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Mar 31, 2024
Evolus Q1 2024 Earnings Report
Evolus reported a 42% increase in Q1 2024 net revenue, reaching $59.3 million, and is on track to achieve non-GAAP profitability in Q4 2024 and full year 2025.
Key Takeaways
Evolus reported strong Q1 2024 results with net revenue increasing by 42% to $59.3 million compared to Q1 2023. The company added over 700 new customer accounts and saw growth in its Evolus Rewards consumer loyalty program. Evolus reaffirms its full-year 2024 net revenue guidance of $255 million to $265 million and remains on track to achieve its projected total net revenue goal of at least $700 million by 2028.
Net revenue for Q1 2024 reached $59.3 million, a 42% increase year-over-year.
The company added over 700 new customer accounts, bringing the total to over 13,000 since launch.
Evolus Rewards consumer loyalty program grew by over 75,000 members, reaching approximately 825,000.
Reaffirmed full-year 2024 net revenue guidance of $255 million to $265 million, representing a 31% growth rate at the top end.
Evolus
Evolus
Forward Guidance
Evolus expects total net revenues for the full year 2024 to be between $255 million and $265 million. The company continues to expect its adjusted gross profit margin for the full year 2024 to be between 68% and 71%. Evolus continues to expect its full-year non-GAAP operating expenses to be between $185 million and $190 million. The company continues to expect to achieve positive non-GAAP operating income on a consolidated basis for the fourth quarter of 2024 and for the full year 2025.
Positive Outlook
- Broaden its global footprint by expanding into additional countries with Nuceiva®, most notably Australia and Spain.
- Submit Premarket Approval (PMA) applications for the first two Evolysse™ dermal filler products with the FDA within next 90 days.
- Anticipates regulatory approvals for the remaining Estyme® dermal filler products in Europe in late 2024.
- Projects its total net revenue can reach at least $700 million by 2028, a compound annual growth rate of 28% from 2023.
- Existing liquidity will fully fund it to non-GAAP profitability for the fourth quarter of 2024 and the full year 2025.
Challenges Ahead
- 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.
- Unfavorable global economic conditions and the impact on consumer discretionary spending.
- Uncertainties related to customer and consumer adoption of Jeuveau® and EvolysseTM.
- Our reliance on Symatese to achieve regulatory approval for the EvolysseTM dermal filler product line in the U.S.