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Jun 30, 2022
Evolus Q2 2022 Earnings Report
Reported a record quarter with above-market growth and increased market share, driven by strong adoption of Jeuveau®.
Key Takeaways
Evolus reported a 42% increase in net revenue to $37.2 million compared to Q2 2021. The company reaffirms full-year 2022 net revenue guidance of upper end of $143 to $150 Million. Evolus expects its existing cash balance will fund current operations through cash flow breakeven.
Net revenue increased 42% to $37.2 million compared to the second quarter of 2021.
Added 590 new customer accounts in the second quarter, bringing the total base since launch to more than 8,100 purchasing customers.
Membership in the Evolus Rewards loyalty program ended the quarter at nearly 390,000 consumers.
Launched its largest promotional campaign to date, the “Switch Your Tox and Love Evolus Forever” program.
Forward Guidance
Evolus continues to believe it can achieve the upper end of its full-year sales guidance range of $143 to $150 million. Evolus continues to expect its full-year adjusted gross profit margin to increase and 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 million and $140 million.
Positive Outlook
- Achieve the upper end of its full-year sales guidance range of $143 to $150 million.
- Full-year adjusted gross profit margin to increase and be between 58% and 61%.
- Fourth quarter step up to 68% to 71% concurrent with the significant decrease in settlement royalty rates.
- Remain on track to launch Nuceiva® in Europe beginning in the third quarter of 2022.
- Remain on track to complete its Phase II “extra strength” Jeuveau® clinical study by the end of the second quarter of 2023.
Historical Earnings Impact
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