Evolus Reports Second Quarter 2024 Results and Raises Full Year Revenue Guidance

Rhea-AI Summary

Evolus (NASDAQ: EOLS) reported strong Q2 2024 results, with total net revenue of $66.9 million, up 36% year-over-year. The company raised its full-year 2024 net revenue guidance to $260-$270 million, representing up to 34% growth. Evolus achieved its first-ever quarter of profitability with positive non-GAAP operating income of $1.1 million. Key highlights include:

- Added 770 new customer accounts, totaling ~14,000 since launch
- Evolus Rewards program grew to over 900,000 members
- Submitted PMA application to FDA for Evolysse™ Lift and Smooth fillers
- Launched Nuceiva® in Spain
- Expects approval and launch of fillers in H2 2025
- Projects total net revenue to reach at least $700 million by 2028

Positive

• Total net revenue increased 36% year-over-year to $66.9 million in Q2 2024
• Raised full-year 2024 net revenue guidance to $260-$270 million, up to 34% growth
• Achieved first-ever quarter of profitability with $1.1 million non-GAAP operating income
• Added 770 new customer accounts, bringing total to ~14,000 since launch
• Evolus Rewards program grew to over 900,000 members
• Submitted PMA application to FDA for Evolysse™ Lift and Smooth fillers
• Expects approval and launch of fillers in H2 2025
• Projects total net revenue to reach at least $700 million by 2028

Negative

• GAAP operating loss of $7.7 million in Q2 2024
• Cash and cash equivalents decreased from $97.0 million to $93.7 million quarter-over-quarter

Financial Analyst

Evolus's Q2 2024 results demonstrate robust growth and progress towards profitability, signaling a positive trajectory for the company. The 36% year-over-year revenue increase to $66.9 million is impressive, especially in the competitive aesthetics market. This growth, coupled with the company's first-ever quarter of non-GAAP profitability, indicates strong execution of their business strategy.

The raised full-year guidance of $260 million to $270 million in revenue, representing up to 34% growth, is a strong vote of confidence from management. This consistent growth over five consecutive years since commercialization is noteworthy and suggests Evolus is gaining market share.

Key performance indicators are also encouraging:

• Addition of 770 new customer accounts
• 70% reorder rate
• Growth in Evolus Rewards program to over 900,000 members
• High redemption rate indicating strong brand loyalty

These metrics suggest a solid foundation for sustained growth.

The improvement in GAAP operating loss from $8.9 million in Q1 to $7.7 million in Q2 and the achievement of $1.1 million in non-GAAP operating income, are positive signs. However, investors should monitor the path to sustained GAAP profitability.

The cash position of $93.7 million appears adequate for near-term operations, but the ongoing cash burn warrants attention. The company's progress towards cash flow breakeven is important for long-term financial health.

Overall, Evolus's Q2 results and raised guidance present a positive outlook, but investors should keep an eye on the transition to sustained profitability and cash flow positivity.

Medical Research Analyst

The submission of the Premarket Approval (PMA) application to the FDA for Evolysse™ Lift and Evolysse™ Smooth fillers is a significant milestone for Evolus. This expansion into the dermal filler market could substantially broaden the company's product portfolio and revenue streams.

The positive topline results from the U.S. pivotal nasolabial fold (NLF) study are particularly noteworthy. Both products not only met their primary endpoint of non-inferiority but also demonstrated statistical superiority to Restylane-L at 6 months. This suggests that Evolus's fillers could potentially offer better longevity or efficacy compared to an established competitor.

The expected approval and launch timeline in the second half of 2025 gives Evolus a clear target for market entry. This expansion aligns well with the company's goal of building a comprehensive aesthetic portfolio.

Additionally, the planned approval of Estyme® dermal filler products in Europe in late 2024 and launch in 2025 indicates a strategic approach to global market expansion. This multi-pronged strategy could help Evolus capture market share in both domestic and international markets.

