Business
Evolus Reports First Quarter 2020 Results and Provides Business Update
NEWPORT BEACH, Calif., May 11, 2020 (GLOBE NEWSWIRE) -- Evolus, Inc. (Nasdaq: EOLS), a performance beauty company with a customer-centric approach focused on
About this update from Evolus, Inc. Common Stock
[{"type":"text","content":"NEWPORT BEACH, Calif., May 11, 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 first quarter ended March 31, 2020 and provided a business update, including the impact of the COVID-19 pandemic.\n The Evolus Response to COVID-19 On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. Evolus responded by taking the following actions: In mid-March, we implemented mandatory work from home requirements for the health and safety of our employees.In order to support our customers, we elected to drive higher redemptions of our consumer coupons by allowing practices to redeem the coupons to book future Jeuveau® treatments. We also extended the expiration date of our unredeemed $100 coupons from the end of the first quarter to the end of the second quarter of 2020. These changes were designed to give our accounts flexibility to use these coupons for consumers at a later date when practices re-open.Enacted plans to conserve cash and significantly reduce the operating expense base. This included a reduction of our employee base by greater than 40% and a temporary reduction in executive salaries and Board of Director fees.Donated personal protective equipment to UCLA Health to help address COVID-19 related needs. “I am tremendously proud of the way our employees quickly responded to the challenges associated with the COVID-19 pandemic. We took decisive measures to help support our customers and strengthen our business with an increased reliance on our proprietary digital platform. Our efficient business model and innovative customer and consumer programs designed for the millennial segment are expected to drive continued share penetration,” said David Moatazedi, President and Chief Executive Officer. Mr. Moatazedi continued, “Prior to the COVID-19 impact, Jeuveau® was on track to deliver another strong quarter. Prior to practices closing in mid-March, our unit sales were ahead compared to the same period in the prior quarter1. These sales trends reflect the successful launch trajectory of Jeuveau® and are notable given our estimation that sales in our market historically decline by a double-digit percentage in the first quarter of the year2. Beginning in mid-March, we ...