EOLS

Interested in Evolus, Inc.? Here are five stocks we like better. Strong second-quarter performance: Evolus reported 21% revenue growth to $84.1 million and its third consecutive quarter of positive adjusted EBITDA at $4.7 million, driven by gains in neurotoxins, injectable gels and customer adoption. Raised 2026 outlook: The company increased the lower end of its revenue forecast to $330 million, maintained the $337 million upper end, raised adjusted gross-margin guidance to 67.0%-67.5% and reaffirmed its low- to mid-single-digit adjusted EBITDA margin target. Portfolio and international expansion: Evolus is broadening its aesthetics offering through the Profhilo U.S. agreement, upcoming Evolysse products and expanded rights in Canada, Australia and New Zealand, while targeting more than $100 million in peak annual Profhilo revenue and launches in several markets through 2028. Evolus (NASDAQ:EOLS) reported second-quarter revenue growth of 21% and raised the lower end of its full-year 2026 revenue outlook, citing market-share gains in neurotoxins and hyaluronic acid injectable gels, continued customer adoption of its portfolio and expanding international operations. Global net revenue totaled $84.1 million in the second quarter, including $75.2 million in toxin revenue and $8.9 million from injectable hyaluronic acid gels. The company generated adjusted EBITDA of $4.7 million, its third consecutive quarter of positive adjusted EBITDA, according to Chief Financial Officer Tatjana Mitchell. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control “The second quarter represents a meaningful inflection point for Evolus,” President and Chief Executive Officer David Moatazedi said. He said the company gained share in the U.S. injectable aesthetics market while launching the Estyme injectable gel collection in Europe and announcing strategic licensing agreements intended to broaden its portfolio. Moatazedi said Evolus estimates the U.S. neurotoxin market grew at a faster-than-expected mid-single-digit rate during the quarter. He also said the hyaluronic acid gel market returned to positive growth after two years of decline. Treatment intervals remained stable, while practitioners reported healthy patient traffic and engagement, he said. → 3 Drone Stocks That Should Soar After the Summer Slump Jeuveau and Nuceiva posted double-digit toxin growth in the United States and international markets, while Evolysse revenue increased by more than $2 million sequentially. The company attributed Evolysse growth to increased customer penetration, reorders and utilization among existing accounts. Evolus said its Portfolio Growth Bundle has helped support adoption across product lines. Approximately 70% of customers participating in the bundle purchased Evolysse during the program’s first six months, compared with about 25% of the company’s overall customer base. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Moatazedi said accounts purchasing both Jeuveau and Evolysse have bought two-and-a-half times more volume year to date than accounts buying only one product. The company remains on track for both Evolysse and its international business to contribute more than 10% of total revenue in 2026, he said. During the quarter, Evolus announced an exclusive agreement with IBSA to develop and commercialize Profhilo in the United States. Profhilo is a hyaluronic acid-based product intended to address skin quality rather than restore facial volume, according to company executives. Evolus will lead U.S. clinical development and regulatory work and will own the product’s premarket approval application, Chief Medical Officer and Head of R&D Rui Avelar said. The company currently anticipates regulatory approval around 2030. Moatazedi said Profhilo could generate more than $100 million in peak annual revenue. The partnership has no upfront or milestone payments, Mitchell said, and its associated development spending is already contemplated in Evolus’ 2028 adjusted EBITDA margin target of 13% to 15%. Avelar said Profhilo uses a thermal manufacturing process rather than conventional cross-linking and is intended to hydrate skin internally. He described the product as complementary to neurotoxins and traditional hyaluronic acid fillers, which are administered in different tissue layers and address different aesthetic needs. The company also expects Evolysse Sculpt, a midface injectable gel, to receive approval in the fourth quarter and launch commercially in 2027. Evolysse Lips is expected to be submitted to the Food and Drug Administration by the end of 2026, with a projected launch in 2028. In Europe, Evolus launched Estyme during the quarter and said early customer response has been encouraging. The company also expanded its relationship with Symatese to cover Canada, Australia and New Zealand, giving Evolus exclusive rights to commercialize its injectable hyaluronic acid gel portfolio in all markets where it holds Nuceiva rights. Moatazedi said the added territories expand the company’s global addressable market by approximately $200 million annually. Evolus expects to launch in Canada, Australia and New Zealand in 2028, subject to registration timelines. Reported gross margin was 68% in the second quarter, while adjusted gross margin was 69%. Mitchell said gross margin benefited by approximately 120 basis points from a tariff refund recognized during the period. Excluding the refund, first-half gross margin was flat year over year, as modest improvement in U.S. margins was offset by a larger international revenue mix. GAAP operating expenses rose to $61.7 million from $55.7 million in the first quarter, while non-GAAP operating expenses increased to $53.3 million from $49.1 million. The company cited continued spending on customer education, marketing programs and international portfolio expansion. Evolus ended the quarter with $45.2 million in cash and cash equivalents, down from $49.8 million at the end of the first quarter. The company said cash use primarily reflected interest expense and planned capital investments. Mitchell said Evolus has access to $100 million of additional liquidity through its Pharmakon debt facility and does not anticipate needing additional equity financing. For 2026, Evolus raised the lower end of its revenue forecast to $330 million while maintaining the upper end at $337 million. The revised range has a midpoint of $333.5 million. The company reported 14% revenue growth during the first six months of the year. Adjusted gross profit margin guidance was raised to 67.0% to 67.5%. Non-GAAP operating expense guidance was narrowed to $212 million to $216 million. The company reaffirmed its forecast for a low- to mid-single-digit adjusted EBITDA margin in 2026. Evolus maintained its 2028 targets of $450 million to $500 million in annual revenue and a 13% to 15% adjusted EBITDA margin. Mitchell said Jeuveau remains exempt from tariffs at this time, while Evolysse remains subject to a 10% tariff. Evolus plans to move approximately one year of Jeuveau inventory from South Korea into the United States as a precaution while awaiting further clarity on potential pharmaceutical tariffs. The company said the move is expected to increase inventory and accounts payable but not cash use because of negotiated payment terms. Evolus, Inc is a specialty pharmaceutical company focused on medical aesthetics. Headquartered in Newport Beach, California, Evolus develops and commercializes products designed to enhance facial appearance through minimally invasive procedures. Since its founding in 2017, the company has positioned itself in the fast-growing aesthetic market by partnering with leading manufacturers and leveraging clinical expertise to bring innovative injectables to practitioners and patients. The company's flagship offering, Jeuveau (prabotulinumtoxinA-xvfs), is a neuromodulator approved by the U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Evolus Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Evolus, Inc. (EOLS) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of a loss of $0.01. This compares to a loss of $0.24 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +100.00%. A quarter ago, it was expected that this company would post a loss of $0.14 per share when it actually produced a loss of $0.1, delivering a surprise of +28.57%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Evolus, which belongs to the Zacks Medical - Products industry, posted revenues of $84.08 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.59%. This compares to year-ago revenues of $69.39 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Evolus shares have lost about 8% since the beginning of the year versus the S&P 500's gain of 13%. While Evolus has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Evolus was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.03 on $77.57 million in revenues for the coming quarter and -$0.06 on $329.96 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, OrganiGram (OGI), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This cannabis producer is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of +66.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. OrganiGram's revenues are expected to be $67.66 million, up 32.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Evolus, Inc. (EOLS) : Free Stock Analysis Report Organigram Global Inc. (OGI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: Global net revenue for Q2 2026 was $84.1 million, a 21% increase year-over-year. Global Toxin Revenue: Exceeded $75 million during the quarter, driven by double-digit growth in both the U.S. and international markets. Injectable Hyaluronic Acid Gel Revenue: $8.9 million for the second quarter. Gross Margin: Reported gross margin was 68%, while adjusted gross margin was 69%, benefiting from a tariff refund of approximately 120 basis points. Operating Expenses: GAAP operating expenses were $61.7 million, and non-GAAP operating expenses were $53.3 million in Q2 2026. Selling, General and Administrative Expenses: $57.1 million for the second quarter, including $5.2 million of non-cash stock-based compensation. Adjusted EBITDA: Positive at $4.7 million, marking the third consecutive quarter of positive adjusted EBITDA and an improvement of $12.6 million year-over-year. Cash and Cash Equivalents: $45.2 million at the end of Q2 2026, compared to $49.8 million at the end of Q1 2026. Full-Year 2026 Revenue Guidance: Raised to a range of $330 million to $337 million, with a midpoint of $333.5 million. Full-Year 2026 Adjusted Gross Profit Margin Guidance: Raised to between 67.0% and 67.5%. Full-Year 2026 Non-GAAP Operating Expense Guidance: Narrowed to a range of $212 million to $216 million. Warning! GuruFocus has detected 4 Warning Signs with EOLS. Is EOLS fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Evolus Inc (NASDAQ:EOLS) delivered 21% revenue growth in Q2 2026, marking a significant inflection point and its third consecutive quarter of positive adjusted EBITDA. The company gained significant market share in the U.S. injectable aesthetics market, with global toxin revenue exceeding $75 million, driven by double-digit growth in both the U.S. and international markets. The launch of the Evolus portfolio growth bundle has been highly successful, with approximately 70% of participating customers purchasing Evolus products, compared to only 25% penetration across the overall customer base. Evolus Inc (NASDAQ:EOLS) announced a strategic partnership with Ipsa to exclusively develop and commercialize Profhilo in the U.S., expanding into the new skin quality vertical with a product that has the potential to generate over $100 million in peak annual revenue. The company raised its full-year 2026 revenue guidance to a midpoint of $333.5 million and its adjusted gross profit margin guidance to 67.0%-67.5%, reflecting strong first-half performance and confidence in the business trajectory. Evolus Inc (NASDAQ:EOLS) expanded its international footprint with the launch of Esteem in Europe and new licensing agreements for Canada, Australia, and New Zealand, expanding its global addressable market by approximately $200 million annually. Evolus Inc (NASDAQ:EOLS) reported a GAAP gross margin of 68% for Q2 2026, which benefited from a one-time tariff refund of approximately 120 basis points, masking the underlying margin performance. Operating expenses increased sequentially in Q2 2026, with GAAP operating expenses rising to $61.7 million from $55.7 million in Q1, reflecting continued investment in customer education, marketing, and international expansion. The company's cash position decreased to $45.2 million at the end of Q2 2026 from $49.8 million at the end of Q1, primarily due to interest expense and planned capital expenditure investments. Evolus Inc (NASDAQ:EOLS) faces ongoing tariff uncertainty, with the company prudently bringing approximately one year's worth of Jeuveau inventory into the U.S. to mitigate potential risks, which will increase inventory and accounts payable on the balance sheet. The Profhilo partnership is expected to require a full PMA process with an anticipated approval around 2030, representing a long development timeline before the product can contribute to revenue. The company's international business, while growing, still faces challenges in establishing market share, with the UK being the only market approaching double-digit share, indicating early-stage development in other European markets. Q: Can you provide more details on the Profhilo licensing agreement, including the clinical requirements for U.S. approval, its impact on profitability, and how it fits into the market as a skin quality product versus a filler? A: David Moatazedi (CEO) explained that Profhilo is viewed as a "gold standard" in the skin quality category, distinct from traditional fillers. It acts more like a "moisturizer" to improve skin quality rather than adding volume. Rui Avelar (CMO) added that it will require a full PMA (Class 3 device) with approval anticipated around 2030. CFO Tatjana Mitchell confirmed that the associated R&D expenses are already contemplated in their long-term profitability guidance, so it will not impact their 2028 adjusted EBITDA margin target of 13% to 15%. Q: Can you clarify whether your positive market commentary on toxins and fillers is U.S. or global, and provide an update on your current market share and what drove the significant share gains? A: David Moatazedi (CEO) stated that the U.S. neurotoxin market grew at a mid-single-digit rate in Q2, while the HA gel market returned to positive growth. He noted that Europe did not experience the same slowdown and is also seeing improvement. Regarding share, Evolus entered the year with roughly mid-teens market share in the U.S. and expects to maintain that range, with the UK being their most established European market, approaching double-digit share. Q: How should we think about the growth trajectory for the Evolysse (HA filler) line, and do you see 2027 as a more important year with the addition of new products? A: David Moatazedi (CEO) highlighted that accounts purchasing both Jeuveau and Evolysse are buying 2.5 times greater volume than single-product accounts, demonstrating the success of the portfolio strategy. He outlined a pipeline of three new product launches over the next four years, including Sculpt (anticipated approval in Q4 2026) and Evolysse Lips (anticipated launch in 2028), which will strengthen their competitive position against larger players. Q: Can you discuss your ability to execute on all the recent initiatives (Evolysse ramp, international expansion, Profhilo agreement) while still achieving your profitability targets? A: David Moatazedi (CEO) emphasized the strength of the commercial team, noting Evolysse has been the fastest share gainer in the HA market. Rui Avelar (CMO) explained that the development pipeline is well-managed with a skilled late-stage development team, and the cadence of approvals fits their expertise. CFO Tatjana Mitchell added that the 2025 investment year set up the infrastructure to scale efficiently, and deals like the Profhilo partnership are capital-efficient with no upfront payments. Q: What specific initiatives do you have planned for the seasonally important second half of the year, and can you clarify the current tariff situation on your