From a research perspective, the success in clinical trials and regulatory submissions demonstrates Evolus's R&D capabilities. The ability to develop products that can outperform existing options in clinical studies is a strong indicator of the company's potential for innovation in the aesthetics space.

However, it's important to note that regulatory approval is not guaranteed and the aesthetics market is highly competitive. The success of these new products will depend not only on their clinical efficacy but also on Evolus's ability to effectively market and differentiate them in a crowded field.

Market Research Analyst

Evolus's performance in Q2 2024 reflects strong market penetration and brand loyalty in the aesthetics sector. The addition of 770 new customer accounts, bringing the total to approximately 14,000, indicates continued market expansion. This growth suggests that Evolus is successfully competing against established players in the neurotoxin market.

The 70% reorder rate among customers is particularly impressive, signaling high satisfaction and retention. This metric is important in the aesthetics industry, where repeat business drives long-term success.

The Evolus Rewards program's growth to over 900,000 members is a strategic win. Loyalty programs in aesthetics can significantly influence consumer behavior and brand preference. The high redemption rate, with nearly 190,000 redemptions in Q2, indicates active engagement and could translate to sustained revenue growth.

The 60%+ rate of existing patients receiving repeat treatments further underscores brand loyalty. This repeat business is a key driver of revenue stability and growth in the aesthetics market.

Evolus's international expansion, including the launch of Nuceiva® in Spain and Australia, demonstrates a commitment to global growth. This strategy could help diversify revenue streams and reduce dependence on any single market.

The company's ambitious goal of reaching $700 million in total net revenue by 2028 implies a compound annual growth rate of 28% from 2023. While ambitious, this target seems plausible given the company's current growth trajectory and planned product launches.

However, the aesthetics market is highly competitive and subject to changing consumer preferences. Evolus will need to continue innovating and marketing effectively to maintain its growth momentum and achieve its long-term revenue goals.

• Total Net Revenue of $66.9 Million for Q2 2024, Up 36% from Q2 2023
• Raises Full-Year 2024 Net Revenue Guidance to $260 Million to $270 Million, Representing Year-Over-Year Growth of 34% at the Top End
• Improved Quarterly GAAP Operating Loss to $7.7 Million; Delivered First Ever Quarter of Profitability¹ with Positive Non-GAAP Operating Income of $1.1 Million for Q2 2024
• Premarket Approval (PMA) Application Submitted to the U.S. Food and Drug Administration (FDA) for Evolysse™ Lift and Evolysse™ Smooth Fillers, Approval and Launch Expected in Second Half of 2025

NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Evolus, Inc. (NASDAQ: EOLS), a performance beauty company with a focus on building an aesthetic portfolio of consumer brands, today reported financial results for the second quarter ended June 30, 2024, and provided a business update.

“We are thrilled to have achieved quarterly profitability¹ for the first time, driven by record revenue, demonstrating our continued strong execution and unwavering commitment to building a leadership position in the performance beauty industry,” said David Moatazedi, President and Chief Executive Officer. “With record quarterly revenue and all-time highs across key performance indicators, we are raising our full-year 2024 net revenue guidance to between $260 million and $270 million, equating to growth of over 30% for our fifth consecutive year since commercialization.”

“As we advance toward achieving our 2028 revenue goal of at least $700 million, we are pleased with the continued strength of Jeuveau^®, the ongoing expansion of our global footprint into the largest markets internationally, and the progress we’ve made in expanding our portfolio with the recent submission of the PMA to the FDA for our first two Evolysse™ dermal filler products,” Moatazedi continued. “We anticipate approval and launch of these fillers in the second half of 2025, along with the planned approval of the Estyme^® dermal filler products in Europe in late 2024 and launch in 2025.”

