EOLS Evolus Inc.

3.67
-0.06  -2%
Previous Close 3.73
Open 3.8
52 Week Low 2.85
52 Week High 14.1999
Market Cap $123,859,667
Shares 33,749,228
Float 22,614,132
Enterprise Value $156,629,543
Volume 288,555
Av. Daily Volume 486,254
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Drug Pipeline

Drug Stage Notes
DWP-450
Glabellar lines
Approved
Approved
FDA Approval announced February 1, 2019.

Latest News

  1. NEWPORT BEACH, Calif., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today announced the promotion of two members of its Leadership Team.

    Michael Mazen Jafar has been named Chief Commercial Officer effective November 1, 2020 and will assume responsibility for the marketing and sales organization. Michael has served as the Company's Chief Marketing Officer since he joined Evolus in June 2018. Under his leadership, Jeuveau® launched as the first new aesthetic neurotoxin in the United States in more than a decade and has been one of the top launches in aesthetics on a revenue basis1. Jeuveau® changed the language of aesthetics…

    NEWPORT BEACH, Calif., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today announced the promotion of two members of its Leadership Team.

    Michael Mazen Jafar has been named Chief Commercial Officer effective November 1, 2020 and will assume responsibility for the marketing and sales organization. Michael has served as the Company's Chief Marketing Officer since he joined Evolus in June 2018. Under his leadership, Jeuveau® launched as the first new aesthetic neurotoxin in the United States in more than a decade and has been one of the top launches in aesthetics on a revenue basis1. Jeuveau® changed the language of aesthetics by infusing design and technology to attract the millennial patient.

    Jeff Plumer has been named General Counsel of Evolus effective November 1, 2020. Jeff has served as the Vice President of Legal since the Company's initial public offering (IPO) in 2018. Jeff transferred to Evolus upon its IPO after serving as the Vice President of Legal to Evolus' sole stockholder from 2014 to early 2018.   Earlier in his career, Jeff practiced as a corporate securities and mergers & acquisitions attorney at K&L Gates LLP. Jeff has been instrumental in achieving key Company milestones including the Evolus IPO and subsequent financing rounds to fund the commercial launch of Jeuveau®.

    "I'd like to thank Michael and Jeff for their leadership during their tenures at the Company," said David Moatazedi, President and Chief Executive Officer. "They have both contributed immensely to the Company's success and will be instrumental as we ready the Company for the future."

    About Evolus, Inc.

    Evolus is a performance beauty company with a customer-centric approach focused on delivering breakthrough products. In 2019, the U.S. Food and Drug Administration approved Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics and manufactured in a state-of-the-art facility using Hi-Pure™ technology. Jeuveau® is powered by Evolus' unique technology platform and is designed to transform the aesthetic market by eliminating the friction points existing for customers today. Visit us at: www.evolus.com.

    Jeuveau® is a registered trademark and Evolux™ is a trademark of Evolus, Inc.

    Hi-Pure™ is a trademark of Daewoong Pharmaceutical Co, Ltd

    1 Source: Medical Insights (MIInews.com). Based on first full calendar year on the market after approval.

    Evolus, Inc. Contacts:

    Investor Contact:

    Ashwin Agarwal, Evolus, Inc.

    Vice President, Finance, Investor Relations & Treasury

    Tel: +1-949-284-4559

    Email:

    Media Contact:

    Crystal Muilenburg, Evolus, Inc.

    Vice President, Corporate Communications & Public Relations

    Tel: +1-949-284-4506

    Email:

    Primary Logo

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  2. Q3 2020 Net Revenue of $17.7 Million; 34 Percent Increase Over Q3 2019

    Cash1 Position Increased Over Q2 2020 to $110.1 Million

    NEWPORT BEACH, Calif., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today reported financial results for the third quarter ended September 30, 2020 and provided a business update.

    "We reported third quarter net sales above expectations and are pleased with the strong underlying fundamentals of our business. We continued to leverage our highly efficient business model, including reducing our operating expenses by 38 percent as compared to the third quarter of last year," said…

    Q3 2020 Net Revenue of $17.7 Million; 34 Percent Increase Over Q3 2019

    Cash1 Position Increased Over Q2 2020 to $110.1 Million

    NEWPORT BEACH, Calif., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today reported financial results for the third quarter ended September 30, 2020 and provided a business update.

