Evolus Reports Third Quarter 2024 Results
Evolus (NASDAQ: EOLS) reported Q3 2024 total net revenue of $61.1 million, up 22% from Q3 2023, with year-to-date growth of 33%. The company received EU approval for Estyme® Injectable Hyaluronic Acid Gels, with launch expected in H2 2025. Evolus narrowed its 2024 revenue guidance to $260-266 million, representing 29-32% year-over-year growth. The company added over 600 new customer accounts, reaching nearly 14,500 total customers with a 70% reorder rate. The Evolus Rewards™ program surpassed 1 million enrolled consumers. The company expects FDA approval and launch of Evolysse™ Form and Smooth by September 2025, projecting total net revenue of at least $700 million by 2028.
Evolus (NASDAQ: EOLS) ha riportato un fatturato netto totale del Q3 2024 di 61,1 milioni di dollari, con un aumento del 22% rispetto al Q3 2023, e una crescita dal inizio dell'anno del 33%. L'azienda ha ricevuto l'approvazione dell'UE per i gel di acido ialuronico iniettabile Estyme®, con lancio previsto per il secondo semestre del 2025. Evolus ha affinato la sua previsione di fatturato per il 2024 a 260-266 milioni di dollari, rappresentando una crescita annua del 29-32%. L'azienda ha aggiunto oltre 600 nuovi conti clienti, raggiungendo quasi 14.500 clienti totali con un tasso di riordino del 70%. Il programma Evolus Rewards™ ha superato 1 milione di consumatori iscritti. L'azienda si aspetta l'approvazione FDA e il lancio di Evolysse™ Form and Smooth entro settembre 2025, prevedendo un fatturato netto totale di almeno 700 milioni di dollari entro il 2028.
Evolus (NASDAQ: EOLS) reportó ingresos netos totales del Q3 2024 de 61.1 millones de dólares, un aumento del 22% en comparación con el Q3 2023, con un crecimiento acumulado en el año del 33%. La compañía recibió la aprobación de la UE para los geles de ácido hialurónico inyectable Estyme®, con un lanzamiento previsto para el segundo semestre de 2025. Evolus ajustó su guía de ingresos para 2024 a entre 260 y 266 millones de dólares, lo que representa un crecimiento interanual del 29-32%. La empresa añadió más de 600 nuevas cuentas de clientes, alcanzando casi 14,500 clientes totales con una tasa de recompra del 70%. El programa Evolus Rewards™ superó el millón de consumidores inscritos. La empresa espera la aprobación de la FDA y el lanzamiento de Evolysse™ Form and Smooth para septiembre de 2025, proyectando ingresos netos totales de al menos 700 millones de dólares para 2028.
Evolus (NASDAQ: EOLS)는 2024년 3분기 총 순 매출이 6,110만 달러로, 2023년 3분기 대비 22% 증가했으며, 연초 대비 성장률은 33%에 달한다고 발표했습니다. 이 회사는 Estyme® 주사형 히알루론산 젤에 대한 EU 승인을 받았으며, 2025년 하반기에 출시할 예정입니다. Evolus는 2024년 매출 예측을 2억 6천만에서 2억 6천6백만 달러로 좁혔으며, 이는 전년 대비 29-32%의 성장률을 나타냅니다. 이 회사는 600개 이상의 새로운 고객 계정을 추가하여 거의 14,500명의 총 고객에게 도달했으며, 재주문 비율은 70%입니다. Evolus Rewards™ 프로그램은 100만 명 이상의 소비자가 등록했습니다. 이 회사는 2025년 9월까지 Evolysse™ Form and Smooth의 FDA 승인을 받고 출시할 것으로 예상하고 있으며, 2028년까지 최소 7억 달러의 총 순 매출을 전망하고 있습니다.
Evolus (NASDAQ: EOLS) a annoncé un chiffre d'affaires net total de 61,1 millions de dollars pour le troisième trimestre de 2024, en hausse de 22 % par rapport au troisième trimestre de 2023, avec une croissance de 33 % depuis le début de l'année. L'entreprise a reçu l'approbation de l'UE pour les gels d'acide hyaluronique injectable Estyme®, dont le lancement est prévu pour le second semestre 2025. Evolus a affiné ses prévisions de revenus pour 2024 entre 260 et 266 millions de dollars, représentant une croissance d'année en année de 29 à 32 %. L'entreprise a ajouté plus de 600 nouveaux comptes clients, atteignant presque 14 500 clients au total avec un taux de réapprovisionnement de 70 %. Le programme Evolus Rewards™ a dépassé 1 million de consommateurs inscrits. L'entreprise s'attend à obtenir l'approbation de la FDA et à lancer Evolysse™ Form and Smooth d'ici septembre 2025, avec une projection de revenus nets totaux d'au moins 700 millions de dollars d'ici 2028.
