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As a reminder, today's conference is being recorded and webcast live. All participants are in a listen-only mode. After the speaker's remarks, there will be a question and answer session. I would now like to turn the conference over to Nareg Sagherian, Vice President, Head of Investor Relations and Corporate Communications. Please go ahead.

Thank you, operator, and welcome to everyone joining us on today's call to review Evolus' first quarter financial results. Our first quarter press release is now on our website at evolus.com. With me today are David Moatazedi, President and Chief Executive Officer, Tatiana Mitchell, Chief Financial Officer, and Rui Avelar, Chief Medical Officer and Head of R&D, is also with us for the Q&A portion of the call. Today's call will include forward-looking statements. Actual results may differ materially due to risks and uncertainties outlined in our earnings press release and SEC filings. These forward-looking statements are based on current assumptions. We undertake no obligation to update them. Additionally, we will discuss certain non-GAAP financial measures. These measures should be considered in addition to and not as a substitute for, our GAAP results. A reconciliation of GAAP to non-GAAP measures is included in today's earnings release.

As a reminder, our earnings release and SEC filings are available on the SEC's website and on our investor relations website. Following the conclusion of today's call, a replay will be available on our website at investors.evolus.com. With that, I'll turn the call over to our CEO, 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 Evolus, reflecting continued strong performance driven by execution and a differentiated commercial model. This is an important inflection point for Evolus. 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 into 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've 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 continues to drive repeat usage and momentum across the business. This platform is now powered to drive the portfolio bundle benefits.

With international growth on a steady rise, the upcoming launch of Estyme 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 Rewards, practice engagement tools, and ordering systems, create 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 we exited 2025. In addition to the 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's 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're 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, including approximately 3,500 for Evolysse. U.S. account penetration is now above 60%.

Reorder rates remain approximately 71%, and Evolus 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 increasing consistent financial performance. On Jeuveau, we continue to see a brand that's 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 the first half of 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., Evolus 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 scaling. Just this past weekend, we hosted 50 customers for a training program on our injectable products, and the feedback on Evolus 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 Sculpt, which further completes our HA portfolio and puts us in a strengthened competitive position against the HA market-leading companies. As previously stated, we expect to gain FDA approval for Sculpt in the fourth quarter of this year.

Internationally, we're extending that strategy with the mid-May launch of Estyme in Europe, expanding our addressable market and building on the commercial foundation we've established with Nuceiva. In Europe, we have the opportunity to introduce a full line of Estyme products, including the flagship Sculpt midface product, along with the U.S.-approved Smooth and Form product and the Estyme 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, 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're 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'll turn the call over to Tatiana to walk through the first quarter financial results and our outlook.

Thank you, David. Our first quarter results reflect meaningful progress towards full-year Adjusted EBITDA profitability. We are executing against our revenue plan while maintaining the expense discipline we established in 2025. 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 Evolysse. 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 the first quarter of 2025 and created a headwind in the first quarter of 2026. We expect second quarter U.S. Jeuveau net revenue growth to more than offset the first quarter decline.

For the first half of 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%-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 from South Korea, including Jeuveau, with an effective date of September 29th, 2026. We believe there's 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, the fourth quarter of 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 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 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-$337 million. Adjusted gross margin of 65.5%-67%. Non-GAAP operating expenses of $210 million-$216 million. A 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'll turn it back to David for closing remarks.

Thank you, Tatiana. We are very pleased with our start to 2026. The first quarter reflects exactly where we wanna be as a company, delivering revenue growth while generating profitability. Importantly, this performance validates the operating model we've 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're 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 strategy is straightforward, create flexibility in the near term while we evaluate structural solutions. We will provide updates as we gain greater clarity. 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 Q&A.

Thank you. With that, we will now be conducting a question-and-answer session. If you would like to ask a question, please press Star One on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press Star Two if you'd like to remove yourself from the queue. For any participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment while we poll for questions. Our first question comes from the line of Annabel Samimy with Stifel. Please proceed with your question.

Hi, everyone. Thanks for taking my question. Thanks for the details here. I just had some questions on the Evolysse launch. How do you find the headwinds of the filler market impacting the launch, and is bundling helping with increasing volumes here? Is any of the bundling taking away from net sales? Can you help us understand the dynamics there a little bit? You've talked about how sentiment seems to be turning, but growth in the market doesn't seem to be turning positive. I'm just trying to sort of reconcile those two points. Thanks.