products? A: David Moatazedi (CEO) outlined plans for continued heavy investment in clinician education (training over 14,000 clinicians), consumer loyalty programs, co-branded media targeting GLP-1 patients, and Q4 promotional activities. CFO Tatjana Mitchell clarified that Evolysse remains subject to a 10% tariff, while Jeuveau is still exempt. As a prudent measure, they are bringing approximately one year's worth of Jeuveau inventory into the U.S., which will not impact cash use due to negotiated payment terms. Q: Is Profhilo safe to use simultaneously with fillers and toxins, and did the toxin market improve throughout the quarter and into July? A: Rui Avelar (CMO) confirmed that Profhilo is used in a different skin layer than toxins or fillers, making it highly synergistic and complementary. David Moatazedi (CEO) added that they saw sequential improvement in the market during Q2, with both toxin procedures and HAs turning to positive growth. He noted that younger demographics (millennials and Gen Z) are increasing their spend on beauty, and they expect this momentum to continue into the second half. Q: Can you elaborate on the market dynamics, particularly regarding the HA filler market and the impact of GLP-1 weight loss drugs? A: David Moatazedi (CEO) stated that clinicians are reporting improving conditions in the HA market. Evolus has capitalized on the GLP-1 trend by incorporating weight loss messaging into their co-branded media, which has driven significant interest from accounts seeing an increasing number of GLP-1 patients. He believes this is still "early innings" for both the market recovery and GLP-1 patient influx, and they will continue to leverage this unique differentiation. Q: Regarding the Profhilo deal, do you still have interest in biostimulators, or does this fill that need? Are there other complementary products you're looking at? A: Rui Avelar (CMO) clarified that Evolus has identified three key categories of interest: skin quality (now filled by Profhilo), hair, and biostimulators. He confirmed that biostimulators remain a separate category of high interest that they continue to work on, along with hair, indicating the Profhilo deal does not preclude future deals in these areas. Q: Can you provide more color on the second-half outlook and any seasonality considerations for modeling the toxin business? A: CFO Tatjana Mitchell explained that their guidance models the typical seasonal step-ups and step-downs of the industry. They grew 14% in the first half and are raising the midpoint of full-year guidance to $333.5 million. She reminded investors that last year's first-half growth was high single-digits, so the year-over-year comps in the second half should be considered when modeling. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Global Net Revenue of $84.1 Million for the Second Quarter of 2026, an Increase of 21% Over the Prior Year, Reflecting Increasing Market Share Gains Across U.S. and International Markets GAAP Operating Loss of $4.5 Million and Positive Adjusted EBITDA of $4.7 Million for the Second Quarter of 2026, Representing the Third Consecutive Quarter of Positive Adjusted EBITDA, a $12.6 Million Year-Over-Year Improvement Raises Full-Year 2026 Net Revenue Guidance to Between $330 Million and $337 Million, Raises Adjusted Gross Profit Margin Guidance to Between 67.0% and 67.5%, Narrows Non-GAAP Operating Expense Guidance to Between $212 Million and $216 Million, While Reaffirming Low- to Mid-Single Digit Adjusted EBITDA Margin Outlook Expansion of the Company’s Global Injectable Portfolio Through the Addition of Profhilo®, the Third Vertical in the U.S. Injectable Portfolio, With Estimated Peak Annual Revenue Exceeding $100 Million and Anticipated U.S. Commercialization in 2030, and the Expansion of the Estyme® Franchise into Canada, Australia, and New Zealand, With Expected Commercialization in 2028 Reaffirms 2028 Long-Term Financial Outlook Reflecting Total Net Revenue Between $450 million and $500 million, Representing a Three-Year CAGR of 15% to 19%, and Adjusted EBITDA Margins of 13% to 15% for 2028 NEWPORT BEACH, Calif., August 05, 2026--(BUSINESS WIRE)--Evolus, Inc. (NASDAQ: EOLS), a global performance beauty company with a focus on building an aesthetic portfolio of consumer brands, today announced its financial results for the second quarter ended June 30, 2026. "The increasing momentum of our portfolio focus has resulted in Evolus gaining significant share across injectable aesthetics during the second quarter, supported by double-digit growth for Jeuveau® and accelerating adoption of Evolysse®," said David Moatazedi, President and Chief Executive Officer of Evolus. "We delivered another quarter of consistent execution, highlighted by 21% revenue growth and a third consecutive quarter of positive Adjusted EBITDA, representing a $12.6 million improvement over the prior-year period. Based on our first-half results, we are raising our full-year 2026 financial outlook while continuing to invest in strategic opportunities that strengthen our long-term growth profile. At the same time, the injectable aesthetics market strengthened during the quarter, with improving consumer demand and stable treatment intervals driving mid-single digit growth in the neurotoxin market and, importantly, the hyaluronic acid category returning to positive growth following two years of declines." "Beyond our strong commercial performance, we continued advancing our strategy to build a diversified global injectable aesthetics company," Moatazedi continued. "Recently, we strengthened our long-term innovation pipeline through our exclusive U.S. partnership with IBSA to develop and commercialize Profhilo®, the market-leading skin quality injectable in Europe, expanding our portfolio into a third injectable category. In the second quarter, we successfully launched the Estyme® collection of injectable hyaluronic acid gels across Europe, establishing our international HA platform. Building on that momentum, we also expanded our exclusive licensing agreement with Symatese to include Canada, Australia, and New Zealand, positioning Evolus to commercialize a complementary HA gel portfolio across every market where we currently offer Jeuveau® and Nuceiva®. Finally, we continued advancing Evolysse® Sculpt through the FDA review process and remain confident in the product’s long-term opportunity. Together, these milestones demonstrate the strength of our commercial platform and reinforce our ability to attract category leading partners across the global aesthetics market." Second Quarter 2026 Highlights and Recent Developments The Company’s key performance indicators continued to demonstrate strong commercial execution during the second quarter, reflecting healthy consumer demand, increasing customer penetration, strong reorder behavior, and continued scalability of Evolus’ digitally enabled commercial platform. The Company successfully launched all four injectable hyaluronic (HA) gels under the brand name Estyme® in Europe. The Company entered into an exclusive licensing agreement with Symatese to commercialize the Estyme® collection in Canada, Australia, and New Zealand, expanding the Company’s international growth opportunity. The Company now holds exclusive rights to commercialize its injectable HA gel portfolio in every market where it currently offers Jeuveau® and Nuceiva®, establishing a consistent multi-product commercial platform across its global business. The Company entered into an exclusive licensing and distribution agreement with IBSA to develop and commercialize Profhilo® in the United States, further expanding Evolus’ long-term injectable portfolio. The Company continued advancing Evolysse® Sculpt through the FDA review process and remains focused on bringing the product to market. Second Quarter 2026 Financial Results Total net revenues for the second quarter of 2026 were $84.1 million, a 21% increase over the second quarter of 2025. Net revenue for the second quarter of 2026 included $75.2 million of global toxin revenue and $8.9 million of revenue from injectable hyaluronic acid (HA) gels. Gross profit margin and adjusted gross profit margin were 68.0% and 69.0%, respectively. Gross margin benefited by approximately 120 basis points from a tariff refund recognized during the quarter. Adjusted gross profit margin excludes amortization of intangible assets. GAAP operating expenses for the second quarter of 2026 were $61.7 million as compared to $55.7 million in the first quarter of 2026. Non-GAAP operating expenses for the second quarter of 2026 were $53.3 million, compared to $49.1 million in the first quarter of 2026. Non-GAAP operating expenses exclude stock-based compensation expense, revaluation of the contingent royalty obligation and depreciation and amortization. GAAP loss from operations for the second quarter of 2026 was $4.5 million, compared to GAAP loss from operations of $10.2 million in the second quarter of 2025. Adjusted EBITDA, which is equivalent to non-GAAP income from operations, in the second quarter of 2026 was $4.7 million, compared to a loss of $7.9 million in the second quarter of 2025, reflecting expanding operating leverage and disciplined expense management. As of June 30, 2026, the Company had cash and cash equivalents of $45.2 million compared to $49.8 million on March 31, 2026. Outlook – Updated Full-Year 2026 Guidance and Expectations: Raises total net revenues for the full-year 2026 to between $330 million and $337 million, from $327 million to $337 million, which represents 11% to 13% growth over the prior year. Raises adjusted gross profit margin for the full-year 2026 to between 67.0% and 67.5%, from 65.5% to 67.0%, reflecting an evolving revenue mix while maintaining a disciplined approach to margin optimization. Narrows non-GAAP operating expenses for the full-year 2026 to between $212 million and $216 million, from $210 million to $216 million, representing a modest 1% to 3% growth over 2025 non-GAAP operating expenses, and reflecting continued disciplined expense management while supporting strategic investments in long-term portfolio expansion. Expects Evolysse® and Estyme® injectable HA gels to contribute 10% to 12% of total revenue for the full-year 2026, reflecting: Reaffirms low- to mid-single digit Adjusted EBITDA margin in 2026. Expects to maintain a strong capital position, supported by $45.2 million of cash and cash equivalents as of June 30, 2026, and approximately $120 million of additional non-dilutive capacity, providing sufficient resources to execute the Company’s strategic priorities. Reaffirms its 2028 long-term financial outlook reflecting total net revenue between $450 million and $500 million, representing a three-year CAGR of 15% to 19%, and Adjusted EBITDA margins of 13% to 15% for 2028, which reflects: Conference Call Information Management will host a conference call and live webcast to discuss Evolus’ financial results today at 4:30 p.m. ET. To participate in the conference call, dial (877) 407-6184 (U.S.) or (201) 389-0877 (international) or connect to the live webcast via the link on the Investor Relations page of our website at www.evolus.com. Following the completion of the call, an audio replay can be accessed for 48 hours by dialing (877) 660-6853 (U.S.) or (201) 612-7415 (international) and using conference number 13761330. An archived webcast, which will remain available for 30 days, can also be accessed on the Investor Relations page of our website at www.evolus.com. About Evolus, Inc. Evolus (NASDAQ: EOLS) is a global performance beauty company redefining the aesthetic injectable market for the next generation of beauty consumers through its unique, customer-centric business model and innovative digital platform. Our mission is to become a global leader in aesthetics by building a differentiated portfolio of injectable brands that address the evolving needs of practitioners and patients. Our portfolio includes Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, Evolysse®, a collection of unique injectable hyaluronic acid (HA) gels, and Profhilo®, the market-leading injectable for skin quality in Europe, which Evolus has exclusively licensed for development and commercialization in the United States. Visit us at www.evolus.com, and follow us on LinkedIn, X, Instagram or Facebook. Use of Non-GAAP Financial Measures Evolus’ financial results are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release and the reconciliation tables included in the financial schedules below include adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin. Adjusted gross profit is calculated as gross profit excluding amortization of an intangible asset. Adjusted gross profit margin is defined as adjusted gross profit as a percentage of total net revenues. Non-GAAP operating expenses exclude (i) revaluation of the contingent royalty obligations, (ii) stock-based compensation expense and (iii) depreciation and amortization. Adjusted EBITDA is defined as net income (loss) before interest expense, interest income, income tax (benefit) expense, revaluation of the contingent royalty obligations, stock-based compensation expense, depreciation and amortization, and other income (expense), net. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of total net revenues. Management believes that adjusted gross profit and adjusted gross profit margin are important measures for investors because management uses adjusted gross profit margin as a key performance indicator to evaluate the profitability of sales without giving effect to costs that are not core to our cost of sales, such as the amortization of an intangible asset. Management believes that non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin are useful in helping to identify the Company’s core operating performance and enables management to consistently analyze the period-to-period financial performance of the core business operations. Management also believes that non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin will enable investors to assess the Company in the same way that management assesses the Company’s operating performance against comparable companies with conventional accounting methodologies. The Company’s definitions of adjusted gross profit, adjusted gross profit margin, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools and may differ from other companies reporting similarly named measures. Non-GAAP measures should not be considered measures of financial performance under GAAP, and the items excluded from such non-GAAP measures should not be considered in isolation or as alternatives to financial statement data presented in the financial statements as an indicator of financial performance or liquidity. