Financial Data and Key Metrics Changes - Global net revenue for Q4 2025 was $90.3 million, representing a 14% growth over Q4 2024, including $83.1 million from Jeuveau and $7.2 million from Evolysse [14][15] - For the full year 2025, global net revenue was $297.2 million, up 12% compared to 2024, marking the sixth consecutive year of double-digit growth [15][11] - Reported gross margin for Q4 was approximately 66%, with adjusted gross margin at approximately 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] - Non-GAAP operating income for Q4 was $7.1 million, compared to $6.7 million in Q4 2024 [19] Business Line Data and Key Metrics Changes - Jeuveau captured over 14% U.S. market share, continuing to gain share even in a declining procedural environment [9] - Evolysse, introduced in 2025, has over 3,000 customers, expanding the company's presence within accounts [10] - International revenue nearly doubled year-over-year, now representing approximately 8% of total revenue, with strong growth in markets like the U.K. [15][10] Market Data and Key Metrics Changes - The U.S. injectable procedural volumes declined for only the third time in 25 years, yet Evolus achieved 12% revenue growth in 2025 [11] - The neurotoxin market declined mid to upper single digits in 2025, but Jeuveau gained units despite new competition [56] - The filler market is expected to see low single-digit growth, with signs of recovery anticipated [56][88] Company Strategy and Development Direction - Evolus aims to build a global performance beauty company centered on differentiated brands for cash pay consumers, with a focus on expanding its product portfolio [12][26] - The company plans to introduce Estyme in Europe in Q2 2026 and expects FDA approval of Evolysse Sculpt in Q4 2026 [12][26] - Evolus is committed to driving profitable growth, targeting revenue between $450 million to $500 million by 2028 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained profitability beginning in 2026, with a low to mid-single-digit adjusted EBITDA margin expected [12][25] - The company noted that the aesthetic market is showing signs of recovery, particularly in the filler market, with expectations for gradual improvement [56][88] - Management highlighted the importance of customer loyalty programs and the positive feedback received from clinicians regarding product differentiation [32][56] Other Important Information - Evolus has entered into a revolving credit facility providing up to $30 million for working capital needs [21] - The company is not planning to raise equity capital and remains sensitive to dilution [22] Q&A Session Summary Question: Has the growth of Evolus been primarily from early adopters? - Management noted that the customer base is diversifying, with over 3,000 purchasing accounts contributing to revenue growth [30] 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 [34] Question: Can you provide details on the rebate program structure? - The rebate program is designed to reward clinics for increased purchases, with eligibility based on quarterly purchase volumes [42][43] Question: How is the overall marketing strategy described for 2026? - The marketing strategy includes digital advertising and co-promotions with beauty brands, tailored to individual clinics [46][47] Question: What are the assumptions regarding competitive launches in guidance? - Management acknowledged the expected launch of new competitors in 2026 but remains confident in their product differentiation and market position [62][80]

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]

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 [13] - 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 [14] - 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] 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 [8] - Evolysse, introduced in 2025, has seen over 3,000 customers purchase the product, expanding the company's presence and increasing overall share of injectable spend [9] - The Evolus Rewards program has grown to over 1.4 million treated patients, contributing to sustained share expansion [5] Market Data and Key Metrics Changes - International revenue nearly doubled year-over-year, now representing approximately 8% of global revenues, up from 5% in 2024 [14] - In key markets like the U.K., the company is approaching double-digit market share, reflecting strong positioning outside the U.S. [9] Company Strategy and Development Direction - The company aims to build a global performance beauty company centered on differentiated brands for cash pay consumers, with plans to introduce Estyme in Europe and expect FDA approval of Evolysse Sculpt [11][12] - The strategy includes a focus on education and training for clinicians, with over 14,000 clinicians trained in 2025 [6] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a unique year for the aesthetics market, with only the third decline in U.S. injectable procedural volumes in 25 years, yet the company achieved 12% revenue growth [10] - The outlook for 2026 includes expected revenue between $327 million and $337 million, representing 10% to 13% growth over 2025 results [22] Other Important Information - The company has entered into a revolving credit facility providing up to $30 million, which will be used for working capital needs [20] - The company does not plan to raise equity capital and remains sensitive to dilution [21] Q&A Session Summary Question: Has the growth of Evolus been primarily from early adopters? - Management indicated that the customer base is diversifying, with over 3,000 purchasing accounts contributing to Jeuveau revenue, and plans to broaden the customer base through sampling and training programs [28][29] Question: Can you provide details on the rebate program structure? - The rebate program is designed as a growth rebate for accounts purchasing over $50,000 or $100,000 in a quarter, aimed at encouraging clinics to commit more business to Evolus [42][43] Question: How is the overall marketing strategy structured for 2026? - The marketing strategy includes digital advertising, billboards, and co-promotions with beauty brands, all customized for clinics [46][48] Question: What are the assumptions regarding competitive launches in guidance? - Management expects new entrants in 2026 to create pressure but believes that established brands will maintain their market share through quality and customer satisfaction [60][61] Question: How is the seasonality trend for Q1? - The toxin market is showing solid demand, while the filler market remains pressured but not experiencing the same declines as in 2025 [86]