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Mar 31, 2022
Evolus Q1 2022 Earnings Report
Evolus reported a strong quarter with robust year-over-year growth, increased market share, and disciplined operating expense management.
Key Takeaways
Evolus reported a strong first quarter in 2022, with net revenue increasing by 177% to $33.9 million compared to the first quarter of 2021. The company is now guiding to the upper end of its full-year 2022 net revenue guidance of $143 to $150 million. Evolus reiterates its full-year non-GAAP operating expense guidance and maintains a strong cash position of $106.7 million, which is expected to fund the company to breakeven.
Net revenues increased 177% to $33.9 million compared to Q1 2021.
The company added 575 new customer accounts, the highest quarterly increase in the past two years.
Over 335,000 consumers have registered in the Evolus Rewards loyalty program, with approximately 475,000 rewards redeemed.
Evolus expects sales to reach the upper end of its full-year sales guidance range of $143 to $150 million.
Forward Guidance
Evolus now expects sales to reach the upper end of its full-year sales guidance range of $143 to $150 million. The company continues to expect its full-year adjusted gross profit margin to be between 58% and 61% with a fourth quarter step up to 68% to 71% concurrent with the significant decrease in settlement royalty rates. The company continues to expect full-year non-GAAP operating expenses to be between $135.0 million and $140.0 million, which consists mainly of continued investments in the growth of Jeuveau® in the U.S. plus the Nuceiva® launch expenses in Europe.
Positive Outlook
- Sales expected to reach the upper end of full-year guidance range of $143 to $150 million.
- Full-year adjusted gross profit margin expected to be between 58% and 61%.
- Fourth quarter adjusted gross profit margin expected to increase to 68% to 71%.
- Full-year non-GAAP operating expenses expected to be between $135.0 million and $140.0 million.
- Company remains on track to launch Nuceiva® in Europe in the third quarter of 2022.
Historical Earnings Impact
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