Evolus Inc (EOLS)

Regenerative Medicine's Newest Public Company Is Building Tissue, Not Replacing ItMay 22, 2026 10:31 AM
PR Newswire (US) Issued on behalf of Conexeu Sciences Inc.Companies mentioned: Conexeu Sciences Inc. (NASDAQ: CNXU), Integra LifeSciences Holdings Corporation (NASDAQ: IART), Evolus, Inc. (NASDAQ: EOLS), Bioventus Inc. (NASDAQ: BVS), Mesoblast Limited (NASDAQ: MESO)KEY TAKEAWAYSA fresh Nasdaq debut. Conexeu Sciences Inc. (Nasdaq: CNXU) began trading on May 21, 2026, marking the public-market entry of a Reno-based regenerative tissue platform company targeting wound care, breast reconstruction, and aesthetic medicine — three of the largest unmet-need categories in healthcare today.One platform, multiple markets. Conexeu's proprietary CXU™ extracellular matrix platform is designed to scale across multiple addressable markets without reformulation — a structural advantage rarely available to early-stage regenerative medicine companies.A new approach to mastectomy reconstruction. Conexeu's B.R.E.A.S.T.™ matrix is a 3D-bioprinted scaffold designed to support the body's own tissue regeneration, not to remain as a permanent implant — a potential paradigm shift for the more than 100,000 U.S. women who undergo mastectomies annually.Clean intellectual property. Conexeu holds issued patents across the U.S., E.U., Japan, and Australia with no royalty or licensing obligations, providing freedom to expand into new indications.Regulatory pathway in motion. The company is targeting a 510(k) submission in early 2027 for its initial indication, subject to regulatory review.NEW YORK, May 22, 2026 /PRNewswire/ -- USA News Group News Commentary — Wall Street's regenerative medicine bench just got one name deeper. On May 21, 2026, Conexeu Sciences Inc. (Nasdaq: CNXU) commenced trading on the Nasdaq, formally entering public markets as a preclinical-stage company built around a single, scalable bioregenerative platform that the company calls CXU™. Chairman Jeff Sharpe framed the listing-day milestone as a positioning move for the long arc of what's coming. "Today marks an important milestone in Conexeu's evolution as we enter the public markets during an important period of advancement across regenerative medicine, biomaterials science, and tissue restoration," he said. The investor pitch, in short: a platform that can address several multi-billion-dollar end markets through a single underlying technology — rather than the more typical biotech model of one molecule, one indication.The Platform
CXU™ is a patented bioregenerative extracellular matrix designed to restore soft tissue lost through injury, aging, and GLP-1-associated tissue-related weight loss. The first product expression, Ten Minute Tissue™, is a CXU-based injectable ECM that remains fluid at room temperature and transitions to a stable gel in situ at body temperature within approximately ten minutes. In preclinical studies, it has demonstrated enhanced healing dynamics, organized scaffold formation, and a favorable (low) inflammatory profile.The second high-profile expression of the same platform is B.R.E.A.S.T.™ — a 3D-bioprinted regenerative breast matrix that gradually resorbs as the patient's own tissue remodels and replaces it over time. It is investigational, has not been submitted to or reviewed by the FDA, and is limited by U.S. federal law to investigational use.The platform is grounded in more than a decade of university preclinical research and protected by issued patents across the U.S., E.U., Japan, and Australia, with additional filings pending.The Market Context
CNXU enters a public-market peer set that is showing genuine commercial momentum. A handful of recent earnings prints and corporate updates illustrate why the category is drawing capital.Integra LifeSciences Holdings Corporation (NASDAQ: IART) delivered one of the most compelling regenerative-medicine quarters of the year. The company reported Q1 2026 results that significantly beat expectations, with adjusted EPS of $0.54 against a forecast of $0.40 — an EPS surprise of 35%. The market response was emphatic. Both revenue and adjusted EPS came in above guidance, driven by product demand and supply chain improvements, with strong performance in Tissue Reconstruction propelled by notable growth from Integra Skin and DuraSorb as well as a robust launch for PriMatrix. The stock surged into the print, with IART up about 24% on the day.Evolus, Inc. (NASDAQ: EOLS) has been building a category-defining presence in performance beauty. On May 11, 2026, Evolus announced commercial launch of Estyme in Europe, and on May 14, 2026, the company completed a key NUCEIVA safety study, easing risk for aesthetic toxin investors. Analyst sentiment has remained constructive — BTIG sticks to a Buy rating on Evolus. The product mix of Jeuveau, the neurotoxin franchise, and Evolysse, a collection of injectable hyaluronic acid gels, places it squarely inside the same aesthetic-medicine market that Conexeu's GLP-1 contouring strategy targets.Bioventus Inc. (NASDAQ: BVS) rounds out the active-healing comp set. The company reported Q1 2026 EPS of $0.15, which was 50% higher than the projected $0.10, and revenue also exceeded forecasts, coming in at $132.1 million compared to the anticipated $129.86 million. Management raised the FY26 adjusted EPS view to 75c-79c from 73c-77c. Bioventus's portfolio across pain treatments, restorative therapies, and surgical solutions sits alongside Conexeu's wound care positioning as one of the larger commercial proof points in active healing.Mesoblast Limited (NASDAQ: MESO) highlights the upside narrative still embedded in the regenerative-medicine field. Mesoblast is a regenerative medicine company built around mesenchymal lineage cells, with Ryoncil already on the market for steroid-refractory acute graft versus host disease and a pipeline extending into chronic heart failure and chronic low back pain. On April 6, 2026, Mesoblast announced Ryoncil® net sales of US$30.3 million for the quarter ended March 31, 2026, with cumulative first-year launch revenue approaching US$100 million. Average analyst target prices have set up meaningful potential upside from current trading levels.Why The Listing Matters
For Conexeu, going public unlocks the next phase of capital formation needed to advance its platform across multiple product lines and toward its planned 510(k) submission in early 2027. H.C. Wainwright & Co. served as the exclusive financial advisor to the Company on the listing.For investors, the broader pattern is harder to miss. Tissue regeneration, advanced wound care, aesthetic injectables, and 3D-bioprinted scaffolds are no longer adjacent niches — they are converging into a single, multi-billion-dollar therapeutic adjacency. Conexeu's value proposition rides on whether its CXU™ platform can deliver across more than one of those categories with the same underlying material. That platform thesis is the structural difference between CNXU and most other preclinical-stage biotech debuts.About Conexeu Sciences Inc.
Conexeu Sciences is a preclinical-stage regenerative tissue platform company. Its patented bioregenerative extracellular matrix (ECM) platform, CXU™, is built on a single structural principle: one formula, one device, designed to scale across multiple addressable markets without reformulation. The Company is led by an experienced leadership team with deep expertise in biomaterials, regenerative medicine, and medical device commercialization and development.Contact:
USA News Group
info @therooster-2873Source
1. https://www.newsfilecorp.com/release/298401/Conexeu-Sciences-Commences-Trading-on-Nasdaq-Under-Ticker-Symbol-CNXU — primary release dated May 21, 2026 (Conexeu Sciences Inc.).Disclaimer: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed by USA News Group on behalf of MIQ. MIQ has been paid a fee for Conexeu Sciences Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Conexeu Sciences Inc. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this article or email as the basis for any investment decision. The owner/operator of MIQ currently owns shares of Conexeu Sciences Inc. that were purchased in the open market and reserves the right to buy and sell, and will buy and sell shares of Conexeu Sciences Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company; no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been reviewed and approved on behalf of Conexeu Sciences Inc. by CDMG; this is a digital media distribution.While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our article is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Logo - https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg  View original content to download multimedia:https://www.prnewswire.com/news-releases/regenerative-medicines-newest-public-company-is-building-tissue-not-replacing-it-302780212.htmlSOURCE USA News Group Original: Regenerative Medicine's Newest Public Company Is Building Tissue, Not Replacing It