Second Quarter 2024 Highlights and Recent Developments

• The company’s key performance indicators maintained strong momentum during the second quarter.
  • Evolus added 770 new customer accounts in the quarter, bringing the total number of customers purchasing since launch to approximately 14,000. The reorder rate among customers was approximately 70%.²
  • Members in the Evolus Rewards consumer loyalty program grew by over 78,000 to over 900,000.³
  • Total Evolus Rewards redemptions for the quarter hit an all-time high of nearly 190,000 driven by continued demand from existing patients receiving repeat treatments at the rate of over 60%, which demonstrates sustained brand loyalty.
• The company recently announced positive topline results from a U.S. pivotal nasolabial fold (NLF) study of dermal filler products Evolysse™ Lift and Evolysse™ Smooth. Both the Evolysse™ Lift and Evolysse™ Smooth dermal filler products met their primary endpoint of non-inferiority and demonstrated statistical superiority to Restylane-L at 6 months.
• The company recently submitted its Premarket Approval (PMA) application to the U.S. FDA for the Evolysse™ Lift and Evolysse™ Smooth fillers, with approval and launch expected in the second half of 2025.
• The company broadened its global footprint by commercially launching Nuceiva^® in Spain.

Second Quarter 2024 Financial Results

• Total net revenues for the second quarter of 2024 increased 36% to $66.9 million from $49.3 million in the second quarter of 2023 driven primarily by higher volumes of Jeuveau^®.
• Gross profit margin and adjusted gross profit margin were 70.3% and 71.5%, respectively. Adjusted gross profit margin, which excludes amortization of intangible assets, was in line with company guidance for the full year, as noted below.
• Operating expenses for the second quarter of 2024 were $74.6 million, compared to $68.3 million in the first quarter of 2024.
• Non-GAAP operating expenses for the second quarter of 2024 were $46.7 million, compared to $42.1 million in the first quarter of 2024. Non-GAAP operating expenses exclude product cost of sales, stock-based compensation expense, revaluation of the contingent royalty obligation, and depreciation and amortization.
• Loss from operations for the second quarter of 2024 was $7.7 million, compared to $8.9 million in the first quarter of 2024. Non-GAAP income from operations in the second quarter of 2024 was $1.1 million compared to a $0.9 million loss from operations in the first quarter of 2024, representing continued progress toward achieving sustained profitability ¹. Non-GAAP income (loss) from operations excludes stock-based compensation expense, revaluation of the contingent royalty obligation, and depreciation and amortization.
• Cash and cash equivalents at June 30, 2024 were $93.7 million compared to $97.0 million at March 31, 2024. The cash balance includes the receipt of $4.2 million of remaining net proceeds from the overallotment option for our public offering in March 2024. Net cash used for operating activities in the second quarter of 2024 was lower than the first quarter of 2024, representing continued progress toward cash flow breakeven.

Outlook

• Evolus now expects total net revenues for the full year 2024 to be between $260 million and $270 million, representing year-over-year growth of 34% at the top end.
• The company continues to expect its adjusted gross profit margin for the full year 2024 to be between 68% and 71%.
• Evolus continues to expect its full-year non-GAAP operating expenses to be between $185 million and $190 million.
• The company continues to expect to achieve positive non-GAAP operating income on a consolidated basis for the fourth quarter of 2024 and for the full year 2025.
• Evolus expects to continue expanding into additional countries with Nuceiva^®, most notably the company launched in Australia in Q3 2024.
• Evolus expects regulatory approvals for the remaining Estyme^® dermal filler products in Europe in late 2024.
• The company projects its total net revenue can reach at least $700 million by 2028, a compound annual growth rate of 28% from 2023, based on the combination of its existing aesthetic neurotoxin business and anticipated launch of the Evolysse^™ HA dermal filler product line beginning in 2025.

Conference Call Information

Management will host a conference call and live webcast to discuss Evolus’ financial results today at 4:30 p.m. ET. To participate in the conference call, dial (877) 407-6184 (U.S.) or (201) 389-0877 (international) or connect to the live webcast via the link on the Investor Relations page of our website at www.evolus.com.

