0 million for Q4 2024, a 30% increase year-over-year, and $266.3 million for full-year 2024, a 32% increase, reaching the top of its guidance range, marking the fifth consecutive year of over 30% revenue growth Preliminary Unaudited Net Revenue (2024 vs. Prior Year) | Metric | Q4 2024 (Preliminary) | YoY Growth | FY 2024 (Preliminary) | YoY Growth | | :----- | :-------------------- | :--------- | :-------------------- | :--------- | | Net Revenue | $79.0 Million | 30% | $266.3 Million | 32% | *Note: FY 2024 revenue was at the top of the company's guidance of $260 million to $266 million* [Strategic Vision and 2025-2028 Outlook](index=2&type=section&id=Strategic_Vision_and_2025_2028_Outlook) Evolus is transitioning from a single-product company to a multi-product innovator with the upcoming launch of Evolysse HA gels, leveraging its scalable cash-pay model and differentiated portfolio, aiming for over 30% revenue expansion in 2025 and targeting at least $700 million in net revenue and a 20% non-GAAP operating income margin by 2028 - Evolus is transitioning to a multi-product innovator with the upcoming launch of **Evolysse injectable HA gels**, complementing its existing Jeuveau and Nuceiva products[4](index=4&type=chunk) - The company maintains a projection for **over 30% revenue expansion in 2025** and has a long-term goal of achieving at least **$700 million in net revenue** and a **non-GAAP operating income margin of at least 20% by 2028**[4](index=4&type=chunk) [Preliminary Unaudited 2024 Results and Key Business Highlights](index=2&type=section&id=Preliminary_Unaudited_2024_Results_and_Key_Business_Highlights) This section details Evolus's preliminary unaudited 2024 financial performance, operational achievements, and cash position, highlighting strong revenue growth and customer engagement [Financial Performance (Q4 and Full-Year 2024 Net Revenue)](index=2&type=section&id=Financial_Performance_Q4_and_Full_Year_2024_Net_Revenue) Total net revenues for Q4 2024 increased by 30% to $79.0 million, and full-year 2024 net revenues grew 32% to $266.3 million, driven primarily by higher volumes and market share gains, exceeding 30% growth for the fifth consecutive year and reaching the top of company guidance 2024 Preliminary Unaudited Net Revenue | Metric | Q4 2024 | YoY Growth | Full-Year 2024 | YoY Growth | | :----- | :-------- | :--------- | :------------- | :--------- | | Net Revenue | $79.0 million | 30% | $266.3 million | 32% | *Note: Full-year 2024 revenue was at the top of the company's guidance of $260 million to $266 million* [Operational Achievements and Customer Engagement](index=2&type=section&id=Operational_Achievements_and_Customer_Engagement) Evolus significantly expanded its customer base for Jeuveau, adding over 2,900 new accounts in 2024, surpassing 50% U.S. account penetration, while the Evolus Rewards loyalty program also saw substantial growth, reaching 1.1 million consumers, with strong reorder rates and repeat patient demand - Jeuveau accounts increased by approximately **830** in Q4 2024, and **over 2,900 new accounts** were added in 2024, bringing the total to **over 15,300**, surpassing **50% U.S. account penetration**[7](index=7&type=chunk) - The reorder rate among Jeuveau customers remains at approximately **70%**[7](index=7&type=chunk) - Enrollment in the Evolus Rewards consumer loyalty program grew **over 40% in 2024** to approximately **1.1 million consumers**, with record high redemptions in Q4, driven by **60% repeat patient treatments**[7](index=7&type=chunk) [Cash Position](index=2&type=section&id=Cash_Position) As of December 31, 2024, Evolus reported cash and cash equivalents of $87.0 million, an increase from $85.0 million on September 30, 2024, reflecting strong sales growth, cash collections, and prudent expense management Cash and Cash Equivalents | Date | Amount | | :--- | :----- | | Dec 31, 2024 | $87.0 million | | Sep 30, 2024 | $85.0 million | [2025 Guidance and Select Milestones](index=2&type=section&id=2025_Guidance_and_Select_Milestones) Evolus provides its 2025 financial guidance, projecting significant revenue growth and outlining key product development and regulatory milestones for the year [2025 Financial Guidance](index=2&type=section&id=2025_Financial_Guidance) Evolus estimates total net revenues for 2025 to be between $345 million and $355 million, representing 30% to 33% growth from preliminary 2024 results, with non-GAAP operating expenses projected at $230 million to $240 million, and the company expecting to achieve positive non-GAAP operating income for the full year, concentrated in Q4 2025 2025 Financial Guidance | Metric | 2025 Guidance | Growth from Preliminary 2024 | Contribution from Evolysse/Estyme | | :----- | :-------------- | :--------------------------- | :------------------------------- | | Net Revenue | $345M - $355M | 30% - 33% | 8% - 10% | | Non-GAAP Operating Expenses | $230M - $240M | - | - | - Evolus expects to achieve **positive non-GAAP operating income** on a consolidated basis for the full-year 2025, with profitability concentrated in **Q4 2025** following the launch of Evolysse HA gels[7](index=7&type=chunk)[8](index=8&type=chunk) [Product