Evolus, Inc. (NASDAQ:EOLS) Q2 2021 Earnings Conference Call August 4, 2021 4:30 PM ET Company Participants David Erickson - VP, IR David Moatazedi - President and CEO Lauren Silvernail - CFO and EVP, Corporate Development Conference Call Participants Annabel Samimy - Stifel Rudy Li - SVB Leerink Carvey Leung - Cantor Fitzgerald Douglas Tsao - H.C. Wainwright Greg Fraser - Truist Securities Operator Greetings and welcome to the Evolus Second Quarter 2021 Earnings Call. At this time, all participants are in a ...

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides the unaudited financial information, including statements and notes, for the reporting period [Item 1. Financial Statements (unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) This section presents unaudited condensed financial statements for June 30, 2021, detailing financial position, performance, and cash flows, with notes on key events and settlements [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) The balance sheet as of June 30, 2021, shows significant financial improvement, shifting from a stockholders' deficit to positive equity Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$239,863** | **$209,068** | | Cash and cash equivalents | $131,737 | $102,562 | | **Total Liabilities** | **$133,725** | **$282,026** | | Accrued litigation settlement | $35,000 | $83,421 | | Term loan, net | $0 | $74,384 | | **Total Stockholders' Equity (Deficit)** | **$106,138** | **($72,958)** | [Condensed Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Revenues more than tripled in Q2 2021, significantly narrowing the net loss for the quarter and first six months, aided by strong growth and a settlement payment Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | Six Months 2021 | Six Months 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total net revenues** | **$26,098** | **$7,806** | **$38,339** | **$18,302** | | Loss from operations | ($15,302) | ($18,887) | ($7,288) | ($36,282) | | **Net loss** | **($15,601)** | **($21,125)** | **($9,200)** | **($40,860)** | | Net loss per share | ($0.31) | ($0.63) | ($0.21) | ($1.21) | - For the six months ended June 30, 2021, operating expenses included a **$25.5 million** settlement payment received from Daewoong, which was recorded as a reduction to cost of sales[26](index=26&type=chunk) [Condensed Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity shifted from a **$73.0 million** deficit to **$106.1 million** positive equity by June 30, 2021, driven by capital raising - Key equity changes in the first six months of 2021 include the issuance of common stock for a litigation settlement (**$48.4 million**), conversion of a convertible note (**$39.8 million**), and net proceeds from a follow-on offering (**$92.2 million**)[29](index=29&type=chunk) [Condensed Statements of Cash Flows](index=9&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) The company generated positive operating cash flow in H1 2021, a reversal from 2020, with substantial financing inflows increasing cash by **$29.2 million** Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $7,781 | ($41,892) | | Net cash provided by (used in) investing activities | $4,399 | ($36,808) | | Net cash provided by (used in) financing activities | $16,995 | ($1,420) | | **Change in cash and cash equivalents** | **$29,175** | **($80,120)** | - Major non-cash financing activities in H1 2021 included the conversion of a **$39.8 million** convertible note to equity and the issuance of **$48.4 million** in common stock for a litigation settlement[34](index=34&type=chunk) [Notes to Condensed Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail business, liquidity, and accounting policies, highlighting litigation settlements and major financing events like a **$92.4 million** follow-on offering and debt repayment - In February 2021, the company settled litigation with Medytox and Allergan, agreeing to pay **$35 million** over two years, issue **6.76 million shares** of common stock, and pay ongoing royalties on Jeuveau® sales[39](index=39&type=chunk)[91](index=91&type=chunk) - In March 2021, the company reached an agreement with Daewoong, which included a **$25.5 million** payment to Evolus and reimbursement for a portion of the royalties payable to Medytox and Allergan[39](index=39&type=chunk)[94](index=94&type=chunk) - In April 2021, the company raised approximately **$92.4 million** in net proceeds from a follow-on public offering, and in January 2021, it paid **$76.4 million** to extinguish its term loan with Oxford Finance[40](index=40&type=chunk)[38](index=38&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Jeuveau® commercialization, ITC litigation settlement, and COVID-19 impacts, highlighting revenue growth, narrowed net loss, and key liquidity events [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q2 2021 revenues increased **234.6%** year-over-year, with gross margin decreasing due to new royalty payments, and net loss narrowing to **($15.6 million)** Comparison of Results for the Three Months Ended June 30 (in millions) | Metric | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Total net revenues | $26.1 | $7.8 | +234.6% | | Product cost of sales | $11.3 | $1.9 | +494.7% | | Selling, general and administrative | $26.5 | $17.6 | +50.6% | | Net loss | ($15.6) | ($21.1) | -26.1% | - Adjusted gross profit margin decreased to **56.7%** for Q2 2021 from **75.0%** in Q2 2020, with management anticipating negative impacts through September 2022 due to royalty payments from the Medytox/Allergan settlement[199](index=199&type=chunk)[205](index=205&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2021, the company held **$131.7 million** in cash, with liquidity strengthened by a **$92.4 million** offering and a **$25.5 million** Daewoong payment, enabling future operations - In April 2021, a follow-on public offering generated net proceeds of approximately **$92.4 million**[233](index=233&type=chunk) - In January 2021, the company paid **$76.4 million** to fully discharge its loan obligations with Oxford Finance[238](index=238&type=chunk) - In March 2021, a **$40.8 million** convertible note held by Daewoong was converted into **3,136,869 shares** of common stock[242](index=242&type=chunk) - Management believes current capital resources are sufficient to fund operations through at least the next twelve months from the report's issuance date[248](index=248&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that quantitative and qualitative disclosures about market risk are not applicable for this reporting period - The company has determined that quantitative and qualitative disclosures about market risk are not applicable[265](index=265&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting - Based on an evaluation as of June 30, 2021, the CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level[267](index=267&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[269](index=269&type=chunk) [PART II - OTHER INFORMATION](index=50&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section provides other required information, including legal proceedings, risk factors, and details on equity sales and exhibits [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 9 for details on legal proceedings, including settled Medytox/Allergan litigation and ongoing securities class action lawsuits - The report directs readers to Note 9, "Commitments and Contingencies," for details on legal proceedings[272](index=272&type=chunk) - Key legal matters include the settled Medytox/Allergan litigation and ITC Action, and ongoing securities class action and shareholder derivative lawsuits, which the company believes are without merit and intends to defend against vigorously[137](index=137&type=chunk)[142](index=142&type=chunk)[144](index=144&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) This section outlines significant business risks, including dependence on Jeuveau®, history of losses, financing needs, settlement compliance, competition, and reliance on its sole supplier - The company depends entirely on the successful commercialization of its only product, Jeuveau®, and has a limited operating history with significant losses[276](index=276&type=chunk)[277](index=277&type=chunk) - Failure to comply with the terms of the settlement agreements with Medytox and Allergan could lead to litigation or loss of the ability to commercialize Jeuveau®[281](index=281&type=chunk)[282](index=282&type=chunk) - The business relies solely on Daewoong for the manufacture of Jeuveau®, and any production issues, termination of the agreement, or failure to meet minimum purchase targets could materially harm the business[332](index=332&type=chunk)[335](index=335&type=chunk) - The company faces significant competition from larger, more established companies like AbbVie (formerly Allergan), which have greater financial resources, broader product portfolios, and established customer relationships[291](index=291&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the reporting period - The company reported no unregistered sales of equity securities during the reporting period[440](index=440&type=chunk) [Item 3. Defaults Upon Senior Securities](index=75&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities for the reporting period - The company reported no defaults upon senior securities[441](index=441&type=chunk) [Item 4. Mine Safety Disclosures](index=75&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reported that mine safety disclosures are not applicable for this reporting period - The company reported that mine safety disclosures are not applicable[442](index=442&type=chunk) [Item 5. Other Information](index=75&type=section&id=Item%205.%20Other%20Information) The company reported no other information required to be disclosed under this item for the period - The company reported no other information required to be disclosed under this item[444](index=444&type=chunk) [Item 6. Exhibits](index=76&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q report, including CEO and CFO certifications and Inline XBRL documents for financial reporting - The exhibits filed with the report include certifications from the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act, and Inline XBRL data files[448](index=448&type=chunk)