    "We reported third quarter net sales above expectations and are pleased with the strong underlying fundamentals of our business. We continued to leverage our highly efficient business model, including reducing our operating expenses by 38 percent as compared to the third quarter of last year," said David Moatazedi, President and Chief Executive Officer. "Despite the headwinds we have faced from the COVID-19 pandemic, our team has continued to execute on all fronts, resulting in the high growth of our Jeuveau® business."

    Third Quarter 2020 Financial Results

    • $17.7 million in total net revenues for the third quarter of 2020 consisting of $16.9 million of U.S. Jeuveau® net revenue and $0.7 million of net revenue from international sales. Third quarter net revenue increased 34% over the third quarter of 2019.
    • Gross margin percentage was 72.5%.
    • GAAP operating expenses decreased by 38% to $21.6 million from $34.6 million in the third quarter of 2019.
    • Non-GAAP operating expenses decreased by 34% to $19.3 million from $29.1 million in the third quarter of 2019.  Non-GAAP operating expenses in the third quarter of 2020 exclude a gain resulting from the revaluation of the contingent royalty obligation of $2.5 million, stock-based compensation expense of $3.0 million and depreciation and amortization expense of $1.7 million. Non-GAAP operating expenses in the third quarter of 2019 exclude expenses resulting from the revaluation of the contingent royalty obligation of $1.8 million, stock-based compensation expense of $2.5 million and depreciation and amortization expense of $1.2 million.
    • GAAP loss from operations decreased by 65% to $8.8 million from $25.1 million in the third quarter of 2019. 
    • Non-GAAP loss from operations decreased by 67% to $6.5 million from $19.6 million in the third quarter of 2019. 
    • GAAP net loss decreased by 57% to $11.5 million from $27.0 million in the third quarter of 2019.
    • Cash, cash equivalents and short-term investments as of September 30, 2020 were $110.1 million, increased from $84.8 million as of June 30, 2020.  In July 2020, the Company received a $40.0 million investment from its strategic partner, Daewoong Pharmaceutical Co. Ltd. in the form of a five-year, unsecured, subordinated, 3% convertible note at a conversion price of $13.00.
    • As of September 30, 2020, the Company had 33.7 million shares of common stock outstanding.

    "We saw the Jeuveau® launch trends accelerate as the market continued to rebound in the third quarter," said Michael Jafar, Chief Marketing Officer. "We achieved double digit growth in the number of new accounts added this quarter, reorder rates continue to rise and enrollment in our consumer loyalty program, Evolus Rewards, has exceeded our expectations."

    Key Business Highlights

    • Continued strong underlying market demand for Jeuveau® in the third quarter of 2020 driven by a 14% increase in purchasing accounts compared to the second quarter of 2020 to over 5,000 accounts2. Reorder rates increased to 68% in the third quarter.
    • As of September 30, 2020, more than 2,200 purchasing accounts opted into the Evolus Rewards program and over 50,000 patients enrolled.  Evolus Rewards is the Company's consumer loyalty program providing patients with improved affordability and instant savings.
    • Continued to leverage proprietary digital platform with more than 80% of orders in the third quarter originating from the Evolus Practice App.
    • On September 21, 2020, the United States International Trade Commission (USITC) confirmed their intent to review the July 6 non-binding initial determination of the Administrative Law Judge (ALJ). In July 2020, the ALJ issued an initial determination and recommended an exclusion order that, if confirmed by the USITC, would prevent the importation of Jeuveau® into the United States for a period of ten years and a cease and desist order that would prevent the Company from selling Jeuveau® in the United States for the same period of time. On October 22, 2020, the USITC issued a notice updating the target date for their final determination from November 6, 2020 to November 19, 2020.

    Given the proximity to the final determination by the USITC on November 19, 2020, the Company has decided not to hold a third quarter 2020 earnings call. Please see the Company's Quarterly Report on Form 10-Q, filed with the Securities Exchange Commission on October 29, 2020 for a comprehensive discussion of our financial results and an update on the USITC action.

    About Evolus, Inc.