Development and Regulatory Milestones](index=3&type=section&id=Product_Development_and_Regulatory_Milestones) Evolus anticipates U.S. FDA approval for Evolysse Form and Evolysse Smooth injectable HA gels within 90 days, with the U.S. launch planned for Q2 2025, a full quarter ahead of the prior timeline, marking a significant step in the company's transition to a multi-product portfolio - **U.S. FDA approval** for **Evolysse Form and Evolysse Smooth injectable HA gels** is expected **within 90 days**[3](index=3&type=chunk)[8](index=8&type=chunk) - The **U.S. launch of Evolysse HA gels** is planned for **Q2 2025**, which is **a full quarter ahead** of the previously announced timeline[3](index=3&type=chunk)[8](index=8&type=chunk) [Additional Company Information](index=3&type=section&id=Additional_Company_Information) This section provides background on Evolus, clarifies the use of non-GAAP financial measures, and includes important disclaimers regarding forward-looking statements [About Evolus, Inc.](index=3&type=section&id=About_Evolus_Inc) Evolus is a global performance beauty company focused on evolving the aesthetic neurotoxin market with its flagship product, Jeuveau, and is expanding its portfolio by becoming the exclusive U.S. distributor for Evolysse and European distributor for Estyme, a line of unique injectable hyaluronic acid gels, which are currently in late-stage regulatory approval - Evolus is a global performance beauty company specializing in aesthetic neurotoxins, with **Jeuveau (prabotulinumtoxinA-xvfs)** as its flagship product[9](index=9&type=chunk) - The company is expanding its product portfolio by becoming the **exclusive U.S. distributor for Evolysse** and **exclusive European distributor for Estyme**, a line of **injectable hyaluronic acid (HA) gels**, which are in late-stage regulatory approval[9](index=9&type=chunk) [Use of Non-GAAP Financial Measures](index=3&type=section&id=Use_of_Non_GAAP_Financial_Measures) Evolus uses non-GAAP financial measures, including non-GAAP operating expenses, income (loss) from operations, and operating income margin, which exclude specific items like revaluation of contingent royalty obligations, stock-based compensation, and depreciation/amortization, provided to help investors assess operating performance, though they have limitations and are not a substitute for GAAP measures, with a reconciliation for forward-looking non-GAAP measures not available without unreasonable efforts - Evolus uses **non-GAAP financial measures** (operating expenses, income/loss from operations, operating income margin) that exclude **revaluation of contingent royalty obligations**, **stock-based compensation expense**, and **depreciation and amortization**[10](index=10&type=chunk) - Management believes these non-GAAP measures help investors assess the company's operating performance against comparable companies, but they are **not superior to or a substitute for GAAP financial measures**[10](index=10&type=chunk) - A reconciliation of forward-looking non-GAAP measures to comparable GAAP measures is **not available without unreasonable efforts** due to the inherent difficulty of forecasting certain reconciling items[10](index=10&type=chunk)[11](index=11&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward_Looking_Statements) This section contains a standard disclaimer regarding forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from projections, highlighting specific forward-looking aspects such as product launches, market conditions, regulatory approvals, financial outlook, and operational efficiency, and advises against undue reliance on preliminary unaudited financial information - The press release contains **forward-looking statements** regarding future events, business, financial condition, and prospects, including anticipated product launches, market conditions, regulatory timing, and financial outlook for 2025 and beyond[12](index=12&type=chunk) - These statements are subject to **risks and uncertainties**, such as compliance with settlement agreements, funding, economic conditions, customer adoption, competition, and regulatory approvals, which could cause actual results to **differ materially**[12](index=12&type=chunk) - Preliminary estimates of unaudited financial results for Q4 and FY 2024 are forward-looking and may **differ materially** from actual results, and should **not be viewed as a substitute for full GAAP financial statements**[12](index=12&type=chunk)

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The price trend for Evolus, Inc. (EOLS) has been bearish lately and the stock has lost 11.5% over the past week. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that mak ...

A downtrend has been apparent in Evolus, Inc. (EOLS) lately with too much selling pressure. The stock has declined 29.8% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for sp ...

Evolus, Inc. (EOLS) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to loss of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -137.50%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.07, delivering a surprise of -75%.Over the last four quarters, the company has not been ab ...