Evolus(US:EOLS)2025-05-07 21:02Revenue and Profitability - Product revenue increased by $9.2 million, or 15.5%, to $68.5 million for the three months ended March 31, 2025, compared to $59.3 million for the same period in 2024[175]. - Gross profit margin was 68.1% for the three months ended March 31, 2025, slightly down from 68.3% in the same period of 2024[177]. - Net loss for the three months ended March 31, 2025, was $18.9 million, compared to a net loss of $13.1 million for the same period in 2024[184]. Expenses - Selling, general and administrative expenses rose by $11.5 million, or 25.5%, to $56.6 million for the three months ended March 31, 2025, primarily due to increased personnel costs[177]. - Research and development expenses increased by $0.1 million, or 4.8%, to $2.2 million for the three months ended March 31, 2025, driven by clinical operations related to Evolysse[178]. - Cost of goods sold increased by $3.1 million, or 16.5%, to $21.9 million for the three months ended March 31, 2025, due to higher sales volume of Jeuveau[176]. Cash and Liquidity - Cash and cash equivalents as of March 31, 2025, were $67.9 million, with positive working capital of $75.5 million[183]. - Cash and cash equivalents at the end of the period were $67.9 million, down from $97.0 million at the end of March 31, 2024[199]. - For the three months ended March 31, 2025, operating activities used $15.6 million of cash, primarily due to a net loss of $18.9 million[200]. - Cash used in investing activities was $1.9 million for the three months ended March 31, 2025, compared to $0.8 million for the same period in 2024[202]. - Cash used in financing activities was $1.6 million for the three months ended March 31, 2025, compared to $45.7 million provided in the same period in 2024[203]. Future Obligations and Agreements - The company anticipates launching all four approved Evolysse products in Europe in the second half of 2025[172]. - The fair value of contingent royalty obligations payable to Evolus Founders was $2.2 million for the three months ended March 31, 2025, up from $1.6 million in the same period of 2024[179]. - As of March 31, 2025, the company recorded an aggregate balance of $44.6 million for future royalty payment obligations to Evolus Founders[189]. - The company has future interest payments on Pharmakon Term Loans totaling approximately $35.6 million, with $16.5 million due within twelve months[205]. - The company is obligated to make quarterly royalty payments to the Evolus Founders, which are a low single-digit percentage of net sales of Jeuveau[205]. - The company has milestone payments under the Symatese U.S. Agreement totaling €12.1 million, contingent on product approvals[205]. Distribution Rights - The company has exclusive distribution rights for Jeuveau in multiple regions, including the U.S., EU, and Japan, under the Daewoong Agreement[191]. - The company is required to meet minimum purchase obligations under the Daewoong Agreement to maintain exclusivity, contingent on market share and governmental approvals[191]. Debt and Financing - The Pharmakon Term Loans were amended to provide for a senior secured term loan of up to $250.0 million, with an initial tranche of $150.0 million funded upon agreement[187].