    Evolus is a performance beauty company with a customer-centric approach focused on delivering breakthrough products. In 2019, the U.S. Food and Drug Administration approved Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics and manufactured in a state-of-the-art facility using Hi-Pure™ technology. Jeuveau® is powered by Evolus' unique technology platform and is designed to transform the aesthetic market by eliminating the friction points existing for customers today. Visit us at: www.evolus.com.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements that relate to the status of regulatory processes, future plans, events, prospects or performance and statements containing the words "plans," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," or other forms of these words or similar expressions, although not all forward-looking statements contain these identifying words. The Company's forward-looking statements include, but are not limited to, statements made by Mr. Moatazedi and Mr. Jafar related to the growth of Jeuveau® sales, the rebound of the aesthetic market, the effectiveness of our customer and consumer programs, the efficiency of the Company's business model and expectations for future growth and our financial outlook as well as the Company's expectation that it has cash, cash equivalents and short term investments that will be sufficient to fund its operations for at least the next twelve months.

    Forward-looking statements are based on current estimates and assumptions made by management of the Company and are believed to be reasonable, though they are inherently uncertain and difficult to predict.

    Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements.  Other factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include uncertainties associated with our ability to generate revenue if the USITC affirms, in whole or in part, the initial determination issued by the ALJ in a final determination and imposes an exclusion order preventing us from importing Jeuveau® into the United States and a cease and desist order that would prevent us from marketing and selling Jeuveau® in the United States; the potential declaration of an event of default by certain of our lenders if the USITC affirms, in whole or in part, the initial determination by the ALJ; our future financial performance and our ability to continue as a going concern; the continued impact of COVID-19 on our business and the economy generally; the success of the launch of Jeuveau®, customer and consumer adoption of Jeuveau®, the efficiency and operability of our digital platform, competition and market dynamics, our ongoing legal proceedings and our ability to maintain regulatory approval of Jeuveau® and other risks described in the section entitled "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 as filed with the Securities and Exchange Commission on October 29, 2020, which is available 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, Evolus undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.  If the Company does update or revise one or more of these statements, investors and others should not conclude that the Company will make additional updates or corrections.

    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 non-GAAP operating expenses and non-GAAP loss from operations, which are calculated as GAAP operating expenses and GAAP loss from operations, excluding: (i) the revaluation of contingent royalty obligations, (ii) stock-based compensation expense, and (iii) depreciation and amortization. Management believes that non-GAAP operating expenses and non-GAAP loss from operations 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 and non-GAAP loss from operations will enable investors to assess the Company in the same way that management assesses the Company's current and future operations. The Company's definitions of non-GAAP operating expenses and non-GAAP loss from operations have limitations as an analytical tool and may differ from other companies reporting similarly named measures.  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 non-GAAP operating expenses and non-GAAP loss from operations presented herein to GAAP operating expenses and GAAP loss from operations, the most directly comparable GAAP financial measures, please see "Reconciliation of GAAP Operating Expenses and GAAP Loss from Operations to Non-GAAP Operating Expenses and Non-GAAP Loss from Operations" in the financial schedules below. In addition, this press release includes information regarding the Company's expected non-GAAP operating expenses for the third and fourth quarters of 2020.  Evolus has not provided a reconciliation of such forward-looking non-GAAP operating expenses to GAAP operating expenses, the most directly comparable GAAP financial measure, because, without unreasonable efforts, it is unable to predict with reasonable certainty the amount or timing of the non-GAAP adjustments that are used to calculate non-GAAP operating expenses, including any revaluation of contingent royalty obligation, stock-based compensation expense and depreciation and amortization.  These adjustments are uncertain, depend on various factors that are beyond our control and could have a material impact on the Company's forward-looking GAAP operating expenses.

    Jeuveau® is a registered trademark and Evolux™ is a trademark of Evolus, Inc.

    Hi-Pure™ is a trademark of Daewoong Pharmaceutical Co, Ltd

    1 Represents September 30, 2020 cash, cash equivalents and short-term investments

    2 Represents cumulative statistics from the launch of Jeuveau® in May 2019.

    Evolus, Inc. Contacts:

    Investor Contact:

    Ashwin Agarwal, Evolus, Inc.

    Vice President, Finance, Investor Relations & Treasury

    Tel: +1-949-284-4559

    Email:

    Media Contact:

    Crystal Muilenburg, Evolus, Inc.

    Vice President, Corporate Communications & Public Relations

    Tel: +1-949-284-4506

    Email:



    Evolus, Inc.

