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Sep 30, 2022
Evolus Q3 2022 Earnings Report
Reported strong top-line growth and continued to gain market share while carefully managing operating expenses.
Key Takeaways
Evolus reported a 27% increase in sales to $33.9 million in Q3 2022, driven by higher volumes of Jeuveau and the success of the 'Switch Your Tox' promotion. The company is reiterating its full-year 2022 net revenue guidance at the top end of $143 to $150 million range and lowered non-GAAP operating expense guidance to the lower half of the range. Evolus expects its cash position of $65.6 million to fund the company to breakeven.
Total net revenues increased 27% to $33.9 million compared to Q3 2021.
Added 650 new customer accounts in the third quarter, bringing the total base since launch to more than 8,800 purchasing customers.
Gross profit margin and adjusted gross profit margin were 58.0% and 60.2%, respectively.
Cash and cash equivalents at September 30, 2022 were $65.6 million.
Forward Guidance
Evolus projects full-year 2022 sales at the top end of its guidance range of $143 to $150 million, expects full-year adjusted gross profit margin to be between 58% and 61% with a fourth quarter rate of 68% to 71%, and expects full-year non-GAAP operating expenses to be in the lower half of its previous guidance range of $135 to $140 million.
Positive Outlook
- Projecting full-year 2022 sales at the top end of its guidance range of $143 to $150 million.
- Expecting full-year adjusted gross profit margin to be between 58% and 61%.
- Expecting a fourth quarter adjusted gross profit margin rate of 68% to 71%.
- Expecting full-year non-GAAP operating expenses to be in the lower half of its previous guidance range of $135 to $140 million.
- Existing cash balance will fund current operations through breakeven.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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