Evolus Q1 2023 Earnings Report
Key Takeaways
Evolus reported a 23% increase in revenue to $41.7 million for Q1 2023 compared to Q1 2022. The company reaffirms its full-year 2023 net revenue guidance of $180 to $190 million and raises its 2028 revenue outlook from $500 million to $700 million due to the addition of the Evolysse™ dermal filler line.
Q1 2023 net revenue reached $41.7 million, a 23% increase from Q1 2022.
The company reaffirms full-year 2023 net revenue guidance of $180 to $190 million.
Evolus Rewards loyalty program saw an increase of more than 60,000 new members.
Evolus broadens its international presence beyond Canada and Great Britain with the recently announced launch of Nuceiva® in Germany and Austria.
Evolus
Evolus
Forward Guidance
Evolus expects full-year 2023 net revenues to be between $180 million and $190 million, with an adjusted gross profit margin between 68% and 71%. Full-year non-GAAP operating expenses are expected to be between $153 million and $158 million. The company expects to achieve positive non-GAAP operating income on a consolidated basis in 2025 and projects total net revenue can reach $700 million by 2028.
Positive Outlook
- Full-year 2023 net revenues expected to be between $180 million and $190 million.
- Adjusted gross profit margin for the full year 2023 expected to be between 68% and 71%.
- Achieve positive non-GAAP operating income on a consolidated basis in 2025.
- Total net revenue can reach $700 million by 2028.
- Fully funded to profitability, including the dermal filler investment, by utilizing the remaining $50 million tranche of its existing credit facility with Pharmakon Advisors.
Challenges Ahead
- Assumes a return to industry seasonal revenue patterns.
- Increase from previous guidance is related to the investments associated with the dermal filler launch including the up-front payment of €4.1 million as described in the terms of the distribution agreement.
- Net cash used for operating activities was $20.6 million, which included the final settlement payment of $5.0 million under the Medytox Settlement Agreement.
- Cash and cash equivalents at March 31, 2023 were $31.5 million, compared to $53.9 million at December 31, 2022.
- Loss from operations was $12.0 million in the first quarter of 2023 compared to $10.6 million in the fourth quarter of 2022.