Evolus Reports First Quarter 2026 Financial Results; Company Delivers Second Consecutive Quarter of Positive Adjusted EBITDA and Reaffirms Full-Year OutlookMay 4, 2026 4:05 PM
Business Wire Global Net Revenue of $73.1 Million for the First Quarter of 2026, Up 7% Over the Prior Year and Against the Highest Growth Quarter of 2025 GAAP Operating Loss of $6.8 Million and Adjusted EBITDA of $0.6 Million for the First Quarter of 2026, Representing the Second Consecutive Quarter of Positive Adjusted EBITDA and a Significant Improvement from a Loss of $5.5 Million in the Prior Year Period Reaffirms Full-Year 2026 Net Revenue Guidance of $327 Million to $337 Million and Non-GAAP Operating Expenses of $210 Million to $216 Million; Company Continues to Expect to Achieve a Low- to Mid-Single Digit Adjusted EBITDA Margin in 2026 Evolus, Inc. (NASDAQ: EOLS), a global performance beauty company with a focus on building an aesthetic portfolio of consumer brands, today announced its financial results for the first quarter ended March 31, 2026. “We started 2026 with a second consecutive quarter of positive Adjusted EBITDA, delivering profitability1 in what is seasonally our lowest revenue quarter,” said David Moatazedi, President and Chief Executive Officer of Evolus. “This performance reflects continued strength of the business and the benefit from structural improvements we implemented in 2025. Importantly, achieving profitability1 in the first quarter further reinforces the durability of our operating model and our confidence in achieving full-year profitability1 in 2026.” “Underlying demand across the business remains healthy and consistent with the momentum we exited 2025,” Moatazedi continued. “In the first quarter, we delivered unit growth for Jeuveau® across both U.S. and International markets, and during the second quarter of 2026 we expect to overcome some unique dynamics from the prior year, resulting in high single-digit Jeuveau® growth in the first half and supporting double-digit total revenue growth for the full year. Our performance continues to be supported by strong engagement from our existing customer base, expansion across national accounts, and ongoing growth in our international markets. At the same time, Evolysse® is building momentum and contributing to our expanding share of wallet within accounts.” “We are continuing to advance our strategy of building a global performance beauty company supported by a differentiated and expanding portfolio,” Moatazedi concluded. “Our commercial platform continues to scale effectively, supported by strong growth in Evolus Rewards™, which now approaches 1.5 million members, along with increasing customer penetration and consistent repeat utilization. We are also progressing key milestones, including the upcoming launch in mid-May of all four injectable hyaluronic acid gels under the Estyme® brand in Europe, and we continue to anticipate U.S. approval of Evolysse® Sculpt later this year. With a more efficient cost structure and expanding operating leverage, we reiterate our full-year guidance to deliver positive Adjusted EBITDA and double-digit revenue growth in 2026, while continuing to invest in long-term value creation.” First Quarter 2026 Highlights and Recent Developments The company’s key performance indicators demonstrated continued momentum during the first quarter, reflecting increasing customer penetration, strong reorder behavior, and the scalability of Evolus’ digitally enabled commercial platform. Total purchasing accounts increased by nearly 500 in the first quarter. Since launch, more than 18,100 customers have purchased from Evolus, with approximately 3,500 purchasing Evolysse®, driving U.S. account penetration above 60%. Customer reorder rates are approximately 71%2, reflecting strong engagement and retention. Members in the Evolus Rewards™ consumer loyalty program grew by nearly 75,000 during the quarter to approach 1.5 million3, representing a total increase of 27% as compared to the first quarter of 2025. Total Evolus Rewards™ redemptions for the quarter grew and reached an all-time high of over 255,0003 with existing patients receiving repeat treatments at the rate of approximately 70%, which demonstrates growing consumer adoption and utilization independent of broader market dynamics. First Quarter 2026 Financial Results Total net revenues for the first quarter of 2026 were $73.1 million, a 7% increase over the first quarter of 2025. Net revenue for the first quarter of 2026 included $66.4 million of global toxin revenue and $6.7 million of revenue from injectable hyaluronic acid (HA) gels. Gross profit margin and adjusted gross profit margin were 66.9% and 68.0%, respectively. Adjusted gross profit margin excludes amortization of intangible assets. GAAP operating expenses for the first quarter of 2026 were $55.7 million as compared to $55.1 million in the fourth quarter of 2025. The fourth quarter of 2025 included a $4.5 million benefit related to the revaluation of the contingent royalty obligation. Non-GAAP operating expenses for the first quarter of 2026 were $49.1 million, compared to $53.0 million in the fourth quarter of 2025. Non-GAAP operating expenses exclude stock-based compensation expense, revaluation of the contingent royalty obligation and depreciation and amortization. GAAP loss from operations for the first quarter of 2026 was $6.8 million, compared to GAAP loss from operations of $15.2 million in the first quarter of 2025. Adjusted EBITDA, which is equivalent to non-GAAP income from operations, in the first quarter of 2026 was $0.6 million, compared to a loss of $5.5 million in the first quarter of 2025, reflecting expanding operating leverage and disciplined expense management. As of March 31, 2026, the company had cash and cash equivalents of $49.8 million compared to $53.8 million on December 30, 2025. Outlook – Evolus Continues to Expect: Total net revenues for 2026 projected to be between $327 million and $337 million, which represents 10% to 13% growth over the prior year. Adjusted