Great. Annabel Samimy, this is David Moatazedi. I'll take the questions around the category for fillers. I'd say, especially coming off this weekend where we had 50 clinicians here, the sentiment is turning more positive. When I'm speaking with clinicians now, I'm consistently hearing that the interest in HAs is rising again, that they're seeing their utilization rising. Although we may still be in a market that in a year-on-year basis could be down slightly, it's a market improvement from the category that we were operating in one or two years ago. That puts Evolus in a really favorable position. That being said, keep in mind the competitive set has been in the market and 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.

They're well-established brands with a lot of history in terms of how to use the products and a full 1 line of products that they're supporting the clinics with. That's been the opportunity for Evolus. As we're getting in and we're exposing clinicians to the product and they're gaining more experience and trialing it and then getting additional trainings on the product, we're seeing that their confidence is rising and the reorder rates are increasing in terms of the amount that they're purchasing once they get that experience and the education. We feel very good about the trajectory that Evolus is on. We also recognize that we're not operating in the mid-face segment of the market, which is a sizable part of the HA category.

Sculpt will be an important product in there, and we've mentioned many times before that we view the Sculpt product to be the flagship product in this line that'll play an important role. The other part that'll 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's a six-month program, very similar in timeline to the competitive set. That's 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'll be in a position to give you more color from a quantitative standpoint coming out of our Q2 earnings call.

I can tell you that we are tracking those customers that have expressed an interest in participating in our portfolio growth rebate, and we're seeing very good uptake around that group of customers. We do feel that we're on the right track with the product, and Evolus is a very important part of that conversation overall.

Could I just follow up on the, on the rebate? Is the functioning of your rebate different from your competitors? Is it, more of a direct cash savings than a rebate that goes towards forward sales? Like, is it a, is it an easier rebate for them to wrap their economics around?

I think the rebate itself operates in a similar fashion in terms of they earn 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's purely a function of their growth with Evolysse. 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 to bring their portfolio business over to us and in those increments of 75 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'll let Tatiana provide some color.

Yeah, yeah, Annabel Samimy. I think to your question around is the portfolio rebate a drag on net sales, it is not. We've designed both the pricing tiers and the portfolio rebate to really be able to maintain our healthy margin rates. In terms of the net sales, that really is driven by that dynamic of last year. As you may know, we defer revenue for Consumer Rewards Program for CBM, then we also recognize revenue upon delivery. In any given quarter, this pretty much washes out and doesn't impact year-over-year growth rates. It just so happened that last year, Q1, there was a pretty good pickup, and we did not see that this Q1. That is really where you're seeing the net sales impact this quarter.

Got it. All right. Thank you for the clarity. Appreciate it.

Thank you. Our next question comes from the line of Marc Goodman with Leerink Partners. Please proceed with your question.

David, you gave us a sense that in the U.S., the business seems to be or the market seems to be improving a little bit. Can you give us a sense of what's going on OUS, both toxins and fillers, what the dynamic is there, maybe just, you know, country by country? Then just secondly, Hugel came into the U.S. market last year as a competitor. Anything that they're doing differently today than they were doing six months ago? Just curious how well they're kind of breaking in. Thanks.

Great. Marc, I'll 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's nearly doubling. 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, and especially considering 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 enter them directly. We just see a lot of growth potential going forward. With that greater scale, we have an increasing presence now in Europe as well. That infrastructure, we're able to leverage to launch Estyme.

As a matter of fact, in two weeks, I'll be back in Europe for the launch of Estyme with over 100 of our top customers across Europe that will be coming in to learn about the entire line. We think that's a significant advantage because, one, we'll be one of just a handful of companies that have both a neurotoxin and a hyaluronic acid in Europe. Two, because they'll benefit from having our flagship Sculpt product as part of the line. As a matter of fact, we've been engaged with about 30 or so clinicians throughout Europe in an experience program for the last year, and it's very clear that the Sculpt product is the product that is highly differentiated from even the mature products that are available in Europe, and that's a far more competitive market.

As we go across, I know you asked for country by country, as we go across all the markets, we're seeing really great uptake. There isn't a single market that we're not seeing healthy growth in, and I think the team over there in international is just very focused. We have in-market country heads that are seeing a lot of success. We're excited to see what Estyme 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'd say the U.S. market just overall, we continue to gain market share in the category.

We talked about the shares being steady in the first quarter, but even through last year with the entry of a new competitor, we obviously saw a lot of heavy sampling initially, and then you start to see the purchasing that follows from that competitor. Despite that, we continued to gain momentum in the market. We do believe that this year will be much of the same as we look at that. We expect another competitor entry to enter in the back half of the year, once again, sort of rinse and repeat, meaning heavy sampling, and then ultimately there'll be the need to drive that pull-through into revenue, right, from sample. I don't have a whole lot to add in terms of anything different that I'm seeing in the field.