Evolus (NASDAQ: EOLS) berichtete für das 3. Quartal 2024 über einen Gesamtumsatz von 61,1 Millionen US-Dollar, was einem Anstieg von 22% im Vergleich zum 3. Quartal 2023 entspricht, mit einem Wachstum von 33% seit Jahresbeginn. Das Unternehmen erhielt die Genehmigung der EU für Estyme® injizierbare Hyaluronsäure-Gele, deren Markteinführung für das zweite Halbjahr 2025 geplant ist. Evolus schränkte seine Umsatzprognose für 2024 auf 260 bis 266 Millionen US-Dollar ein, was einem jährlichen Wachstum von 29-32% entspricht. Das Unternehmen fügte über 600 neue Kundenkonten hinzu und erreichte fast 14.500 Gesamtverbraucher mit einer Wiederbestellquote von 70%. Das Evolus Rewards™-Programm überstieg 1 Million eingeschriebene Verbraucher. Das Unternehmen erwartet die FDA-Genehmigung und die Einführung von Evolysse™ Form and Smooth bis September 2025 und prognostiziert einen Gesamtumsatz von mindestens 700 Millionen US-Dollar bis 2028.
- Q3 2024 revenue increased 22% YoY to $61.1 million
- Strong customer growth with 600+ new accounts added
- 70% customer reorder rate
- EU approval received for Estyme® Injectable HA Gels
- Loyalty program reached 1 million enrolled consumers
- Projected revenue of $700 million by 2028 with 28% CAGR
- Expected operating margin of at least 20% by 2028
- Q3 2024 operating loss of $15.5 million
- Non-GAAP operating loss of $6.7 million in Q3
- Cash position decreased from $93.7M to $85.0M quarter-over-quarter
Insights
The Q3 results show strong execution with
The EU approval for Estyme® and pending FDA review of Evolysse™ position EOLS for significant portfolio expansion. The
The loyalty program metrics are particularly impressive, surpassing 1 million enrolled consumers with over 2 million redemptions. The
Being among only five companies in Europe with both neurotoxin and HA gel offerings creates a significant competitive advantage. The phased launch strategy for Evolysse™ products (Form/Smooth by 2025, Sculpt 2026, Lips 2027) allows for careful market penetration while leveraging existing infrastructure.
-
Total Net Revenue of
for Q3 2024, Up$61.1 Million 22% from Q3 2023; Year-To-Date Growth of33% - Received Approval for Estyme® Injectable Hyaluronic Acid (HA) Gels in the European Union; Experience Program to Launch Immediately with Full Launch Expected in the Second Half of 2025
-
Premarket Approval (PMA) Application for Evolysse™ Form and Evolysse™ Smooth Injectable HA Gels Currently Under Review by the
U.S. Food and Drug Administration (FDA) with Approval and Launch Expected by September 2025 -
Narrows Full-Year 2024 Net Revenue Guidance to
to$260 Million , Representing Year-Over-Year Growth of$266 Million 29% to32% - Reaffirms Non-GAAP Profitability1 in Q4 2024 and Full Year 2025
-
Remains on Track to Achieve Projected Total Net Revenue Goal of At Least
and Operating Margin of At Least$700 Million 20% by 2028
“Our third quarter results underscore the momentum we’ve been building throughout the year,” said David Moatazedi, President and Chief Executive Officer. “We continue to deliver growth at multiples above the market, validating our performance beauty approach in the medical aesthetics industry. Jeuveau®, our flagship brand, resonates with a younger generation of consumers, as demonstrated by the recent achievement of over one million total consumers enrolled in our loyalty program. Our deep customer engagement and cash-pay focus differentiate us in the category and pave the way for the upcoming launch of Evolysse™.”
“Last week, we received approval for Estyme® in the European Union, putting Evolus in a unique position as one of only five companies in
Third Quarter 2024 Highlights and Recent Developments
-
The company’s key performance indicators demonstrated continued strong momentum during the third quarter.
-
Evolus added over 600 new customer accounts in the quarter, bringing the total number of customers purchasing since launch to nearly 14,500. The reorder rate among customers was approximately
70% 2. - Members in the Evolus Rewards™ consumer loyalty program grew by over 72,000 to approximately 975,0003. As of November 2024, the Evolus Rewards™ consumer loyalty program has surpassed 1 million enrolled consumers.