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. For a reconciliation of our historical (i) adjusted gross profit, (ii) adjusted gross profit margin, (iii) non-GAAP operating expenses, and (iv) Adjusted EBITDA and Adjusted EBITDA margin presented herein to (i) gross profit, (ii) gross profit margin, (iii) GAAP operating expenses and (iv) GAAP Net Loss, the most directly comparable GAAP financial measures, please see "Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin," "Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses" and "Reconciliation of GAAP Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin" in the financial schedules below. In addition, this press release includes information regarding the Company’s expected non-GAAP operating expenses and Adjusted EBITDA for the full-year 2026 and Adjusted EBITDA margin by 2028. Evolus has not provided a reconciliation of such forward-looking non-GAAP operating expenses, Adjusted EBITDA, or Adjusted EBITDA margin because a reconciliation of such measures to forward-looking GAAP operating expenses and GAAP net income (loss), respectively, the most directly comparable GAAP financial measures, is not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the forward-looking outlook for these non-GAAP financial measures since they have not yet occurred and/or cannot be reasonably predicted. Such unavailable information could have a significant impact on Evolus’ GAAP financial results. Forward-Looking Statements This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements about future or anticipated events, our business, financial condition, results of operations and prospects, our industry and the regulatory environment in which we operate. Any statements contained herein that are not statements of historical or current facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms, or other comparable terms intended to identify statements about the future. The Company’s forward-looking statements include, but are not limited to, statements related to anticipated product launches and approvals; the Company’s business strategies and capital resources; the Company’s financial outlook for 2026 and beyond, including the assumptions set forth therein; and the Company’s expectations and timing for achieving continued profitability. The forward-looking statements included herein are based on our current expectations, assumptions, estimates and projections, which we believe to be reasonable, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control, include, but are not limited to uncertainties associated with our ability to comply with the terms and conditions in the Medytox Settlement Agreements, our ability to fund our future operations or obtain financing to fund our operations, our reliance on consumer discretionary spending, unfavorable global economic conditions including trade disputes, tariffs and regulatory actions on imports, uncertainties related to customer and consumer adoption of Jeuveau® and Evolysse®, the efficiency and operability of our digital platform, competition and market dynamics, our ability to successfully launch and commercialize our products in new markets, including the Evolysse® Hyaluronic Acid (HA) gels in the U.S. and Estyme® HA gels in Europe, our ability to maintain regulatory approvals of Jeuveau® and Evolysse® or obtain regulatory approvals for new product candidates or indications, our reliance on Symatese to achieve and/or maintain regulatory approval for the Evolysse® HA gel products in the U.S., and other risks described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the Securities and Exchange Commission on or about August 5, 2026. These filings can be accessed online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events. If we do update or revise one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. Jeuveau® and Nuceiva®, and Evolysse® are registered trademarks of Evolus, Inc.Estyme® is a trademark of Symatese Aesthetics S.A.S. Jeuveau® (known as Nuceiva® outside the United States) and Evolysse® (known as Estyme® outside the United States) are referred to throughout this press release by their U.S. trade names for convenience.Profhilo® is a registered trademark of IBSA Institut Biochimique SA. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805281900/en/ Contacts Evolus Contacts: Investors: Nareg SagherianVice President, Head of Global Investor Relations and Corporate CommunicationsTel: 248-202-9267Email: [email protected] Media:Email: [email protected]

Over the last 7 days, the United States market has risen by 1.1%, contributing to an impressive 27% climb over the past year, with earnings forecasted to grow by 17% annually. In this thriving environment, companies that exhibit high growth potential and significant insider ownership can be particularly appealing, as they often indicate strong confidence from those closest to the business. Click here to see the full list of 181 stocks from our Fast Growing US Companies With High Insider Ownership screener. Let's take a closer look at a couple of our picks from the screened companies. Simply Wall St Growth Rating: ★★★★☆☆ Overview: Evolus, Inc. is a performance beauty company that provides products in the cash-pay aesthetic market across the United States, Canada, Europe, and Australia with a market cap of $442.54 million. Operations: The company's revenue segment focuses on delivering medical aesthetic products to the cash-pay aesthetic market, generating $301.79 million. Insider Ownership: 11.1% Earnings Growth Forecast: 66.7% p.a. Evolus, Inc. is poised for significant growth with its forecasted profitability within three years and revenue growth expected to outpace the broader US market at 14.4% annually. Recent earnings show a narrowing net loss, and the company anticipates annual revenues between US$327 million and US$337 million for 2026. The upcoming European launch of Estyme marks an international expansion in dermal fillers, potentially enhancing revenue streams despite historically volatile share prices and negative shareholders' equity concerns. Click here and access our complete growth analysis report to understand the dynamics of Evolus. Our expertly prepared valuation report Evolus implies its share price may be lower than expected. Simply Wall St Growth Rating: ★★★★★★ Overview: Upstart Holdings, Inc. operates a cloud-based AI lending platform in the United States and has a market cap of approximately $2.58 billion. Operations: The company's revenue is primarily derived from its personal lending segment, which generated $1.01 billion. Insider Ownership: 12.8% Earnings Growth Forecast: 58.5% p.a. Upstart Holdings is positioned for robust growth, with earnings projected to rise significantly at 58.5% annually, outpacing the US market. Despite a recent net loss of US$6.65 million in Q1 2026, insider activity indicates more buying than selling over three months. Revenue is expected to grow by 24.6% per year, surpassing market averages. However, substantial insider selling and legal challenges pose risks amidst partnerships with credit unions expanding its lending platform's reach. Take a closer look at Upstart Holdings' potential here in our earnings growth report. Insights from our recent valuation report point to the potential overvaluation of Upstart Holdings shares in the market. Simply Wall St Growth Rating: ★★★★☆☆ Overview: StubHub Holdings, Inc. operates a global ticketing marketplace for live event tickets and has a market cap of $2.81 billion. Operations: The company generates revenue through its worldwide ticketing marketplace for live events. Insider Ownership: 13% Earnings Growth Forecast: 80.3% p.a. StubHub Holdings is forecast to achieve profitability within three years, with earnings expected to grow significantly at 80.31% annually. Recent Q1 results show a turnaround with US$48.05 million net income, compared to a loss last year. Revenue growth of 14.6% annually outpaces the US market average but remains below 20%. Strategic partnerships and AI integrations enhance its distribution capabilities, though insider trading activity lacks substantial recent buying or selling signals. Click to explore a detailed breakdown of our findings in StubHub Holdings' earnings growth report. Our valuation report here indicates StubHub Holdings may be undervalued. Gain an insight into the universe of 181 Fast Growing US Companies With High Insider Ownership by clicking here. Ready To Venture Into Other Investment Styles? Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.The analysis only considers stock directly held by insiders. It does not include indirectly owned stock through other vehicles such as corporate and/or trust entities. All forecast revenue and earnings growth rates quoted are in terms of annualised (per annum) growth rates over 1-3 years. Companies discussed in this article include EOLS UPST and STUB. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Evolus posted Q1 net revenue of $73.1 million (+7% YoY) and achieved its second consecutive quarter of positive adjusted EBITDA ($0.6 million vs. a $5.5 million loss a year earlier), and it reiterated full-year 2026 guidance of $327–$337 million in net revenue with a low-to-mid single-digit adjusted EBITDA margin. Commercial momentum: Jeuveau unit volumes rose in the U.S. and internationally, holding a 14% U.S. market share, while account penetration and customer engagement are increasing (nearly 500 new purchasing accounts in Q1 and ~1.5 million Evolus Rewards members), backed by a cash-pay/digital ecosystem and AI-driven targeting. Product and risk outlook: Evolus plans an Estyme launch in Europe in mid‑May and still targets FDA approval for the Sculpt midface filler in Q4 2026, while flagging a potential 15% tariff on certain Korean imports effective Sept. 29, 2026 that it believes can be mitigated; the company ended Q1 with $49.8 million cash and access to a $100 million term loan plus a $20 million revolver. Interested in Evolus, Inc.? Here are five stocks we like better. Evolus (NASDAQ:EOLS) reported first-quarter results that management said reflected a stronger operating model following cost structure changes implemented last year, while reiterating its full-year 2026 outlook for double-digit revenue growth and adjusted EBITDA profitability. President and CEO David Moatazedi said Evolus began 2026 with “strong momentum” and delivered its “second consecutive quarter of positive adjusted EBITDA,” which he emphasized occurred during what is typically the company’s lowest seasonal revenue quarter and against a strong prior-year comparison. → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook Chief Financial Officer Tatiana Mitchell reported global net revenue of $73.1 million, up 7% year-over-year. That total included $66.4 million in global Jeuveau revenue and $6.7 million from Evolysse. Mitchell said Jeuveau unit volumes increased in both the U.S. and international markets, indicating “healthy underlying demand.” Profitability improved meaningfully, according to Mitchell. Adjusted EBITDA was positive $0.6 million in the quarter, compared with a loss of $5.5 million in the prior-year period. She attributed the improvement to revenue growth and “improved cost efficiency” supported by expense discipline established in 2025. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Gross margin was 67% on a reported basis and 68% on an adjusted basis, excluding amortization of intangibles, Mitchell said. Moatazedi said industry data and commentary suggest the global aesthetics market remains healthy, with continued consumer engagement. He estimated the U.S. toxin market grew in the “low to mid-single digits” during the quarter, while the filler market “demonstrated continued improvement and was flat to slightly down.” → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries Within that backdrop, Moatazedi said Jeuveau maintained a 14% U.S. market share. He described the company’s commercial approach as differentiated, pointing to its cash-pay model and a “fully integrated experience” supported by a digital ecosystem spanning practice engagement, ordering, consumer acquisition, loyalty, and repeat utilization. He also said Evolus has embedded AI into core business areas over the past year to improve targeting, field productivity, and decision-making. Mitchell noted that U.S. Jeuveau revenue comparisons were affected by “one-time revenue deferral dynamics” that benefited the first quarter of 2025 and created a headwind in the first quarter of 2026. She said the company expects second-quarter U.S. Jeuveau net revenue growth to “more than offset” the first-quarter decline. For the first half of 2026, Evolus reiterated that its guidance implies “high single-digit” year-over-year growth for global Jeuveau revenue. Moatazedi highlighted operating metrics he said support the durability of Evolus’ model. Total purchasing accounts increased by nearly 500 in the first quarter, and since launch more than 18,000 customers have purchased from Evolus, including approximately 3,500 for Evolysse, he said. U.S. account penetration is now above 60%. He added that reorder rates remain around 71% and Evolus Rewards is approaching 1.5 million members, up 27% year-over-year, with more than 255,000 redemptions during the quarter. On questions about the filler category and the Evolysse launch, Moatazedi said clinician sentiment appears to be improving, even if year-over-year market growth is still slightly negative. He said Evolus is seeing increasing customer confidence supported by training and education, and that reorder volumes are rising as clinicians gain experience with the products. Moatazedi also noted that Evolus does not yet participate in the mid-face segment of the U.S. HA market, calling Sculpt an important upcoming product and the expected “flagship” for the HA line. Moatazedi said bundling is an important element of the company’s strategy. He described a “growth rebate” program piloted in the fourth quarter of last year and rolled out in January as a structured six-month program designed to encourage practices to move more of their business to Evolus’ portfolio. He said the company is tracking participating customers and is seeing “very good uptake,” with a more quantitative update expected after the second quarter. Mitchell said the portfolio rebate is “not” a drag on net sales, stating that Evolus designed its pricing tiers and portfolio rebate to maintain healthy margin rates. She also reiterated that quarterly net sales comparisons can be influenced by the timing of revenue deferral and recognition tied to Evolus Rewards. Moatazedi said the company’s business outside the U.S. continues to perform strongly, describing rapid growth across European markets and pointing to the U.K. as the most mature market. He said Evolus plans to leverage its European infrastructure to launch Estyme in mid-May, including the Sculpt midface product, as well as Smooth and Form (which are U.S.-approved) and Estyme Lips (currently in U.S. FDA trials). Mitchell said the company expects some initial stocking orders from the Estyme launch, but because of market size and timing (mid-quarter), she does not expect it to have a “meaningful impact” on second-quarter growth. On the U.S. regulatory front, Moatazedi reiterated expectations for FDA approval of Sculpt in the fourth quarter of 2026. Chief Medical Officer and Head of R&D Rui Avelar said Sculpt is proceeding through the PMA process, with questions from regulators occurring along the way, and that Evolus continues to target approval by the end of the year, while noting timelines can vary. Mitchell addressed potential tariff exposure, citing a recent executive proclamation that sets a 15% tariff on certain pharmaceutical products from South Korea, including Jeuveau, effective Sept. 29, 2026. She said Evolus believes there is a “pathway to mitigate or eliminate” the impact and is evaluating multiple options. In the near term, Mitchell said the company plans to secure significant U.S. inventory supported by Jeuveau’s three-year shelf life. She said Evolus expects to provide an update by year-end and emphasized that the announced tariffs do not change confidence in 2026 guidance or long-term targets. On the balance sheet, Mitchell said Evolus ended the quarter with $49.8 million in cash and cash equivalents, compared with $53.8 million at the end of the fourth quarter, with cash uses including interest and bonus payments offset by net proceeds from a line of credit. She also cited access to additional capital, including $100 million on a long-term debt facility with Pharmakon and $20 million on a revolving credit facility, noting the term loan does not mature until mid-2030. Mitchell added that Evolus recently terminated its at-the-market equity facility, which she said was never used. For full-year 2026, Evolus reiterated its outlook: Total net revenue: $327 million to $337 million Adjusted gross margin: 65.5% to 67% Non-GAAP operating expenses: $210 million to $216 million Adjusted EBITDA margin: low to mid-single digits Moatazedi said the company is “tracking ahead” of its operating profit assumptions early in the year, providing optionality to invest in growth initiatives later in 2026, while maintaining discipline across the cost structure and continuing to expand the company’s aesthetics portfolio. Evolus, Inc is a specialty pharmaceutical company focused on medical aesthetics. Headquartered in Newport Beach, California, Evolus develops and commercializes products designed to enhance facial appearance through minimally invasive procedures. Since its founding in 2017, the company has positioned itself in the fast-growing aesthetic market by partnering with leading manufacturers and leveraging clinical expertise to bring innovative injectables to practitioners and patients. The company's flagship offering, Jeuveau (prabotulinumtoxinA-xvfs), is a neuromodulator approved by the U.S. The article "Evolus Q1 Earnings Call Highlights" was originally published by MarketBeat.

