EOLS — Evolus, Inc.

Evolus (EOLS) Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics

• Q4 2025 Revenue: $90.3 million, up 14% year-over-year.
  • Jeuveau Revenue: $83.1 million.
  • Evolysse Revenue: $7.2 million.
• Full Year 2025 Revenue: $297.2 million, a 12% increase, marking six consecutive years of double-digit growth.
• Gross Margin: Approximately 66% for both Q4 and full year 2025.
• Operating Expenses:
  • Q4 GAAP operating expenses: $55.1 million (down from $57.3 million in Q3).
  • Full Year GAAP operating expenses: $229.8 million, up from $216.7 million in 2024.
• Non-GAAP Operating Income: $7.1 million in Q4, compared to $6.7 million in Q4 2024.
• Cash Position: Ended Q4 with $53.8 million in cash, up from $43.5 million in Q3.

2. Strategic Updates and Business Highlights

• Evolus is focusing on a "beauty first" strategy, emphasizing cash-pay aesthetics and partnerships with aesthetic practices.
• Evolux Program: Launched to reward practices with co-branded media investments based on purchase volumes.
• Evolus Rewards: SMS-based loyalty program now has over 1.4 million treated patients.
• Product Portfolio Expansion:
  • Jeuveau continues to gain market share, now at over 14% in the U.S.
  • Evolysse, launched with new HA technology, has over 3,000 customers and is expected to broaden with a sampling program in Q2 2026.
• International Growth: Revenue from international markets nearly doubled year-over-year, now representing about 8% of total revenue.

3. Forward Guidance and Outlook

• 2026 Revenue Guidance: Expected between $327 million and $337 million (10% to 13% growth over 2025).
• Adjusted EBITDA Margin: Anticipated to be low to mid-single digits in 2026, with a target of 13% to 15% by 2028.
• Operating Expenses: Expected to remain flat with a minimal increase of 0% to 3% in 2026.
• Upcoming Product Launches: Estyme in Europe (Q2 2026) and Evolysse Sculpt (expected FDA approval in Q4 2026).

4. Bad News, Challenges, or Points of Concern

• The U.S. aesthetic market saw a decline in injectable procedural volumes for only the third time in 25 years.
• The filler market continues to face pressures, with expectations of low single-digit declines in 2026.
• Competitive pressures from new entrants in the neurotoxin market (e.g., AbbVie and Galderma) are anticipated, which could impact market dynamics.
• Evolysse is still in the early stages of adoption, and while growth is noted, it is contingent on broader market recovery.

5. Notable Q&A Insights

• Evolysse Adoption: Growth is diversifying beyond early adopters, with positive feedback from clinicians about its unique technology and natural results.
• Market Trends: The neurotoxin market is showing signs of stabilization, with expectations for low single-digit growth in 2026.
• Rebate Program: The new growth rebate program is designed to incentivize clinics to increase their business with Evolus, which has been well received.
• Inventory Dynamics: Accounts are cautiously managing inventory levels, with a gradual improvement noted but not yet back to pre-decline levels.
• European Market: The European aesthetic market is showing stronger recovery compared to the U.S., with signs of improvement in HA product volumes.

Overall, Evolus is positioned for continued growth despite market challenges, with a focus on strategic partnerships, product innovation, and disciplined expense management.