gross profit margin for the full-year 2026 to be between 65.5% and 67.0%, reflecting an evolving revenue mix while maintaining a disciplined approach to margin optimization. Non-GAAP operating expenses for 2026 to be between $210 million and $216 million, representing a modest 0% to 3% growth over 2025 non-GAAP operating expenses, and reflecting meaningful operating leverage alongside continued operational efficiency. Evolysse® and Estyme® injectable HA gels to contribute 10% to 12% of total revenue for the full-year 2026, reflecting: U.S. commercialization of Evolysse® Form and Evolysse® Smooth; The anticipated commercial launch of Estyme® in Europe; and The anticipated U.S. approval of Evolysse® Sculpt in the fourth quarter of 2026; however, guidance assumes no revenue contribution from the product. Achieve a low- to mid-single digit Adjusted EBITDA margin in 2026. To maintain a strong capital position, supported by $49.8 million of cash and cash equivalents as of March 31, 2026 and approximately $120 million of additional capacity, providing sufficient resources to execute the Company’s strategy and invest in growth. 2028 long-term financial outlook reflecting total net revenue between $450 million and $500 million, representing a three-year CAGR of 15% to 19%, and Adjusted EBITDA margins of 13% to 15% for 2028, which reflects: Current market conditions and a more conservative near-term growth environment; Strengthened market share, driven by continued outperformance, portfolio expansion, and commercial execution; and International business performance remaining on track, supported by continued execution across existing markets and the anticipated commercial launch of Estyme® in Europe. The Company Noted: In April the White House announced a 15% tariff on patented pharmaceuticals from South Korea. Absent an exception, this tariff would apply to Jeuveau® beginning September 29, 2026. Given the three-year shelf life of Jeuveau®, combined with its manufacturing partner’s ability to produce significant quantities, the Company believes it has meaningful flexibility to mitigate the near to medium term impact of the announced tariff. Certain elements of the tariff may not ultimately apply to Evolus, and the Company is actively evaluating mitigation strategies to minimize medium to long-term potential financial or operational impact. Evolysse®, which is classified as a medical device and imported from France, is currently subject to a 10% tariff. Beginning in fiscal year 2026, the Company has transitioned its primary profitability metric from Non-GAAP Operating Income (Loss) to Adjusted EBITDA. This change is intended to improve comparability to industry peers, and will not impact reported results, as the reconciling items are consistent between both metrics. 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 13759697. 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 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® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse®, a collection of unique injectable hyaluronic acid (HA) gels. 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” for 2025 and prior is defined as achieving positive Adjusted EBITDA. 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 March 31, 2026. 3 Represents cumulative statistics from the launch of Evolus Rewards™ in May 2020 through March 31, 2026. 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, Adjusted EBITDA and Adjusted EBITDA margin. 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 excludes (i) revaluation of the contingent royalty obligations, (ii) stock-based compensation expense and (iii) depreciation and amortization. Adjusted EBITDA is defined as net income (loss) before interest expense, interest income, income tax expense, revaluation of the contingent royalty obligations, stock-based compensation expense, depreciation and amortization, and other income (expense), net. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of total net revenues. 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, Adjusted EBITDA and Adjusted EBITDA margin 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, Adjusted EBITDA and Adjusted EBITDA margin will enable investors to assess the company in the same way that management assesses the company’s operating performance against comparable companies with conventional accounting methodologies. The company’s definitions of adjusted gross profit, adjusted gross profit margin, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin 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 (i) adjusted gross profit, (ii) adjusted gross profit margin, (iii) non-GAAP operating expenses, and (iv) Adjusted EBITDA and Adjusted EBITDA margin presented herein to (i) gross profit, (ii) gross profit margin, (iii) GAAP operating expenses and (iv) GAAP Net Loss, 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 Reconciliation of GAAP Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin” in the financial schedules below. In addition, this press release includes information regarding the company’s expected non-GAAP operating expenses and Adjusted EBITDA for the full-year 2026 and Adjusted EBITDA margin by 2028. Evolus has not provided a reconciliation of such forward-looking non-GAAP operating expenses, Adjusted EBITDA, or Adjusted EBITDA margin because a reconciliation of such measures to forward-looking GAAP operating expenses and GAAP net income (loss), 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 since they 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 or anticipated 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 and approvals; the impacts of tariffs and the company’s ability to mitigate such impacts; the company’s business strategies and capital resources; the company’s financial outlook for 2026 and beyond, including the assumptions set forth therein; and the company’s expectations and timing for achieving continued profitability. 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, our reliance on consumer discretionary spending, unfavorable global economic conditions including trade disputes, tariffs and regulatory actions on imports, 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 U.S. and Estyme® HA gels in Europe, our ability to maintain regulatory approvals of Jeuveau® and Evolysse® or obtain regulatory approvals for new product candidates or indications, our reliance on Symatese to achieve and/or maintain regulatory approval for the Evolysse® HA gel products 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 and our Quarterly Report on Form 10-Q for quarter ended March 31, 2026 filed with the Securities and Exchange Commission on or about May 4, 2026. 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®, and Evolysse® are registered trademarks of Evolus, Inc.