Image source: The Motley Fool. Monday, May 4, 2026 at 4:30 p.m. ET President and Chief Executive Officer — David Moatazedi Chief Financial Officer — Tatjana Mitchell Chief Medical Officer — Rui Avelar David Moatazedi: Thank you, Nareg, and good afternoon, everyone. We started 2026 with strong momentum that carried over from the fourth quarter, resulting in our second consecutive quarter of positive adjusted EBITDA. Importantly, we achieved this in what is seasonally our lowest revenue quarter of the year, and against our strongest prior-year comparison. We view this as a clear validation of both the strength of the business and the benefits from the structural improvements we implemented in 2025. At a market level, we are encouraged by what we are seeing across the category, with industry data and commentary signaling a global aesthetics market that remains healthy, with continued growth and strong consumer engagement. We estimate that in the first quarter, the U.S. toxin market grew in the low- to mid-single digits, while the filler market demonstrated continued improvement and was flat to slightly down. Against that backdrop, we maintained our Jeuveau U.S. market share at 14% and delivered share gains with Evolisse, reflecting continued strong performance driven by execution and a differentiated commercial model. This is an important inflection point for Evolus, Inc. Over the past year, we took deliberate actions to align our cost structure with the scale of the business and position the company for sustained profitability. The results we are delivering today reflect that work. We are now demonstrating that we can drive profitable growth while continuing to invest in expanding our portfolio. To start the year, we are tracking ahead of our operating profit assumptions, giving us the optionality to invest in growth-driving initiatives in the back half of the year. As we look ahead, our strategy is consistent and focused on building a scaled, multi-product aesthetics company, supported by a differentiated and increasingly durable business model. Our long-term outlook through 2028 is grounded in executing our playbook each quarter: expanding account coverage, improving field productivity, deepening relationships with practices, and consistently converting demand into repeat purchasing across the portfolio. A key element of our differentiation, which has enabled us to achieve mid-teens market share for Jeuveau, is a competitive moat we have established through our Performance Beauty platform. At the foundation is our cash-pay model and ability to deliver a fully integrated experience for both customers and consumers. Unlike traditional models, our leading digital ecosystem connects the entire platform, from practice engagement and product ordering to consumer acquisition, loyalty, and repeat utilization, creating a level of connectivity and efficiency that is difficult to replicate and that continues to drive repeat usage and momentum across the business. This platform is now powered to drive portfolio bundle benefits, and with international growth on a steady rise, the upcoming launch of Esteem in Europe this quarter, and additional pipeline milestones ahead, we believe this differentiated commercial structure positions us to scale efficiently and execute with greater precision. At the same time, we are increasingly leveraging our digital ecosystem to drive efficiency and scale across the organization. Over the past year, we have embedded AI into core areas of the business, and we are now seeing those actions translate into tangible results. Our unified data platform allows us to connect insights across the commercial organization, enabling more targeted engagement, improved field productivity, and faster decision-making. What makes this particularly powerful is how tightly integrated these capabilities are within our operating model. Our commercial platform, including Evolus, Inc. Rewards, practice engagement tools, and ordering systems, creates a continuous data loop that feeds directly into our AI capabilities. This allows our field organization to operate with greater precision and effectiveness, with real-time insights at their fingertips that support everything from customer targeting to conversion. Turning to the business, underlying demand remains healthy and consistent with the momentum with which we exited 2025. In addition to customer expansion and strong reorder rates, we are seeing increasing traction from our portfolio bundling strategy. We are encouraged by the progress and momentum we are seeing across our accounts as customers adopt a more integrated approach to our portfolio. Given this is a structured six-month program, we look forward to providing a more comprehensive update following the second quarter. Importantly, this is a key driver of both growth and profitability. As a more streamlined organization, these capabilities allow us to scale the business more efficiently, which is a meaningful contributor to the operating leverage and profitability we are now delivering. This is not a trade-off between growth and efficiency; it is a reflection of a more intelligent and scalable model and a clear point of differentiation versus traditional approaches in the category. Looking at our key performance indicators, they reinforce both the quality and demand scalability of our commercial model. We are continuing to broaden our reach across practices. Total purchasing accounts increased by nearly 500 in the first quarter, and since launch, more than 18,000 customers have purchased from Evolus, Inc., including approximately 3,500 for Evolisse. U.S. account penetration is now above 60%, and reorder rates remain approximately 71%. And Evolus, Inc. Rewards continues to expand, approaching 1.5 million members, up 27% year-over-year, with redemptions exceeding 255,000 in the quarter. These metrics reflect strong engagement and support our ability to translate demand into increasingly consistent financial performance. On Jeuveau, we continue to see a brand that is building. In the first quarter, Jeuveau delivered $66.4 million in global revenue, with positive unit growth and pricing stability across both U.S. and international markets. While reported revenue reflects normal seasonality and prior-year timing dynamics, underlying demand remains intact. As we move through 2026, we expect to wrap around those dynamics from early 2025, resulting in high single-digit growth for Jeuveau over that period. Beyond Jeuveau, our next phase of growth is being driven by portfolio expansion and increasing share of wallet within our accounts. In the U.S., Evolisse is increasing our relevance with customers and contributing to an evolving revenue mix as we apply the same playbook that drove Jeuveau's success: education, training, and disciplined scale. Just this past weekend, we hosted 50 customers per training program on our injectable products, and the feedback on Evolisse was incredibly positive. We are seeing accounts repurchasing at higher volumes as they gain confidence in the uniqueness of the product benefits. The excitement is also building around the upcoming FDA milestone for Sculp, which further completes our HA portfolio and puts us in a strengthened competitive position against the market-leading companies. As previously stated, we expect to gain FDA approval for Sculp in the fourth quarter of this year. Internationally, we are extending that strategy with the mid-May launch of Esteem in Europe, expanding our addressable market and building on the commercial foundation we have established with Nuceiva. In Europe, we have the opportunity to introduce a full line of Esteem products, including the flagship Sculp mid-face product, along with the U.S.-approved Smooth and Form product, and the Esteem Lips product, which is currently in U.S. FDA trials. The market learnings from these products in Europe will further support our launch strategy in the U.S. We also continue to take a disciplined approach to expanding our innovation pipeline. We are continuing to actively evaluate and pursue targeted, capital-efficient opportunities that complement our portfolio and leverage our existing commercial infrastructure. This is a natural extension of our strategy and an important component of our long-term growth, and positions us well to continue building a differentiated multi-product platform. Stepping back, our priorities are clear. We are focused on executing our plan, maintaining discipline across our cost structure, and investing in catalysts that will drive our next phase of growth. We are well-capitalized to support existing business growth and invest in pipeline opportunities. Based on our performance in the first quarter, we are reiterating our full-year outlook and remain confident in our ability to deliver double-digit revenue growth and achieve full-year adjusted EBITDA profitability in 2026. With that, I will turn the call over to Tatjana to walk through the first quarter financial results and our outlook. Tatjana Mitchell: Thank you, David. Our first quarter results reflect meaningful progress toward full-year adjusted EBITDA profitability. We are executing against our revenue plan while maintaining the expense discipline we established in 2025, and we are seeing the benefits of that structure flow through and expand our operating leverage over the course of 2026. For Q1, global net revenue was $73.1 million, representing a 7% increase over the prior year. This included $66.4 million of global Jeuveau revenue and $6.7 million from Evolisse. On Jeuveau, units increased in both the U.S. and international markets, reflecting healthy underlying demand. In the U.S., there were one-time revenue deferral dynamics that benefited 2025 and created a headwind in 2026. We expect second quarter U.S. Jeuveau net revenue growth to more than offset the first quarter decline. For 2026, our guidance implies high single-digit year-over-year growth for global Jeuveau revenue, supporting our expectation for total company revenue growth of 10% to 13% for the full year. Turning to gross margin, reported gross margin in the first quarter was 67%, and adjusted gross margin was 68%, which excludes the amortization of intangibles. Regarding tariffs, a recent executive proclamation set a 15% tariff on certain pharmaceutical products in South Korea, including Jeuveau, with an effective date of 09/29/2026. We believe there is a pathway to mitigate or eliminate the impact of this tariff, and we are actively evaluating multiple options. In the near term, we have a plan to secure significant U.S. inventory, supported by the product's three-year shelf life, which provides flexibility as we bridge to longer-term solutions. We plan to provide an update by year end as we gain greater clarity. Importantly, the announced tariffs do not impact or change our confidence in our 2026 outlook or long-term guidance. Moving to operating expenses, GAAP operating expenses for the first quarter were $55.7 million compared to $55.1 million in the fourth quarter. As a reminder, 2025 included a $4.5 million benefit related to the revaluation of the contingent royalty obligation. In Q1 2026, the revaluation impact was immaterial. Non-GAAP operating expenses for the first quarter were $49.1 million compared to $53.0 million in the fourth quarter, reflecting continued discipline and the impact of structural cost actions we implemented last year. As a reminder, non-GAAP operating expenses exclude stock-based compensation, revaluation of the contingent royalty obligation, and depreciation and amortization. Within operating expenses, selling, general and administrative expenses for the first quarter were $52.0 million compared to $54.7 million in the fourth quarter. This included $4.8 million of non-cash stock-based compensation, similar to the prior quarter. From a profitability standpoint, we generated positive adjusted EBITDA of $0.6 million in the first quarter, compared to a loss of $5.5 million in the prior-year period. This improvement reflects both revenue growth and improved cost efficiency as we continue to scale the business while maintaining disciplined expense management. Turning to the balance sheet, we ended the first quarter with $49.8 million in cash and cash equivalents, compared to $53.8 million at the end of the fourth quarter. The primary uses of cash were interest and bonus payments, which were offset by the net proceeds from the line of credit. As a reminder, in addition to the approximately $50 million in cash, we have access to an additional $120 million in capital—$100 million on our long-term debt facility with Pharmakon, and $20 million on the revolving credit facility. Our existing term loan does not mature until mid-2030. Over the past two quarters, cash usage was modest at approximately $3 million in aggregate. Our current cash trajectory supports ongoing operating expenses, while the incremental facilities provide optionality for potential pipeline development opportunities. Overall, we believe this provides sufficient liquidity and flexibility to execute our strategy, invest in growth, and progress toward meaningful free cash flow generation over time. Finally, we have recently terminated our at-the-market equity facility, which was never utilized, reinforcing our confidence in our current capital position. Turning now to guidance, our full-year 2026 outlook remains unchanged. We continue to expect total net revenue of $327 million to $337 million, adjusted gross margin of 65.5% to 67%, non-GAAP operating expenses of $210 million to $216 million, and low- to mid-single-digit adjusted EBITDA margin for the full year. The first quarter results strengthen our confidence in delivering full-year profitability. Importantly, our long-term outlook through 2028 is unchanged, including our expectations for continued double-digit revenue growth, significant margin expansion, and increasing operating leverage as we scale the business. With that, I will turn it back to David for closing remarks. David Moatazedi: Thank you, Tatjana. We are very pleased with our start to 2026. The first quarter reflects exactly where we want to be as a company: delivering revenue growth while generating profitability. Importantly, this performance validates the operating model we have been building. We are scaling the business through performance above market, making investments to further expand our portfolio, while driving improved profitability within a disciplined framework. We are also in a strong financial position. We have the liquidity to execute our strategy and invest in growth. As it relates to tariffs, we are taking a proactive approach. Our goal is to eliminate any long-term impact, and our strategy is straightforward: create flexibility in the near term while we evaluate structural solutions. We will provide updates as we gain greater clarity. Finally, we are reiterating both our 2026 and long-term financial guidance. We look forward to updating you on our progress throughout the year. Operator, you may now begin the Q&A. Operator: Thank you. We will now open the call for questions. Our first question comes from the line of Annabel Samimy with Stifel. Please proceed with your question. Annabel Samimy: Thanks for the details here. I just had some questions on the Evolisse launch. How do you find the headwinds of the filler market impacting the launch? And is bundling helping with increasing volumes? Is any of the bundling taking away from net sales? Can you help us understand the dynamics there a little bit? You have talked about how sentiment seems to be turning, but the market does not seem to be turning positive. So I am just trying to sort of reconcile those two points. Thanks. David Moatazedi: Annabel, this is David. I will take the questions around the category for fillers. I would say, especially coming off this weekend where we had 50 clinicians here, the sentiment is turning more positive. And when I am speaking with clinicians now, I am consistently hearing that the interest in HAs is rising again, that they are seeing their utilization rising. So although we may still be in a market that, on a year-over-year basis, could be down slightly, it is a marked improvement from the category that we were operating in one or two years ago, and that puts Evolisse in a really favorable position. That being said, keep in mind the competitive set has been in the market well established for a number of years—not just in the U.S. Most of these products were launched in Europe over a decade prior to entering this market, so they are well-established brands with a lot of history in terms of how to use the products, and a full line of products that they are supporting clinics with. And so that has been the opportunity for Evolisse. As we are getting in and exposing clinicians to the product, and they are gaining more experience, trialing it, and then getting additional trainings on the product, we are seeing that their confidence is rising and the reorder rates are increasing in terms of the amount that they are purchasing once they get that experience and education. So we feel very good about the trajectory that Evolisse is on. We also recognize that we are not operating in the mid-face segment of the market, which is a sizable part of the category. Sculp will be an important product there, and we have mentioned many times before that we view the Sculp product to be the flagship product in this line that will play an important role. The other part that will play an important role, of course, is the bundling. We piloted in the fourth quarter of last year a growth rebate that performed very well in a small subset of clinics. We rolled that out in January, and it is a six-month program, very similar in timeline to the competitive set. That is an important part of the conversation because clinics that move more of their business over to our portfolio are making trade-offs against the portfolio bundles of the competitive set. We will be in a position to give you more color from a quantitative standpoint coming out of our Q2 earnings call. But I can tell you that we are tracking those customers that have expressed an interest in participating in our portfolio growth rebate, and we are seeing very good uptake around that group of customers. And so we do feel that we are on the right track with the product, and Evolisse is a very important part of that conversation overall. Annabel Samimy: Just a follow-up on the rebate. Is the function of your rebate different from your competitors? And is it more of a direct cash savings than a rebate that goes towards forward sales? Is it an easier rebate for them to wrap their economics around? David Moatazedi: I think