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Dec 31, 2023
Evolus Q4 2023 Earnings Report
Evolus achieved record revenue and made strides toward profitability.
Key Takeaways
Evolus reported a record fourth quarter global net revenue of $61.0 million, representing a 40% increase compared to the same period last year. The company also generated $0.8 million of cash from operating activities and significantly reduced its non-GAAP operating loss to $3.7 million.
Global net revenue reached a record $61.0 million, a 40% increase year-over-year.
Generated $0.8M of Cash from Operating Activities.
Non-GAAP operating loss improved to $3.7 million, the lowest since inception.
Accounts purchasing Jeuveau® increased by a record high of more than 840.
Evolus
Evolus
Forward Guidance
Evolus expects total net revenues for the full year 2024 to be between $255 and $265 million and expects 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
- Evolus expects total net revenues for the full year 2024 to be between $255 and $265 million, representing year-over-year growth of 26% to 31% from 2023 results and well above the estimated growth rate of the aesthetic neurotoxin market.
- Evolus expects its adjusted gross profit margin for the full year 2024 to be between 68% and 71%, consistent with 2023 guidance.
- Evolus expects its full-year non-GAAP operating expenses to be between $185 and $190 million.
- The company expects to achieve positive non-GAAP operating income on a consolidated basis for the fourth quarter of 2024 and for the full year 2025.
- The company projects its total net revenue can reach at least $700 million by 2028, a compound annual growth rate of 28% from 2023, based on the combination of its existing aesthetic neurotoxin business and anticipated launch of the Evolysse™ HA dermal filler product line beginning in 2025.
Challenges Ahead
- Within the year 2025, profitability may not be sustained every quarter due to the filler launch.
- The company’s forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.
- Uncertainties associated with the company’s ability to comply with the terms and conditions in the Medytox Settlement Agreements.
- Unfavorable global economic conditions and the impact on consumer discretionary spending.
- Uncertainties related to customer and consumer adoption of Jeuveau® and EvolysseTM