Business
Evolus Reports Third Quarter 2022 Results and Provides Business Update
Reported Sales Up 27% to $33.9 Million; Success of ‘Switch Your Tox’ Promotion Contributes to $3.5 Million Incremental Increase in Deferred Revenue Over Q2
About this update from Evolus, Inc. Common Stock
[{"type":"text","content":"\n\nReported Sales Up 27% to $33.9 Million; Success of ‘Switch Your Tox’ Promotion Contributes to $3.5 Million Incremental Increase in Deferred Revenue Over Q2 and Understates Strength of Results\n\n\n‘Switch Your Tox’ Drives Record Consumer Rewards Redemptions and New Purchasing Accounts\n\n\nReiterates Full-Year 2022 Net Revenue Guidance at Top End of $143 to $150 Million Range; Lowers Non-GAAP Operating Expense Guidance to Lower Half of Range\n\n\nStrong Cash Position of $65.6 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 third quarter ended September 30, 2022 and provided a business update.\n\n“This quarter we reported strong top-line growth and continued to gain market share while carefully managing our operating expenses as we advance toward profitability,” said David Moatazedi, President and Chief Executive Officer. “Demand for Jeuveau® remained strong even with anticipated seasonality and the return of summer travel. We remain confident we can achieve the top end of our 2022 sales guidance range of $143 to $150 million equating to a year-over-year growth rate of approximately 50%, which is roughly triple the projected toxin market growth rate.”\n\nMoatazedi continued, “Perhaps the most significant highlight of the third quarter was the highly successful launch of our ‘Switch Your Tox’ promotional campaign. ‘Switch Your Tox’ helped drive an above-market 27% year-over-year growth rate, and when factoring for the above-normal deferred revenue this campaign required, our growth rate would have been even stronger. This campaign also helped generate the largest number of new accounts we have added in three years and drove a record 100,000 consumer redemptions in our loyalty program in the quarter. Importantly, ‘Switch Your Tox’ redemptions will continue through year-end, providing continued momentum into the fourth quarter.”\n\nThird Quarter 2022 Highlights and Recent Developments\n\n\nAided by the recently launched ‘Switch Your Tox’ promotional campaign, the company’s lead sales and marketing metrics demonstrated continued momentum in Evolus’ business during the third quarter.\n\n\nEvolus added 650 new cu...