Evolus(EOLS) - 2024 Q4 - Annual Results

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 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 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] - 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] 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) 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 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] - The reorder rate among Jeuveau customers remains at approximately 70%[7] - 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] 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 Evolus provides its 2025 financial guidance, projecting significant revenue growth and outlining key product development and regulatory milestones for the year 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][8] 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][8] - 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][8] 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. 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] - 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] 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] - 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] - 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][11] 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] - 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] - 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]