the rebate itself operates in a similar fashion in terms of earning that amount back on their account, just like they would with the competitive set. Probably the part that makes it easier to execute is it is purely a function of their growth with Evolus, Inc. We designed it as a partnership rebate for clinics that want to partner more closely with us. That growth rebate gives them an additional incentive to cover the cost of making that conversion—bringing their portfolio business over to us—and in those increments of $75,000 and $150,000 incremental purchasing over what they purchased during that same period the year prior. As it relates to the accounting for it, I will let Tatjana add some color. Tatjana Mitchell: To your question around whether the portfolio rebate is a drag on net sales, it is not. We have designed both the pricing tiers and the portfolio rebate to maintain a healthy margin rate. In terms of net sales, that really is driven by the dynamic of last year. We defer revenue for the consumer rewards program, and then we also recognize revenue upon delivery. In any given quarter, this pretty much washes out and does not impact year-over-year growth rates. It just so happened that last year in Q1 there was a pretty good pickup, and we did not see that this Q1. That is really what you see in the net sales impact this quarter. Annabel Samimy: Got it. Thank you for the clarity. Appreciate it. Operator: Thank you. Our next question comes from the line of Marc Goodman with Leerink. Please proceed with your question. Marc Goodman: David, you gave us a sense that in the U.S. the market seems to be improving a little bit. Can you give us a sense of what is going on OUS, both toxins and fillers—what the dynamic is there, maybe just a country by country? And then secondly, Hugel came into the U.S. market last year as a competitor. Anything that they are doing differently today than they were doing six months ago? Just curious how well they are kind of breaking in. Thanks. David Moatazedi: Great. Marc, I will start with the OUS business. As we talked about in our full-year earnings call from last year, our OUS business continues to perform incredibly well. If you double-click into any of those markets, the revenue is nearly doubling, and our most mature market, being the U.K., was also on a very fast growth clip. We feel that we have a lot of momentum across the markets in Europe. Especially considering the U.K. is the first market to be approaching double digits, those other markets are several years behind the U.K. in terms of the timing that we entered them directly, so we see a lot of growth potential going forward. With that greater scale, we have an increasing presence now in Europe as well, and that infrastructure we are able to leverage to launch Esteem. In two weeks, I will be back in Europe for the launch of Esteem with over 100 of our top customers across Europe who will be coming in to learn about the entire line. We think that is a significant advantage because, one, we will be one of just a handful of companies that have both a neurotoxin and a hyaluronic acid in Europe; and two, they will benefit from having our flagship Sculp product as part of the line. We have been engaged with about 30 or so clinicians throughout Europe in an experience program for the last year, and it is very clear that the Sculp product is highly differentiated from even the mature products that are available in Europe, and that is a far more competitive market. As we go across all the markets, we are seeing really great uptake. There is not a single market where we are not seeing healthy growth. The team in international is very focused, and we have in-market country heads that are seeing a lot of success. We are excited to see what Esteem will do overall for that business over the next several years as we aspire to continue to build that business to approach roughly 15% of our overall revenue. As we look to the U.S., I would say that overall we continue to gain market share in the category. We talked about shares being steady in the first quarter, but even through last year with the entry of a new competitor, we saw a lot of heavy sampling initially and then purchasing that follows from that competitor. Despite that, we continue to gain momentum in the market. We believe that this year will be much of the same. We expect another competitive entrant to enter in the back half of the year—once again, rinse and repeat, meaning heavy sampling and then the need to drive that pull-through into revenue from sample. I do not have a whole lot to add in terms of anything different that I am seeing in the field. I would just say that the shares appear to be relatively stable sequentially from the fourth quarter into the first quarter; we are not seeing any major share-shift dynamics. Operator: Thank you. Our next question comes from the line of Uy Ear with Mizuho Securities. Please proceed with your question. Uy Ear: Hey, guys. Thanks for taking our questions. Maybe just help us understand—you guided to high single digit for the first half of the year for Jeuveau. Is it fair then to think about a rebound or reacceleration sequentially going into Q2? And secondly, if my math is correct, does the high single-digit first-half growth for Jeuveau mean you are kind of blessing the consensus, which is roughly $71 million for the second quarter? Thanks. Tatjana Mitchell: Thank you for the question. Yes, as you probably realize, what we are seeing this year in quarter-over-quarter revenue—Q1 versus Q4 and what you can expect for Q2 versus Q1—is really normal seasonality. What we saw last year was unusual. In Q1, we had the pickup from the revenue deferral; in Q2, we really took a hit for the market slowing down. We were also launching Evolisse. All of these things were happening last year that make for an interesting comparison. But when you take the first half of the year together, what you will see is what we guided to, which is that global Jeuveau will show high single-digit revenue growth year-over-year. Operator: Our next question comes from the line of Navann Ty with BNB Paribas. Please proceed with your question. Navann Ty: Hi, thanks for taking my question. Maybe a follow-up on fillers. Have you seen some further signs of recovery in Europe and in the U.S., and how are fillers doing versus biostimulators? And then on competition, what are your assumptions on competitive launches, maybe after the etranibotulinum FDA CRL? Thank you. David Moatazedi: Thanks for the questions, Navann. The filler market in Europe has been a bit more resilient than what we have seen in the U.S., and that has more to do with the economic backdrop in Europe, which has been a bit stronger. That is reflected in the growth rates—not just for fillers, but the toxin market as well. In our year-end call, we noted that we estimated the market in Europe may have turned positive by year end. It is too early for us to give visibility to how the first quarter played out specifically in Europe, but we believe it is in line with where it ended in Q4, if not potentially improved. Despite the war and potential energy concerns, we have not seen any meaningful change in demand in Europe associated with economic risks there. As it relates to our assumptions, we did open the year saying we expected two new competitive entrants. We all saw the news from AbbVie about the delay to the short-acting BoNT. In fairness, we had not estimated any impact to the existing market from a short-acting product entering the category, so it does not change our assumptions for full-year revenue. And we do continue to expect that Galderma will introduce their new liquid toxin in the back half of the year and, as you know, has a final FDA response date expected sometime in the summer. Thank you. Operator: Thank you. Our next question comes from the line of Douglas Tsao with H.C. Wainwright. Please proceed with your question. Douglas Tsao: Hi, good afternoon. Thanks for taking the time and the questions. David, it sounds like you feel pretty good about the environment in the U.S. market, and obviously, both from your results as well as competitors, things seem strong. When you step back and think about the environment—gas prices are higher and seem unlikely to come down anytime soon—I am curious how we should think about stress testing the macro environment in terms of the broader aesthetics market. David Moatazedi: I think the consumer was really tested last year with all the shifts that took place in the overall environment. What you are seeing now as we wrap around what was a really challenging base in the front half of last year is that, even though there are some puts and takes in the news and consumer sentiment, in the end you are left with a value-conscious consumer who is continuing to come in and seek treatment. I am spending a lot of time both in the market and talking to clinicians, and what I continue to hear is that business continues to be stable and strong on a year-over-year basis, despite what we are reading in the backdrop. We also have visibility into the start of the second quarter, and we feel really good about the trends that we have started out with. They continue to be strong, and we are not seeing any signs that reflect slowing. Perhaps the last part that is important is we have visibility to transactional data through our Evolus, Inc. Rewards program, and that is to the day. We get a daily view of utilization of product at the clinic level. We continue to see strength in overall redemptions in the Evolus, Inc. Rewards program. We feel confident that the market continues to be on a strong road to recovery, as we saw in the fourth quarter and again in the first quarter, and we are seeing it now as we start the second quarter, more than a month into it. Douglas Tsao: That is really helpful, David. As a follow-up on the filler market, one of your lead competitors reported numbers in the first quarter that were down just a little bit. I am trying to understand—there have been a few things going on in fillers: some macro related because it is a higher price point product, and also some product-specific issues in terms of adverse events. Within that, do you have a sense of whether what we are seeing from some of the other players is related to their particular product portfolios versus filler fatigue? How does that inform your own strategy as the Evolisse launches gain momentum? Thank you. David Moatazedi: We have a lot of data points—competitor reporting, third-party data, and conversations with clinics—and they all point to the same thing: the market is in some stage of recovery and rebound. It is not clear yet whether we have turned to positive market growth, but we are getting very close, which is consistent with our views coming into the year. Keep in mind, we are benefiting from a significant tailwind of GLP-1 patients who, once they achieve their desired weight, have an interest in entering aesthetics. There are a few areas in particular they are interested in, and one of those is replacing lost facial volume from weight loss—people call it Ozempic face—and that is a tailwind for the category. We know we are seeing some of those patients starting to come in. It has not yet led to the tailwind that drives the category back to growth, but it is not a question of if, it is a question of when. That gives clinicians optimism—these are new consumers coming into the category, and they will help fuel the market back to positive growth. We feel very good about where this category is going over time. Ultimately, it comes down to continuing to strengthen our position within that category, and that will happen through continued focus on differentiation of Evolisse with training, the launch of the Sculp product, and our focus on bringing these products together through a competitive bundle that is effective against the competitive set. Operator: Thank you. Our next question comes from the line of Sam Eiber with BTIG. Please proceed with your question. Sam Eiber: Hey, good afternoon. Thanks for taking the questions. Maybe I can start on Esteem with the launch coming up in May. Should we expect any initial stocking order similar to what we saw with Evolisse in the U.S. in Q2 of last year? Tatjana Mitchell: Hi, Sam. Good question. We do expect some, but consider the size of that market and Esteem launching in the middle of the quarter. We will see some stocking, but it is not going to be a meaningful impact to our Q2 growth. Sam Eiber: That is helpful. And as a follow-up, any feedback or conversations you are having with the FDA on Sculp? I know you have reiterated timelines for Q4 approval, but curious about your communications with them and what you have been hearing. David Moatazedi: Rui is sitting right next to me, so I will turn it over to him. Rui Avelar: It is a PMA going through the regular PMA process where we get questions along the way and it can also be interactive. We continue to say Q4—we are hoping to have approval by the end of the year. Sometimes it will go faster; hopefully it goes on timelines. As a reminder, for Form and Smooth we were conservative on timelines, but we got lucky there and received approval earlier. Operator: Thank you. Our next question comes from the line of Serge Belanger with Needham and Company. Please proceed with your question. Serge Belanger: Hi, good afternoon. Thanks for taking my questions. David, you talked a little bit about what sounds like an increasing appetite for BD and making additions to your product portfolio. Can you talk about what kind of products you are interested in and maybe how large of a transaction we could see here? Thanks. David Moatazedi: We are very active on the pipeline side. Rui has likely more experience than anyone in the aesthetics space in getting drugs and devices through the FDA. Although we are still an earlier-stage company commercially, we have the luxury of a fully staffed organization in clinical development and regulatory. That capability is well recognized within the industry, which is why we often get a first look at assets, especially those that are more complex to develop. I will let Rui talk a bit about where we spend a lot of our time looking at assets today. Rui Avelar: Biostimulators remain of high interest to us, and there are a number of assets out there. We look at the various ones and assess strengths and weaknesses, just like what we did with our current programs. Skin quality remains something of high interest. In Europe, it is quite popular with a number of offerings. Bringing it into the United States has a higher bar of entry and, as far as we know, there is only one that has been approved thus far. And then areas like hair continue to represent an unmet need. There are a lot of opportunities, and we have seen very successful stories out there right now. Operator: Thank you. This concludes our question-and-answer session as well as today’s teleconference. We thank you for your participation. You may disconnect your lines at this time and have a great rest of your day. Before you buy stock in Evolus, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Evolus wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Evolus. The Motley Fool has a disclosure policy. Evolus (EOLS) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Achieved a second consecutive quarter of positive adjusted EBITDA during a seasonally low revenue period, validating the structural cost improvements implemented in 2025. Maintained a 14% U.S. market share for Jeuveau despite new competitive entrants, supported by a 71% reorder rate and a 27% year-over-year increase in loyalty program members. Attributed performance to the 'Performance Beauty' platform, a digital ecosystem that integrates practice engagement, product ordering, and consumer loyalty to create a competitive moat. Leveraged AI and a unified data platform to improve field productivity and enable more targeted customer engagement, driving scale without a proportional increase in operating expenses. Transitioned to a multi-product strategy by utilizing a six-month portfolio growth rebate program to incentivize accounts to switch from competitor bundles to Evolus products. Reported that while the U.S. filler market remains flat to slightly down, clinician sentiment is improving, and the company is gaining share with the Evolisse line through focused education and training. Reiterated full-year 2026 guidance for double-digit revenue growth and low- to mid-single-digit adjusted EBITDA margins, supported by high single-digit growth expectations for Jeuveau. Anticipates FDA approval for Sculp, a flagship biostimulator product, in the fourth quarter of 2026. Scheduled the mid-May launch of the Esteem filler line in Europe to expand the addressable international market and leverage existing Nuceiva infrastructure. Assumes a second competitive liquid toxin will enter the U.S. market in the second half of 2026, though management expects to maintain momentum through its established commercial playbook. Expects second-quarter U.S. Jeuveau revenue growth to more than offset first-quarter declines caused by prior-year timing dynamics and revenue deferrals. Identified a 15% tariff on South Korean pharmaceutical products effective September 2026; management is securing significant U.S. inventory to bridge to longer-term mitigation solutions. Terminated an unused at-the-market equity facility, signaling confidence in the current $49.8 million cash position and $120 million in available incremental capital. Noted that first-quarter revenue growth was impacted by a one-time revenue deferral dynamic from early 2025 that created a difficult year-over-year comparison. Highlighted the 'Ozempic face' trend as a potential long-term tailwind for the filler category as GLP-1 patients seek to replace lost facial volume. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. The rebate is designed as a partnership incentive for clinics that increase their purchasing in increments of $75,000 and $150,000 over what they purchased during the same period in the prior year. Management clarified that the rebate does not drag on net sales as pricing tiers are structured to maintain healthy margins. Management observed that while new competitors use heavy initial sampling, Evolus has not seen major share-shift dynamics and continues to gain momentum. The delay of a competitor's short-acting toxin does not change Evolus's revenue assumptions as they had not modeled a significant impact from that product category. The company is actively evaluating capital-efficient opportunities in biostimulators, skin quality, and hair restoration. Management emphasized their internal clinical and regulatory capability as a key advantage in attracting complex, early-stage assets. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