-
Total Evolus Rewards™ redemptions for the quarter hit an all-time high of over 190,0003 with existing patients receiving repeat treatments at the rate of approximately
65% , which demonstrates growing consumer adoption and utilization. As of November 2024, total Evolus Rewards™ redemptions have surpassed 2 million reflective of sustained brand loyalty. - Launched Club Evolus™, the first subscription-based program by a neurotoxin manufacturer, in early November.
-
Evolus added over 600 new customer accounts in the quarter, bringing the total number of customers purchasing since launch to nearly 14,500. The reorder rate among customers was approximately
- Evolus received approval for its Estyme® injectable hyaluronic acid (HA) gels in the European Union, with an experience program to launch immediately, and full launch expected in the second half of 2025.
Third Quarter 2024 Financial Results
-
Total net revenues for the third quarter of 2024 increased
22% to from$61.1 million in the third quarter of 2023 driven primarily by higher volumes of Jeuveau®.$50.0 million -
Gross profit margin and adjusted gross profit margin were
68.9% and70.2% , respectively. Adjusted gross profit margin, which excludes amortization of intangible assets, aligns with company guidance for the full year, as noted below. -
Operating expenses for the third quarter of 2024 were
, compared to$76.6 million in the second quarter of 2024.$74.6 million -
Non-GAAP operating expenses for the third quarter of 2024 were
, compared to$49.6 million in the second 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.$46.7 million -
Loss from operations for the third quarter of 2024 was
, compared to$15.5 million in the second quarter of 2024. Non-GAAP loss from operations in the third quarter of 2024 was$7.7 million compared to a$6.7 million income from operations in the second quarter of 2024. The decline in operating income quarter over quarter was primarily driven by typical seasonality of revenue. Non-GAAP income (loss) from operations excludes stock-based compensation expense, revaluation of the contingent royalty obligation, and depreciation and amortization.$1.1 million -
Cash and cash equivalents at September 30, 2024 were
compared to$85.0 million at June 30, 2024, representing a single-digit cash use for the quarter and continued progress toward cash generation.$93.7 million
Outlook
-
Evolus narrows its full year total net revenue guidance to
to$260 million , representing year-over-year growth of$266 million 29% to32% from 2023 results and well above the estimated growth rate of the aesthetic neurotoxin market. -
The company continues to expect its adjusted gross profit margin for the full year 2024 to be between
68% and71% . -
Evolus continues to expect its full-year non-GAAP operating expenses to be between
and$185 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.$190 million -
PMA application for Evolysse™ Form and Evolysse™ Smooth injectable HA gels currently under review by the
U.S. FDA with approval and launch expected by September 2025. -
The company projects total net revenue of at least
by 2028, a compound annual growth rate of$700 million 28% from 2023, based on the combination of its existing aesthetic neurotoxin business and anticipated launch of the novel line of injectable hyaluronic acid gels beginning in 2025. -
Evolus continues to expect to expand operating margins by leveraging its highly synergistic, existing infrastructure, with a target of at least
20% by 2028.
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 (
Following the completion of the call, an audio replay can be accessed for 48 hours by dialing (877) 660-6853 (
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
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 September 30, 2024.
