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1. Company Snapshot

1.a. Company Description

Evolus, Inc., a performance beauty company, provides medical aesthetic products for physicians and their patients in the United States.It offers Jeuveau, a proprietary 900 kilodalton purified botulinum toxin type A formulation for the temporary improvement in the appearance of moderate to severe glabellar lines in adults.The company was incorporated in 2012 and is headquartered in Newport Beach, California.

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1.b. Last Insights on EOLS

Evolus, Inc.'s recent performance was driven by record fourth-quarter and full-year 2024 financial results, with revenue growth exceeding 30% for the fifth consecutive year. The company achieved full-year profitability ahead of expectations, and its preliminary unaudited net revenue for the fourth quarter and full-year ended December 31, 2024, was at the top of its guidance. Evolus also reaffirmed its 2025 guidance, indicating continued momentum in the company's aesthetic portfolio. Additionally, the company's strong product performance and brand loyalty offer optimism for future growth.

1.c. Company Highlights

2. Evolus' Q3 Earnings: A Strong Foundation for Long-Term Growth

Evolus reported a 13% increase in global net revenue to $69 million in Q3, driven by strong demand for Jeuveau and the introduction of Evolysse. The company's adjusted gross margin was 67.6%, while GAAP operating expenses were $57.3 million. The reported EPS was -$0.14, beating estimates of -$0.19. The company's cash position stood at $43.5 million at the end of Q3, with a decrease primarily driven by inventory purchases ahead of potential tariffs on pharmaceuticals.

Publication Date: Nov -20

📋 Highlights
  • Revenue Growth:: Q3 revenue rose 13% to $69M, driven by $63.2M in Jeuveau sales and $5.7M from Evolysse, with Evolysse generating $15.5M since launch, the strongest HA filler debut in over a decade.
  • Evolysse Performance:: Evolysse Sculpt’s FDA trial met non-inferiority vs. Restylane Lyft in mid-face volume restoration, with demand rising sequentially to $5.7M in Q3 after launch-quarter stocking adjustments.
  • Customer Engagement:: Evolus Rewards program grew to 1.3M members, with 70% returning customers, and co-branded media reached 1,400 accounts, generating 300M impressions in Q3.
  • International Expansion:: Entered 2 new markets in 2025, with mature markets growing rapidly; Jeuveau unit sales in the U.S. outperformed the category, maintaining #3 market share amid promotional campaigns like the 11th Day event.

Segment Performance

Jeuveau continued to outperform the category, with unit volume growing year-to-date. The company's Evolus Rewards program has been instrumental in driving consumer demand, with 1.3 million members and 70% returning customers. Evolysse, the HA filler, delivered $5.7 million in revenue in Q3 and $15.5 million since its launch, marking the strongest HA filler debut in over a decade. As David Moatazedi mentioned, "the second training is key" for physicians to start adopting Evolysse, with a significant inflection point seen in clinics when physicians complete the second training.

Valuation and Growth Prospects

With a P/S Ratio of 1.58, the market is pricing in moderate growth expectations. However, analysts estimate revenue growth at 23.3% for the next year, indicating a potential upside. The company's ROE is extremely high at 1791.25%, albeit from a negative equity position. The EV/EBITDA ratio stands at -14.58, suggesting that the market is pricing in significant losses. As Evolus continues to scale its injectable portfolio and expand its global presence, investors will be watching the company's ability to deliver sustainable growth and profitability.

Operational Highlights

The company has made significant progress in its medical education platform, engaging over 17,000 injectors year-to-date. The Evolux co-branded media program has reached 1,400 accounts, generating 300 million media impressions. Internationally, Evolus has entered two new markets this year, with mature markets growing at a high rate. The company's portfolio bundle, which includes Jeuveau and Evolysse, is expected to drive growth across its injectable portfolio.

Outlook

Evolus remains confident in its outlook for 2025, with total net revenue expected between $295 million and $305 million and non-GAAP operating income between $5 million and $7 million in Q4 2025. As the company continues to execute on its growth strategy, investors will be watching its progress on delivering sustainable growth, profitability, and long-term shareholder value.