    Statements of Operations and Comprehensive Loss

    (Unaudited, in thousands, except loss per share data)

     Three Months Ended

    September 30,
     Nine Months Ended

    September 30,
     2020 2019 2020 2019
    Revenue:       
    Product revenue, net$16,923  $13,167  $35,225  $15,478 
    Service revenue738    738   
    Total net revenues17,661  13,167  35,963  15,478 
    Cost of sales (excludes amortization of intangible assets)4,854  3,718  11,021  4,378 
    Gross profit12,807  9,449  24,942  11,100 
    Operating expenses:       
    Selling, general and administrative21,944  30,897  70,796  83,308 
    Research and development350  693  1,003  3,555 
    Revaluation of contingent royalty obligation payable to Evolus Founders(2,471) 1,795  (9,922) 7,977 
    Depreciation and amortization1,744  1,202  5,151  2,664 
    Restructuring costs    2,956   
    Total operating expenses21,567  34,587  69,984  97,504 
    Loss from operations(8,760) (25,138) (45,042) (86,404)
    Other income (expense):       
    Interest income32  460  630  1,464 
    Interest expense(2,758) (2,455) (7,680) (5,485)
    Loss before income taxes:(11,486) (27,133) (52,092) (90,425)
    Income tax expense (benefit)(27) (149) 227  (14,899)
    Net loss$(11,459) $(26,984) $(52,319) $(75,526)
    Other comprehensive gain (loss):       
    Unrealized gain (loss) on available-for-sale securities, net of tax(16) (24) (3) 19 
    Comprehensive loss$(11,475) $(27,008) $(52,322) $(75,507)
    Net loss per share, basic and diluted$(0.34) $(0.98) $(1.55) $(2.76)
    Weighted-average shares outstanding used to compute basic and diluted net loss per share33,749  27,471  33,734  27,404 
                

    Evolus, Inc.

    Summary of Balance Sheet Data

    (Unaudited, in thousands)

     September 30, 2020 December 31, 2019
    Balance Sheet Data:   
    Cash and cash equivalents$85,127  $109,892 
    Short-term investments24,996  19,911 
    Total cash, cash equivalents and short-term investments$110,123  $129,803 
        
    Contingent promissory note payable to Evolus Founders$18,779  $17,945 
    Term loan, net of discounts and issuance costs73,974  73,508 
    Convertible note40,203   
    Total long-term debt$132,956  $91,453 
        
    Working capital$119,691  $127,758 
    Total assets$215,779  $240,442 
    Total current liabilities$12,709  $24,439 
    Total liabilities$180,684  $160,985 
    Accumulated deficit$(265,378) $(213,059)
    Total stockholders' equity$35,095  $79,457 
            

    Evolus, Inc.

    Reconciliation of GAAP Operating Expenses and GAAP Loss from Operations to

    Non-GAAP Operating Expenses and Non-GAAP Loss from Operations

    (in thousands)

     Three Months Ended

    September 30,
     Nine Months Ended

    September 30,
     2020 2019 2020 2019
    GAAP operating expenses$21,567  $34,587  $69,984  $97,504 
    GAAP loss from operations$8,760  $25,138  $45,042  $86,404 
    Adjustments:       
    Revaluation of contingent royalty obligation(2,471) 1,795  (9,922) 7,977 
    Stock-based compensation:       
    Included in selling, general and administrative2,924  2,417  7,802  6,443 
    Included in research and development28  109  152  538 
    Depreciation and amortization1,744  1,202  5,151  2,664 
    Non-GAAP operating expenses$19,342  $29,064  $66,801  $79,882 
    Non-GAAP loss from operations$6,535  $19,615  $41,859  $68,782 

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  3. NEWPORT BEACH, Calif., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today announced that members of management will be participating in three upcoming virtual investor conferences.

    Event:Wells Fargo 2020 Virtual Healthcare Conference
    Format:Virtual Fireside chat
    Date:Thursday, September 10, 2020
    Time:1:20 – 1:50pm ET
      
    Event:H.C. Wainwright 22nd Annual Global Investment Conference
    Format:Virtual Fireside chat
    Date:Tuesday, September 15, 2020
    Time:12:30 – 12:50pm ET
      
    Event:Cantor 2020 Virtual Global Healthcare Conference
    Format:Virtual Fireside chat
    Date:Thursday, September 17, 2020
    Time:11:20 – 11:50am ET

    An audio webcast of Evolus…

    NEWPORT BEACH, Calif., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today announced that members of management will be participating in three upcoming virtual investor conferences.

