Evolus Reports Fourth Quarter and Full-Year 2025 Financial Results; Delivers Sixth Consecutive Year of Double-Digit Growth and Expects Sustainable Profitability 1 Beginning in 2026
NEWPORT BEACH, Calif.--( BUSINESS WIRE)-- Evolus, Inc. (NASDAQ: EOLS), a global performance beauty company with a focus on building an aesthetic portfolio of consumer brands, today announced its financial results for the fourth quarter and full-year ended December 31, 2025.
“In 2025 we generated nearly $300 million in total net revenue delivering our sixth consecutive year of double-digit growth,” said David Moatazedi, President and Chief Executive Officer of Evolus. “Our performance beauty positioning supported by clinically differentiated products has enabled us to continue to outpace the market while strengthening U.S. and International share for Jeuveau ® and successfully expanding our U.S. injectable portfolio with the launch of Evolysse™. The consistency of our relative outperformance reflects the durability of our commercial model and the growing relevance of our portfolio to today’s aesthetic consumer.
“We achieved profitability 1 in the fourth quarter, reflecting the benefits of decisive expense actions we implemented in the second quarter, proactively rebasing our expense structure to align with current market conditions while preserving our growth trajectory,” Moatazedi continued. “With our core commercial infrastructure now in place, we expect to deliver on our 2026 revenue guidance while growing non-GAAP operating expenses at a modest 0% to 3% and expanding operating leverage to result in a low- to mid-single digit Adjusted EBITDA margin. This disciplined framework, together with key value-creating milestones ahead including the European launch of Estyme ®, the anticipated approval of Evolysse™ Sculpt in the U.S., and continued momentum across our injectable aesthetics portfolio positions us to drive leverage expansion over the next three years and achieve 13% to 15% Adjusted EBITDA margins in 2028. As we advance toward sustainable profitability and meaningful free cash flow, we expect to have the financial flexibility to actively manage our capital structure while continuing to invest in growth, reinforcing the strength and durability of our long-term value creation strategy.”
Fourth Quarter and Full-Year 2025 Highlights and Recent Developments
Fourth Quarter 2025 Financial Results
Full-Year 2025 Financial Results
Outlook
The Company Noted:
Conference Call Information
Management will host a conference call and live webcast to discuss Evolus’ financial results today at 4:30 p.m. ET. To participate in the conference call, dial (877) 407-6184 (U.S.) or (201) 389-0877 (international) or connect to the live webcast via the link on the Investor Relations page of our website at www.evolus.com.
Following the completion of the call, an audio replay can be accessed for 48 hours by dialing (877) 660-6853 (U.S.) or (201) 612-7415 (international) and using conference number 13758456. An archived webcast, which will remain available for 30 days, can also be accessed on the Investor Relations page of our website at www.evolus.com.
About Evolus, Inc.
Evolus (NASDAQ: EOLS) is a global performance beauty company redefining the aesthetic injectable market for the next generation of beauty consumers through its unique, customer-centric business model and innovative digital platform. Our mission is to become a global leader in aesthetics anchored by our flagship products: Jeuveau ® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse™, a collection of unique injectable hyaluronic acid (HA) gels. Visit us at www.evolus.com, and follow us on LinkedIn, X, Instagram or Facebook.
1 “Profitability” is not a measure presented in accordance with GAAP. Within this press release, “profitability” for prior periods is defined as achieving positive non-GAAP operating income and for future periods is defined as achieving positive Adjusted EBITDA. See “Use of Non-GAAP Financial Measures” below for more information on the company’s use and definitions of non-GAAP measures.
2 Represents cumulative statistics from the launch of Jeuveau ® in May 2019 through December 31, 2025.
3 Represents cumulative statistics from the launch of Evolus Rewards™ in May 2020 through December 31, 2025.
Use of Non-GAAP Financial Measures
Evolus’ financial results are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
This press release and the reconciliation tables included in the financial schedules below include adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin.
Adjusted gross profit is calculated as gross profit excluding amortization of an intangible asset. Adjusted gross profit margin is defined as adjusted gross profit as a percentage of total net revenues.
Non-GAAP operating expenses, non-GAAP income (loss) from operations, and non-GAAP operating income margin exclude (i) revaluation of the contingent royalty obligations, (ii) stock-based compensation expense, (iii) depreciation and amortization, and (iv) restructuring costs.
Adjusted EBITDA is defined as net income (loss) before interest expense, interest income, income tax expense, revaluation of the contingent royalty obligations, stock-based compensation expense, depreciation and amortization, restructuring costs, and other income (expense), net. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of total net revenues.
Management believes that adjusted gross profit and adjusted gross profit margin are important measures for investors because management uses adjusted gross profit margin as a key performance indicator to evaluate the profitability of sales without giving effect to costs that are not core to our cost of sales, such as the amortization of an intangible asset.
Management believes that non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin are useful in helping to identify the company’s core operating performance and enables management to consistently analyze the period-to-period financial performance of the core business operations.
