Evolus, Inc. Q3 FY2025 earnings call

• The medical education platform has engaged over 17,000 injectors year-to-date through various training methods. • The Evolus consumer loyalty program has over 1.3 million members, up 34% year-on-year, with nearly 70% returning customers. • The Evolus co-branded media program has reached over 1,400 accounts and generated over 300 million media impressions. • Evolysse launch is off to a strong start with over 4,000 customers completing hands-on training and 75% of revenue from trained accounts. • Submitted PMA to FDA for Evolysse Sculpt, with potential approval in second half of 2026. • Rebased expenses with benefits reflected in third quarter results.

In the third quarter, global net revenue was $69 million, a 13% increase from the third quarter of 2024. Net revenue included $63.2 million of global Jeuveau revenue and $5.7 million of Evolysse revenue. Jeuveau contributed the majority of the revenue, while Evolysse showed early growth with $5.7 million in Q3 and $15.5 million since launch.

• Reiterates total net revenue between $295 million and $305 million for 2025, representing 11% to 15% growth over 2024. • Evolysse revenue contribution expected to be between 10% and 12% of total revenue for 2025. • Full year non-GAAP operating expenses to remain between $208 million and $213 million. • Non-GAAP operating income between $5 million and $7 million in Q4 2025. • Expect to achieve profitability in Q4 2025 and sustainable annual profitability from 2026.

• Recent announcements related to potential tariffs on pharmaceutical products, impact on Jeuveau still being evaluated. • Evolysse subject to a 15% tariff under the EU trade agreement, which has been incorporated into the outlook with minimal impact. • Need to actively monitor global trade agreements and mitigate potential future exposure while ensuring stable supply.

Q: How much of Evolysse's performance includes headwinds from stocking, seasonality, or market sentiment?

A: The third quarter is seasonally low for injectables, and there's a macro environment impact. The fourth quarter is expected to be stronger with 6 months of Evolysse launch experience. The key is the second training driving adoption, and expanding to a broader customer base.

Q: Could you comment on the usage trends between Evolysse Smooth and Form?

A: Smooth is for more superficial, soft applications like nasolabial folds, while Form is for greater structure and lifting. Clinicians choose based on patient attributes and desired effect. Both have broader indications for medium to deep wrinkles and folds.

Q: Split between U.S. and ex U.S. sales for Jeuveau?

A: Details on U.S. and ex U.S. split not provided, but Jeuveau has strengthened 14% market share year-to-date and is growing in both U.S. and international units.

Q: Tariff mitigation strategies?

A: Watching Korean trade agreement and pharmaceutical tariffs closely. Partnered with Daewoong in Korea, pulled forward inventory to afford time to clarify tariffs, and working on scenario planning.