Estyme® is a trademark of Symatese Aesthetics S.A.S. Jeuveau® (known as Nuceiva® outside the United States) and Evolysse® (known as Estyme® outside the United States) are referred to throughout this press release by their U.S. trade names for convenience.   Evolus, Inc. Consolidated Statements of Operations and Comprehensive Loss (in thousands, except loss per share data) (Unaudited)   Three Months Ended March 31,     2026       2025   Revenue:       Product revenue, net $ 72,747     $ 68,074   Service revenue   390       448   Total net revenues   73,137       68,522   Cost of goods sold   24,240       21,867   Gross profit   48,897       46,655   Operating expenses:       Selling, general and administrative   51,981       56,640   Research and development   2,240       2,212   Revaluation of contingent royalty obligation payable to Evolus Founders   (14 )     2,151   Depreciation and amortization   1,538       824   Total operating expenses   55,745       61,827   Loss from operations   (6,848 )     (15,172 ) Other income (expense):       Interest income   285       710   Interest expense   (3,975 )     (4,415 ) Other income (expense), net   120       57   Loss before income taxes   (10,418 )     (18,820 ) Income tax expense   (256 )     (72 ) Net loss $ (10,674 )   $ (18,892 ) Other comprehensive income (loss), net of tax:       Currency translation adjustment   (122 )     66   Comprehensive loss $ (10,796 )   $ (18,826 ) Net loss per share, basic and diluted $ (0.16 )   $ (0.30 ) Weighted-average shares outstanding used to compute basic and diluted net loss per share   65,187       63,697     Evolus, Inc. Summary of Consolidated Balance Sheet Data (Unaudited, in thousands)   March 31, 2026   December 31, 2025 Cash and cash equivalents $ 49,792     $ 53,826   Accounts receivable, net   52,219       54,697   Inventories   24,796       26,963   Prepaid expenses and other current assets   12,117       7,431   Total current assets   138,924       142,917   Noncurrent assets   81,722       82,951   Total assets $ 220,646     $ 225,868   Accounts payable and accrued expenses $ 51,408     $ 58,951   Other current liabilities   16,616       16,354   Total current liabilities   68,024       75,305   Long-term debt   156,414       146,096   Other noncurrent liabilities   24,989       27,573   Total liabilities $ 249,427     $ 248,974   Total stockholders’ equity (deficit) $ (28,781 )   $ (23,106 )   Evolus, Inc. Summary of Consolidated Cash Flows (Unaudited, in thousands)   Three Months Ended March 31,     2026       2025   Net cash (used in) provided by:       Operating activities $ (9,952 )   $ (15,632 ) Investing activities   (1,691 )     (1,861 ) Financing activities   7,619       (1,631 ) Effect of exchange rates on cash and cash equivalents   (10 )     66   Change in cash and cash equivalents   (4,034 )     (19,058 ) Cash and cash equivalents, beginning of period   53,826       86,952   Cash and cash equivalents, end of period $ 49,792     $ 67,894     Evolus, Inc. Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin (Unaudited, in thousands)   Three Months Ended March 31,     2026       2025   Total net revenues $ 73,137     $ 68,522   Cost of goods sold   24,240       21,867   Gross profit   48,897       46,655   Gross profit margin   66.9 %     68.1 % Add: Amortization of distribution right intangible asset   808       739   Adjusted gross profit $ 49,705     $ 47,394   Adjusted gross profit margin   68.0 %     69.2 %   Evolus, Inc. Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited, in thousands)   Three Months Ended
March 31,   Three Months Ended December 31,     2026       2025     2025   GAAP operating expense $ 55,745     $ 61,827   $ 55,071   Adjustments:           Revaluation of contingent royalty obligation   (14 )     2,151     (4,511 ) Stock-based compensation:           Included in selling, general and administrative   4,750       5,749     4,787   Included in research and development   366       179     360   Depreciation and amortization   1,538       824     1,446   Non-GAAP operating expense $ 49,105     $ 52,924   $ 52,989     Evolus, Inc. Reconciliation of GAAP Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited, in thousands)   Three Months Ended March 31,   2026   2025 GAAP net loss $ (10,674)   $ (18,892) Adjustments:       Income tax expense 256   72 Interest income and expense 3,690   3,705 Depreciation and amortization 1,538   824 Amortization of distribution right intangible assets 808   739 Revaluation of contingent royalty obligation (14)   2,151 Stock-based compensation:       Included in selling, general and administrative 4,750   5,749 Included in research and development 366   179 Other income (expense), net (120)   (57) Adjusted EBITDA $ 600   $ (5,530) Adjusted EBITDA margin 0.8 %   (8.1) %   View source version on businesswire.com: https://www.businesswire.com/news/home/20260504795495/en/ Evolus Contacts:
Investors:
Nareg Sagherian
Vice President, Head of Global Investor Relations and Corporate Communications
Tel: 248-202-9267
Email: ir@evolus.com Media:
Email: media@evolus.com Original: Evolus Reports First Quarter 2026 Financial Results; Company Delivers Second Consecutive Quarter of Positive Adjusted EBITDA and Reaffirms Full-Year Outlook

