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Mar 31, 2020
Evolus Q1 2020 Earnings Report
Reported financial results for the first quarter ended March 31, 2020, including the impact of the COVID-19 pandemic.
Key Takeaways
Evolus reported $10.5 million in net revenues for Q1 2020, which was primarily reduced by a $10.2 million provision for coupons. The company enacted plans to conserve cash and significantly reduce the operating expense base, including a reduction of the employee base by greater than 40%.
Net revenues for the first quarter of 2020 were $10.5 million.
Gross margin in the first quarter of 2020 was approximately 60%.
GAAP operating expenses and GAAP loss from operations for the first quarter of 2020 were $23.7 million and $17.4 million, respectively.
Cash, cash equivalents and short-term investments were $99.6 million as of March 31, 2020.
Forward Guidance
Evolus expects nominal net revenues in the second quarter of 2020 followed by sequential quarterly improvement in U.S. net revenues for the balance of 2020. Evolus anticipates its non-GAAP operating expenses for the second quarter of 2020 will be less than $25 million including severance expense of approximately $2.9 million. We anticipate our non-GAAP operating expenses for the second half of 2020 will be less than $42 million. Evolus expects its cash, cash equivalents and short-term investments will be sufficient to fund its operations for at least the next twelve months.
Positive Outlook
- Evolus expects nominal net revenues in the second quarter of 2020 followed by sequential quarterly improvement in U.S. net revenues for the balance of 2020.
- Evolus anticipates its non-GAAP operating expenses for the second quarter of 2020 will be less than $25 million including severance expense of approximately $2.9 million.
- We anticipate our non-GAAP operating expenses for the second half of 2020 will be less than $42 million.
- Evolus expects its cash, cash equivalents and short-term investments will be sufficient to fund its operations for at least the next twelve months.
Challenges Ahead
- We do not expect European net revenues in 2020.
Historical Earnings Impact
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