Following the completion of the call, an audio replay can be accessed for 48 hours by dialing (877) 660-6853 (U.S.) or (201) 612-7415 (international) and using conference number 13747672. An archived webcast, which will remain available for 30 days, can also be accessed on the Investor Relations page of our website at www.evolus.com.

About Evolus, Inc.

Evolus (NASDAQ: EOLS) is a global 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. Evolus is expanding its product portfolio having entered into a definitive agreement to be the exclusive U.S. distributor of Evolysse™, and the exclusive distributor in Europe of Estyme^®, a line of unique dermal fillers currently in late-stage development. Visit us at www.evolus.com, and follow us on LinkedIn, X, Instagram or Facebook.

¹ “Profitability” is not a measure presented in accordance with GAAP. Within this press release, “profitability” is defined as achieving positive non-GAAP operating income. See “Use of Non-GAAP Financial Measures” below for more information on the company’s use and definitions of non-GAAP measures.

² Represents cumulative statistics from the launch of Jeuveau^® in May 2019 through June 30, 2024.

³ Represents cumulative statistics from the launch of Evolus Rewards in May 2020 through June 30, 2024.

Use of Non-GAAP Financial Measures

Evolus’ financial results are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release and the reconciliation tables included in the financial schedules below include adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses and non-GAAP income (loss) from operations. Adjusted gross profit is calculated as gross profit excluding amortization of an intangible asset. Adjusted gross profit margin is defined as adjusted gross profit as a percentage of total net revenues. Non-GAAP operating expenses and non-GAAP income (loss) from operations exclude (i) product cost of sales, in the case of non-GAAP operating expenses only, (ii) the revaluation of contingent royalty obligations, (iii) stock-based compensation expense, and (iv) depreciation and amortization. Management believes that adjusted gross profit and adjusted gross profit margin are important measures for investors because management uses adjusted gross profit margin as a key performance indicator to evaluate the profitability of sales without giving effect to costs that are not core to our cost of sales, such as the amortization of an intangible asset. Management believes that non-GAAP operating expenses and non-GAAP income (loss) from operations are 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 expenses and non-GAAP income (loss) from operations will enable investors to assess the company in the same way that management has historically assessed the company’s operating expenses against comparable companies with conventional accounting methodologies. The company’s definitions of adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses and non-GAAP income (loss) from operations have limitations as analytical tools and may differ from other companies reporting similarly named measures. Non-GAAP measures should not be considered measures of financial performance under GAAP, and the items excluded from such non-GAAP measures should not be considered in isolation or as alternatives to financial statement data presented in the financial statements as an indicator of financial performance or liquidity. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.

For a reconciliation of our historical adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses and non-GAAP income (loss) from operations presented herein to gross profit, gross profit margin, GAAP operating expenses and GAAP loss from operations, the most directly comparable GAAP financial measures, please see “Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin,” “Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses” and “Reconciliation of GAAP (Loss) from Operations to Non-GAAP Income (Loss) from Operations” in the financial schedules below. In addition, this press release includes information regarding the company’s expected adjusted gross profit margin and non-GAAP operating expenses for full year 2024 and the company’s expected non-GAAP operating income (loss) for the fourth quarter of 2024 and full year 2025. Evolus has not provided a reconciliation of such forward-looking non-GAAP adjusted gross profit margin, non-GAAP operating expenses or non-GAAP operating (loss) because a reconciliation of such measures to forward-looking GAAP gross profit margin, GAAP operating expenses and GAAP loss from operations, respectively, the most directly comparable GAAP financial measures, is not 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 outlook for these non-GAAP financial measures that have not yet occurred and/or cannot be reasonably predicted. Such unavailable information could have a significant impact on Evolus’ GAAP financial results.

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 anticipated product launches; market conditions and consumer demand; timing of regulatory submissions and approvals; expansions into new markets; the company’s long-term revenue outlook and its financial outlook for 2024 and, in the case of non-GAAP operating income, 2025; and the company’s cash position and expectations for reaching profitability¹ and funding the company’s operations.

