Evolus, Inc. Q4 FY2025 earnings call

David Modazzetti discussed the beauty strategy, including Evaluts program, patient retention through SMS-based loyalty, portfolio growth rebate, world-class medical education platform. GIVO, flagship neurotoxin, grew with 14% U.S. market share. Introduced Evelisse HA technology, expect FDA approval for Evely Sculpt. International progress with entry into France, direct model in Germany, double-digit market share in UK. 2025 12% revenue growth, rebase expense structure for 2026.

Global Net Revenue for the fourth quarter was $90.3 million, 14% growth over Q4 2024. Q4 included $83.1 million Global Jouvel Revenue and $7.2 million Evelisse. Full year 2025 Global Net Revenue $297.2 million, 12% growth. International revenue ~8% of 2025 global revenues, up from 5% in 2024. Q4 reported gross margin ~66%, adjusted ~67%. Full year reported gross margin ~66%, adjusted ~67%.

2026 expected total net revenues 327 - 337 million, 10 - 13% growth. Evelisse and Esteem injectable HHLs to contribute 10 - 12% of total revenue. Adjusted gross profit margin 65.5% - 67%. Non-GAAP operating expenses 210 - 216 million, minimal 0 - 3% increase. Expect full-year profitability in 2026, low to mid-single-digit adjusted EBITDA margin. Annual interest expense 16 - 17 million. Full-year diluted weighted average shares ~68 million.

Evolis subject to 10% tariff, possible additional 5% tariff. Evaluation of potential recovery of previously paid tariffs. Monitoring policy developments and their impact.

Q: About Evelisse growth, qualitative on ordering patterns.

A: Evelisse has over 3,000 purchasing accounts, portfolio rebate important, diversifying customer base.

Q: Evelisse impact on market growth.

A: Macro mirrors toxin market, changing trends towards natural fillers.

Q: Rebate program structure.

A: Growth rebate based on purchasing volume, value transparency.

Q: Toxin market trends.

A: Neurotoxin market declined mid to upper single digits in 2025, procedural volume improving.

Q: Competitive launches in 2026.

A: AbbVie's Bonti in summer, Galderma's liquid toxin in back half, sampling pressure.

Q: Filler growth with Sculpt launch.

A: Sculpt competitive to Voluma, expected to strengthen portfolio.

Q: Seasonality and European market.

A: Q1 toxin demand solid, filler market pressured but improving; Europe economic stronger, HA market recovered.