34 slides from Evolus, Inc. Common Stock's earnings presentation, May 7, 2024
Slide 1: Evolus
CVOLUS
Slide 2: Investor Presentation May 2024
INVESTOR PRESENTATION MAY 2024
Slide 3: Disclosures: Special Note Regarding Forward-Looking Statements
DISCLOSURES SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements reg
Slide 4: Our Purpose
OUR PURPOSE TO MAKE THEIR BEAUTY EXPERIENCE DELIGHTFUL AND ACHIEVABLE
Slide 5: A Compelling Investment Opportunity
A COMPELLING INVESTMENT OPPORTUNITY UNDERPENETRATED AESTHETICS MARKET Building a brand focused on the YOUNGER DEMOGRAPHIC GAINING MARKET SHARE IN THE U.S. while expanding internationally Total addressable market UNIQUE CASH-PAY Fully funded to BUSINESS MODEL EXPANDS BY 78% powered by strong digital
Slide 6: Large & Underpenetrated Markets—Toxins
GROWING OUR PRESENCE IN LARGE & UNDERPENETRATED MARKETS—TOXINS EVOLUS IS CONTINUING TO GAIN SHARE JEUVEAU SHARE OF TOXIN MARKET IN THE FAST-GROWING NEUROTOXIN MARKET OVER THE LAST FEW YEARS* 14% 12% 12% 10% 11% 8% 9% 6% 7% 7% 4% 4% 2% 0% 2019 2020 2021 2022 2023 2024** * Market share (U.S.) is a com
Slide 7: Market Expansion—Fillers
MARKET EXPANSION—FILLERS FILLER MARKET EXPECTED TO GROW $1.5B BY 2028 1 ~$10.0B 2 $4.0B $6.0B $2.5B FILLERS $6.0B NEUROTOXINS $3.5B 2023 2028 Sources: Medical Insight, Inc.: The Global Aesthetic Market Study —January 2024 (US) Clariv ate | DRG: Aesthetic Injectables Market Insights North America 202
Slide 8: Expanding Our Footprint Globally
EXPANDING OUR FOOTPRINT GLOBALLY • The addition of fillers doubles our addressable international market to $1.8B • Exclusive licensing agreement with Symatese for the novel dermal filler line • EU Regulatory approvals for the novel dermal filler line anticipated in second half 2024 • Evolus expects
Slide 9: Strong Historical Revenue Growth
STRONG HISTORICAL REVENUE GROWTH TARGETING AT LEAST $700M IN GLOBAL SALES BY 2028 28% CAGR from 2023 $255M-$265** $202M* $148.6M $99.7M $56.5M 2020 2021 2022 2023 2024 * Based on 2023 Results announced on March 7, 2024 ** Company guidance as of January 16, 2024 9
Slide 10: A Unique Business Strategy
A UNIQUE BUSINESS STRATEGY 1 4 CUSTOMER SUCCESS STRATEGIC ADVANTAGE • Investing in customer growth • First cash-pay, aesthetics-only aesthetics • Only aesthetics company to offer company co-branded marketing CHALLENGER BRAND 2 TRANSFORMING THE INDUSTRY • Executing a performance beauty strategy 5 • D
Slide 11: Differentiated Cash Pay Business Model
DIFFERENTIATED CASH PAY BUSINESS MODEL WHY CASH PAY • Avoids third-party payer reimbursement complications • Greater pricing flexibility without tie to therapeutics • Enables co-branded marketing • Promotes brand and practices to draw in consumers • Ability to offer customers a compelling value prop
Slide 12: Executing a Performance Beauty Strategy
EXECUTING A PERFORMANCE BEAUTY STRATEGY • Evolus is a performance beauty company with a customer-centric approach to delivering breakthrough products in the self-pay aesthetics market • Focus on making the beauty experience delightful and achievable • First product line focused on neurotoxins—Jeuvea
Slide 13: Target Market: Millennial Consumers