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^TM, 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^TM dermal filler product line in the U.S., our ability to maintain regulatory approvals of Jeuveau^® or obtain regulatory approvals for new product candidates or indications, our reliance on Symatese to achieve regulatory approval for the Evolysse^TM dermal filler product line in the U.S., and other risks described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on May 7, 2024, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 expected to be filed with the Securities and Exchange Commission on or about July 31, 2024. These filings can be accessed online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events. If we do update or revise one or more of these statements, investors and others should not conclude that we will make additional updates or corrections.

Jeuveau^® and Nuceiva^®, are registered trademarks and Evolysse^™ is a trademark of Evolus, Inc.
Hi-Pure^™ is a trademark of Daewoong Pharmaceutical Co, Ltd.
Estyme^® is a trademark of Symatese Aesthetics S.A.S.

Evolus, Inc. Consolidated Statements of Operations and Comprehensive Loss (Unaudited, in thousands, except loss per share data)
	Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Revenue:
Product revenue, net	$	66,222			$	48,680			$	125,186			$	89,727
Service revenue		687				666				1,056				1,340
Total net revenues		66,909				49,346				126,242				91,067
Operating expenses:
Product cost of sales (excludes amortization of intangible assets)		19,077				14,712				37,144				26,858
Selling, general and administrative		50,152				41,174				95,275				78,558
Research and development		2,350				1,208				4,428				2,589
In-process research and development		—				4,441				—				4,441
Revaluation of contingent royalty obligation payable to Evolus Founders		1,605				1,682				3,183				3,330
Depreciation and amortization		1,427				1,247				2,836				2,449
Total operating expenses		74,611				64,464				142,866				118,225
Loss from operations		(7,702	)			(15,118	)			(16,624	)			(27,158	)
Other income (expense):
Interest income		1,029				164				1,546				263
Interest expense		(4,696	)			(3,182	)			(9,398	)			(5,971	)
Other income (expense), net		62				19				107				(19	)
Loss before income taxes:		(11,307	)			(18,117	)			(24,369	)			(32,885	)
Income tax expense		43				23				90				46
Net loss	$	(11,350	)		$	(18,140	)		$	(24,459	)		$	(32,931	)
Other comprehensive loss:
Unrealized loss, net of tax		(44	)			(52	)			(174	)			(131	)
Comprehensive loss	$	(11,394	)		$	(18,192	)		$	(24,633	)		$	(33,062	)
Net loss per share, basic and diluted	$	(0.18	)		$	(0.32	)		$	(0.40	)		$	(0.58	)
Weighted-average shares outstanding used to compute basic and diluted net loss per share		62,725				56,920				60,761				56,699

Evolus, Inc. Summary of Consolidated Balance Sheet Data (Unaudited, in thousands)
	June 30, 2024				December 31, 2023
Cash and cash equivalents	$	93,671			$	62,838
Accounts receivable, net		43,149				30,529
Inventories		13,381				10,998
Prepaid expenses and other current assets		7,933				8,056
Total current assets		158,134				112,421
Noncurrent assets		75,638				76,577
Total assets	$	233,772			$	188,998
Accounts payable and accrued expenses	$	43,071			$	38,084
Other current liabilities		11,047				10,207
Total current liabilities		54,118				48,291
Term loan, net of discount and issuance costs		120,918				120,359
Other noncurrent liabilities		39,422				41,037
Total liabilities	$	214,458			$	209,687
Total stockholders’ equity (deficit)	$	19,314			$	(20,689	)

Evolus, Inc. Summary of Consolidated Cash Flows (Unaudited, in thousands)
	Six Months Ended June 30,								Three Months Ended June 30,
		2024				2023				2024
Net cash (used in) provided by:
Operating activities	$	(17,085	)		$	(33,897	)	*	$	(6,470	)
Investing activities		(2,051	)			(727	)			(1,254	)
Financing activities		50,143				22,538				4,481
Effect of exchange rates on cash		(174	)			(131	)			(44	)
Change in cash and cash equivalents		30,833				(12,217	)			(3,287	)
Cash and cash equivalents, beginning of period		62,838				53,922				96,958
Cash and cash equivalents, end of period	$	93,671			$	41,705			$	93,671

*	Includes a settlement payment of $5.0 million to Allergan/Medytox in the six months ended June 30, 2023.