Global Net Revenue of $73.1 Million for the First Quarter of 2026, Up 7% Over the Prior Year and Against the Highest Growth Quarter of 2025 GAAP Operating Loss of $6.8 Million and Adjusted EBITDA of $0.6 Million for the First Quarter of 2026, Representing the Second Consecutive Quarter of Positive Adjusted EBITDA and a Significant Improvement from a Loss of $5.5 Million in the Prior Year Period Reaffirms Full-Year 2026 Net Revenue Guidance of $327 Million to $337 Million and Non-GAAP Operating Expenses of $210 Million to $216 Million; Company Continues to Expect to Achieve a Low- to Mid-Single Digit Adjusted EBITDA Margin in 2026 NEWPORT BEACH, Calif., May 04, 2026--(BUSINESS WIRE)--Evolus, Inc. (NASDAQ: EOLS), a global performance beauty company with a focus on building an aesthetic portfolio of consumer brands, today announced its financial results for the first quarter ended March 31, 2026. "We started 2026 with a second consecutive quarter of positive Adjusted EBITDA, delivering profitability1 in what is seasonally our lowest revenue quarter," said David Moatazedi, President and Chief Executive Officer of Evolus. "This performance reflects continued strength of the business and the benefit from structural improvements we implemented in 2025. Importantly, achieving profitability1 in the first quarter further reinforces the durability of our operating model and our confidence in achieving full-year profitability1 in 2026." "Underlying demand across the business remains healthy and consistent with the momentum we exited 2025," Moatazedi continued. "In the first quarter, we delivered unit growth for Jeuveau® across both U.S. and International markets, and during the second quarter of 2026 we expect to overcome some unique dynamics from the prior year, resulting in high single-digit Jeuveau® growth in the first half and supporting double-digit total revenue growth for the full year. Our performance continues to be supported by strong engagement from our existing customer base, expansion across national accounts, and ongoing growth in our international markets. At the same time, Evolysse® is building momentum and contributing to our expanding share of wallet within accounts." "We are continuing to advance our strategy of building a global performance beauty company supported by a differentiated and expanding portfolio," Moatazedi concluded. "Our commercial platform continues to scale effectively, supported by strong growth in Evolus Rewards™, which now approaches 1.5 million members, along with increasing customer penetration and consistent repeat utilization. We are also progressing key milestones, including the upcoming launch in mid-May of all four injectable hyaluronic acid gels under the Estyme® brand in Europe, and we continue to anticipate U.S. approval of Evolysse® Sculpt later this year. With a more efficient cost structure and expanding operating leverage, we reiterate our full‑year guidance to deliver positive Adjusted EBITDA and double‑digit revenue growth in 2026, while continuing to invest in long‑term value creation." First Quarter 2026 Highlights and Recent Developments The company’s key performance indicators demonstrated continued momentum during the first quarter, reflecting increasing customer penetration, strong reorder behavior, and the scalability of Evolus’ digitally enabled commercial platform. Total purchasing accounts increased by nearly 500 in the first quarter. Since launch, more than 18,100 customers have purchased from Evolus, with approximately 3,500 purchasing Evolysse®, driving U.S. account penetration above 60%. Customer reorder rates are approximately 71%2, reflecting strong engagement and retention. Members in the Evolus Rewards™ consumer loyalty program grew by nearly 75,000 during the quarter to approach 1.5 million3, representing a total increase of 27% as compared to the first quarter of 2025. Total Evolus Rewards™ redemptions for the quarter grew and reached an all-time high of over 255,0003 with existing patients receiving repeat treatments at the rate of approximately 70%, which demonstrates growing consumer adoption and utilization independent of broader market dynamics. First Quarter 2026 Financial Results Total net revenues for the first quarter of 2026 were $73.1 million, a 7% increase over the first quarter of 2025. Net revenue for the first quarter of 2026 included $66.4 million of global toxin revenue and $6.7 million of revenue from injectable hyaluronic acid (HA) gels. Gross profit margin and adjusted gross profit margin were 66.9% and 68.0%, respectively. Adjusted gross profit margin excludes amortization of intangible assets. GAAP operating expenses for the first quarter of 2026 were $55.7 million as compared to $55.1 million in the fourth quarter of 2025. The fourth quarter of 2025 included a $4.5 million benefit related to the revaluation of the contingent royalty obligation. Non-GAAP operating expenses for the first quarter of 2026 were $49.1 million, compared to $53.0 million in the fourth quarter of 2025. Non-GAAP operating expenses exclude stock-based compensation expense, revaluation of the contingent royalty obligation and depreciation and amortization. GAAP loss from operations for the first quarter of 2026 was $6.8 million, compared to GAAP loss from operations of $15.2 million in the first quarter of 2025. Adjusted EBITDA, which is equivalent to non-GAAP income from operations, in the first quarter of 2026 was $0.6 million, compared to a loss of $5.5 million in the first quarter of 2025, reflecting expanding operating leverage and disciplined expense management. As of March 31, 2026, the company had cash and cash equivalents of $49.8 million compared to $53.8 million on December 30, 2025. Outlook – Evolus Continues to Expect: Total net revenues for 2026 projected to be between $327 million and $337 million, which represents 10% to 13% growth over the prior year. Adjusted gross profit margin for the full-year 2026 to be between 65.5% and 67.0%, reflecting an evolving revenue mix while maintaining a disciplined approach to margin optimization. Non-GAAP operating expenses for 2026 to be between $210 million and $216 million, representing a modest 0% to 3% growth over 2025 non-GAAP operating expenses, and reflecting meaningful operating leverage alongside continued operational efficiency. Evolysse® and Estyme® injectable HA gels to contribute 10% to 12% of total revenue for the full-year 2026, reflecting: U.S. commercialization of Evolysse® Form and Evolysse® Smooth; The anticipated commercial launch of Estyme® in Europe; and The anticipated U.S. approval of Evolysse® Sculpt in the fourth quarter of 2026; however, guidance assumes no revenue contribution from the product. Achieve a low- to mid-single digit Adjusted EBITDA margin in 2026. To maintain a strong capital position, supported by $49.8 million of cash and cash equivalents as of March 31, 2026 and approximately $120 million of additional capacity, providing sufficient resources to execute the Company’s strategy and invest in growth. 2028 long-term financial outlook reflecting total net revenue between $450 million and $500 million, representing a three-year CAGR of 15% to 19%, and Adjusted EBITDA margins of 13% to 15% for 2028, which reflects: Current market conditions and a more conservative near-term growth environment; Strengthened market share, driven by continued outperformance, portfolio expansion, and commercial execution; and International business performance remaining on track, supported by continued execution across existing markets and the anticipated commercial launch of Estyme® in Europe. The Company Noted: In April the White House announced a 15% tariff on patented pharmaceuticals from South Korea. Absent an exception, this tariff would apply to Jeuveau® beginning September 29, 2026. Given the three-year shelf life of Jeuveau®, combined with its manufacturing partner’s ability to produce significant quantities, the Company believes it has meaningful flexibility to mitigate the near to medium term impact of the announced tariff. Certain elements of the tariff may not ultimately apply to Evolus, and the Company is actively evaluating mitigation strategies to minimize medium to long-term potential financial or operational impact. Evolysse®, which is classified as a medical device and imported from France, is currently subject to a 10% tariff. Beginning in fiscal year 2026, the Company has transitioned its primary profitability metric from Non-GAAP Operating Income (Loss) to Adjusted EBITDA. This change is intended to improve comparability to industry peers, and will not impact reported results, as the reconciling items are consistent between both metrics. Conference Call Information Management will host a conference call and live webcast to discuss Evolus’ financial results today at 4:30 p.m. ET. To participate in the conference call, dial (877) 407-6184 (U.S.) or (201) 389-0877 (international) or connect to the live webcast via the link on the Investor Relations page of our website at www.evolus.com. Following the completion of the call, an audio replay can be accessed for 48 hours by dialing (877) 660-6853 (U.S.) or (201) 612-7415 (international) and using conference number 13759697. An archived webcast, which will remain available for 30 days, can also be accessed on the Investor Relations page of our website at www.evolus.com. About Evolus, Inc. Evolus (NASDAQ: EOLS) is a global performance beauty company redefining the aesthetic injectable market for the next generation of beauty consumers through its unique, customer-centric business model and innovative digital platform. Our mission is to become a global leader in aesthetics anchored by our flagship products: Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse®, a collection of unique injectable hyaluronic acid (HA) gels. Visit us at www.evolus.com, and follow us on LinkedIn, X, Instagram or Facebook. 1 "Profitability" is not a measure presented in accordance with GAAP. Within this press release, "profitability" for 2025 and prior is defined as achieving positive Adjusted EBITDA. See "Use of Non-GAAP Financial Measures" below for more information on the company’s use and definitions of non-GAAP measures. 2 Represents cumulative statistics from the launch of Jeuveau® in May 2019 through March 31, 2026. 3 Represents cumulative statistics from the launch of Evolus Rewards™ in May 2020 through March 31, 2026. Use of Non-GAAP Financial Measures Evolus’ financial results are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release and the reconciliation tables included in the financial schedules below include adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin. Adjusted gross profit is calculated as gross profit excluding amortization of an intangible asset. Adjusted gross profit margin is defined as adjusted gross profit as a percentage of total net revenues. Non-GAAP operating expenses excludes (i) revaluation of the contingent royalty obligations, (ii) stock-based compensation expense and (iii) depreciation and amortization. Adjusted EBITDA is defined as net income (loss) before interest expense, interest income, income tax expense, revaluation of the contingent royalty obligations, stock-based compensation expense, depreciation and amortization, and other income (expense), net. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of total net revenues. Management believes that adjusted gross profit and adjusted gross profit margin are important measures for investors because management uses adjusted gross profit margin as a key performance indicator to evaluate the profitability of sales without giving effect to costs that are not core to our cost of sales, such as the amortization of an intangible asset. Management believes that non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin are useful in helping to identify the company’s core operating performance and enables management to consistently analyze the period-to-period financial performance of the core business operations. Management also believes that non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin will enable investors to assess the company in the same way that management assesses the company’s operating performance against comparable companies with conventional accounting methodologies. The company’s definitions of adjusted gross profit, adjusted gross profit margin, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools and may differ from other companies reporting similarly named measures. Non-GAAP measures should not be considered measures of financial performance under GAAP, and the items excluded from such non-GAAP measures should not be considered in isolation or as alternatives to financial statement data presented in the financial statements as an indicator of financial performance or liquidity. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. For a reconciliation of our historical (i) adjusted gross profit, (ii) adjusted gross profit margin, (iii) non-GAAP operating expenses, and (iv) Adjusted EBITDA and Adjusted EBITDA margin presented herein to (i) gross profit, (ii) gross profit margin, (iii) GAAP operating expenses and (iv) GAAP Net Loss, the most directly comparable GAAP financial measures, please see "Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin," "Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses" and "Reconciliation of Reconciliation of GAAP Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin" in the financial schedules below. In addition, this press release includes information regarding the company’s expected non-GAAP operating expenses and Adjusted EBITDA for the full-year 2026 and Adjusted EBITDA margin by 2028. Evolus has not provided a reconciliation of such forward-looking non-GAAP operating expenses, Adjusted EBITDA, or Adjusted EBITDA margin because a reconciliation of such measures to forward-looking GAAP operating expenses and GAAP net income (loss), respectively, the most directly comparable GAAP financial measures, is not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the forward-looking outlook for these non-GAAP financial measures since they have not yet occurred and/or cannot be reasonably predicted. Such unavailable information could have a significant impact on Evolus’ GAAP financial results. Forward-Looking Statements This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements about future or anticipated events, our business, financial condition, results of operations and prospects, our industry and the regulatory environment in which we operate. Any statements contained herein that are not statements of historical or current facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms, or other comparable terms intended to identify statements about the future. The company’s forward-looking statements include, but are not limited to, statements related to anticipated product launches and approvals; the impacts of tariffs and the company’s ability to mitigate such impacts; the company’s business strategies and capital resources; the company’s financial outlook for 2026 and beyond, including the assumptions set forth therein; and the company’s expectations and timing for achieving continued profitability. The forward-looking statements included herein are based on our current expectations, assumptions, estimates and projections, which we believe to be reasonable, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control, include, but are not limited to uncertainties associated with our ability to comply with the terms and conditions in the Medytox Settlement Agreements, our ability to fund our future operations or obtain financing to fund our operations, our reliance on consumer discretionary spending, unfavorable global economic conditions including trade disputes, tariffs and regulatory actions on imports, uncertainties related to customer and consumer adoption of Jeuveau® and Evolysse®, the efficiency and operability of our digital platform, competition and market dynamics, our ability to successfully launch and commercialize our products in new markets, including the Evolysse® Hyaluronic Acid (HA) gels in the U.S. and Estyme® HA gels in Europe, our ability to maintain regulatory approvals of Jeuveau® and Evolysse® or obtain regulatory approvals for new product candidates or indications, our reliance on Symatese to achieve and/or maintain regulatory approval for the Evolysse® HA gel products in the U.S., and other risks described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for quarter ended March 31, 2026 filed with the Securities and Exchange Commission on or about May 4, 2026. These filings can be accessed online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events. If we do update or revise one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. Jeuveau® and Nuceiva®, and Evolysse® are registered trademarks of Evolus, Inc. Estyme® is a trademark of Symatese Aesthetics S.A.S. Jeuveau® (known as Nuceiva® outside the United States) and Evolysse® (known as Estyme® outside the United States) are referred to throughout this press release by their U.S. trade names for convenience. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504795495/en/ Contacts Evolus Contacts: Investors: Nareg Sagherian Vice President, Head of Global Investor Relations and Corporate Communications Tel: 248-202-9267 Email: [email protected] Media: Email: [email protected]