Evolus Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)March 20, 2026 4:05 PM
Business Wire
Evolus, Inc. (NASDAQ: EOLS) a performance beauty company with a focus on building an aesthetic portfolio of consumer brands, today reported the grant during March 2026 of an aggregate of 85,516 restricted stock units (RSUs) and 8,635 stock options of the company’s common stock to 10 newly hired non-executive employees of the company. The awards were approved by the compensation committee of the company’s board of directors under the Evolus’ 2023 Inducement Incentive Plan, with grant dates and vesting commencement dates in March 2026 as inducements material to the new employees entering into employment with Evolus in accordance with Nasdaq Listing Rule 5635(c)(4).


The RSUs and options vest 25% on each annual anniversary of the vesting commencement date. The stock options have an exercise price equal to the closing price of the company’s common stock on the last business day prior to the applicable grant date. The awards are subject to the terms and conditions of the 2023 Inducement Incentive Plan and the terms and conditions of the stock option agreement or RSU agreement, as applicable, covering the grant, including requirements to remain continuously employed on each vesting date.


About Evolus, Inc.


Evolus (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® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse™, a collection of unique injectable hyaluronic acid (HA) gels. Visit us at www.evolus.com, and follow us on LinkedIn, X, Instagram or Facebook.


Jeuveau® and Nuceiva®, are registered trademarks and Evolysse™ is a trademark of Evolus, Inc. Estyme® is a trademark of Symatese Aesthetics S.A.S.


Jeuveau® (known as Nuceiva® outside the United States) and Evolysse™ (known as Estyme® outside the United States) are referred to throughout this press release by their U.S. trade names for convenience.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260320045970/en/
Evolus Contacts:

Investors:

Nareg Sagherian

Vice President, Head of Global Investor Relations and Corporate Communications

Tel: 248-202-9267

Email: ir@evolus.com


Media:

Email: media@evolus.com


Original: Evolus Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Evolus Reports Fourth Quarter and Full-Year 2025 Financial Results; Delivers Sixth Consecutive Year of Double-Digit Growth and Expects Sustainable Profitability1 Beginning in 2026March 3, 2026 4:05 PM
Business Wire

Total Net Revenue of $90.3 Million for the Fourth Quarter and $297.2 Million for the Full-Year 2025, Representing Growth of 14% and 12% Over the Prior Year



Delivered GAAP Operating Income of $4.2 Million for the Fourth Quarter; Non-GAAP Operating Income of $7.1 Million for Q4 2025, Above Prior Guidance Range



Full-Year GAAP Operating Expenses of $229.8 Million in 2025; Non-GAAP Operating Expense of $209.7 Million, Within the Company’s Guidance Range of $208 Million to $213 Million, with Second Half 2025 Expenses Declining 4% Compared to the First Half, Driving Meaningful Year-Over-Year Operating Leverage in the Second Half



2026 Net Revenue Guidance of $327 Million to $337 Million, Which Represents 10% to 13% Growth from 2025 Results



2026 Non-GAAP Operating Expense Guidance Reflects Meaningful Operating Leverage, With Only 0% to 3% Year-Over-Year Growth Resulting in a Range of $210 Million to $216 Million; Company Expects to Achieve a Low- to Mid-Single Digit Adjusted EBITDA Margin in 2026



Evolus, Inc. (NASDAQ: EOLS), a global performance beauty company with a focus on building an aesthetic portfolio of consumer brands, today announced its financial results for the fourth quarter and full-year ended December 31, 2025.


“In 2025 we generated nearly $300 million in total net revenue delivering our sixth consecutive year of double-digit growth,” said David Moatazedi, President and Chief Executive Officer of Evolus. “Our performance beauty positioning supported by clinically differentiated products has enabled us to continue to outpace the market while strengthening U.S. and International share for Jeuveau® and successfully expanding our U.S. injectable portfolio with the launch of Evolysse™. The consistency of our relative outperformance reflects the durability of our commercial model and the growing relevance of our portfolio to today’s aesthetic consumer.


“We achieved profitability1 in the fourth quarter, reflecting the benefits of decisive expense actions we implemented in the second quarter, proactively rebasing our expense structure to align with current market conditions while preserving our growth trajectory,” Moatazedi continued. “With our core commercial infrastructure now in place, we expect to deliver on our 2026 revenue guidance while growing non-GAAP operating expenses at a modest 0% to 3% and expanding operating leverage to result in a low- to mid-single digit Adjusted EBITDA margin. This disciplined framework, together with key value-creating milestones ahead including the European launch of Estyme®, the anticipated approval of Evolysse™ Sculpt in the U.S., and continued momentum across our injectable aesthetics portfolio positions us to drive leverage expansion over the next three years and achieve 13% to 15% Adjusted EBITDA margins in 2028. As we advance toward sustainable profitability and meaningful free cash flow, we expect to have the financial flexibility to actively manage our capital structure while continuing to invest in growth, reinforcing the strength and durability of our long-term value creation strategy.”


Fourth Quarter and Full-Year 2025 Highlights and Recent Developments



The company’s key performance indicators demonstrated continued momentum during the fourth quarter, reflecting increasing customer penetration, strong reorder behavior, and the scalability of Evolus’ digitally enabled commercial platform.


Total purchasing accounts increased by over 600 in the fourth quarter. Since launch, more than 17,700 customers have purchased from Evolus, with more than 3,000 purchasing Evolysse™, driving U.S. account penetration above 55%. Customer reorder rates are approximately 71%2, reflecting strong engagement and retention.



Members in the Evolus Rewards™ consumer loyalty program grew by more than 76,000 during the quarter to approach 1.4 million3, representing a total increase of 30% as compared to the fourth quarter of 2024.



Total Evolus Rewards™ redemptions for the quarter grew and reached an all-time high of over 249,0003 with existing patients receiving repeat treatments at the rate of approximately 70%, which demonstrates growing consumer adoption and utilization independent of broader market dynamics.