I'd just say that the shares appear to be relatively stable as you look at them sequentially from the fourth quarter into the first quarter. We're not seeing any major share shift dynamics.

Thank you.

Thank you. Our next question comes from the line of Uy Ear with Mizuho Securities. Please proceed with your question.

Hey, guys. Yeah, thanks for taking our questions. Maybe just help us understand a little bit or whether you think it's fair, you guided to high single-digit for the first half of the year for Jeuveau. Is it fair to think about that perhaps there's a rebound or re-acceleration sequentially going into Q2? Secondly, if my math is correct, does the high single-digit first half growth for Jeuveau, are you blessing the consensus, which is roughly at $71 million for the second quarter?

Hi, thank you for the question. I think as you, as you probably realize, what we're 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 really unusual. In Q1, we had this dynamic where we had to pick up from the revenue deferral. In Q2, we really took a hit for the market slowing down. We're also launching Evolysse. All of these things were happening last year that make for kind of an interesting comparison. When you just take across the first half of the year, what you will see is what we guided to, which is global Jeuveau will show high single-digit revenue growth year-over-year.

Okay, thanks.

Thank you. Our next question comes from the line of Navann Ty with BNP Paribas. Please proceed with your question.

Hi, thanks for taking my question. Maybe a follow-up on fillers. If you have seen some further signs of recovery in Europe and in the U.S., and how our fillers are doing versus biostimulators. Then on competition, what are your assumption on competitive launches, maybe after the TrenibotE FDA CRL? Thank you.

Sure. Thanks for the questions, Navann. I think the filler market in Europe certainly has been a bit more resilient than what we've seen in the U.S., and that has more to do with the economic backdrop in Europe, which has just been a bit stronger, and that's reflected in the growth rates, not just on the fillers, but the toxin market as well. In our year-end call, we made the comment that we estimated that the HA market in Europe may have turned a positive by year-end. It's too early for us to give you any visibility to how the first quarter played out specifically in Europe. We do believe that it's, you know, in line with where it ended in Q4, if not potentially improved.

Despite the war that's going on and potentially the energy crisis, we haven't seen any meaningful change in terms of demand in Europe associated with potential any economic risks there. The business overall continues to be strong. As it relates to our assumptions, we did open the year saying we expected two new competitive entrants. We all read the news from AbbVie about the delay to the BoNT/E. In fairness, we had not estimated any impact to the existing market from short-acting products entering the category, so it doesn't change our assumptions as it relates to revenue for the full year. We do continue to expect that Galderma will introduce their new liquid toxin in the back half of the year.

As you know, they have a final FDA response date expected sometime in the summer.

Thank you.

Thank you. Our next question comes from the line of Douglas Tsao with H.C. Wainwright. Please proceed with your question.

Hi, good afternoon. Thanks for taking the time and the questions. I guess, David, you know, 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. I guess just when you step back and think about the macro environment, obviously we're looking at gas prices seeming to be higher every day. You know, it seems unlikely they're gonna come down anytime soon. I'm just curious sort of how we should think about sort of stress testing the macro environment in terms of, you know, the broader sort of aesthetics market. Thank you.

I think the consumer was really tested last year with all the shifts that took place in the overall environment. What you're seeing now as we wrap around on what was a really challenging base in the front half of last year, that even though there's some puts and takes, if you will, in the news, the media, consumer sentiment, in the end, you're left with a value-conscious consumer that is continuing to come in and seek treatment. I'm spending a lot of time both in the market and talking to clinicians, and what I continue to hear is that, you know, business continues to be stable, and continues to be strong on a year-on-year basis, despite some of what we're reading in the backdrop. I think we feel pretty good about the trends we're seeing.

We're also getting visibility into the start of the second quarter, and we feel really good about the trends that we've started out with. They continue to be strong. We're not seeing any signs that reflect that slowing. Perhaps the last part of it that is important is we have visibility to transactional data through our Evolus Rewards program, and that's to the day. We get a daily view of that utilization of product at the clinic level, and we continue to see strength in overall redemptions in the Evolus Rewards program. We feel confident that the market continues to be on a strong road to continuing to recover as we saw in the fourth quarter, again in the first quarter, and we're seeing it now as we start the second quarter as well.

We're more than a month into it.