Image source: The Motley Fool. Tuesday, August 5, 2025 at 4:30 p.m. ET President & Chief Executive Officer — David Moatazedi Chief Medical Officer — Rui Avelar David Moatazedi: Thank you, Nareg, and good afternoon, everyone. Our second quarter results came in below expectations, reflecting one of the most challenging market environments we've seen in recent years. Jeuveau experienced its first-ever year-over-year decrease since launch more than 6 years ago, underscoring a sharp reduction in consumer sentiment resulting in broad softness across the U.S. aesthetic toxin market. Procedural volumes across the U.S. toxin category decelerated further in the second quarter, following a slower-than-expected start to the year. Throughout the majority of the quarter, we were outperforming on the launch of Evolysse and Jeuveau was tracking to our internal forecast. In the final 2 weeks of the quarter, we started to experience lower order volumes compared to the prior quarter closes. This was the first time we felt the effects of the market slowing, which resulted in accounts holding back their order volumes. While procedural volumes across the U.S. toxin market decreased over the past 3 consecutive quarters, the second quarter marked the first time we felt the impact on Jeuveau demand. Despite these domestic headwinds, we continue to gain market share through the first half of the year and are beginning to see early signs of positive momentum entering the third quarter. Given the unusually slow finish to the quarter, we conducted an Evolus- led survey of nearly 200 U.S. customers to better understand their market outlook in the coming 6 months. The results pointed to a meaningful rebound in patient volume in the second half of the year. A majority of practices expect growth of more than 10%, while very few anticipate any decline, a stark contrast to the first half of the year. These findings were further validated by an independent survey of 200 providers, reinforcing our view that demand is expected to improve incrementally in the back half of the year, even as consumer discretionary spending remains under pressure. Given these market challenges, we've taken decisive action to ensure we maintain our commitment to long-term value creation. This includes revising our 2025 outlook to reflect current U.S. market trends while realigning our operating model to preserve profitability and sustain investment and growth. We've reset our 2025 revenue expectations, rebased our spend to align accordingly and maintain our long-term outlook of reaching $700 million by 2028. We've reset our 2025 revenue guidance range to $295 million to $305 million, representing 11% to 15% growth over 2024. This new guide reflects a meaningful increase over the first half performance and benefits from 2 full quarters of Evolysse revenue, which is off to a great start and an incremental improvement in the U.S. toxin market from the front half of the year. We've rebased our non-GAAP operating expense guidance to $208 million to $213 million. This results in more than $25 million in operating expense cost savings with the majority of reductions concentrated in G&A while maintaining investment in our customer- facing activities. We are committed to achieving meaningful profitability in the fourth quarter and annual profitability starting in 2026. We have implemented strategic reductions that are designed to preserve growth and sharpen execution. These were not broad-based cuts. They were intentional, long-term changes that allow us to rebalance resources toward customer-facing areas of the business. Approximately 70% of the reductions were noncustomer-facing and noncommercial in nature, ensuring no disruptions to the team driving top-line growth. We also consolidated functions to reduce overhead while continuing to invest in our commercial infrastructure and further lean into automation, including AI to enhance productivity. These actions reflect our commitment to disciplined execution and position us for sustainable growth. Despite softness in the quarter, Jeuveau remains resilient and has continued to outperform the U.S. market with unit growth in the front half of the year. We've maintained our 14% market share through the first half of the year, which reflects an increase of over -- which reflects an increase over our full year 2024 share of 13%. In the quarter, we added 565 new purchasing accounts, consistent with our goal of at least 500, indicating strong interest in Evolus in a challenged market. Our unique cash pay model continues to differentiate us in the market, while our co-branded media and digital platform deepen customer engagement even as consumer spending patterns remain cautious. Our consumer loyalty program also delivered strong results. Evolus Rewards redemptions hit a record high of over 224,000 with 65% coming from repeat patients, highlighting the strength of our brand and consumer satisfaction. Importantly, Evolysse is now launched within Evolus Rewards, further enhancing patient retention and adding another lever of growth to our consumer engagement platform. As the market stabilizes, the consistent demand we're seeing through our loyalty program, combined with our advancing market share puts Evolus in a strong position to continue to outperform the market in the near term and as the market recovers. Internationally, the business continues to deliver strong performance and is increasingly contributing to our growth trajectory as we expand our global footprint in key markets. In early July, we introduced Nuceiva in France through our partnership with Symatese. While we view this launch as a strategic step forward, we expect its near-term revenue contribution to be modest. We are now active in 9 markets outside the U.S., representing over 70% of our international total addressable market. This progress not only reflects the increasing demand abroad, but reinforces the rising global relevance of our brand. We remain on track to achieve $100 million in international revenue by 2028. A highlight of the quarter was the U.S. launch of Evolysse, which exceeded our internal expectations. In its first quarter, Evolysse delivered $9.7 million in revenue, making it the strongest first-quarter filler launch in over a decade. This performance was supported by a combination of initial stocking of Evolysse and strong demand following a successful launch. The initial response from customers continues to be overwhelmingly positive with strong feedback on the product's performance. They continue to praise the line's unique natural gel properties, which offer precision and control key attributes they prioritize in daily practice. Our focused launch strategy, backed by Evolus Academy and the science of Cold-X Technology has been very successful. Since launch, we have trained over 4,000 health care providers and over 1,000 accounts have already ordered Evolysse with several thousand trialing. We're in the early stages of penetrating the filler market and see a meaningful runway for continued growth and account expansion. Based on this early momentum, we are raising Evolysse's full-year revenue contribution to 10% to 12%. The strong early adoption and enthusiasm confirm our confidence in Evolysse as a long-term growth pillar. We're applying the same disciplined approach to Estyme in Europe, prioritizing education, market preparation and launch excellence to ensure long-term success. Our experience program is well underway with a broader launch expected in early 2026. Based on these key business drivers, the continued share gains in our toxin business, the record-setting launch of Evolysse and strong performance internationally, we have confidence in our ability to deliver sustainable growth. The fundamentals of our business remain intact and our recalibrated cost structure positions us to scale profitably as market conditions improve. With that, I'll turn it over to Rui to walk through the results of the first-ever head-to-head study of 4 U.S. FDA-approved neurotoxins that was recently published in JAMA Dermatology, along with a few additional updates. Rui Avelar: Thank you, David. In 2019, during the initial stages of our approval process for Jeuveau, we ran the largest Phase III trial against BOTOX, which was published in the Aesthetic Surgery Journal. In that study, the primary endpoint responder rates were 82.8% for BOTOX and 87.2% for Jeuveau. 30 additional endpoints were also measured. Although not reaching the level of statistical significance, it was interesting to note that Jeuveau outperformed BOTOX numerically 26 out of 30 times. In the 2025 August edition of JAMA Dermatology, a new independent study was published that looked at the 4 neurotoxins approved at the time, Jeuveau, BOTOX, Dysport and XEOMIN. The study was conducted at the University of Pennsylvania and the senior author was Dr. Ivona Percec, a world-renowned plastic surgeon and researcher. The trial was double-blind, randomized and enrolled 143 patients evenly across the 4 neurotoxins. To measure effectiveness, instead of using the standard 4-point scale traditionally used in clinical trials, the investigators used a sensitive imaging system from Canfield, capable of precisely measuring the amount of strain when crowning, eliminating the bias that can be introduced by human evaluations. The results demonstrated that Jeuveau and Dysport had the fastest onset. At day 30, which is generally described as the timing of peak effect, Jeuveau demonstrated the greatest effect. And at day 180, Jeuveau demonstrated the longest duration, maintaining a statistical difference as compared to its baseline and as compared to BOTOX. In summary, this independent study conducted by independent investigators demonstrated that Jeuveau numerically had a fast onset, the highest peak effect and the longest duration, further validating its performance. On the Evolysse injectable side, we continue to receive feedback that's consistent with what we observed in the clinical trials and heard from clinicians during diligence. The gel is different, and it feels different. It's described as very efficient in providing corrections when injected and results in a natural look. We also continue to hear from injectors that it's very forgiving. The low inflammatory profile of these gels allows them to be placed more superficially than you'd expect without having an inflammatory reaction. And that form is being described as a very versatile HA injectable as we had expected. On the pipeline front, Sculpt, which will be targeting the premium MI-based volume market remains on track. We're targeting the PMA filing this quarter and estimating an approval in the second half of 2026. The lips product also remains on track. The trial was fully enrolled in February of this year, and we continue to estimate approval in 2027. Now let me turn it back to David to take you through the financial details of our second quarter. David Moatazedi: Thank you, Rui. Global net revenue for the second quarter was $69.4 million, a 4% increase over the second quarter of 2024. Sales growth in the second quarter was driven by the successful launch of Evolysse and international revenue growth. Net revenue for the second quarter of 2025 included $59.7 million of toxin revenue and $9.7 million of HA gels revenue. Our reported gross margin for the second quarter was 65.3% and adjusted gross margin was 66.5%, which excludes the amortization of intangibles. Gross margin this quarter were impacted by a higher mix of international sales and an introductory pricing offer for Evolysse. The impact to margins was unique to the quarter. And going forward, we expect margins to improve in the back half of the year. On the topic of tariffs, our exposure is limited to the transfer price of our products, which is accounted for in the cost of goods sold and included in both our reported and adjusted gross margin. Evolysse is sourced from France and will be subject to a 15% tariff, which is scheduled to go into effect on August 7. The impact of this tariff is minimal and has been fully incorporated into our guidance. Jeuveau remains unaffected by tariffs as pharmaceuticals are currently exempt. We continue to closely monitor developments and take prudent and proactive measures to manage toxin and HA gel inventory levels to mitigate any potential exposure moving forward. GAAP operating expenses for the second quarter were $55.5 million, down from $61.8 million in the first quarter. Non-GAAP operating expenses for the second quarter were $54 million compared to $52.9 million in the first quarter. As a reminder, non-GAAP operating expenses exclude stock-based compensation expense, revaluation of the contingent royalty obligation and depreciation and amortization. Within operating expenses, selling, general and administrative expenses for the second quarter were $56.7 million, consistent to the first quarter, reflecting investments in growth and commercial expansion in support of Evolysse. This included $4.3 million of noncash stock-based compensation compared to $5.7 million in the prior quarter. Non-GAAP operating loss in the second quarter was $7.9 million compared to non-GAAP operating income of $1.1 million in the second quarter of 2024. Both non-GAAP operating expenses and non-GAAP operating income exclude stock-based compensation expense, revaluation of the contingent royalty obligation and depreciation and amortization. Non-GAAP operating income also excludes amortization of intangible assets. Turning to the balance sheet. We ended the second quarter with $61.7 million in cash as compared with $67.9 million at the end of the first quarter. The decrease in cash during the quarter was primarily driven by our decision to pull forward inventory purchases ahead of increased tariffs on the European Union and threatened tariffs on pharmaceuticals. After factoring for the reset in this year's guidance, we continue to see a clear pathway to achieving our long-term outlook of $700 million by 2028. As we outlined in prior calls, we saw many ways to outperform the $700 million target, and our internal projections were meaningfully above our long-term guidance. We also reaffirm our goal of delivering a non-GAAP operating income margin of 20% by 2028. Our revenue growth will be driven by continued performance in our neurotoxin business, both in the U.S. and internationally, along with an increasing contribution from our novel line of injectable hyaluronic acid gels. With that context in mind, our outlook for 2025 and beyond includes the following: Total net revenues for the full year 2025 to be between $295 million and $305 million, representing 11% to 15% growth over 2024 results. We've increased our revenue expectations for Evolysse and now expect revenue contribution to be 10% to 12% of total revenue for the full year 2025. Full-year non-GAAP operating expense for 2025 to be between $208 million and $213 million, reflecting strategic cost structure optimization that is expected to yield at least $25 million in non-GAAP annualized operating expense savings for 2025 to achieve positive non-GAAP operating income beginning in Q4 '25 and annual profitability beginning in 2026. And lastly, total net revenue of $700 million and non-GAAP operating income margins of 20% by 2028. With that, I'll now turn the call back to the operator to begin Q&A. Operator: [Operator Instructions] Our first question comes from the line of Annabel Samimy with Stifel. Annabel Eva Samimy: So obviously, I'm going to be asking about the dynamics that you're seeing. I guess, to what extent are you seeing reduced demand related to consumer sentiment versus increased competitor presence? And what is specific about the last 2 weeks of the quarter that things just seem to have -- or demand seems to have fallen out of bed here? And just a second question regarding Evolysse. Can you quantify the amount of inventory buy-in there was for the $9.7 million that you recorded? David Moatazedi: Annabel, thanks for the questions. I'll take those 3. So just starting with the question around the reduced demand, consumer versus competitive. The way we look at it from a first-half standpoint, we believe that procedural demand declined high single digits. When we look at our business in units, as we talked about, we gained a few percent. So relative performance, we don't believe that it was a share or competitive-driven dynamic. But of course, the demand overall in the market was down in the first half of the year. It has been down starting the fourth quarter of last year, and this was the first quarter that we felt it. And what was interesting was that in May, as we were entering the last month of the quarter, we had many strong signals. Evolysse had exceeded our full quarter expectations in its first month on the market. We had Jeuveau, our lead metrics as we looked at our Evolus Rewards redemptions as well as our own forecast internally, they appear to be right on track. So there were some unique dynamics there at the end of the quarter where we generally see accounts purchasing to meet their tier threshold levels to maintain their pricing status for the following quarter. And essentially, what we saw were a number of accounts in that top tier, especially where they froze. They saw the broader impact of the macro environment. That's a combination of slowing demand in their practice as well as some of the things that were happening broader in the economy and their interest level and purchasing at the same level they had historically just weren't there. And we saw that significant pullback acute to the final several weeks. And then lastly, on the Evolysse, what we'd say is that we do believe that the initial portion of revenue had a stocking element as well as a pull-through. Of course, it's hard to quantify early on. But I think if you're thinking of it as sort of like a relatively even mix of those 2, that's probably a relatively safe way to think about the business. That's not precise math, but it's just based on what we're seeing in reorder patterns, et cetera. And then the last thing that I would point out, Annabel, which was interesting to us, here we sit in August is that we saw a pretty significant shift in the business as we entered the third quarter and that July, we saw a meaningful improvement in our business that correlated with some of the research that we saw, both our internal research and third party that we referenced earlier in our script. Operator: Our next question comes from the line of Marc Goodman with Leerink Partners. Marc Harold Goodman: Just to be clear here on what you were saying about the last question there. So July had a meaningful improvement, but June, you had no follow-through in the last 2 weeks. So what can you -- how do you explain that? Like because the -- I mean, are your customers as focused on quarter-to-quarter as a publicly traded company would be? David Moatazedi: Yes. Good question, Marc. Yes, I don't -- I wouldn't group the ideas of sort of the -- our fiscal quarter with customer purchasing patterns. What I would say is the way that we structure our pricing program is to achieve a certain status, you have to purchase at a certain level. And that level is based on full-quarter purchasing. And we tend to see, towards the end of the quarter, accounts will place larger orders in order to maintain their status. They'll work down their inventory and place a large order there towards the end. That's where we did not see those accounts placing orders as they had in historical at the historic levels. They were still purchasing, but on average, they were purchasing at lower volumes, which is far below what we had expected at the end of the quarter. That's a separate and independent piece from the year-on-year starts that we're seeing to the third quarter. I think I certainly don't want to mislead the third quarter. We continue to