3 Represents cumulative statistics from the launch of Evolus Rewards™ in May 2020 through September 30, 2024.
Use of Non-GAAP Financial Measures
Evolus’ financial results are prepared in accordance with accounting principles generally accepted in
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™, 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™ Hyaluronic Acid (HA) gels in the
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. |
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Consolidated Statements of Operations and Comprehensive Loss |
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(Unaudited, in thousands, except loss per share data) |
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|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Product revenue, net |
$ |
60,164 |
|
|
$ |
49,323 |
|
|
$ |
185,350 |
|
|
$ |
139,050 |
|
Service revenue |
|
921 |
|
|
|
696 |
|
|
|
1,977 |
|
|
|
2,036 |
|
Total net revenues |
|
61,085 |
|
|
|
50,019 |
|
|
|
187,327 |
|
|
|
141,086 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Product cost of sales (excludes amortization of intangible assets) |
|
18,223 |
|
|
|
15,431 |
|
|
|
55,367 |
|
|
|
42,289 |
|
Selling, general and administrative |
|
52,506 |
|
|
|
43,328 |
|
|
|
147,781 |
|
|
|
121,886 |
|
Research and development |
|
2,314 |
|
|
|
1,587 |
|
|
|
6,742 |
|
|
|
4,176 |
|
In-process research and development |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,441 |
|
Revaluation of contingent royalty obligation payable to Evolus Founders |
|
2,428 |
|
|
|
1,802 |
|
|
|
5,611 |
|
|
|
5,132 |
|
Depreciation and amortization |
|
1,087 |
|
|
|
1,311 |
|
|
|
3,923 |
|
|
|
3,760 |
|
Total operating expenses |
|
76,558 |
|
|
|
63,459 |
|
|
|
219,424 |
|
|
|
181,684 |
|
Loss from operations |
|
(15,473 |
) |
|
|
(13,440 |
) |
|
|
(32,097 |
) |
|
|
(40,598 |
) |
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
928 |
|
|
|
306 |
|
|
|
2,474 |
|
|
|
569 |
|
Interest expense |
|
(4,764 |
) |
|
|
(3,786 |
) |
|
|
(14,162 |
) |
|
|
(9,757 |
) |
Other income (expense), net |
|
273 |
|
|
|
21 |
|
|
|
380 |
|
|
|
2 |
|
Loss before income taxes: |
|
(19,036 |
) |
|
|
(16,899 |
) |
|
|
(43,405 |
) |
|
|
(49,784 |
) |
Income tax expense |
|
134 |
|
|
|
24 |
|
|
|
224 |
|
|
|
70 |
|
Net loss |
$ |
(19,170 |
) |
|
$ |
(16,923 |
) |
|
$ |
(43,629 |
) |
|
$ |
(49,854 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
||||||||
Unrealized loss, net of tax |
|
(88 |
) |
|
|
(138 |
) |
|
|
(262 |
) |
|
|
(269 |
) |
Comprehensive loss |
$ |
(19,258 |
) |
|
$ |
(17,061 |
) |
|
$ |
(43,891 |
) |
|
$ |
(50,123 |
) |
Net loss per share, basic and diluted |
$ |
(0.30 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.88 |
) |
Weighted-average shares outstanding used to compute basic and diluted net loss per share |
|
63,149 |
|
|
|
57,023 |
|
|
|
61,563 |
|
|
|
56,808 |
|
Evolus, Inc. |
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Summary of Consolidated Balance Sheet Data |
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(Unaudited, in thousands) |
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|
September 30, 2024 |
|
December 31, 2023 |
||||
Cash and cash equivalents |
$ |
85,035 |
|
$ |
62,838 |
|
|
Accounts receivable, net |
|
44,642 |
|
|
|
30,529 |
|
Inventories |
|
14,892 |
|
|
|
10,998 |
|
Prepaid expenses and other current assets |
|
5,792 |
|
|
|
8,056 |
|
Total current assets |
|
150,361 |
|
|
|
112,421 |
|
Noncurrent assets |
|
79,247 |
|
|
|
76,577 |
|
Total assets |
$ |
229,608 |
|
|
$ |
188,998 |
|
Accounts payable and accrued expenses |
$ |
48,785 |
|
|
$ |
38,084 |
|
Other current liabilities |
|
12,030 |
|
|
|
10,207 |
|
Total current liabilities |
|
60,815 |
|
|
|
48,291 |
|
Term loan, net of discount and issuance costs |
|
121,208 |
|
|
|
120,359 |
|
Other noncurrent liabilities |
|
41,695 |
|
|
|
41,037 |
|
Total liabilities |
$ |
223,718 |
|
|
$ |
209,687 |
|
Total stockholders’ equity (deficit) |
$ |
5,890 |
|
|
$ |
(20,689 |
) |
Evolus, Inc. |
|||||||||||
Summary of Consolidated Cash Flows |
|||||||||||
(Unaudited, in thousands) |
|||||||||||
|
Nine Months Ended
|
|
Three Months
|
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