    Event:Wells Fargo 2020 Virtual Healthcare Conference
    Format:Virtual Fireside chat
    Date:Thursday, September 10, 2020
    Time:1:20 – 1:50pm ET
      
    Event:H.C. Wainwright 22nd Annual Global Investment Conference
    Format:Virtual Fireside chat
    Date:Tuesday, September 15, 2020
    Time:12:30 – 12:50pm ET
      
    Event:Cantor 2020 Virtual Global Healthcare Conference
    Format:Virtual Fireside chat
    Date:Thursday, September 17, 2020
    Time:11:20 – 11:50am ET

    An audio webcast of Evolus' presentation will be available on the investor relations section of Evolus' website at investors.evolus.com. Replays of the webcasts will be available for 90 days after the date of the presentation.

    About Evolus, Inc.

    Evolus is a performance beauty company with a customer-centric approach focused on delivering breakthrough products. In 2019, the U.S. Food and Drug Administration approved Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics and manufactured in a state-of-the-art facility using Hi-Pure technology. Jeuveau® is powered by Evolus' unique technology platform and is designed to transform the aesthetic market by eliminating the friction points existing for customers today. Visit us at: www.evolus.com.

    Jeuveau® is a registered trademark of Evolus, Inc.

    Hi-Pure is a trademark of Daewoong Pharmaceutical Co, Ltd.

    Evolus, Inc. Contacts:

    Investor Contact:

    Ashwin Agarwal, Evolus, Inc.

    Vice President, Finance, Investor Relations & Treasury

    Tel: +1-949-284-4559

    Email:

    Media Contact:

    Crystal Muilenburg, Evolus, Inc.

    Vice President, Corporate Communications & Public Relations

    Tel: +1-949-284-4506

    Email:

     

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  4. Q2 2020 Net Revenue $7.8 Million, Up from $2.3 Million in Q2 2019

    $40 Million Convertible Note Financing Closed in July 2020

    Pro Forma June 30, 2020 Cash1 Position of $124.8 Million

    NEWPORT BEACH, Calif., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today reported financial results for the second quarter ended June 30, 2020 and provided a business update.

    "We experienced a rapid recovery of our business in the second quarter.  Approximately 90 percent of our net revenue was generated in the second half of the quarter as offices re-opened from COVID-19 related shutdowns," said David…

    Q2 2020 Net Revenue $7.8 Million, Up from $2.3 Million in Q2 2019

    $40 Million Convertible Note Financing Closed in July 2020

    Pro Forma June 30, 2020 Cash1 Position of $124.8 Million

    NEWPORT BEACH, Calif., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today reported financial results for the second quarter ended June 30, 2020 and provided a business update.

    "We experienced a rapid recovery of our business in the second quarter.  Approximately 90 percent of our net revenue was generated in the second half of the quarter as offices re-opened from COVID-19 related shutdowns," said David Moatazedi, President and Chief Executive Officer. "In addition, we took decisive action to reset our expense base and rewire Evolus with greater leverage of our proprietary digital platform."

    Mr. Moatazedi continued, "The strength of our Jeuveau® launch continued in the second quarter.  We increased our purchasing account base, grew our re-order rates and introduced Evolus Rewards, our new consumer loyalty program. We also launched a stimulus program to support customers as they re-opened their practices. We believe these programs drove our strong second quarter performance and will continue to be fundamental drivers of our growth in the back half of the year."

    Second Quarter 2020 Financial Results

    • Net revenues were $7.8 million, up from $2.3 million in the second quarter of 2019.



      •  Approximately 90% of net revenue was generated in the second half of the second quarter of 2020.

      •  Jeuveau® launched in the second half of the second quarter of 2019.



    • Gross margin percentage was approximately 75%, up from 71% in the second quarter of 2019.



    • GAAP operating expenses decreased by 34% to $24.7 million from $37.6 million in the second quarter of 2019.  Included in operating expenses for the second quarter of 2020 were $3.0 million of restructuring costs associated with headcount and other expense reductions announced in April 2020.



    • Non-GAAP operating expenses decreased by 44% to $18.3 million from $32.9 million in the second quarter of 2019.  Non-GAAP operating expenses in the second quarter of 2020 exclude expenses resulting from the revaluation of the contingent royalty obligation of $2.4 million, stock-based compensation of $2.4 million and depreciation and amortization of $1.7 million. Non-GAAP operating expenses in the second quarter 2019 exclude expenses resulting from the revaluation of the contingent royalty obligation of $1.3 million, stock-based compensation of $2.5 million and depreciation and amortization of $1.0 million.



