- \n
- Global Net Revenue Record of $79.0 Million for the Fourth Quarter and $266.3 Million for the Full-Year 2024, Representing 30% and 32% Growth Over the Prior Year, Respectively; Results Unchanged from January Preliminary Results<\/i><\/li>\n
- GAAP Operating Loss Improved to $2.3 Million for the Fourth Quarter and $34.4 Million for the Full-Year 2024; Second Quarter of Profitability1<\/sup> with Positive Non-GAAP Operating Income of $6.7 Million for Q4 2024 and Achieved Full-Year Profitability1<\/sup> One Year Ahead of Expectations with Positive Non-GAAP Operating Income of $0.3 Million for FY 2024; On Track to Expanding Non-GAAP Operating Income Margins and Cash Generation<\/i><\/li>\n
- Full-Year 2024 Non-GAAP Operating Expense of $185.0 Million, at the Low End of the Expected Guidance Range of $185 Million to $190 Million<\/i><\/li>\n
- Evolysse\u2122 Received U.S. Food and Drug Administration (FDA) Approval in February for Dynamic Facial Lines and Folds and is the First Hyaluronic Acid (HA) Filler to Recognize Weight Loss in the Patient Label as a Factor in Wrinkle Formation, Highlighting the Opportunity to Address GLP-1 Patients<\/i><\/li>\n
- 2025 Net Revenue Guidance of $345 Million to $355 Million, Which Represents 30% to 33% Growth from 2024 Results; Evolysse\u2122 and Estyme\u00ae Injectable HA Gels Anticipated to Contribute 8-10% of Total Revenue for the Full-Year 2025; Expects to Achieve Non-GAAP Operating Income on a Consolidated Basis for the Full-Year 2025<\/i><\/li>\n<\/ul>\n
NEWPORT BEACH, Calif.–(BUSINESS WIRE<\/a>)–Evolus, Inc.<\/a> (NASDAQ: EOLS), a performance beauty company with a focus on building an aesthetic portfolio, today announced its financial results for the fourth quarter and full-year ended December 31, 2024.\n<\/p>\n
\n\u201cWe reached a significant inflection point in 2024, achieving full-year profitability1<\/sup> ahead of expectations while delivering our fifth consecutive year of revenue growth exceeding 30%,\u201d said David Moatazedi, President and Chief Executive Officer of Evolus. \u201cJeuveau\u00ae<\/sup> continues to outperform the market, driven by strong consumer loyalty and increasing adoption, and we are now entering 2025 focused on transforming Evolus into a multi-product, performance beauty company with the imminent launch of Evolysse\u2122<\/sup>. The combination of Jeuveau\u00ae<\/sup> and Evolysse\u2122<\/sup> brings together the fastest growing neurotoxin in the U.S. with the first innovation in HA technology in a decade.\u201d\n<\/p>\n
\n\u201cWe are prepared to launch Evolysse\u2122<\/sup> in the second quarter and will be making significant investments in medical education and sampling to support our customers and drive adoption, with meaningful revenue contributions expected in the second half of the year,\u201d continued Moatazedi. \u201cAt launch, Evolysse\u2122<\/sup> will be seamlessly integrated into our existing portfolio of benefits, including co-branded media and consumer rewards. This will enable customers to earn co-branded media benefits on purchases of Evolysse\u2122<\/sup> in addition to Jeuveau\u00ae<\/sup>. With a path toward at least $700 million in net revenue and a non-GAAP operating income margin of at least 20% by 2028, we remain focused on delivering exceptional results and creating long-term value for our shareholders.\u201d\n<\/p>\n
Fourth Quarter and Full Year 2024 Highlights and Recent Developments<\/b><\/p>\n
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- \nThe company\u2019s key performance indicators demonstrated continued strong momentum during the fourth quarter.<\/p>\n
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- \nAccounts purchasing Jeuveau\u00ae<\/sup> increased by approximately 830 in the fourth quarter. This is approximately 20% above the year-to-date quarterly average in our seasonally highest performance quarter.\n<\/li>\n
- \nDuring 2024, more than 2,900 new accounts were added, bringing the total number of accounts purchasing to date since launch to more than 15,300, surpassing 50% account penetration in the U.S. The reorder rate among customers remains at approximately 70%2<\/sup>.\n<\/li>\n