That's really helpful, David. I guess just as a follow-up, when we think about the filler market, which, you know, I think one of your lead competitors reported numbers in the first quarter that were down just a little bit. You know, I'm just trying to understand, you know, 'cause I think there have been a few things going on in the filler market. Some of it has been macro related just 'cause it's a higher price point product. There have also been some product specific issues, right? In terms of adverse events for that product.

Within that, do you have a sense whether, you know, sort of what we're seeing from some of the other players are related to their particular product portfolios versus just sort of filler fatigue, which I think we've talked about, and how do you sort of combat that, or how does that inform your own strategy, as the Evolysse launches sort of gains some momentum? Thank you.

Sure. Yeah, we have a lot of data points to reference, right? It's MedEsthetics reporting. We look at a lot of third-party data as well and rely heavily on conversations that we have with a number of clinics. They all point to the same thing, which is the market is in some stage of recovery and rebound. Not clear yet whether we turn a positive market growth, but we're getting very close, which is consistent with our views coming into the year. Keep in mind, we're benefiting from a significant tailwind of GLP-1 patients that once they achieve their desired weight, they have an interest in entering aesthetics. There are a few areas in particular that they're interested in, and one of those is replacing their lost volume that's created from that weight loss in the face.

People call it the Ozempic face, and that is a tailwind for the category. We know that we're seeing some of those patients starting to come in. Hasn't, of course, led to the tailwind that drives the category back to growth just yet. It's not a question of if, it's a question of when. I think that's what gives a lot of clinicians optimism, is these consumers are new consumers coming into the category, and they will help fuel this HA market back to positive growth. We feel very good about where this category is going over time, and it ultimately comes down to continuing to strengthen our position within that category set.

That's gonna happen by continued focus on the differentiation of Evolysse with the training, the launch of the Sculpt product, and then our focus on bringing these products together through a competitive bundle that is effective against the competitor set.

Okay, great. Thank you.

Thank you. Our next question comes from the line of Sam Eiber with BTIG. Please proceed with your question.

Hey, good afternoon. Thanks for taking the questions. Maybe I can just start on Estyme with the launch coming up here in May. I guess, should we expect any initial stocking order similar to what we saw with Evolysse in the U.S. in Q2 of last year?

Hi, Sam. That is a good question, and we do expect some, but just consider the size of that market, right, and Estyme launching in the middle of the quarter. We would see some stocking, but it isn't going to be a meaningful impact to our Q2 growth.

Okay, that's helpful. Maybe I can just use my follow-up here on any feedback or conversations you're having with the FDA on Sculpt. You know, I know you guys have reiterated timelines for the Q4 approval. Curious if you're in communications with them and what you've been hearing.

Yeah. I have Rui sitting right next to me, so why don't I turn it over to Rui to answer your question?

You know, it's a PMA. It's going through the regular PMA process where we get questions along the way and can also be interactive. We continue to say Q4 is we're hoping to have approval by the end of the year and sometimes it'll go faster, sometimes, you know, they hopefully go on timelines. Just as a reminder, Form and Smooth, we were also conservative in timelines, but we got lucky there and things, we got that approval earlier.

Thank you. Our next question comes from the line of Serge Belanger with Needham & Company. Please proceed with your question.

Hi, good afternoon. Thanks for taking my questions. I guess for David, you talked a little bit about what sounds like an increasing appetite for BD and making additions to your product portfolio. Can you maybe just talk about what kind of products you're interested in and maybe how large of a transaction we could see here? Thanks.

We're very active on the pipeline side. Rui sitting next to me has likely more experience than anyone in the aesthetic space and getting drugs through the FDA and devices through as well. We have the luxury, although we're still an earlier stage company commercially, we have the luxury of having a fully staffed organization of clinical development, regulatory, and that capability. I think that's well-recognized within the industry, which is why we get a first look at assets, especially those that are more complex to develop. I'll let Rui talk a little bit about where we spend a lot of our time looking at assets today.

Yeah. You know, as earlier mentioned, biostimulators remain of high interest to us and there are a number of assets out there. We look at the various ones and look at strengths and weaknesses, just like what we did with Symatese and that HA. There were a number of HAs. We looked at them, and we're glad we landed at there. Skin quality remains something of high interest. In Europe, it's quite popular. There are a number of things. Bringing to the U.S. higher bar of entry, and as far as we know, there's only one that's been approved thus far. Things like hair continue to be an unmet need. I think there's a lot of opportunities, and we've seen a very successful story out there right now.

All right. Thank you. With that, ladies and gentlemen, this does conclude our question and answer session, as well as today's teleconference. We thank you for your participation, and you may disconnect your lines at this time and have a wonderful rest of your day.