Evolus Inc · Q1 2022 earnings

Briefing

Evolus reported a strong quarter with robust year-over-year growth, increased market share, and disciplined operating expense management.

Evolus reported a strong first quarter in 2022, with net revenue increasing by 177% to $33.9 million compared to the first quarter of 2021. The company is now guiding to the upper end of its full-year 2022 net revenue guidance of $143 to $150 million. Evolus reiterates its full-year non-GAAP operating expense guidance and maintains a strong cash position of $106.7 million, which is expected to fund the company to breakeven.

• Net revenues increased 177% to $33.9 million compared to Q1 2021.
• The company added 575 new customer accounts, the highest quarterly increase in the past two years.
• Over 335,000 consumers have registered in the Evolus Rewards loyalty program, with approximately 475,000 rewards redeemed.
• Evolus expects sales to reach the upper end of its full-year sales guidance range of $143 to $150 million.

Headline financials

Revenue & EPS history

Evolus now expects sales to reach the upper end of its full-year sales guidance range of $143 to $150 million. The company continues to expect its full-year adjusted gross profit margin to be between 58% and 61% with a fourth quarter step up to 68% to 71% concurrent with the significant decrease in settlement royalty rates. The company continues to expect full-year non-GAAP operating expenses to be between $135.0 million and $140.0 million, which consists mainly of continued investments in the growth of Jeuveau® in the U.S. plus the Nuceiva® launch expenses in Europe.