- \nEnrollment in the Evolus Rewards consumer loyalty program grew over 40% in 2024 to end the year at approximately 1.1 million consumers3<\/sup>. This was aided by a record high of approximately 220,000 total redemptions in the fourth quarter, driven by continued demand from existing patients receiving repeat treatments, which represented approximately 60% of the total treatments for the quarter, demonstrating sustained brand loyalty.\n<\/li>\n
- \nExpanded global footprint by successfully commencing the commercial launch of Nuceiva\u00ae<\/sup> in major international markets, most notably Australia and Spain.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Fourth Quarter 2024 Financial Results<\/b><\/p>\n
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- \nTotal net revenues for the fourth quarter of 2024 were $79.0 million, a 30% increase over the fourth quarter of 2023, driven primarily by higher volumes and market share gains.\n<\/li>\n
- \nGross profit margin and adjusted gross profit margin were 66.7% and 67.5%, respectively. Adjusted gross profit margin excludes amortization of intangible assets.\n<\/li>\n
- \nGAAP operating expenses for the fourth quarter of 2024 were $54.9 million, compared to $57.6 million in the third quarter of 2024.\n<\/li>\n
- \nNon-GAAP operating expenses for the fourth quarter of 2024 were $46.6 million, compared to $49.6 million in the third quarter of 2024. Non-GAAP operating expenses exclude stock-based compensation expense, revaluation of the contingent royalty obligation, and depreciation and amortization.\n<\/li>\n
- \nGAAP loss from operations for the fourth quarter of 2024 was $2.3 million, compared to $15.5 million in the third quarter of 2024.\n<\/li>\n
- \nNon-GAAP income from operations in the fourth quarter of 2024 was $6.7 million compared to a $3.7 million loss from operations in the fourth quarter of 2023, representing a $10.5 million year over year improvement and continued progress toward achieving sustained profitability1<\/sup>. Non-GAAP income (loss) from operations excludes stock-based compensation expense, revaluation of the contingent royalty obligation, and depreciation and amortization.\n<\/li>\n
- \nCash and cash equivalents on December 31, 2024 were $87.0 million compared to $85.0 million on September 30, 2024, reflecting strong sales growth, cash collections and prudent expense management.\n<\/li>\n<\/ul>\n
Full Year 2024 Financial Results<\/b><\/p>\n
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- \nTotal net revenues for full-year 2024 were $266.3 million, a 32% increase over full-year net revenues in 2023, exceeding 30% growth for the fifth consecutive year, and at the top of the company\u2019s guidance of $260 million to $266 million.\n<\/li>\n
- \nGross profit margin and adjusted gross profit margin were 68.5% and 69.6%. Adjusted gross profit margin, which excluded amortization of intangibles, is aligned with company guidance of 68% to 71%.\n<\/li>\n
- \nGAAP operating expenses were $216.7 million in 2024 compared to $186.8 million in 2023. Non-GAAP operating expenses were $185.0 million in 2024 and at the low end of the company\u2019s expected guidance range of $185 million to $190 million. Non-GAAP operating expenses for 2023 were $163.9 million. Notably, operating expenses grew at less than half the rate of revenue, 13% growth as compared to 32% revenue growth, demonstrating continued operating leverage. Non-GAAP operating expenses exclude stock-based compensation expense, revaluation of the contingent royalty obligation, and depreciation and amortization.\n<\/li>\n
- \nGAAP loss from operations was $34.4 million for 2024 compared to $49.2 million in 2023. Non-GAAP income from operations in 2024 was $0.3 million compared to a $23.4 million loss from operations in 2023. Non-GAAP income (loss) from operations excludes stock-based compensation expense, revaluation of the contingent royalty obligation expense, and depreciation and amortization.\n<\/li>\n<\/ul>\n
2025 Guidance and Select Milestones<\/b><\/p>\n
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- \nTotal net revenues for 2025 are estimated to be between $345 million and $355 million, which represents 30% to 33% growth from 2024 results. Evolysse\u2122 <\/sup>and Estyme\u00ae <\/sup>injectable hyaluronic acid (HA) gels are anticipated to contribute 8-10% of total revenue for the full-year 2025.\n<\/li>\n
