Evolus Announces Expansion into U.S. Dermal Filler Market with Evolysse™, a First-Generation Cold Technology HA by Symatese
- Portfolio of 5 Fillers in Late-Stage Development; First Approval Expected in 1H 2025
-
Raises 2028 Revenue Outlook from
to$500 Million $700 Million
Representing a29% CAGR -
Highly Capital Efficient Deal Structure Funded Through
Pharmakon Tranche; Company Expects to Remain Fully Funded to Profitability$50 Million - Symatese, with 25 Years of Experience, Developed the XpresHAn Technology™/OBT® for the Latest Generation Restylane® HA Products
“Today’s announcement represents a material step in achieving our goal of transforming Evolus into a multi-product aesthetics company,” said David Moatazedi, Evolus’ President and Chief Executive Officer. “We are excited to expand our portfolio with Evolysse™, a highly competitive filler line that complements our fast-growing aesthetic neurotoxin, Jeuveau®. Injectables are the cornerstone of aesthetics with neurotoxins and dermal fillers as the top two aesthetic procedures in the
Moatazedi continued, “We are honored to partner with Symatese to introduce the Evolysse™ line to our
“From a financial standpoint, this long-term partnership is highly capital efficient and expected to be gross margin and operating income accretive at scale. Using the available
Symatese is a privately held French company that designs, engineers and manufactures regenerative medical solutions based on its innovative technology platforms. Symatese has a unique and combined expertise in the field of hyaluronic acid and injection systems and is well known for the development of the latest generation of Restylane® products in
“For the last 25 years, Symatese has had a rich history in developing numerous products for aesthetic and therapeutic purposes,” said Jean-Paul Gérardin, CEO of Symatese. “We are particularly excited to partner with Evolus in bringing our next-generation HA filler product line to the
Transaction Terms and Updated Outlook
In consideration for the exclusive
By leveraging the existing Evolus digital infrastructure, sales force, rewards program and co-branded media, the company expects the Evolysse™ line to achieve a high contribution margin at scale, which is expected to drive an expansion of our consolidated operating margin and income. The company will finance the transaction, including certain upfront transaction costs and related development and launch expenses, through a capital-efficient structure by drawing from its existing
The company’s 2028 revenue expectation for the organic growth of Jeuveau® to
On a combined basis, taking into consideration the transaction fees, upfront costs, financing costs and initial operating losses introducing the filler line, the company now expects it will achieve non-GAAP operating income on a consolidated basis in 2025.
Conference Call Information
Management will host a conference call and live webcast to discuss this announcement and its financial results for the quarter ended March 31, 2023 today at 4:30 p.m. ET. To participate in the conference call, dial (877) 407-6184 (
Following the completion of the call, an audio replay can be accessed for 48 hours by dialing (877) 660-6853 (
About Symatese
Founded 25 years ago by Eric Perouse and Jean-Paul Gérardin, Symatese is a privately held French company specializing in Class I to III medical devices. The company maintains an international presence through six subsidiaries and four manufacturing facilities, most notably in
About Evolus, Inc.
Evolus (Nasdaq: EOLS) is a performance beauty company evolving the aesthetic neurotoxin market for the next generation of beauty consumers through its unique, customer-centric business model and innovative digital platform. Our mission is to become a global, multi-product aesthetics company based on our flagship product, Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics and manufactured in a state-of-the-art facility using Hi-Pure™ technology. Visit us at www.evolus.com, and follow us on LinkedIn, Twitter, Instagram or Facebook.
Forward-Looking Statements
This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements about future events, our business, financial condition, results of operations and prospects, our industry and the regulatory environment in which we operate. Any statements contained herein that are not statements of historical or current facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of those terms, or other comparable terms intended to identify statements about the future. The company’s forward-looking statements include, but are not limited to, statements related to financial and other benefits expected from the exclusive
The forward-looking statements included herein are based on our current expectations, assumptions, estimates and projections, which we believe to be reasonable, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control, include, but are not limited to uncertainties associated with our ability to comply with the terms and conditions in the Medytox Settlement Agreements, our ability to fund our future operations or obtain financing to fund our operations, unfavorable global economic conditions and the impact on consumer discretionary spending, uncertainties related to customer and consumer adoption of Jeuveau® and Evolysse™, the efficiency and operability of our digital platform, competition and market dynamics, our ability to successfully launch and commercialize our products in new markets, including the Evolysse™ dermal filler product line in the
Jeuveau® and Evolysse™ are trademarks of Evolus, Inc.
Hi-Pure™ is a trademark of Daewoong Pharmaceutical Co, Ltd.
Restylane®, XpresHAn Technology™ and OBT® are trademarks of Galderma S.A.
1 Source: Medical Insights Dermal Filler Market Study, March 2023 (www.miinews.com), BCG Aesthetic Research presented at IMCAS 2023 and company estimates.
2 Within this press release, “profitability” is defined as achieving positive non-GAAP operating income. “Non-GAAP operating income” excludes the revaluation of contingent royalty obligations, stock-based compensation expense, and depreciation and amortization. Management believes that non-GAAP operating income is useful in helping to identify the company’s core operating performance and enables management to consistently analyze the period-to-period financial performance of the core business operations. Management also believes that non-GAAP operating income will enable investors to assess the company in the same way that management has historically assessed the company’s operating income against comparable companies with conventional accounting methodologies. The company’s definition of non-GAAP operating income has limitations as an analytical tool and may differ from other companies reporting similarly named measures. Non-GAAP measures should not be considered superior to and are not intended to be considered in isolation or as a substitute for GAAP financial measures. Due to the forward-looking nature of the non-GAAP operating income outlook disclosed in this press release, no reconciliation of such non-GAAP measure to the comparable GAAP financial measure is available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the forward-looking non-GAAP operating income, that have not yet occurred and/or cannot be reasonably predicted. Such unavailable information could have a significant impact on the company’s GAAP financial results.
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Evolus Contacts:
Investors:
David K. Erickson
Vice President, Investor Relations
Tel: 949-966-1798
Email: david.erickson@evolus.com
Media:
Email: media@evolus.com
Symatese Contact:
Laurent Brones
Corporate Communication Director
Tel: +33 6 14 31 13 57
Email: l.brones@symatese.com
Source: Evolus, Inc.