Evolus, Inc. Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin (Unaudited, in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Total net revenues	$	66,909			$	49,346			$	126,242			$	91,067
Cost of sales:
Product cost of sales (excludes amortization of intangible assets)		19,077				14,712				37,144				26,858
Amortization of distribution right intangible asset		764				739				1,527				1,477
Total cost of sales		19,841				15,451				38,671				28,335
Gross profit		47,068				33,895				87,571				62,732
Gross profit margin		70.3	%			68.7	%			69.4	%			68.9	%
Add: Amortization of distribution right intangible asset		764				739				1,527				1,477
Adjusted gross profit	$	47,832			$	34,634			$	89,098			$	64,209
Adjusted gross profit margin		71.5	%			70.2	%			70.6	%			70.5	%

Evolus, Inc. Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited, in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,								Three Months Ended March 31,
		2024				2023				2024				2023				2024
GAAP operating expense	$	74,611			$	64,464			$	142,866			$	118,225			$	68,255
Adjustments:
Product cost of sales (excludes amortization of intangible assets)		19,077				14,712				37,144				26,858				18,067
Revaluation of contingent royalty obligation		1,605				1,682				3,183				3,330				1,578
Stock-based compensation:
Included in selling, general and administrative		5,552				3,983				10,415				7,150				4,863
Included in research and development		232				188				448				315				216
Depreciation and amortization		1,427				1,247				2,836				2,449				1,409
Non-GAAP operating expense	$	46,718			$	42,652			$	88,840			$	78,123			$	42,122

Evolus, Inc. Reconciliation of GAAP (Loss) from Operations to Non-GAAP Income (Loss) from Operations (Unaudited, in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,								Three Months Ended March 31,
		2024				2023				2024				2023				2024
GAAP (loss) from operations	$	(7,702	)		$	(15,118	)		$	(16,624	)		$	(27,158	)		$	(8,922	)
Adjustments:
Revaluation of contingent royalty obligation		1,605				1,682				3,183				3,330				1,578
Stock-based compensation:
Included in selling, general and administrative		5,552				3,983				10,415				7,150				4,863
Included in research and development		232				188				448				315				216
Depreciation and amortization		1,427				1,247				2,836				2,449				1,409
Non-GAAP income (loss) from operations	$	1,114			$	(8,018	)		$	258			$	(13,914	)		$	(856	)

 

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Investor Contact:

Nareg Sagherian

Vice President, Head of Global Investor Relations and Corporate Communications

Tel: 248-202-9267

Email: ir@evolus.com

Media Contact:

Email: media@evolus.com

Source: Evolus

FAQ

What was Evolus' revenue for Q2 2024?

Evolus reported total net revenue of $66.9 million for Q2 2024, representing a 36% increase from Q2 2023.

Has Evolus (EOLS) achieved profitability?

Evolus achieved its first-ever quarter of profitability in Q2 2024, with a positive non-GAAP operating income of $1.1 million.

What is Evolus' revenue guidance for 2024?

Evolus raised its full-year 2024 net revenue guidance to between $260 million and $270 million, representing year-over-year growth of up to 34%.

When does Evolus expect to launch its Evolysse™ dermal fillers?

Evolus anticipates approval and launch of its Evolysse™ dermal fillers in the second half of 2025.

What is Evolus' long-term revenue projection?

Evolus projects its total net revenue can reach at least $700 million by 2028, representing a compound annual growth rate of 28% from 2023.