TARGET MARKET: MILLENNIAL CONSUMERS Growth rates of millennial cohort* • U.S. Medical Aesthetic industry is expected to grow at 9% through 2027, confirming historical trends • Injectables is the fastest growth category at 10-12% as new consumers enter the market for "preventative" treatments • Injec
Slide 14: Projected Adoption Among the Younger Demographic
ESTIMATED GLOBAL AVERAGE ADOPTION RATE* (ANNUAL INCOME $50K+) AGE % CURRENTLY USING % INTEND TO USE NEUROMODULATORS 20-40 NEUROMODULATORS IN THE NEXT 5 YEARS PROJECTED ADOPTION AMONG THE YOUNGER 20-30 10.5% 16% 16% 20-40 Y EAR OLDS INTEND TO USE DEMOGRAPHIC: 31-40 15% 15% NEUROMODULATORS IN NEXT 5 Y
Slide 15: Investing in Growth
PRACTICE INVESTING IN GROWTH PRACTICE CONSUMER EVOLUX: PHYSICIAN FINDER MODERN LOYALTY • Digital investments for practices lead to increased customer loyalty • Digital investments into targeted consumer programs attract more millennials to the practices that ask for Jeuveau® EVOLUS PRACTICE APP LOYA
Slide 16: Co-Branded Marketing for a Personal Experience
CO-BRANDED MARKETING FOR A PERSONAL EXPERIENCE BILLBOARDS DIGITAL STREAMING TV 1,500+ billboards* 7,300+ digital campaigns* 400+ ETV campaigns* *Ref lects campaigns completed and aired since 2020 16
Slide 17: Using Medical Education to Establish the Precision Profile of Jeuveau
USING MEDICAL EDUCATION TO ESTABLISH THE PRECISION PROFILE OF JEUVEAU ® LIVE EVENTS 10,000+ INJECTORS MEDICAL AFFAIRS TRAINING BUS educated in 2023 TEAM 2023 17
Slide 18: Evolus Rewards Program
EVOLUS REWARDS PROGRAM ACTIVATION CONTINUES TO GROW CONSUMER REGISTRATION CONSUMER REDEMPTIONS IN THE EVOLUS CONTINUES TO INCREASE* REWARDS PROGRAM CONTINUE TO GROW* 2000 60% 1800 TOTAL PATIENT REDEMPTIONS (000s) EXISTING PATIENTS SHARE 50% 1600 1400 40% 1200 825K 1000 30% 750K 702K 800 638K 20% 505
Slide 19: Market Expansion Opportunity—Fillers
MARKET EXPANSION OPPORTUNITY—FILLERS TOXINS AND FILLERS ARE THE TOP 2 MEDICAL AESTHETIC PROCEDURES* FILLERS ARE THE #2 SERVICE PROVIDED FILLERS ARE THE #1 ADD-ON PROCEDURE ACROSS ALL CHANNELS * FOR TOXIN USERS * 1 2 FILLER 34% PLASTIC TOXINS FILLERS SURGEONS: SKINCARE 21% LASER HAIR DERMATOLOGISTS:
Slide 20: Evolysse: An Innovative Technology That Complements the Jeuveau Brand
EVOLYSSE AN INNOVATIVE TECHNOLOGY THAT COMPLEMENTS THE JEUVEAU BRAND ®
Slide 21: Symatese Science Genesis
SYMATESE SCIENCE GENESIS 25+ YEARS IN R&D AND MANUFACTURING OF AESTHETICS & MEDICAL BIOMATERIALS LAUNCHED FIRST PEROUSE PLASTIE LAUNCH OF 2 PRODUCTS: BREAST IMPLANTS NEVELIA®, DERMAL HEMOTESE® & SOLD TO MENTOR REGENERATION COLLAPAT®II MATRIX 1997 2003 2004 2007 2011 2013 2021 SOLD RIGHTS OF XpresHAn
Slide 22: Evolysse Manufacturing
EVOLYSSE MANUFACTURING FIRST-GENERATION COLD TECHNOLOGY HA BY SYMATESE CROSS-LINKING HA Typical cross-linking: Heat Symatese cross-linking: Cold BENEFIT • Cross-linking technology that better preserves the hyaluronic acid chain designed for dynamic performance and efficacy • Potentially improves saf
Slide 23: Evolysse Product Line
EVOLYSSE 2026 | LAUNCH PRODUCT LINE 2025| LAUNCH 2025 DATE | LAUNCH 2027 | LAUNCH 23
Slide 24: Four Studies in Europe
