Business
Evolus Reports First Quarter 2023 Results and Provides Business Update
Q1 2023 Net Revenue of $41.7 Million, Up 23% from Q1 2022 Reaffirms Full-Year 2023 Net Revenue Guidance of $180 to $190 Million Raises 2028 Revenue Outlook
About this update from Evolus, Inc. Common Stock
[{"type":"text","content":"\n\nQ1 2023 Net Revenue of $41.7 Million, Up 23% from Q1 2022\n\n\n\nReaffirms Full-Year 2023 Net Revenue Guidance of $180 to $190 Million\n\n\n\nRaises 2028 Revenue Outlook from $500 Million to $700 Million Driven by Addition of Evolysse™ Dermal Filler Line Representing a 29% CAGR\n\n\n\nFully Funded to Profitability, Including the Dermal Filler Investment, by Utilizing Remaining $50 Million of Pharmakon Credit Facility\n\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, 2023 and provided a business update.\n\n\n“Following a record 2022, Evolus is off to a strong start to the year, reporting 23% revenue growth in the first quarter and continued market share gains in what continues to be a healthy aesthetic neurotoxin market,” said David Moatazedi, President and Chief Executive Officer. “During the quarter, we continued to experience strength in consumer demand as evidenced by an increase of more than 60,000 new members and an all-time high number of redemptions in our Evolus Rewards loyalty program, demonstrating sustained brand loyalty to Jeuveau®. This demand, coupled with robust new account additions and a co-branded media program that continues to generate higher growth rates among our existing customers, all drove a revenue growth rate multiples above the industry pace.”\n\n\nMoatazedi continued, “Earlier this year we guided to $500 million revenue in 2028 based on the continued above-market performance of Jeuveau® in the U.S. and international expansion of Nuceiva®. Today, we announced the addition of the Evolysse™ line of dermal filler products, which expands our addressable market in the U.S. by 70%1, giving us the confidence to raise our 2028 revenue outlook to $700 million.”\n\n\nFirst Quarter 2023 Highlights and Recent Developments\n\n\n\nThe company’s key sales and marketing metrics demonstrated continued strong momentum during the first quarter.\n\n\nEvolus added more than 600 new customer accounts in the quarter, bringing the total number of customers purchasing since launch to more than 10,000. The reorder rate among customers remains above 70%.2\n\n\n\nEnrollment in the Evolus Rewards consumer loyalty program g...