believe that there's going to be challenges with pocketbook that the macro environment will continue to be something that makes it tougher for these consumers to afford some of these treatments, and that's slowing where we've seen it in our business. That being said, we do wrap around in the back half of the year off of what is a relatively depressed base. And we do think that creates a favorable backdrop. And we also believe some of what we're seeing in terms of the front half slowing, then as a result should start to benefit us in the back half from a sequential standpoint, second half to front half, but not in a meaningful way where we see the market entirely recovering. Marc Harold Goodman: Yes. Did Hugel have any impact at all on anything as far as just giving away free product? David Moatazedi: Yes, it's a good question. And Annabel was asking about the competition. We look at a number of third-party data for competitive dynamics to understand if there's any significant share shifts. And there really wasn't. Of course, there's Hugel now a couple of quarters into their launch in the market. They do sample heavily, and we have a good sense for what that impact is, but it's a very small part of the overall picture for the toxin market as you think about the second quarter, not a key driver. Operator: Our next question comes from Navann Ty with BNP Paribas. Navann Ty Dietschi: Can you clarify the toxin demand trends, which was not highlighted by competitors, Galderma and AbbVie? So was the impact more pronounced on the low end of the market? And second, how do you expect reaching about $140 million Jeuveau revenue in H2 and market stimulation or promotional activity in Q4? David Moatazedi: Yes. All very good questions. I think there's a lot of noise in the market in terms of what's really occurring. I can tell you that we look at third-party data, including transactional data that supports the overall transactional volume across different specialties of dermatology, plastic surgery and med spa combined pointed to a front half that had a high single-digit decline. I think that was supported when you look at, as an example, the market leader in the space, their overall toxin business declined in the high teens in the front half of the year. And so you see that reflected there. Some other competitors did not comment on some of these trends. And of course, there may be reasons for that, which I'm not going to be able to get into in this call. But I think you're getting mixed signals on that. But the third-party data that we get on transactions confirms that it's consistent with what we're seeing in the market that overall procedural volume did slow in the front half of the year. Navann Ty Dietschi: And then maybe on the second half, if you have any market stimulation or promotional activity coming in Q4? David Moatazedi: Yes. As we observed that slowdown in the back half of the second quarter, the back couple of weeks, we did adjust our promotional strategy, specifically around Jeuveau to help practices with the pull-through. As we've spoken with a number of clinics and I spent time in the field, what I've heard consistently is that consumers are stretching their intervals between treatments or they're reducing the number of units that they're getting when they're coming in, whether that's syringes of hyaluronic acid or units of neurotoxin. And we've done a number of things through our Evolus Rewards program to help subsidize a portion of that cost for the consumer. Of course, you see some of that reflected lightly in our gross margins in the second quarter, but we do believe that helps with the pull- through. We've also collaborated with the beauty magazine to coordinate a gift with purchase that we're doing in the third quarter. Those types of activities help differentiate our clinics in their local markets and provide more value to that consumer to come back in and get treated. And we do believe these types of pull-through activities help our accounts that remain committed to us that we believe will continue to drive our growth in the future. It helps them pull through that product and build their business over time. And we're seeing some good response to those activities that we just initiated in the third quarter. Operator: Our next question comes from the line of Uy Ear with Mizuho. Uy Sieng Ear: So maybe just help us understand a little bit about the consumers. You indicated there's a couple of surveys that kind of support a rebound. Like what -- is it -- like what would drive the rebound exactly? Like what changed in the pocketbook? So that's the first question. And the second question is your guidance kind of implies either sequential growth from the second quarter to the third quarter or like there's a huge bump in the fourth quarter. So maybe just help us understand how to think about the sequence of the second half of the year. David Moatazedi: Good. First, Uy, I think I was really choiceful with my words, especially in the press release. I do believe, as you think about front half versus back half, we see an incremental improvement sequentially in the toxin market. We do believe there remains a number of consumer headwinds. And of course, as these tariffs now factor through into price across different categories, we do think the consumers that are a sweet spot, they earn $150,000 or less per year, they'll feel that pinch. And so that incremental improvement is based on the survey that I referenced in addition to the fact that we wrap around in the back half of the year on a more depressed base. And when you put those 2 together, we feel that it makes for an incremental improvement in the back half of the year. As it relates to our forecast, when you look at the front half of the year, the business grew about 9%. And our implied forecast is, of course, that we'll grow at a faster rate in the back half, depending on where you are in the range, it's anywhere from roughly, call it, 14% to 18%. And really, the logic behind that is when you think about the back half of benefits from the first half having a number of one-timers, right? In the first half of the year, we had just 1 quarter of Evolysse. In the back half, you get 2 quarters. We do believe that the onetime sort of drawdown that occurred in the last 2 weeks is unique to the second quarter, and that does provide a benefit in the back half of the year in addition to the base comparator period. And when you put that together, we do believe it sets up for a stronger back half relative to the front half and puts us within the guidance range that we provided. Operator: Our next question comes from the line of Serge Belanger with Needham & Company. Serge D. Belanger: I guess another question on overall trends. David, we've seen this market be pretty resilient over the years. I think the only time we've seen negative growth has been a pretty severe recessionary environment, and I don't think we are in that kind of environment. So just curious, what do you think is driving kind of this different consumer sentiment at this time? And then secondly, you talked about the competitive environment. Just curious if you've seen any changes to price levels at this point, either via tariffs or again, to deal with depressed consumer sentiment, a decrease in price to encourage an increase in procedures and purchases? David Moatazedi: Sure. Serge, you said it well. I think this time is different from prior recessions for sure. As you look at the overall economy, you'd say that it's relatively stable. And then you look at a category like neurotoxins and you'd assume in that environment, you would see the same here. And that hasn't been the case. As you follow, take it the market leader, which is roughly half the category, they've been in negative growth now for 3 consecutive quarters and the front half has been a consistent decline. And I do believe -- I think what's unique here in this environment is the consumer that is in that sweet spot of, call it, $150,000 or less is really feeling the effects of their increased prices and the uncertainty that the tariffs may bring. You're seeing it reflected in a lot of the data that you're seeing from earnings reports of companies that fall in that sweet spot. And it appears that the more -- the consumer that has a higher earning income bracket has weathered better through it. So that's why when you parse through it, we see sort of some haves and have-nots, and this is a headwind in this particular segment that we're seeing very consistently, which is also why we believe that some of the activity that we've deployed in the back half of the year puts us in a strong position as we've continued to gain share now multiple years in a row to be able to continue to deliver on that. I mean, keep in mind that this brand is now in its sixth year, and it delivered over 30% growth for 5 consecutive years. This is the first time that we've seen a significant dislocation like this. We do believe that some of the trends we're seeing are positive for the back half of the year, but by no means do they subside on the full year. And then lastly, on the competitive side, look, there's always competitive dynamics. I'd say we haven't seen any sort of price increases related to the tariffs yet. But of course, when we're talking about neurotoxins, drugs aren't impacted yet by tariffs. There's always going to be sampling with new products and different sorts of promotional offers, but nothing too significant that would have you thinking about the market differently. Operator: Our next question comes from the line of Douglas Tsao with H.C. Wainwright. Douglas Dylan Tsao: David, I appreciate all the commentary. I guess listening to this, I think what I'm having trouble reconciling and I've gotten a couple of e-mails from accounts that are also sort of trying to reconcile is the reduction to guidance, which is -- seems appropriate and fairly significant though, to your commentary that you sort of -- the first few weeks of July sort of suggested there was some kind of recovery or bounce back. And so I guess maybe if you could help us understand or sort of reconcile the 2. Is it that we started to see a recovery in July, but just not back to the levels that we needed to get to the prior levels and meaning that things fell off and they sort of came back a little bit, but not really -- not to the same degree as what was the prior trajectory? David Moatazedi: Yes, Doug, maybe I'll try to -- since I've had a couple of questions on this, I'll try to maybe answer it a little differently. I think what we saw in the last 2 weeks of the quarter was entirely unexpected and a significant slowdown in the ordering of these accounts. I think in turn, what we're seeing to start July is not reflective of the similar trend. We're seeing an incremental improvement. I would not go so far as to say that we expect a third-quarter rebound because that would imply that the markets are back. And you could see that our guide as well as our rebasing of our expenses, assumes that we don't see a rebound back to the levels where we had originally guided. We see an incremental improvement in the third quarter relative to what we saw in the end of the second quarter. Douglas Dylan Tsao: Okay. That's really helpful. And I think you indicated relative to Annabel's question that in terms of Evolysse, roughly half the sales in this quarter should -- were likely are attributed to stocking. And so just given the fact there is a fair amount of inventory in the channel, would you anticipate the third quarter being relatively flat or perhaps even down before we start to see a jump up into the fourth quarter? Just trying to -- if you could help us understand the sequencing, just given the fact that feedback on the product and the product performance has been very positive. Just sort of how we should think about that trajectory because it really was such a strong launch, and I don't think we want to get expectations sort of ahead of ourselves. David Moatazedi: Yes, it's a great question on Evolysse. And really, that idea of the 50-50 mix of the revenue was really based on, one, just to appreciate sort of how we ended up there, we sampled very heavily our top customers in the second quarter right after we launched. A number of those customers then placed an initial order and then a number of those reordered as well. So we worked through sort of the flow of the product by customer type and came up with a thoughtful view on what the pull-through was. I think the answer on the third quarter rather than just focusing on that, what I would say is really focusing on the back half of the year, based on the guide we gave you, I think you can back into a view that the third quarter is generally going to be softer in terms of demand than the fourth quarter. And so naturally, we'd always expect the fourth quarter to be stronger. And so from there, you'd want to back into what your assumption is for the third quarter without giving you specific guidance. Operator: Our last question comes from the line of Sam Eiber with BTIG. Sam Shimon Eiber: Maybe I can start on the filler side and how the go-to-market strategy is being received by customers thus far? And I guess as a follow-up, if the current environment within the toxin market is making you rethink potential bundling opportunities with Jeuveau? David Moatazedi: Sure. Well, first, the Evolysse launch, as I mentioned earlier, it exceeded all expectations that we had. The Drop the F Word campaign immediately set us apart in the category, especially at a time when the overall category for fillers has been in a constant decline. And I think that approach opened many accounts up to be receptive to our messaging, which is very differentiated from the competitive set with the Cold-X Technology, creating a more natural gel and our differentiated label, which talks about weight loss, combined with our head-to-head data versus one of the market-leading hyaluronic acid. When we couple that with our Evolus Academy, our initial training webcast, we had over 3,000 doctors that joined that initial call to hear from key opinion leaders in the space. And since then, we've trained a number of key opinion leaders to be trainers as part of our Evolus Academy, and they're out training throughout the country on this new technology. From a consumer standpoint, we've had really strong media coverage. When we compare back to historical product launches, this really stands out. We've had the major media outlets independently cover us in exclusives. We did receive a number of best-in-class awards from journals like Shape magazine and Allure. And I think those types of things lend further credibility in the consumer's eyes around how the product performed. And so overall, we feel that the metrics around this launch are incredibly strong despite a backdrop that, as we talked about, has been challenged. And so we feel good about the trajectory we're on there. As it relates to Jeuveau, look, I think Jeuveau's performance in its sixth year in market continues to be strong. As we entered this year, there's a question around whether we could coming out of the fourth -- first quarter, maintain sort of this 14% share. And through the front half of the year, we have, despite the fact that we recognize the backdrop of overall procedural volume declining does create a mask that overperformance in the market. We do think Jeuveau is very well-positioned in this market. We referenced the data that Rui talked about, which is the first independent head-to-head study. And I can tell you, we've shared that with many clinicians, and it does resonate with them. And coupling that with our ability to do consumer marketing differently as a beauty company, we're leaning further into that here in the third quarter in helping pull through the business. And I do believe once you step back from the macro environment, what you would say is the fundamentals of our business are intact. The launch is off to an incredibly strong start. Jeuveau is performing within the market of neurotoxins, and our international expansion is right on track. So we feel there's a number of bright spots despite the overall top line coming down. And then, of course, the expense base that we now operate under creates a meaningful opportunity as you think about the back half of the year and into next year to overperform on our goals of profitability. Sam Shimon Eiber: Okay. Okay. That's helpful. And then coming to the reiterated 2028 targets, can you just maybe help me think about the levers to get there with the deceleration now in the toxin market? Is it assuming a faster rebound and reacceleration in '26? Is it market share gains beyond the 14% you have now? Is it Evolysse going beyond initial expectations? Just walk me through the levers to get to the 2028 targets. David Moatazedi: Yes. Rather than getting the levers, I think I'll keep it pretty simple for you. We had an internal forecast that was well above the $700 million and revising down our guidance here, we effectively flowed that revision down into our forecast out to 2028, and we continue to remain at or above that $700 million mark. I think as we close out the year, we'll give you an update in terms of a combination of our views on the rebound as well as what this means as you go out to 2028. But for now, I think it's clear that we continue to remain on track to get there based on the original models that we had designed. And what we've done here in the reduction in guidance doesn't change that outlook. Operator: There are no further questions at this time. I'd like to pass the call back over to David for any closing remarks. David Moatazedi: Thank you. As we close out the first half of 2025, we remain strongly positioned in our category with multiple growth engines driving our momentum. We gained toxin share in the front half of the year, outperforming a category that continues to face headwinds from softer consumer sentiment and lower procedural volumes. At the same time, we executed the most successful U.S. filler launch in over a decade with Evolysse, which is establishing itself as a contributor to our growth and a cornerstone of our long-term strategy. Internationally, we continue to scale our footprint across key markets, further validating the strength and global relevance of the Evolus brand. We are well capitalized and operating with a leaner, more efficient cost structure that supports our path to profitability in the fourth quarter and sets the foundation for sustained growth in 2026 and beyond while maintaining our focus on long-term value creation. Thank you. Operator: We reached the end of our call. 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