3. NewsRoom

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Brokerages Set Evolus, Inc. (NASDAQ:EOLS) Target Price at $21.25

Nov -25

Source: defenseworld.net

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Campbell & CO Investment Adviser LLC Makes New $434,000 Investment in Evolus, Inc. $EOLS

Nov -17

Source: defenseworld.net

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Evolus, Inc. (EOLS) Q3 2025 Earnings Call Transcript

Nov -08

Source: seekingalpha.com

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Evolus, Inc. (EOLS) Reports Q3 Loss, Beats Revenue Estimates

Nov -06

Source: zacks.com

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Evolus Reports Third Quarter 2025 Financial Results

Nov -05

Source: businesswire.com

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Evolus to Participate in 2025 Stifel Healthcare Conference

Oct -28

Source: businesswire.com

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Evolus Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Oct -10

Source: businesswire.com

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Top Miami Plastic Surgeon Dr. Benjamin Eskenazi Named Lead Consultant for Evolus' Evolysse™ Filler Launch

Sep -22

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.34%)

6. Segments

Cash-pay Aesthetic Product

Expected Growth: 10.3%

Growing demand for non-invasive aesthetic treatments, increasing adoption of minimally invasive procedures, and rising awareness of facial rejuvenation and body contouring drive the growth of the cash-pay aesthetic product market.

Cash-pay Aesthetic Service

Expected Growth: 14.6%

Growing demand for elective medical procedures, increasing adoption of financing solutions, and rising disposable income are driving the cash-pay aesthetic service market growth.

7. Detailed Products

Pelleve

A non-invasive, radiofrequency-based skin tightening treatment for facial wrinkles and skin laxity

Venus Velocity

A high-speed, diode laser hair removal system for fast and efficient hair reduction

Venus Freeze

A non-invasive, radiofrequency-based body contouring and skin tightening treatment for cellulite and circumference reduction

Venus Legacy

A non-invasive, radiofrequency-based skin tightening and facial rejuvenation treatment for facial wrinkles and skin laxity

Venus Versa

A non-invasive, IPL-based skin rejuvenation treatment for pigmentation, rosacea, and acne

8. Evolus, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Evolus, Inc. is medium because while there are some alternatives available, they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Evolus, Inc. is high because customers have many options and can easily switch to competitors.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Evolus, Inc. is low because the company has many suppliers to choose from and can negotiate good prices.

Threat Of New Entrants

The threat of new entrants for Evolus, Inc. is medium because while it's possible for new companies to enter the market, there are some barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for Evolus, Inc. is high because the market is very competitive and companies are constantly trying to outdo each other.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 120.47%
Debt Cost 10.90%
Equity Weight -20.47%
Equity Cost 11.36%
WACC 10.80%
Leverage -588.41%

11. Quality Control: Evolus, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Esperion Therapeutics

A-Score: 5.2/10

Value: 9.0

Growth: 5.9

Quality: 6.1

Yield: 0.0

Momentum: 9.0

Volatility: 1.0

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ANI Pharmaceuticals

A-Score: 5.0/10

Value: 4.3

Growth: 6.0

Quality: 4.4

Yield: 0.0

Momentum: 9.5

Volatility: 5.7

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Phibro Animal Health

A-Score: 4.9/10

Value: 2.7

Growth: 5.2

Quality: 4.2

Yield: 4.0

Momentum: 9.5

Volatility: 4.0

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OptiNose

A-Score: 4.4/10

Value: 7.4

Growth: 4.4

Quality: 5.1

Yield: 0.0

Momentum: 5.0

Volatility: 4.7

1-Year Total Return ->

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Aquestive Therapeutics

A-Score: 4.4/10

Value: 8.0

Growth: 3.7

Quality: 5.8

Yield: 0.0

Momentum: 7.5

Volatility: 1.7

1-Year Total Return ->

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Evolus

A-Score: 4.1/10

Value: 9.2

Growth: 7.2

Quality: 6.2

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.86$

Current Price

6.86$

Potential

-0.00%

Expected Cash-Flows