Fourth Quarter 2025 Financial Results



Total net revenues for the fourth quarter of 2025 were $90.3 million, a 14% increase over the fourth quarter of 2024, driven by higher volumes across all products. Net revenue for the fourth quarter of 2025 included $83.1 million of global toxin revenue and $7.2 million of revenue from injectable hyaluronic acid (HA) gels.



Gross profit margin and adjusted gross profit margin were 65.7% and 66.6%, respectively. Adjusted gross profit margin excludes amortization of intangible assets.



GAAP operating expenses for the fourth quarter of 2025 were $55.1 million as compared to $57.3 million in the third quarter of 2025, including a $4.5 million benefit related to the revaluation of the contingent royalty obligation.



Non-GAAP operating expenses for the fourth quarter of 2025 were $53.0 million, compared to $49.7 million in the third quarter of 2025, which includes timing of costs related to a customer event that shifted from the third quarter to the fourth quarter. Non-GAAP operating expenses exclude stock-based compensation expense, revaluation of the contingent royalty obligation, depreciation and amortization, and restructuring costs.



GAAP income from operations for the fourth quarter of 2025 was $4.2 million, compared to GAAP loss from operations of $2.3 million in the fourth quarter of 2024.



Non-GAAP income from operations in the fourth quarter of 2025 was $7.1 million compared to $6.7 million in the fourth quarter of 2024. Non-GAAP income (loss) from operations excludes stock-based compensation expense, revaluation of the contingent royalty obligation, depreciation and amortization, amortization of intangible assets, and restructuring costs.



As of December 31, 2025, the company had cash and cash equivalents of $53.8 million compared to $43.5 million on September 30, 2025, reflecting strong sales growth, working capital management, and prudent expense management.



Full-Year 2025 Financial Results



Total net revenues for full-year 2025 were $297.2 million, a 12% increase over full-year total net revenues in 2024, delivering double-digit growth for the sixth consecutive year. Total net revenue for the full-year 2025 included $274.5 million of global toxin revenue and $22.6 million of revenue from injectable HA gels.



Gross profit margin and adjusted gross profit margin were 66.3% and 67.4%. Adjusted gross profit margin excludes amortization of intangible assets.



GAAP operating expenses were $229.8 million in 2025 compared to $216.7 million in 2024, including a $6.4 million benefit related to the revaluation of the contingent royalty obligation. Non-GAAP operating expenses were $209.7 million in 2025 and within the company’s guidance range of $208 million to $213 million. Notably, non-GAAP operating expenses in the second half of 2025 declined 4% compared to the first half of the year, reflecting the benefits of expense reduction measures taken in the year. Non-GAAP operating expenses for 2024 were $185.0 million. Non-GAAP operating expenses exclude stock-based compensation expense, revaluation of the contingent royalty obligation, depreciation and amortization, and restructuring costs.



GAAP loss from operations was $32.7 million for 2025 compared to $34.4 million in 2024. Non-GAAP loss from operations in 2025 was $9.4 million compared to income of $0.3 million in 2024. Notably, the second half of 2025 generated over $4 million of non-GAAP operating income, compared to approximately breakeven performance in the second half of 2024, demonstrating the operating leverage created by the structural expense actions taken during the year. Non-GAAP income (loss) from operations excludes stock-based compensation expense, revaluation of the contingent royalty obligation expense, depreciation and amortization, and restructuring costs.



Outlook



Total net revenues for 2026 are projected to be between $327 million and $337 million, which represents 10% to 13% growth over the prior year.



Evolus expects its adjusted gross profit margin for the full-year 2026 to be between 65.5% and 67.0%, reflecting an evolving revenue mix while maintaining a disciplined approach to margin optimization.



Non-GAAP operating expenses for 2026 are estimated to be between $210 million and $216 million, representing a modest 0% to 3% growth over 2025 non-GAAP operating expenses, and reflecting meaningful operating leverage alongside continued operational efficiency.



Evolysse™ and Estyme® injectable HA gels are anticipated to contribute 10% to 12% of total revenue for the full-year 2026, reflecting:


U.S. commercialization of Evolysse™ Form and Evolysse™ Smooth;



The anticipated commercial launch of Estyme® in Europe; and



The anticipated U.S. approval of Evolysse™ Sculpt in the fourth quarter of 2026, with guidance not assuming any revenue contribution from the product.






The company expects to achieve a low- to mid-single digit adjusted EBITDA margin in 2026.



2028 long-term financial outlook reflecting total net revenue between $450 million and $500 million, representing a three-year CAGR of 15% to 19%, and adjusted EBITDA margins of 13% to 15% for 2028, which reflects:


A recalibrated U.S. market outlook, reflecting current market conditions and a more conservative near-term growth environment;



Strengthened market share, driven by continued outperformance, portfolio expansion, and commercial execution; and



International business performance remaining on track, supported by continued execution across existing markets and the anticipated commercial launch of Estyme® in Europe.






The Company Noted:



Based on announcements to date, Jeuveau®, a biologic, is not currently impacted by tariffs.



Based on recent court decisions and executive actions, Evolysse™, which is classified as a medical device and imported from France, is currently subject to a 10% tariff. The administration has also communicated the possibility of an additional 5% tariff, which has not been formally implemented. The Company is evaluating the potential recovery of previously paid tariffs which were overturned by the U.S. Supreme Court. The Company continues to monitor policy developments and will evaluate any potential impact pending further guidance from the U.S. administration.



Beginning in fiscal year 2026, the Company will transition its primary profitability metric from Non-GAAP Operating Income (Loss) to Adjusted EBITDA. This change is intended to improve comparability to industry peers, and will not impact reported results, as the reconciling items are consistent between both metrics.



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 13758456. 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 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® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse™, a collection of unique injectable hyaluronic acid (HA) gels. 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” for prior periods is defined as achieving positive non-GAAP operating income and for future periods is defined as achieving positive Adjusted EBITDA. 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 December 31, 2025.


3 Represents cumulative statistics from the launch of Evolus Rewards™ in May 2020 through December 31, 2025.


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, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin.