    • GAAP loss from operations decreased by 48% to $18.9 million from $36.0 million in the second quarter of 2019. 



    • Non-GAAP loss from operations decreased by 60% to $12.4 million down from $31.3 million in the second quarter of 2019.

       
    • GAAP net loss decreased by 44% to $21.1 million from $37.6 million in the second quarter of 2019.



    • Cash, cash equivalents and short-term investments as of June 30, 2020 were $84.8 million.



    • In July 2020, the Company received a $40.0 million investment from its strategic partner, Daewoong Pharmaceutical Co. Ltd. in the form of a five-year, unsecured, subordinated, 3% convertible note at a conversion price of $13.00.



    • Pro forma cash¹ position was $124.8 million as of June 30, 2020.



    • As of June 30, 2020, the Company had 33.7 million shares of common stock outstanding.

    Key 2020 Business Highlights

    • Strong underlying market demand for Jeuveau® in the second quarter of 2020 driven by an 8% increase in purchasing accounts to over 4,400 accounts2 and re-order rates2 increased to 66%.



    • Launched two key marketing initiatives in May:



      •  Evolus Rewards, a consumer loyalty program providing patients with improved affordability and instant savings. As of June 30, 2020, greater than 1,300 purchasing accounts opted into the program and over 16,500 patients enrolled.



      •  Evolus 350˚, a post COVID-19 promotional program offering customers a $350 per vial price when the purchase is made via the Evolus Practice app.



    • On July 6, 2020, the Company announced that the Administrative Law Judge (ALJ) overseeing the United States International Trade Commission (USITC) case filed by Allergan and Medytox in January 2019 against Daewoong and Evolus released a Notice of Initial Determination. The non-binding initial decision by the ALJ finds a violation of Section 337 of the Tariff Act of 1930.  All aspects of the ALJ's ruling are subject to review by the Commission itself. The final determination is targeted for November 6, 2020. Jeuveau® launch and product supply are unaffected by the initial determination.

    2020 Financial Outlook

    • Evolus continues to anticipate its non-GAAP operating expenses for the second half of 2020 will be less than $42 million. See "Use of Non-GAAP Financial Measures" below for additional information about this forward-looking non-GAAP financial measure.



    • Evolus expects its cash, cash equivalents and short-term investments will be sufficient to fund its operations for at least the next twelve months.

    The Company's financial outlook is based on a number of assumptions and subject to uncertainties.  In the event that USITC affirms the initial determination of the ALJ by entering a limited exclusion order preventing us from importing Jeuveau® into the United States and a cease and desist order that would prevent us from selling Jeuveau® in the United States, the Company's financial outlook would be materially and negatively impacted.

    Conference Call Information

    Management will host a conference call and webcast to discuss Evolus' financial results today at 4:30 p.m. ET. The dial-in numbers are +1 (866) 916-2317 for domestic callers and +1 (703) 925-2662 for international callers, and the conference ID is 7575816.

    A replay of the call will be available following its completion through August 17, 2020. To access the replay, dial +1 (855) 859-2056 for domestic callers and +1 (404) 537-3406 for international callers and use the replay conference ID 7575816.

    A live audio webcast of the call will be available on the Investor Relations page of the Evolus, Inc. website, investors.evolus.com. A replay of the webcast will be archived on Evolus' website for 30 days following the completion of the call.

    About Evolus, Inc.

    Evolus is a performance beauty company with a customer-centric approach focused on delivering breakthrough products. In 2019, the U.S. Food and Drug Administration approved Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics and manufactured in a state-of-the-art facility using Hi-Pure™ technology. Jeuveau® is powered by Evolus' unique technology platform and is designed to transform the aesthetic market by eliminating the friction points existing for customers today. Visit us at: www.evolus.com.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements that relate to the status of regulatory processes, future plans, events, prospects or performance and statements containing the words "plans," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," or other forms of these words or similar expressions, although not all forward-looking statements contain these identifying words. The company's forward-looking statements include, but are not limited to, statements made by Mr. Moatazedi related to the effectiveness of our customer and consumer programs, the efficiency of the company's business model and expectations for share gain and our financial outlook as well as the company's expectation that it has cash, cash equivalents and short term investments that will be sufficient to fund its operations for at least the next twelve months.

    Forward-looking statements are based on current estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict.

    Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements.  Other factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include uncertainties associated with our ability to continue to import Jeuveau® into, and sell Jeuveau® within, the United States if the USITC affirms, in whole or in part, the initial determination issued by the ALJ in a final determination and imposes a limited exclusion order preventing us from importing Jeuveau® into the United States and a cease and desist order that would prevent us from marketing and selling Jeuveau® in the United States; the continued impact of COVID-19 on our business and the economy generally; the success of the launch of Jeuveau®, customer and consumer adoption of Jeuveau®, the efficiency and operability of our digital platform, competition and market dynamics, our ongoing legal proceedings and our ability to maintain regulatory approval of Jeuveau® and other risks described in the section entitled "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 as filed with the Securities and Exchange Commission on May 11, 2020, which is available 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, Evolus undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.  If the company does update or revise one or more of these statements, investors and others should not conclude that the company will make additional updates or corrections.

    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 non-GAAP operating expenses and non-GAAP loss from operations, which are calculated as GAAP operating expenses and GAAP loss from operations, excluding: (i) the revaluation of contingent royalty obligations, (ii) stock-based compensation expense, and (iii) depreciation and amortization. Management believes that non-GAAP operating expenses and non-GAAP loss from operations 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 and non-GAAP loss from operations will enable investors to assess the company in the same way that management assesses the company's current and future operations. The company's definitions of non-GAAP operating expenses and non-GAAP loss from operations have limitations as an analytical tool and may differ from other companies reporting similarly named measures.  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 non-GAAP operating expenses and non-GAAP loss from operations presented herein to GAAP operating expenses and GAAP loss from operations, the most directly comparable GAAP financial measures, please see "Reconciliation of GAAP Operating Expenses and GAAP Loss from Operations to Non-GAAP Operating Expenses and Non-GAAP Loss from Operations" in the financial schedules below. In addition, this press release includes information regarding the company's expected non-GAAP operating expenses for the third and fourth quarters of 2020.  Evolus has not provided a reconciliation of such forward-looking non-GAAP operating expenses to GAAP operating expenses, the most directly comparable GAAP financial measure, because, without unreasonable efforts, it is unable to predict with reasonable certainty the amount or timing of the non-GAAP adjustments that are used to calculate non-GAAP operating expenses, including any revaluation of contingent royalty obligation, stock-based compensation expense and depreciation and amortization.  These adjustments are uncertain, depend on various factors that are beyond our control and could have a material impact on the company's forward-looking GAAP operating expenses.

    Jeuveau® is a registered trademark of Evolus, Inc.

    Hi-Pure™ is a trademark of Daewoong Pharmaceutical Co, Ltd

    1 Represents June 30, 2020 cash, cash equivalents and short-term investments of $84.8 million plus gross proceeds received in July 2020 from the closing of the $40.0 million convertible debt offering.

    2 Represents cumulative statistics from the launch of Jeuveau® in May 2019.

    Evolus, Inc. Contacts:

    Investor Contact:

    Ashwin Agarwal, Evolus, Inc.

    Vice President, Finance, Investor Relations & Treasury

    Tel: +1-949-284-4559

    Email: 

    Media Contact:

    Crystal Muilenburg, Evolus, Inc.

    Vice President, Corporate Communications & Public Relations

    Tel: +1-949-284-4506

    Email: 

    Evolus, Inc.

    Statements of Operations and Comprehensive Loss

    (Unaudited, in thousands, except loss per share data)

     Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     2020 2019 2020 2019
    Net revenues$7,806  $2,311  $18,302  $2,311 
    Cost of sales (excludes amortization of intangible assets)1,948  660  6,167  660 
    Gross profit5,858  1,651  12,135  1,651 
    Operating expenses:       
    Selling, general and administrative17,553  34,892  48,852  52,411 
    Research and development145  509  653  2,862 
    Revaluation of contingent royalty obligation payable to Evolus Founders2,433  1,269  (7,451) 6,182 
    Depreciation and amortization1,658  978  3,407  1,462 
    Restructuring costs2,956    2,956   
    Total operating expenses24,745  37,648  48,417  62,917 
    Loss from operations(18,887) (35,997) (36,282) (61,266)
    Other income (expense):       
    Interest income224  615  598  1,004 
    Interest expense(2,464) (2,412) (4,922) (3,030)
    Loss before income taxes:(21,127) (37,794) (40,606) (63,292)
    Income tax expense (benefit)(2) (227) 254  (14,750)
    Net loss$(21,125) $(37,567) $(40,860) $(48,542)
    Other comprehensive gain (loss):       
    Unrealized gain (loss) on available-for-sale securities, net of tax(206) 52  13  43 
    Comprehensive loss$(21,331) $(37,515) $(40,847) $(48,499)
    Net loss per share, basic and diluted$(0.63) $(1.37) $(1.21) $(1.77)
    Weighted-average shares outstanding used to compute basic and diluted net loss per share33,733  27,409  33,727  27,370 
     

    Evolus, Inc.

