Business
Evolus Reports Second Quarter 2020 Results and Provides Business Update
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
About this update from Evolus, Inc. Common Stock
[{"type":"text","content":"Q2 2020 Net Revenue $7.8 Million, Up from $2.3 Million in Q2 2019\n $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 d...