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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Evolus Inc | NASDAQ:EOLS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.16 | 1.29% | 12.61 | 12.61 | 13.80 | 12.74 | 12.41 | 12.51 | 254,903 | 00:57:32 |
Evolus, Inc. (NASDAQ: EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today announced its financial results for the fourth quarter and full year ended December 31, 2023.
“2023 was a defining year for Evolus. We achieved record market share as the fastest growing toxin in the U.S. for the third consecutive year2, expanded our portfolio globally with the addition of an innovative late-stage line of facial fillers, and delivered continued improvement in operating income performance,” said David Moatazedi, President and Chief Executive Officer of Evolus. “We expect to be profitable1 for the fourth quarter of 2024 and the full year 2025.”
“As we enter 2024, we are reiterating our full year net revenue guidance of $255 million to $265 million, which represents 31% growth at the top end of the range. Looking beyond 2024, we remain excited about both the continued expansion of our U.S. and International business with the Jeuveau® and Nuceiva® brands, as well as the introduction of our highly synergistic Evolysse™ and Estyme® dermal filler line, further increasing our market penetration and driving toward our total net revenue goal of at least $700 million by 2028.”
Fourth Quarter and Full Year 2023 Highlights and Recent Developments
Fourth Quarter 2023 Financial Results
Full Year 2023 Financial Results
Outlook
1 Within this press release, “profitability” is defined as achieving positive non-GAAP operating income. 2 Measured by comparing year-over-year revenue growth of each aesthetic neurotoxin on the market for the entirety of each comparable year. 3 Represents cumulative statistics from the launch of Jeuveau® in May 2019 through December 31, 2023. 4 Represents cumulative statistics from the launch of Evolus Rewards in May 2020 through December 31, 2023.
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 13743722. 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.
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 margin is an important measure 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 margin, non-GAAP operating expenses and non-GAAP income (loss) from operations presented herein to 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, non-GAAP operating expenses and non-GAAP operating income (loss) for full year 2024. Evolus has not provided a reconciliation of such forward-looking non-GAAP adjusted gross profit margin, non-GAAP operating expenses or non-GAAP operating income (loss) because a reconciliation of such measures to 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 market conditions and consumer demand; expectations regarding regulatory approvals, product launches, and market adoption for the Evolysse™ and Estyme® dermal filler product lines the company’s long-term revenue outlook and its financial outlook for 2024; and the company’s cash position and expectations for reaching profitability 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™ 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™ 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 Annual Report on Form 10-K for the year ended December 31, 2023 expected to be filed with the Securities and Exchange Commission on or about March 7, 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 of Evolus, Inc. Evolysse™ is a trademark of Evolus, Inc. Hi-Pure™ is a trademark of Daewoong Pharmaceutical Co, Ltd.
Evolus, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except loss per share data)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Revenue:
Product revenue, net
$
60,671
$
42,988
$
199,721
$
146,592
Service revenue
328
658
2,364
2,024
Total net revenues
60,999
43,646
202,085
148,616
Operating expenses:
Product cost of sales (excludes amortization of intangible assets)
19,270
13,370
61,559
55,887
Selling, general and administrative
43,058
36,729
164,944
141,840
Research and development
2,380
1,348
6,556
4,742
In-process research and development
4,428
—
8,869
2,000
Revaluation of contingent royalty obligation payable to Evolus Founders
(875
)
1,809
4,257
5,755
Depreciation and amortization
1,373
1,027
5,133
3,722
Total operating expenses
69,634
54,283
251,318
213,946
Loss from operations
(8,635
)
(10,637
)
(49,233
)
(65,330
)
Other income (expense):
Interest income
291
77
860
119
Interest expense
(4,075
)
(2,631
)
(13,832
)
(9,097
)
Other income (expense), net
694
84
696
(9
)
Loss before income taxes:
(11,725
)
(13,107
)
(61,509
)
(74,317
)
Income tax (benefit) expense
106
57
176
95
Net loss
$
(11,831
)
$
(13,164
)
$
(61,685
)
$
(74,412
)
Other comprehensive loss:
Unrealized gain (loss), net of tax
179
31
(90
)
(337
)
Comprehensive loss
$
(11,652
)
$
(13,133
)
$
(61,775
)
$
(74,749
)
Net loss per share, basic and diluted
$
(0.21
)
$
(0.23
)
$
(1.08
)
$
(1.33
)
Weighted-average shares outstanding used to compute basic and diluted net loss per share
57,246
56,266
56,919
56,065
Evolus, Inc.