Net cash (used in) provided by: |
|
|
|
|
|
||||||
Operating activities |
$ |
(22,807 |
) |
|
$ |
(34,821 |
) |
* |
$ |
(5,722 |
) |
Investing activities |
|
(3,461 |
) |
|
|
(1,266 |
) |
|
|
(1,410 |
) |
Financing activities |
|
48,727 |
|
|
|
21,119 |
|
|
|
(1,416 |
) |
Effect of exchange rates on cash |
|
(262 |
) |
|
|
(269 |
) |
|
|
(88 |
) |
Change in cash and cash equivalents |
|
22,197 |
|
|
|
(15,237 |
) |
|
|
(8,636 |
) |
Cash and cash equivalents, beginning of period |
|
62,838 |
|
|
|
53,922 |
|
|
|
93,671 |
|
Cash and cash equivalents, end of period |
$ |
85,035 |
|
|
$ |
38,685 |
|
|
$ |
85,035 |
|
*Includes a settlement payment of |
Evolus, Inc. |
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Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin |
|||||||||||||||
(Unaudited, in thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Total net revenues |
$ |
61,085 |
|
|
$ |
50,019 |
|
|
$ |
187,327 |
|
|
$ |
141,086 |
|
Cost of sales: |
|
|
|
|
|
|
|
||||||||
Product cost of sales (excludes amortization of intangible assets) |
|
18,223 |
|
|
|
15,431 |
|
|
|
55,367 |
|
|
|
42,289 |
|
Amortization of distribution right intangible asset |
|
763 |
|
|
|
738 |
|
|
|
2,290 |
|
|
|
2,216 |
|
Total cost of sales |
|
18,986 |
|
|
|
16,169 |
|
|
|
57,657 |
|
|
|
44,505 |
|
Gross profit |
|
42,099 |
|
|
|
33,850 |
|
|
|
129,670 |
|
|
|
96,581 |
|
Gross profit margin |
|
68.9 |
% |
|
|
67.7 |
% |
|
|
69.2 |
% |
|
|
68.5 |
% |
Add: Amortization of distribution right intangible asset |
|
763 |
|
|
|
738 |
|
|
|
2,290 |
|
|
|
2,216 |
|
Adjusted gross profit |
$ |
42,862 |
|
|
$ |
34,588 |
|
|
$ |
131,960 |
|
|
$ |
98,797 |
|
Adjusted gross profit margin |
|
70.2 |
% |
|
|
69.1 |
% |
|
|
70.4 |
% |
|
|
70.0 |
% |
Evolus, Inc. |
|||||||||||||||||||
Reconciliation of GAAP Operating Expenses to |
|||||||||||||||||||
Non-GAAP Operating Expenses |
|||||||||||||||||||
(Unaudited, in thousands) |
|||||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|
Three
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
GAAP operating expense |
$ |
76,558 |
|
$ |
63,459 |
|
$ |
219,424 |
|
$ |
181,684 |
|
$ |
74,611 |
|||||
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Product cost of sales (excludes amortization of intangible assets) |
|
18,223 |
|
|
|
15,431 |
|
|
|
55,367 |
|
|
|
42,289 |
|
|
|
19,077 |
|
Revaluation of contingent royalty obligation |
|
2,428 |
|
|
|
1,802 |
|
|
|
5,611 |
|
|
|
5,132 |
|
|
|
1,605 |
|
Stock-based compensation: |
|
|
|
|
|
|
|
|
|
||||||||||
Included in selling, general and administrative |
|
4,955 |
|
|
|
4,295 |
|
|
|
15,370 |
|
|
|
11,445 |
|
|
|
5,552 |
|
Included in research and development |
|
265 |
|
|
|
301 |
|
|
|
713 |
|
|
|
616 |
|
|
|
232 |
|
Depreciation and amortization |
|
1,087 |
|
|
|
1,311 |
|
|
|
3,923 |
|
|
|
3,760 |
|
|
|
1,427 |
|
Non-GAAP operating expense |
$ |
49,600 |
|
|
$ |
40,319 |
|
|
$ |
138,440 |
|
|
$ |
118,442 |
|
|
$ |
46,718 |
|
Evolus, Inc. |
|||||||||||||||||||
Reconciliation of GAAP (Loss) from Operations to |
|||||||||||||||||||
Non-GAAP Income (Loss) from Operations |
|||||||||||||||||||
(Unaudited, in thousands) |
|||||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|
Three
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
GAAP (loss) from operations |
$ |
(15,473 |
) |
|
$ |
(13,440 |
) |
|
$ |
(32,097 |
) |
|
$ |
(40,598 |
) |
|
$ |
(7,702 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Revaluation of contingent royalty obligation |
|
2,428 |
|
|
|
1,802 |
|
|
|
5,611 |
|
|
|
5,132 |
|
|
|
1,605 |
|
Stock-based compensation: |
|
|
|
|
|
|
|
|
|
||||||||||
Included in selling, general and administrative |
|
4,955 |
|
|
|
4,295 |
|
|
|
15,370 |
|
|
|
11,445 |
|
|
|
5,552 |
|
Included in research and development |
|
265 |
|
|
|
301 |
|
|
|
713 |
|
|
|
616 |
|
|
|
232 |
|
Depreciation and amortization |
|
1,087 |
|
|
|
1,311 |
|
|
|
3,923 |
|
|
|
3,760 |
|
|
|
1,427 |
|
Non-GAAP income (loss) from operations |
$ |
(6,738 |
) |
|
$ |
(5,731 |
) |
|
$ |
(6,480 |
) |
|
$ |
(19,645 |
) |
|
$ |
1,114 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106023548/en/
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
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