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, non-GAAP income (loss) from operations, and non-GAAP operating income margin exclude (i) revaluation of the contingent royalty obligations, (ii) stock-based compensation expense, (iii) depreciation and amortization, and (iv) restructuring costs.


Adjusted EBITDA is defined as net income (loss) before interest expense, interest income, income tax expense, revaluation of the contingent royalty obligations, stock-based compensation expense, depreciation and amortization, restructuring costs, and other income (expense), net. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of total net revenues.


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, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin 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, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin will enable investors to assess the company in the same way that management assesses the company’s operating performance against comparable companies with conventional accounting methodologies.


The company’s definitions of adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin 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 income (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 Income (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 non-GAAP operating expenses and Adjusted EBITDA for the full-year 2026 and Adjusted EBITDA margin by 2028. Evolus has not provided a reconciliation of such forward-looking non-GAAP operating expenses, Adjusted EBITDA, or Adjusted EBITDA margin because a reconciliation of such measures to forward-looking GAAP operating expenses and GAAP net income (loss), 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 since they 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 or anticipated 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 and revenue growth; the expected benefits of anticipated product launches, regulatory approvals and the company’s injectable HA gel portfolio; the company’s financial outlook for 2026 and beyond, including the assumptions set forth therein; and the company’s expectations and timing for achieving continued profitability.


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, our reliance on consumer discretionary spending, unfavorable global economic conditions including trade disputes, tariffs and regulatory actions on imports, 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 U.S. and Estyme® HA gels in Europe, our ability to maintain regulatory approvals of Jeuveau® and Evolysse™ or obtain regulatory approvals for new product candidates or indications, our reliance on Symatese to achieve and/or maintain regulatory approval for the Evolysse™ HA gel products 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, 2025 expected to be filed with the Securities and Exchange Commission on or about March 3, 2026. 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.


Estyme® is a trademark of Symatese Aesthetics S.A.S.


Jeuveau® (known as Nuceiva® outside the United States) and Evolysse™ (known as Estyme® outside the United States) are referred to throughout this press release by their U.S. trade names for convenience.




Evolus, Inc.




Consolidated Statements of Operations and Comprehensive Income (Loss)




(in thousands, except loss per share data)










 



 






(unaudited)






 






 








 






Three Months Ended




December 31,






 






Year Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Revenue:






 






 






 






 






 






 






 








Product revenue, net






$






89,216






 






 






$






78,956






 






 






$






294,956






 






 






$






264,306






 








Service revenue






 






1,084






 






 






 






(9






)






 






 






2,220






 






 






 






1,968






 








Total net revenues






 






90,300






 






 






 






78,947






 






 






 






297,176






 






 






 






266,274






 








Cost of revenue:






 






 






 






 






 






 






 








Cost of goods sold






 






31,009






 






 






 






26,312






 






 






 






100,069






 






 






 






83,970






 








Gross profit






 






59,291






 






 






 






52,635






 






 






 






197,107






 






 






 






182,304






 








Operating expenses:






 






 






 






 






 






 






 








Selling, general and administrative






 






54,655






 






 






 






50,244






 






 






 






220,786






 






 






 






198,025






 








Research and development






 






3,481






 






 






 






2,430






 






 






 






9,576






 






 






 






9,172






 








Revaluation of contingent royalty obligation payable to Evolus Founders






 






(4,511






)






 






 






1,565






 






 






 






(6,381






)






 






 






7,176






 








Depreciation and amortization






 






1,446






 






 






 






710






 






 






 






4,345






 






 






 






2,342






 








Restructuring costs






 






—






 






 






 






—






 






 






 






1,443






 






 






 






—






 








Total operating expenses






 






55,071






 






 






 






54,949






 






 






 






229,769






 






 






 






216,715






 








Income (loss) from operations






 






4,220






 






 






 






(2,314






)






 






 






(32,662






)






 






 






(34,411






)








Other income (expense):






 






 






 






 






 






 






 








Interest income






 






263






 






 






 






789






 






 






 






1,931






 






 






 






3,263






 








Interest expense






 






(3,978






)






 






 






(4,573






)






 






 






(19,694






)






 






 






(18,735






)








Other income (expense), net






 






10






 






 






 






(253






)






 






 






(539






)






 






 






127






 








Income (loss) before income taxes






 






515






 






 






 






(6,351






)






 






 






(50,964






)






 






 






(49,756






)








Income tax expense






 






(385






)






 






 






(440






)






 






 






(677






)






 






 






(664






)








Net income (loss)






$






130






 






 






$






(6,791






)






 






$






(51,641






)






 






$






(50,420






)








Other comprehensive income (loss), net of tax:






 






 






 






 






 






 






 








Currency translation adjustment






 






(19






)






 






 






(216






)






 






 






749






 






 






 






(478






)








Comprehensive income (loss)






$






111






 






 






$






(7,007






)






 






$






(50,892






)






 






$






(50,898






)








Net income (loss) per share, basic






$






0.00






 






 






$






(0.11






)






 






$






(0.80






)






 






$






(0.81






)








Net income (loss) per share, diluted






$






0.00






 






 






$






(0.11






)






 






$






(0.80






)






 






$






(0.81






)








Weighted-average shares outstanding used to compute basic net income (loss) per share






 






64,897






 






 






 






63,369






 






 






 






64,469






 






 






 






62,017






 








Weighted-average shares outstanding used to compute diluted net income (loss) per share






 






65,351






 






 






 






63,369






 






 






 






64,469






 






 






 






62,017






 






















 




Evolus, Inc.