Management also believes that non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin will enable investors to assess the company in the same way that management assesses the company’s operating performance against comparable companies with conventional accounting methodologies.
The company’s definitions of adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools and may differ from other companies reporting similarly named measures.
Non-GAAP measures should not be considered measures of financial performance under GAAP, and the items excluded from such non-GAAP measures should not be considered in isolation or as alternatives to financial statement data presented in the financial statements as an indicator of financial performance or liquidity. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.
For a reconciliation of our historical adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses, and non-GAAP income (loss) from operations presented herein to gross profit, gross profit margin, GAAP operating expenses and GAAP income (loss) from operations, the most directly comparable GAAP financial measures, please see “Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin,” “Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses” and “Reconciliation of GAAP Income (Loss) from Operations to Non-GAAP Income (Loss) from Operations” in the financial schedules below.
In addition, this press release includes information regarding the company’s expected non-GAAP operating expenses and Adjusted EBITDA for the full-year 2026 and Adjusted EBITDA margin by 2028. Evolus has not provided a reconciliation of such forward-looking non-GAAP operating expenses, Adjusted EBITDA, or Adjusted EBITDA margin because a reconciliation of such measures to forward-looking GAAP operating expenses and GAAP net income (loss), respectively, the most directly comparable GAAP financial measures, is not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the forward-looking outlook for these non-GAAP financial measures since they have not yet occurred and/or cannot be reasonably predicted. Such unavailable information could have a significant impact on Evolus’ GAAP financial results.
Forward-Looking Statements
This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements about future or anticipated events, our business, financial condition, results of operations and prospects, our industry and the regulatory environment in which we operate. Any statements contained herein that are not statements of historical or current facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of those terms, or other comparable terms intended to identify statements about the future. The company’s forward-looking statements include, but are not limited to, statements related to anticipated product launches; market and revenue growth; the expected benefits of anticipated product launches, regulatory approvals and the company’s injectable HA gel portfolio; the company’s financial outlook for 2026 and beyond, including the assumptions set forth therein; and the company’s expectations and timing for achieving continued profitability.
The forward-looking statements included herein are based on our current expectations, assumptions, estimates and projections, which we believe to be reasonable, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control, include, but are not limited to uncertainties associated with our ability to comply with the terms and conditions in the Medytox Settlement Agreements, our ability to fund our future operations or obtain financing to fund our operations, our reliance on consumer discretionary spending, unfavorable global economic conditions including trade disputes, tariffs and regulatory actions on imports, uncertainties related to customer and consumer adoption of Jeuveau ® and Evolysse™, the efficiency and operability of our digital platform, competition and market dynamics, our ability to successfully launch and commercialize our products in new markets, including the Evolysse™ Hyaluronic Acid (HA) gels in the U.S. and Estyme ® HA gels in Europe, our ability to maintain regulatory approvals of Jeuveau ® and Evolysse™ or obtain regulatory approvals for new product candidates or indications, our reliance on Symatese to achieve and/or maintain regulatory approval for the Evolysse™ HA gel products in the U.S., and other risks described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 expected to be filed with the Securities and Exchange Commission on or about March 3, 2026. These filings can be accessed online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events. If we do update or revise one or more of these statements, investors and others should not conclude that we will make additional updates or corrections.
Jeuveau ® and Nuceiva ® are registered trademarks and Evolysse™ is a trademark of Evolus, Inc.
Estyme ® is a trademark of Symatese Aesthetics S.A.S.
Jeuveau ® (known as Nuceiva ® outside the United States) and Evolysse™ (known as Estyme ® outside the United States) are referred to throughout this press release by their U.S. trade names for convenience.
Evolus, Inc.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except loss per share data)
(unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Revenue:
Product revenue, net
$
89,216
$
78,956
$
294,956
$
264,306
Service revenue
1,084
(9
)
2,220
1,968
Total net revenues
90,300
78,947
297,176
266,274
Cost of revenue:
Cost of goods sold
31,009
26,312
100,069
83,970
Gross profit
59,291
52,635
197,107
182,304
Operating expenses:
Selling, general and administrative
54,655
50,244
220,786
198,025
Research and development
3,481
2,430
9,576
9,172
Revaluation of contingent royalty obligation payable to Evolus Founders
(4,511
)
1,565
(6,381
)
7,176
Depreciation and amortization
1,446
710
4,345
2,342
Restructuring costs
—
—
1,443
—
Total operating expenses
55,071
54,949
229,769
216,715
Income (loss) from operations
4,220
(2,314
)
(32,662
)
(34,411
)
Other income (expense):
Interest income
263
789
1,931
3,263
Interest expense
(3,978
)
(4,573
)
(19,694
)
(18,735
)
Other income (expense), net
10
(253
)
(539
)
127
Income (loss) before income taxes
515
(6,351
)
(50,964
)
(49,756
)
Income tax expense
(385
)
(440
)
(677
)
(664
)
Net income (loss)
$
130
$
(6,791
)
$
(51,641
)
$
(50,420
)
Other comprehensive income (loss), net of tax:
Currency translation adjustment
(19
)
(216
)
749
(478
)
Comprehensive income (loss)
$
111
$
(7,007
)
$
(50,892
)
$
(50,898
)
Net income (loss) per share, basic
$
0.00
$
(0.11
)
$
(0.80
)
$
(0.81
)
Net income (loss) per share, diluted
$
0.00
$
(0.11
)
$
(0.80
)
$
(0.81
)
Weighted-average shares outstanding used to compute basic net income (loss) per share
64,897
63,369
64,469
62,017
Weighted-average shares outstanding used to compute diluted net income (loss) per share
65,351
63,369
64,469
62,017
Evolus, Inc.