    Summary of Balance Sheet Data

    (Unaudited, in thousands)

     June 30, 2020 December 31, 2019
    Balance Sheet Data:   
    Cash and cash equivalents$29,772  $109,892 
    Short-term investments54,982  19,911 
    Total cash, cash equivalents and short-term investments$84,754  $129,803 
        
    Working capital$88,536  $127,758 
    Total assets$194,544  $240,442 
    Total current liabilities$19,462  $24,439 
    Total liabilities$150,941  $160,985 
    Accumulated deficit$(253,919) $(213,059)
    Total stockholders' equity$43,603  $79,457 
     

    Evolus, Inc.

    Reconciliation of GAAP Operating Expenses and GAAP Loss from Operations to

    Non-GAAP Operating Expenses and Non-GAAP Loss from Operations

    (in thousands)

     Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     2020 2019 2020 2019
    GAAP operating expenses$24,745  $37,648  $48,417  $62,917 
    GAAP loss from operations$18,887  $35,997  $36,282  $61,266 
    Adjustments:       
    Revaluation of contingent royalty obligation2,433  1,269  (7,451) 6,182 
    Stock-based compensation:       
    Included in selling, general and administrative2,338  2,282  4,878  4,026 
    Included in research and development36  175  124  429 
    Depreciation and amortization1,658  978  3,407  1,462 
    Non-GAAP operating expenses$18,280  $32,944  $47,459  $50,818 
    Non-GAAP loss from operations$12,422  $31,293  $35,324  $49,167 

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  5. NEWPORT BEACH, Calif., July 27, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, announced today that it will report its second quarter 2020 financial results and provide a business update on Monday, August 10, 2020 after the close of the U.S. financial markets.

    Management will host a conference call and live webcast to discuss Evolus' financial results at 4:30 p.m. ET that same day. A question and answer session will follow management remarks.

    The dial-in numbers for the conference call are (866) 916-2317 for domestic callers and (703) 925-2662 for international callers.  The conference ID is 7575816.

    A replay of the call will…

    NEWPORT BEACH, Calif., July 27, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, announced today that it will report its second quarter 2020 financial results and provide a business update on Monday, August 10, 2020 after the close of the U.S. financial markets.

    Management will host a conference call and live webcast to discuss Evolus' financial results at 4:30 p.m. ET that same day. A question and answer session will follow management remarks.

    The dial-in numbers for the conference call are (866) 916-2317 for domestic callers and (703) 925-2662 for international callers.  The conference ID is 7575816.

    A replay of the call will be available following its completion through August 17, 2020. To access the replay, dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers and use the replay conference ID 7575816.

    A live audio webcast of the call will be available on the Investor Relations page of the Evolus, Inc. website, https://investors.evolus.com. A replay of the webcast will be archived on Evolus' website for 30 days following the completion of the call.

    About Evolus, Inc.

    Evolus is a performance beauty company with a customer-centric approach focused on delivering breakthrough products. In 2019, the U.S. Food and Drug Administration approved Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics and manufactured in a state-of-the-art facility using Hi-Pure™ technology. Jeuveau® is powered by Evolus' unique technology platform and is designed to transform the aesthetic market by eliminating the friction points existing for customers today. Visit us at: http://www.evolus.com.

    Jeuveau® is a registered trademark of Evolus, Inc.

    Hi-Pure™ is a trademark of Daewoong Pharmaceutical Co, Ltd.

    Evolus, Inc. Contacts:

    Investor Contact:

    Ashwin Agarwal

    Vice President, Finance, Investor Relations & Treasury

    Tel: +1-949-284-4559

    Email:  

    Media Contact:

    Crystal Muilenburg

    Vice President, Corporate Communications & Public Relations

    Tel: +1-949-284-4506

    Email:  

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