Financial Data and Key Metrics Changes - Global net revenue for Q4 2025 was $90.3 million, representing a 14% increase compared to Q4 2024, with Jeuveau revenue at $83.1 million and Evolysse at $7.2 million [14] - For the full year 2025, global net revenue reached $297.2 million, up 12% from 2024, marking the sixth consecutive year of double-digit growth [15] - Reported gross margin for Q4 was approximately 66%, with adjusted gross margin at about 67% [16] - GAAP operating expenses for Q4 were $55.1 million, down from $57.3 million in Q3, while non-GAAP operating expenses were $53 million, compared to $49.7 million in Q3 [17][18] - Cash at the end of Q4 was $53.8 million, up from $43.5 million at the end of Q3, driven by strong sales growth and disciplined expense management [19] Business Line Data and Key Metrics Changes - Jeuveau continues to capture over 14% of the U.S. market share, with sustained growth despite a declining procedural environment [9] - Evolysse, launched in 2025, has seen over 3,000 customers purchase the product, expanding the company's presence and share of injectable spend [10] - The company successfully piloted a new portfolio growth rebate program aimed at rewarding practices for increasing their business with Evolus [7] Market Data and Key Metrics Changes - International revenue nearly doubled year-over-year, now representing approximately 8% of total revenue, with strong growth in markets like the U.K. approaching double-digit market share [15][10] - The U.S. injectable procedural volumes declined for only the third time in 25 years, yet Evolus achieved a 12% revenue growth in 2025 [11] Company Strategy and Development Direction - Evolus aims to build a global performance beauty company focused on differentiated brands for cash-paying consumers, with plans to introduce Estyme in Europe and expect FDA approval for Evolysse Sculpt in Q4 2026 [12][26] - The company emphasizes education and training for clinicians, having provided hands-on training to over 14,000 clinicians in 2025 [8] Management's Comments on Operating Environment and Future Outlook - Management noted that the aesthetic market is showing signs of recovery, with expectations for low single-digit growth in the toxin market and gradual recovery in the filler market [55][89] - The company is optimistic about achieving profitability in 2026, with a target revenue between $450 million and $500 million by 2028 [12][25] Other Important Information - Evolus has entered into a revolving credit facility providing up to $30 million for working capital needs, supporting inventory build and preparation for product launches [21][22] - The company plans to transition its primary profitability metric to adjusted EBITDA starting in 2026 to improve comparability with industry peers [24] Q&A Session Summary Question: Has the growth of Evolus been primarily from early adopters or is it starting to broaden? - Management indicated that Evolus is diversifying its customer base, with over 3,000 purchasing accounts and positive feedback on the portfolio rebate program [31] Question: Can Evolus turn around market growth impacted by macro trends? - Management believes that while macro factors affect the market, there are signs of improvement in the filler market, with clinicians adapting to new trends [35] Question: Can you provide details on the rebate program structure? - The rebate program is designed to reward clinics based on purchasing volume, with positive feedback received during the pilot phase [44] Question: How is the toxin market trending based on internal data? - Management noted that the neurotoxin market declined mid to upper single digits in 2025, but there are signs of recovery, especially in the latter half of the year [55] Question: What are the assumptions regarding competitive launches in guidance? - Management acknowledged upcoming competitive launches but emphasized the importance of maintaining focus on their differentiated clinical data and customer satisfaction [62]