Summary of Consolidated Balance Sheet Data
(in thousands)
December 31, 2023
December 31, 2022
Cash and cash equivalents
$
62,838
$
53,922
Accounts receivable, net
30,529
22,448
Inventories
10,998
18,852
Prepaid expenses and other current assets
8,056
5,580
Total current assets
112,421
100,802
Noncurrent assets
76,577
77,181
Total assets
$
188,998
$
177,983
Accounts payable and accrued expenses
$
38,084
$
33,729
Accrued litigation settlement
—
5,000
Other current liabilities
10,207
7,780
Total current liabilities
48,291
46,509
Term loan, net of discount and issuance costs
120,359
71,879
Other noncurrent liabilities
41,037
41,096
Total liabilities
$
209,687
$
159,484
Total stockholders’ equity (deficit)
$
(20,689
)
$
18,499
Evolus, Inc.
Summary of Consolidated Cash Flows
(in thousands)
Year Ended December 31,
Three Months Ended
December 31,
2023
2022
2023
Net cash (used in) provided by:
Operating activities
$
(34,008
)
*
$
(84,912
)
*
$
813
Investing activities
(1,627
)
(2,939
)
(361
)
Financing activities
44,641
(4,146
)
23,522
Effect of exchange rates on cash
(90
)
(337
)
179
Change in cash and cash equivalents
8,916
(92,334
)
24,153
Cash and cash equivalents, beginning of period
53,922
146,256
38,685
Cash and cash equivalents, end of period
$
62,838
$
53,922
$
62,838
* Includes a settlement payment of $5.0 million and $15.0 million to Allergan/Medytox in the twelve months ended December 31, 2023 and 2022, respectively.
Evolus, Inc.
Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin
(in thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Total net revenues
$
60,999
$
43,646
$
202,085
$
148,616
Cost of sales:
Product cost of sales (excludes amortization of intangible assets)
19,270
13,370
61,559
55,887
Amortization of distribution right intangible asset
739
739
2,955
2,955
Total cost of sales
20,009
14,109
64,514
58,842
Gross profit
40,990
29,537
137,571
89,774
Gross profit margin
67.2
%
67.7
%
68.1
%
60.4
%
Add: Amortization of distribution right intangible asset
739
739
2,955
2,955
Adjusted gross profit
$
41,729
$
30,276
$
140,526
$
92,729
Adjusted gross profit margin
68.4
%
69.4
%
69.5
%
62.4
%
Evolus, Inc.
Reconciliation of GAAP Operating Expenses to
Non-GAAP Operating Expenses
(in thousands)
Three Months Ended
December 31,
Year Ended
December 31,
Three Months Ended
September 30,
2023
2022
2023
2022
2023
GAAP operating expense
$
69,634
$
54,283
$
251,318
$
213,946
$
63,459
Adjustments:
Product cost of sales (excludes amortization of intangible assets)
19,270
13,370
61,559
55,887
15,431
Revaluation of contingent royalty obligation
(875
)
1,809
4,257
5,755
1,802
Stock-based compensation:
Included in selling, general and administrative
4,119
2,329
15,564
10,565
4,295
Included in research and development
278
83
894
268
301
Depreciation and amortization
1,373
1,027
5,133
3,722
1,311
Non-GAAP operating expense
$
45,469
$
35,665
$
163,911
$
137,749
$
40,319
Evolus, Inc.
Reconciliation of GAAP (Loss) from Operations to
Non-GAAP Income (Loss) from Operations
(in thousands)
Three Months Ended
December 31,
Year Ended
December 31,
Three Months Ended
September 30,
2023
2022
2023
2022
2023
GAAP (loss) from operations
$
(8,635
)
$
(10,637
)
$
(49,233
)
$
(65,330
)
$
(13,440
)
Adjustments:
Revaluation of contingent royalty obligation
(875
)
1,809
4,257
5,755
1,802
Stock-based compensation:
Included in selling, general and administrative
4,119
2,329
15,564
10,565
4,295
Included in research and development
278
83
894
268
301
Depreciation and amortization
1,373
1,027
5,133
3,722
1,311
Non-GAAP (loss) from operations
$
(3,740
)
$
(5,389
)
$
(23,385
)
$
(45,020
)
$
(5,731
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307539329/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
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