- \nNon-GAAP operating expenses for 2025 are estimated to be between $230 million and $240 million, driven primarily by continued investments in expanding Jeuveau\u00ae <\/sup>in the U.S., scaling Nuceiva\u00ae <\/sup>internationally, and supporting the launch for Evolysse\u2122 <\/sup>Form and Evolysse\u2122 <\/sup>Smooth injectable HA gels.\n<\/li>\n
- \nEvolus expects to achieve positive non-GAAP operating income on a consolidated basis for the full-year 2025. Non-GAAP operating income is anticipated to be achieved after the launch of Evolysse\u2122 <\/sup>Form and Evolysse\u2122 <\/sup>Smooth injectable HA gels in the U.S., with investments continuing to ramp in Q1 2025 and revenue contribution weighted toward the second half of the year, resulting in our non-GAAP operating income being concentrated in Q4 2025.\n<\/li>\n
- \nEvolus plans to launch Evolysse\u2122<\/sup> Form and Evolysse\u2122<\/sup> Smooth in the U.S. market in Q2 2025 following their U.S. Food and Drug Administration (FDA) approval in February 2025. The U.S. commercial launch of these first two injectable HA gels is expected to be followed by Evolysse\u2122<\/sup> Sculpt in 2026, and Evolysse\u2122<\/sup> Lips in 2027.\n<\/li>\n
- \nEvolus is also introducing Estyme\u00ae<\/sup> through a limited experience program with select physician partners in Europe, to continue to expand global experience with the product\u2019s performance. A broader European launch remains on track for the second half of 2025.\n<\/li>\n
- \nThe company projects its total net revenue can reach at least $700 million by 2028, a compound annual growth rate of 27% from 2024, based on the combination of its existing aesthetic neurotoxin business and anticipated launch of the Evolysse\u2122<\/sup> and Estyme\u00ae<\/sup> injectable HA gels beginning in 2025.\n<\/li>\n
- \nEvolus expects to achieve non-GAAP operating income margins of at least 20% by 2028 by leveraging its highly synergistic, existing infrastructure.\n<\/li>\n<\/ul>\n
About Evolus, Inc.<\/b><\/p>\n
\nEvolus (NASDAQ: EOLS) is a global performance beauty company redefining the aesthetic injectable 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 leader in aesthetics anchored by our flagship products: Jeuveau\u00ae<\/sup> (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse\u2122<\/sup>, a collection of unique injectable hyaluronic acid (HA) gels. Visit us at www.evolus.com<\/a>, and follow us on LinkedIn<\/a>, X<\/a>, Instagram<\/a> or Facebook<\/a>.\n<\/p>\n
- \nNon-GAAP operating expenses for 2025 are estimated to be between $230 million and $240 million, driven primarily by continued investments in expanding Jeuveau\u00ae <\/sup>in the U.S., scaling Nuceiva\u00ae <\/sup>internationally, and supporting the launch for Evolysse\u2122 <\/sup>Form and Evolysse\u2122 <\/sup>Smooth injectable HA gels.\n<\/li>\n
- \nTotal net revenues for 2025 are estimated to be between $345 million and $355 million, which represents 30% to 33% growth from 2024 results. Evolysse\u2122 <\/sup>and Estyme\u00ae <\/sup>injectable hyaluronic acid (HA) gels are anticipated to contribute 8-10% of total revenue for the full-year 2025.\n<\/li>\n
- \nCash and cash equivalents on December 31, 2024 were $87.0 million compared to $85.0 million on September 30, 2024, reflecting strong sales growth, cash collections and prudent expense management.\n<\/li>\n<\/ul>\n
- \nDuring 2024, more than 2,900 new accounts were added, bringing the total number of accounts purchasing to date since launch to more than 15,300, surpassing 50% account penetration in the U.S. The reorder rate among customers remains at approximately 70%2<\/sup>.\n<\/li>\n
- \nAccounts purchasing Jeuveau\u00ae<\/sup> increased by approximately 830 in the fourth quarter. This is approximately 20% above the year-to-date quarterly average in our seasonally highest performance quarter.\n<\/li>\n
- GAAP Operating Loss Improved to $2.3 Million for the Fourth Quarter and $34.4 Million for the Full-Year 2024; Second Quarter of Profitability1<\/sup> with Positive Non-GAAP Operating Income of $6.7 Million for Q4 2024 and Achieved Full-Year Profitability1<\/sup> One Year Ahead of Expectations with Positive Non-GAAP Operating Income of $0.3 Million for FY 2024; On Track to Expanding Non-GAAP Operating Income Margins and Cash Generation<\/i><\/li>\n
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