Business
Evolus Reports First Quarter 2022 Results and Provides Business Update
Q1 2022 Net Revenue of $33.9 Million, Up 177% from Q1 2021 Now Guiding to Upper End of Full-Year 2022 Net Revenue of $143 to $150 Million Reiterating
About this update from Evolus, Inc. Common Stock
[{"type":"text","content":"\n\nQ1 2022 Net Revenue of $33.9 Million, Up 177% from Q1 2021\n\n\nNow Guiding to Upper End of Full-Year 2022 Net Revenue of $143 to $150 Million\n\n\nReiterating Full-Year non-GAAP Operating Expense Guidance\n\n\nStrong Cash Position of $106.7 Million Expected to Fund Company to Breakeven\n\n\n NEWPORT BEACH, Calif.--(BUSINESS WIRE)--\nEvolus, 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, 2022 and provided a business update.\n\n“We are very pleased to report another strong quarter that demonstrated robust year-over-year growth, increased market share, and disciplined operating expense management,” said David Moatazedi, President and Chief Executive Officer. “Our sales for the first quarter of 2022 were well above the estimated U.S. neurotoxin market growth rate. Over the past year, we have accelerated the pace of new account additions and achieved a record number of patient redemptions in our consumer loyalty rewards program. These strong trends are fueling increasing demand for Jeuveau®, validating the effectiveness of our unique aesthetics-only strategy.”\n\nMoatazedi continued, “The market for aesthetic neurotoxins remains very strong and did not slow in the first quarter, which has traditionally seen seasonally lower demand. A strong market, together with our performance to date, gives us confidence in achieving the upper end of our full-year sales guidance range of $143 to $150 million. This equates to a year-over-year growth rate approaching 50%, which is well above the expected industry average growth rate.”\n\nFirst Quarter 2022 Highlights and Recent Developments\n\n\nMomentum in the company’s business continues to build with its lead metrics reaching all-time highs this quarter.\n\n\nEvolus added 575 new customer accounts in the first quarter, the highest quarterly increase in the past two years. This brings the total base since launch to more than 7,500 purchasing customers with a reorder rate that continues to run above 70%1.\n\n\nSince its inception, more than 335,000 consumers have registered in the Evolus Rewards loyalty program. In that time, approximately 475,000 rewards have been redeemed2.\n\n\nDuring the first quarter, Evolus ran a total of nearly 800 indivi...