Summary of Consolidated Balance Sheet Data




(in thousands)










 



 






December 31, 2025






 






December 31, 2024








Cash and cash equivalents






$






53,826






 






 






$






86,952









Accounts receivable, net






 






54,697






 






 






 






47,682






 








Inventories






 






26,963






 






 






 






12,158






 








Prepaid expenses and other current assets






 






7,431






 






 






 






4,550






 








Total current assets






 






142,917






 






 






 






151,342






 








Noncurrent assets






 






82,951






 






 






 






81,227






 








Total assets






$






225,868






 






 






$






232,569






 








Accounts payable and accrued expenses






$






58,951






 






 






$






50,027






 








Other current liabilities






 






16,354






 






 






 






12,933






 








Total current liabilities






 






75,305






 






 






 






62,960






 








Long-term portion of term loan, net of discount and issuance costs






 






146,096






 






 






 






121,506






 








Other noncurrent liabilities






 






27,573






 






 






 






42,581






 








Total liabilities






$






248,974






 






 






$






227,047






 








Total stockholders’ equity (deficit)






$






(23,106






)






 






$






5,522






 














 




Evolus, Inc.




Summary of Consolidated Cash Flows




(in thousands)










 



 






 






 






(unaudited)








 






Year Ended




December 31,






 






Three Months Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 








Net cash (used in) provided by:






 






 






 






 






 








Operating activities






$






(42,265






)






 






$






(17,999






)






 






$






12,827






 








Investing activities






 






(8,452






)






 






 






(4,823






)






 






 






(2,166






)








Financing activities






 






17,337






 






 






 






47,414






 






 






 






77






 








Effect of exchange rates on cash and cash equivalents






 






254






 






 






 






(478






)






 






 






(435






)








Change in cash and cash equivalents






 






(33,126






)






 






 






24,114






 






 






 






10,303






 








Cash and cash equivalents, beginning of period






 






86,952






 






 






 






62,838






 






 






 






43,523






 








Cash and cash equivalents, end of period






$






53,826






 






 






$






86,952






 






 






$






53,826






 


















 




Evolus, Inc.




Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin




(in thousands)










 



 






 






 






(unaudited)








 






Year Ended




December 31,






 






Three Months Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Total net revenues






$






297,176






 






 






$






266,274






 






 






$






90,300






 






 






$






78,947






 








Cost of goods sold






 






100,069






 






 






 






83,970






 






 






 






31,009






 






 






 






26,312






 








Gross profit






 






197,107






 






 






 






182,304






 






 






 






59,291






 






 






 






52,635






 








Gross profit margin






 






66.3






%






 






 






68.5






%






 






 






65.7






%






 






 






66.7






%








Add: Amortization of distribution right intangible asset






 






3,160






 






 






 






2,955






 






 






 






808






 






 






 






665






 








Adjusted gross profit






$






200,267






 






 






$






185,259






 






 






$






60,099






 






 






$






53,300






 








Adjusted gross profit margin






 






67.4






%






 






 






69.6






%






 






 






66.6






%






 






 






67.5






%






















 




Evolus, Inc.




Reconciliation of GAAP Operating Expenses to




Non-GAAP Operating Expenses




(in thousands)












 






(unaudited)








 






Year Ended




December 31,







Three Months Ended




December 31,







Three Months Ended




September 30,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 






 






 






2025






 








GAAP operating expense






$






229,769







 






$






216,715







 






$






55,071







 






$






54,949







 






$






57,341









Adjustments:






 






 






 






 






 






 






 






 






 








Revaluation of contingent royalty obligation






 






(6,381






)






 






 






7,176






 






 






 






(4,511






)






 






 






1,565






 






 






 






(107






)








Stock-based compensation:






 






 






 






 






 






 






 






 






 








Included in selling, general and administrative






 






19,845






 






 






 






21,172






 






 






 






4,787






 






 






 






5,802






 






 






 






4,963






 








Included in research and development






 






853






 






 






 






1,016






 






 






 






360






 






 






 






303






 






 






 






172






 








Depreciation and amortization






 






4,345






 






 






 






2,342






 






 






 






1,446






 






 






 






710






 






 






 






1,143






 








Restructuring costs






 






1,443






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1,443






 








Non-GAAP operating expense






$






209,664






 






 






$






185,009






 






 






$






52,989






 






 






$






46,569






 






 






$






49,727






 


























 




Evolus, Inc.




Reconciliation of GAAP Income (Loss) from Operations to




Non-GAAP Income (Loss) from Operations




(in thousands)










 






(unaudited)








 






Year Ended




December 31,






 






Three Months Ended




December 31,






 






Three Months Ended




September 30,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 






 






 






2025






 








GAAP income (loss) from operations






$






(32,662






)






 






$






(34,411






)






 






$






4,220






 






 






$






(2,314






)






 






$






(11,500






)








Adjustments:






 






 






 






 






 






 






 






 






 








Revaluation of contingent royalty obligation






 






(6,381






)






 






 






7,176






 






 






 






(4,511






)






 






 






1,565






 






 






 






(107






)








Stock-based compensation:






 






 






 






 






 






 






 






 






 








Included in selling, general and administrative






 






19,845






 






 






 






21,172






 






 






 






4,787






 






 






 






5,802






 






 






 






4,963






 








Included in research and development






 






853






 






 






 






1,016






 






 






 






360






 






 






 






303






 






 






 






172






 








Depreciation and amortization






 






4,345






 






 






 






2,342






 






 






 






1,446






 






 






 






710






 






 






 






1,143






 








Amortization of distribution right intangible assets






 






3,160






 






 






 






2,955






 






 






 






808






 






 






 






665






 






 






 






807






 








Restructuring costs






 






1,443






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1,443






 








Non-GAAP income (loss) from operations






$






(9,397






)






 






$






250






 






 






$






7,110






 






 






$






6,731






 






 






$






(3,079






)







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303648532/en/
Evolus Contacts:

Investors:

Nareg Sagherian

Vice President, Head of Global Investor Relations and Corporate Communications

Tel: 248-202-9267

Email: ir@evolus.com


Media:

Email: media@evolus.com


Original: Evolus Reports Fourth Quarter and Full-Year 2025 Financial Results; Delivers Sixth Consecutive Year of Double-Digit Growth and Expects Sustainable Profitability1 Beginning in 2026