Evolus Q4 2021 Earnings Report
Key Takeaways
Evolus reported a strong fourth quarter and full-year 2021, with Q4 net revenue increasing by 68% to $34.7 million compared to Q4 2020. The company's full-year net revenue grew by 76% to $99.7 million. Evolus is confident in its 2022 net revenue guidance of $143 million to $150 million.
Q4 2021 net revenue reached $34.7 million, a 68% increase from Q4 2020.
Full-year 2021 net revenue grew by 76% to $99.7 million compared to 2020.
Evolus added 400 new customer accounts in Q4 2021 and 1,400 new accounts in 2021, bringing the total accounts purchasing since launch to more than 7,000.
Cash position at December 31, 2021, was $146.3 million.
Evolus
Evolus
Forward Guidance
Evolus expects total net revenues for full-year 2022 to be between $143 million and $150 million, representing strong year-over-year growth of 43% to 50%.
Positive Outlook
- Total net revenues for full-year 2022 to be between $143 million and $150 million, representing strong year-over-year growth of 43% to 50%.
- Adjusted gross profit margin for the full year 2022 to be between 58% and 61%.
- Settlement royalty rates will decrease significantly in September 2022, which is expected to lift the adjusted gross profit margin to be between 68% to 71% for the fourth quarter of 2022.
- The company remains on track to commence the launch of Nuceiva® in Europe in the third quarter of 2022.
- Continue investments in the growth of Jeuveau® in the U.S. plus Nuceiva® launch expenses in Europe.
Challenges Ahead
- During the first quarter of 2022, the company expects to make its second lump-sum settlement payment of $15 million under the 2021 settlement agreements.
- The company will make its final settlement payment of $5 million in the first quarter of 2023.
- Non-GAAP operating expenses for 2022 are estimated to be between $135 million and $140 million.
- Assumes a minimal sales contribution from international markets.
- Settlement royalty rates will impact gross profit margin until September 2022.