FOUR STUDIES IN EUROPE WHY: TO STUDYTHE VALIDATING THE DIFFERENTIATION CLINICAL EFFICACY OFOF OURTHE NEWLY ACQUIRED COLD-HA LINE OF DERMAL FILLERS TECHNOLOGY LIFT: NASOLABIAL FOLD SCULPT: MID-FACE VOLUME • Head-to-head study with Restylane-L • 3-D volume of the cheek measured, with initial • Primary
Slide 25: Filler Launch Milestones
FILLER LAUNCH MILESTONES 2024 2025 2026 2027 PRODUCT INDICATION 1H 2H 1H 2H 1H 2H 1H 2H Nasolabial Folds (“NLF”) – LIFT PMA Subm ission Launch NLF & Smooth Lines – SMOOTH PMA Subm ission Launch EVOLYSSE Mid-Face Volume – SCULPT PMA Subm ission Launch Infraorbital Hollow – EYE PMA Subm ission Launch
Slide 26: Jeuveau Extra-Strength Phase II Duration Study
JEUVEAU EXTRA-STRENGTH PHASE II DURATION STUDY STUDY DESIGN KAPLAN-MEIER: ≥1 PT • 1 -year, or until return to baseline IMPROVEMENT GLABELLAR LINE SCALE AT MAXIMUM FROWN • 150 patients, 3 arms INVESTIGATOR ASSESSMENT o 40U Prabotulinum (“Extra PRA 40U VS. PRA 20U: HR 1.892, P-VALUE 0.0109 Strength” J
Slide 27: Financials
FINANCIALS 27
Slide 28: Jeuveau: Fastest-Growing Neurotoxin in the U.S. for Three Consecutive Years
JEUVEAU®: FASTEST- NET REVENUE GROWING NEUROTOXIN IN THE U.S. FOR THREE CONSECUTIVE YEARS 1 12% MARKET SHARE2 $255M- $265M** #2 BRAND AWARENESS3 $148.6M $202M* #1 2 $99.7M MARKET SHARE IN OR EVOLUS ACCOUNTS4 $56.5M $34.9M 2019 2020 2021 2022 2023 2024 1. Measured by comparing y ear-ov er-y ear rev e
Slide 29: Guidance Consistently Met or Beat Over the Previous Two Years
GUIDANCE CONSISTENTLY MET OR BEAT OVER THE PREVIOUS TWO YEARS Guide Issued Actual Results 2022 2023 Gross Margin (Adj.) 58% 61% 62.4% 68% 69.5% 71% Net Sales (in millions) 143 148.5 150 180 190* 202.1 OpEx (Non-GAAP) (in millions) 135 135.7 140 160 163.9 165** * Ref lects original guidance in 2023 *
Slide 30: Q1 2024 Results
Q1 NET REVENUE GRAPH Q1 2024 RESULTS ACHIEVED RECORD RESULTS AND EXCEEDED EXPECTATIONS $59.3M net revenue, up 42% y-o-y • Growth driven by higher volumes from market share gains Key Performance Indicators • >700 new customer accounts added $59.3M • ~180K consumer redemptions to end the quarter at ap
Slide 31: FY 2024 Outlook
FY 2024 OUTLOOK Evolus expects: • Total net revenues for the full year 2024 to be between $255 and $265 million, representing 26%-31% growth from 2023 results • Full-year non-GAAP operating expenses to be between $185 and $190 million • To achieve profitability* for the fourth quarter of 2024, full-
Slide 32: Projecting at Least $700M Total Net Revenue in 2028
PROJECTING AT LEAST NET REVENUE $700M TOTAL NET REVENUE IN 2028 A 28% CAGR FROM 2023 The company: • Projects its total net revenue can reach at least $700 million by 2028, a compound $700M annual growth rate of 28%, based on the Aspiration combination of its existing aesthetic neurotoxin business an
Slide 33: Thank You
THANK YOU = zed
Slide 34: Non-GAAP Information
NON-GAAP INFORMATION Within this presentation, “profitability” is defined as achieving positive non-GAAP operating income. This presentation includes references to adjusted gross profit margin, non-GAAP operating income and non-GAAP operating expenses. “Adjusted gross profit margin” is defined as ad