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Jun 30, 2020
Evolus Q2 2020 Earnings Report
Experienced revenue growth and expense reduction.
Key Takeaways
Evolus reported a significant increase in net revenue for Q2 2020, rising to $7.8 million from $2.3 million in Q2 2019. The company also achieved a higher gross margin and reduced both GAAP and non-GAAP operating expenses. In July 2020, Evolus closed a $40 million convertible note financing, further strengthening its financial position.
Net revenues increased to $7.8 million, up from $2.3 million in the second quarter of 2019.
Gross margin percentage rose to approximately 75% from 71% in the second quarter of 2019.
GAAP operating expenses decreased by 34% to $24.7 million.
Non-GAAP operating expenses decreased by 44% to $18.3 million.
Evolus
Evolus
Forward Guidance
Evolus anticipates its non-GAAP operating expenses for the second half of 2020 will be less than $42 million and 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
- Non-GAAP operating expenses for the second half of 2020 will be less than $42 million.
- Cash, cash equivalents and short-term investments will be sufficient to fund its operations for at least the next twelve months.
Challenges Ahead
- Financial outlook would be materially and negatively impacted if USITC affirms the initial determination of the ALJ.
- A limited exclusion order preventing us from importing Jeuveau® into the United States would have negative impact.
- A cease and desist order that would prevent us from selling Jeuveau® in the United States would have negative impact.