Evolus, Inc. (NASDAQ:EOLS) Q1 2021 Results Conference Call May 12, 2021 4:30 PM ET Company Participants Carol Ruth - The Ruth Group David Moatazedi - President and Chief Executive Officer Lauren Silvernail - Chief Financial Officer and EVP, Corporate Development Rui Avelar - Chief Medical Officer and Head of R&D Conference Call Participants Marc Goodman - SVB Leerink Annabel Samimy - Stifel Louise Chen - Cantor Greg Fraser - Truist Securities Douglas Chow - HCW Vamil Divan - Mizuho Securities Operator Good ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ FORM 10-Q _________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ ...

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Evolus, Inc. (NASDAQ:EOLS) Q4 2020 Earnings Conference Call March 24, 2021 4:30 PM ET Company Participants Ashwin Agarwal – Vice President, Finance, Investor Relations and Treasurer David Moatazedi – President and Chief Executive Officer Lauren Silvernail – Chief Financial Officer and Executive Vice President, Corporate Development Conference Call Participants Marc Goodman – SVB Leerink Annabel Samimy – Stifel Louise Chen – Cantor Gregg Gilbert – Truist Securities Uy Ear – Mizuho Chris Bialas – H.C. Wainwri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________________ FORM 10-K _____________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38381 _____________________________ EVOLUS, INC. (Exact name of registrant as speci ...

| --- | --- | |-------|-------| | | | | | | | --- | |-------------------| | | | OUR PURPOSE | | To make the | | beauty experience | | delightful and | | achievable | her | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ FORM 10-Q _________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to _______ ...

Evolus, Inc. (NASDAQ:EOLS) Q2 2020 Earnings Conference Call August 10, 2020 4:30 PM ET Company Participants Ashwin Agarwal - Vice President, Finance, Investor Relations and Treasury David Moatazedi - President and Chief Executive Officer Mike Jafar - Chief Marketing Officer Rui Avelar - Chief Medical Officer Lauren Silvernail - Chief Financial Officer and Executive Vice President, Corporate Development Jeff Plumer - Vice President of Legal Conference Call Participants Marc Goodman - SVB Leerink Louise Chen ...