• Revenue (Q4 2024): $79 million, a 30% increase over Q4 2023.
• Full Year Revenue (2024): $266.3 million, a 32% increase over 2023.
• US Product Revenue: Approximately 95% of total sales.
• Gross Margin (Q4 2024): 66.7%; Adjusted Gross Margin: 67.5%.
• Full Year Gross Margin (2024): 68.5%; Adjusted Gross Margin: 69.6%.
• Operating Expenses (Q4 2024): GAAP: $54.9 million; Non-GAAP: $46.6 million.
• Full Year Operating Expenses (2024): GAAP: $216.7 million; Non-GAAP: $185 million.
• Non-GAAP Operating Income (Q4 2024): $6.7 million.
• Cash (End of Q4 2024): $87 million.
• 2025 Revenue Guidance: $345 million to $355 million, 30% to 33% growth.
• 2025 Non-GAAP Operating Expenses Guidance: $230 million to $240 million.

• Warning! GuruFocus has detected 3 Warning Signs with EOLS.

Release Date: March 04, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Evolus Inc (NASDAQ:EOLS) achieved profitability in Q4 2024 and for the full year, one year ahead of their goal.
• The company reported revenue growth above 30% for the fifth consecutive year, solidifying its position as the fastest-growing brand in its category.
• Evolus Inc (NASDAQ:EOLS) expanded its total addressable market in the US by 78% with FDA approval for Evolus Form and Evolus Smooth.
• The company added over 22,900 new accounts in 2024, bringing the total to more than 15,000 purchasing accounts.
• Evolus Inc (NASDAQ:EOLS) has a strong international presence, with significant market share gains in the UK, Australia, and Spain.

Negative Points

• The company anticipates minimal revenue from Evolite in Q2 2025, with the majority expected in the latter half of the year.
• Operating expenses are expected to increase in 2025 to support the launch of new products.
• There is a potential risk of market saturation as Evolus Inc (NASDAQ:EOLS) is already in half of the toxin market.
• The company faces challenging market conditions for US facial injectables, as noted by competitors.
• Evolus Inc (NASDAQ:EOLS) expects a use of cash in Q1 2025 due to seasonality and inventory stocking for new product launches.

Q & A Highlights

Q: How do you view the current market conditions for US facial injectables, especially with the new label for facial wrinkles related to GLP-1s? A: David Moatazedi, CEO, stated that despite challenging market conditions, they see strong growth in the toxin market, driven by consumer interest and a younger generation entering the market. The HA category is also stabilizing, and they anticipate growth due to their new technology and unique label addressing weight loss-related wrinkles.

Q: Can you provide insights into the performance of your subscription model and any metrics on enrollments? A: David Moatazedi, CEO, explained that the Club Eus subscription program, launched to a limited group, is showing promising results. They plan to share more detailed metrics after a full year cycle, noting that this is a new platform for practices, unlike existing loyalty programs.

Q: What are your growth expectations for the US toxin market in 2025, and how do the in vitro data for fillers translate to clinical differentiation? A: David Moatazedi, CEO, and Sandra Beaver, CFO, expect the toxin market to grow in the high single digits, with fillers stabilizing. Rui Avelar, CMO, highlighted that their freezing technology preserves HA structure, leading to better performance and longer duration in clinical settings.

Q: How did you manage to include the weight loss claim in your label, and do you expect competitors to follow? A: Rui Avelar, CMO, credited negotiations with the agency for the unique label. David Moatazedi, CEO, noted that their consistent market share gains reflect strong brand performance and strategic marketing.

Q: Can you explain the process for accounts to start using Smooth and Form, and any changes to customer loyalty programs? A: David Moatazedi, CEO, mentioned that they will disclose launch plans at their national sales meeting. They have built a robust training platform, allowing broad and fast customer engagement. The loyalty program will integrate co-branded media benefits for both Jabo and Evolite.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.