Summary of Consolidated Balance Sheet Data
(in thousands)
December 31, 2025
December 31, 2024
Cash and cash equivalents
$
53,826
$
86,952
Accounts receivable, net
54,697
47,682
Inventories
26,963
12,158
Prepaid expenses and other current assets
7,431
4,550
Total current assets
142,917
151,342
Noncurrent assets
82,951
81,227
Total assets
$
225,868
$
232,569
Accounts payable and accrued expenses
$
58,951
$
50,027
Other current liabilities
16,354
12,933
Total current liabilities
75,305
62,960
Long-term portion of term loan, net of discount and issuance costs
146,096
121,506
Other noncurrent liabilities
27,573
42,581
Total liabilities
$
248,974
$
227,047
Total stockholders’ equity (deficit)
$
(23,106
)
$
5,522
Evolus, Inc.
Summary of Consolidated Cash Flows
(in thousands)
(unaudited)
Year Ended
December 31,
Three Months Ended
December 31,
2025
2024
2025
Net cash (used in) provided by:
Operating activities
$
(42,265
)
$
(17,999
)
$
12,827
Investing activities
(8,452
)
(4,823
)
(2,166
)
Financing activities
17,337
47,414
77
Effect of exchange rates on cash and cash equivalents
254
(478
)
(435
)
Change in cash and cash equivalents
(33,126
)
24,114
10,303
Cash and cash equivalents, beginning of period
86,952
62,838
43,523
Cash and cash equivalents, end of period
$
53,826
$
86,952
$
53,826
Evolus, Inc.
Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin
(in thousands)
(unaudited)
Year Ended
December 31,
Three Months Ended
December 31,
2025
2024
2025
2024
Total net revenues
$
297,176
$
266,274
$
90,300
$
78,947
Cost of goods sold
100,069
83,970
31,009
26,312
Gross profit
197,107
182,304
59,291
52,635
Gross profit margin
66.3
%
68.5
%
65.7
%
66.7
%
Add: Amortization of distribution right intangible asset
3,160
2,955
808
665
Adjusted gross profit
$
200,267
$
185,259
$
60,099
$
53,300
Adjusted gross profit margin
67.4
%
69.6
%
66.6
%
67.5
%
Evolus, Inc.
Reconciliation of GAAP Operating Expenses to
Non-GAAP Operating Expenses
(in thousands)
(unaudited)
Year Ended
December 31,
Three Months Ended
December 31,
Three Months Ended
September 30,
2025
2024
2025
2024
2025
GAAP operating expense
$
229,769
$
216,715
$
55,071
$
54,949
$
57,341
Adjustments:
Revaluation of contingent royalty obligation
(6,381
)
7,176
(4,511
)
1,565
(107
)
Stock-based compensation:
Included in selling, general and administrative
19,845
21,172
4,787
5,802
4,963
Included in research and development
853
1,016
360
303
172
Depreciation and amortization
4,345
2,342
1,446
710
1,143
Restructuring costs
1,443
—
—
—
1,443
Non-GAAP operating expense
$
209,664
$
185,009
$
52,989
$
46,569
$
49,727
Evolus, Inc.
Reconciliation of GAAP Income (Loss) from Operations to
Non-GAAP Income (Loss) from Operations
(in thousands)
(unaudited)
Year Ended
December 31,
Three Months Ended
December 31,
Three Months Ended
September 30,
2025
2024
2025
2024
2025
GAAP income (loss) from operations
$
(32,662
)
$
(34,411
)
$
4,220
$
(2,314
)
$
(11,500
)
Adjustments:
Revaluation of contingent royalty obligation
(6,381
)
7,176
(4,511
)
1,565
(107
)
Stock-based compensation:
Included in selling, general and administrative
19,845
21,172
4,787
5,802
4,963
Included in research and development
853
1,016
360
303
172
Depreciation and amortization
4,345
2,342
1,446
710
1,143
Amortization of distribution right intangible assets
3,160
2,955
808
665
807
Restructuring costs
1,443
—
—
—
1,443
Non-GAAP income (loss) from operations
$
(9,397
)
$
250
$
7,110
$
6,731
$
(3,079
)