EOLS — Evolus, Inc.

Evolus (EOLS) Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics

• Q4 2025 Revenue: $90.3 million, a 14% increase year-over-year.
• Full Year 2025 Revenue: $297.2 million, up 12% from 2024, marking the sixth consecutive year of double-digit growth.
• Jeuveau Revenue: $83.1 million in Q4, contributing significantly to overall revenue.
• Evolysse Revenue: $7.2 million in Q4, with over 3,000 accounts purchasing the product.
• Gross Margin: Approximately 66% for both Q4 and full year 2025.
• Operating Expenses: Q4 GAAP operating expenses were $55.1 million, down from $57.3 million in Q3. Full year 2025 GAAP operating expenses were $229.8 million, compared to $216.7 million in 2024.
• Cash Position: Ended Q4 with $53.8 million in cash, up from $43.5 million in Q3.

2. Strategic Updates and Business Highlights

• Evolus is focusing on a "beauty first" strategy, emphasizing cash-pay aesthetics and building partnerships with aesthetic practices.
• Launched the Evolux program, rewarding practices with co-branded media investment based on purchase volumes.
• Evolus Rewards program has grown to over 1.4 million treated patients, enhancing brand loyalty.
• Introduced Evolysse, a new HA technology, with positive clinician feedback and plans for a broader sampling program in 2026.
• International revenue nearly doubled year-over-year, now representing about 8% of total revenue, with significant growth in markets like the U.K.

3. Forward Guidance and Outlook

• 2026 Revenue Guidance: Expected between $327 million and $337 million, representing 10% to 13% growth over 2025.
• Adjusted EBITDA Margin: Projected to be low to mid-single digits in 2026.
• Anticipating FDA approval for Evolysse Sculpt in Q4 2026, which is expected to strengthen the product portfolio.
• Targeting revenue of $450 million to $500 million by 2028, with adjusted EBITDA margins of 13% to 15%.

4. Bad News, Challenges, or Points of Concern

• The U.S. aesthetic market saw a decline in injectable procedural volumes for only the third time in 25 years, impacting overall market dynamics.
• Evolus faces competitive pressures with new entrants expected in 2026, including AbbVie and Galderma, which may affect market share.
• The filler market is still under pressure, and while there are signs of improvement, it is not expected to fully recover in the near term.
• Tariffs on Evolysse could impact pricing and margins, with ongoing evaluations of potential recovery for previously paid tariffs.

5. Notable Q&A Insights

• Evolysse's growth is diversifying, with increasing adoption beyond early adopters, supported by a new portfolio growth rebate program.
• There is optimism about the potential recovery of the filler market, although it is expected to remain under pressure in the short term.
• The company is closely monitoring competitive launches and believes its differentiated product offerings will help maintain market share.
• Clinicians are responding positively to Evolysse's unique formulation, which allows for more natural-looking results with less product.
• The company is not planning to raise equity capital and is focused on maintaining a disciplined approach to capital allocation and expense management.

Overall, Evolus demonstrated resilience in a challenging market, with a solid growth trajectory and strategic initiatives aimed at enhancing its competitive position in the aesthetics industry.