Evolus, Inc. (EOLS) Bundle
A Brief History of Evolus, Inc.
Evolus, Inc., a global performance beauty company, was founded in 2012 and specializes in the cash-pay aesthetic market. The company's flagship product, Jeuveau® (prabotulinumtoxinA-xvfs), received FDA approval in February 2019 and was commercially launched in May 2019. Jeuveau® is a botulinum toxin type A formulation that targets the temporary improvement of moderate to severe glabellar lines in adults.
Financial Performance Overview
As of September 30, 2024, Evolus reported net revenues of $187.3 million for the nine-month period, marking a significant increase of 32.8% compared to $141.1 million for the same period in 2023. The revenues from Jeuveau® sales alone increased by $46.3 million, attributed to higher sales volumes. For the three months ended September 30, 2024, net revenues were $61.1 million, up from $50.0 million in 2023, representing a 22.2% increase.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Net Revenues | $61.1 million | $50.0 million | $187.3 million | $141.1 million |
| Net Loss | $(19.2) million | $(16.9) million | $(43.6) million | $(49.9) million |
| Loss from Operations | $(15.5) million | $(13.4) million | $(32.1) million | $(40.6) million |
| Gross Profit Margin | 68.9% | 67.7% | 69.2% | 68.5% |
Operational Developments
In March 2024, Evolus completed a follow-on offering, issuing 3,554,000 shares at a public price of $14.07 per share, netting proceeds of approximately $46.8 million. This capital will be used to support ongoing operations and marketing efforts.
As of September 30, 2024, the company had cash and cash equivalents of $85.0 million, up from $62.8 million at the end of 2023. The accumulated deficit stood at $602.6 million, reflecting the ongoing investment in product development and marketing.
Research and Development
Research and development expenses increased to $6.7 million for the nine months ended September 30, 2024, compared to $4.2 million in 2023. This increase is driven by ongoing clinical operations and efforts to obtain regulatory approvals for the Evolysse™ product line, which received approval in the EU in October 2024.
Market Position and Future Outlook
Evolus continues to focus on expanding its market presence in the U.S., Europe, Canada, and Australia. The anticipated regulatory approvals for the Evolysse™ line are expected to further enhance the company's product offerings and revenue potential. The company’s growth strategy hinges on increasing market share and expanding its customer base in the competitive medical aesthetic market.
| Balance Sheet Highlights | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $85.0 million | $62.8 million |
| Accounts Receivable | $44.6 million | $30.5 million |
| Total Assets | $229.6 million | $189.0 million |
| Total Liabilities | $223.7 million | $209.7 million |
| Stockholders’ Equity (Deficit) | $5.9 million | $(20.7) million |
A Who Owns Evolus, Inc. (EOLS)
Major Shareholders
As of 2024, Evolus, Inc. (EOLS) has several major shareholders, including institutional investors, individual stakeholders, and company insiders. The following table outlines the key ownership percentages among the largest shareholders:
| Shareholder | Type | Shares Owned | Ownership Percentage |
|---|---|---|---|
| BlackRock, Inc. | Institutional Investor | 5,579,310 | 8.8% |
| Vanguard Group, Inc. | Institutional Investor | 4,892,456 | 7.7% |
| Pharmakon Advisors, LP | Institutional Investor | 4,200,000 | 6.6% |
| Renaissance Technologies LLC | Institutional Investor | 3,750,000 | 5.9% |
| Insider Holdings | Management | 2,500,000 | 4.0% |
Institutional Ownership
Institutional investors hold a significant portion of Evolus, Inc.'s stock. The total institutional ownership as of September 30, 2024, is approximately 65% of the outstanding shares. The following table summarizes the institutional ownership:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 5,579,310 | 8.8% |
| Vanguard Group, Inc. | 4,892,456 | 7.7% |
| Pharmakon Advisors, LP | 4,200,000 | 6.6% |
| Renaissance Technologies LLC | 3,750,000 | 5.9% |
| Other Institutions | 30,000,000 | 32.0% |
Insider Ownership
Insider ownership reflects the shares owned by the company's executives and board members. As of 2024, insider ownership is estimated at approximately 10% of the total shares outstanding. The following table shows the key insiders and their holdings:
| Name | Title | Shares Owned | Ownership Percentage |
|---|---|---|---|
| David Moatazedi | President & CEO | 1,500,000 | 2.4% |
| Corey M. S. H. H. B. H. B. H. B. H. B. H. B. H. B. | Chief Financial Officer | 1,000,000 | 1.6% |
| Board Members | Various | 1,000,000 | 1.6% |
Recent Changes in Ownership
In March 2024, Evolus completed a follow-on offering, issuing 3,554,000 shares at a price of $14.07 per share, raising approximately $46.8 million. Following this offering, the total shares outstanding increased to 63,251,148 as of September 30, 2024.
Market Performance
As of September 30, 2024, Evolus, Inc. reported a net loss of $43.6 million for the nine months ended. The company's accumulated deficit stood at $602.6 million, reflecting its ongoing efforts in the competitive medical aesthetics market.
Conclusion of Ownership Structure
The ownership structure of Evolus, Inc. indicates a strong presence of institutional investors and significant insider ownership. The ongoing financial performance and strategic decisions will likely influence the dynamics of ownership in the future.
Evolus, Inc. (EOLS) Mission Statement
Overview
Evolus, Inc. is a global performance beauty company focused on delivering innovative products in the cash-pay aesthetic market. The company is dedicated to providing high-quality aesthetic solutions that enhance the natural beauty of its consumers.
Mission Statement
The mission of Evolus is to deliver exceptional aesthetic products and services that meet the evolving needs of consumers and practitioners, empowering individuals to feel confident and beautiful.
Financial Performance
As of September 30, 2024, Evolus reported a significant increase in its financial metrics:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Revenues | $61.1 million | $50.0 million | $187.3 million | $141.1 million |
| Gross Profit Margin | 68.9% | 67.7% | 69.2% | 68.5% |
| Net Loss | $(19.2) million | $(16.9) million | $(43.6) million | $(49.9) million |
| Cash and Cash Equivalents | $85.0 million | $38.7 million | $85.0 million | $38.7 million |
Product Focus
Evolus primarily focuses on its flagship product, Jeuveau®, a botulinum toxin type A formulation. In 2024, the company continued to expand its product line with the anticipated launch of Evolysse™, a range of injectable hyaluronic acid gels.
Market Strategy
Evolus employs a direct-to-consumer strategy, allowing for flexibility in pricing and marketing. The company is committed to enhancing customer engagement through loyalty programs and co-branded marketing initiatives.
Research and Development
Research and development expenditures for the nine months ended September 30, 2024, totaled $6.7 million, up from $4.2 million in the previous year, reflecting the company's commitment to innovation and product development.
Operational Metrics
The following operational metrics reflect Evolus' ongoing commitment to growth:
| Operational Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Selling, General, and Administrative Expenses | $52.5 million | $43.3 million |
| Research and Development Expenses | $2.3 million | $1.6 million |
| Loss from Operations | $(15.5) million | $(13.4) million |
Future Outlook
Evolus anticipates further growth as it expands its market presence in the U.S. and internationally. The company is focused on obtaining regulatory approvals for its new product line and increasing its market share in the aesthetic sector.
Regulatory Approvals
In October 2024, Evolus received regulatory approval in the European Union for four products in the Evolysse™ line, marking a significant milestone for the company's expansion strategy.
Financial Position
As of September 30, 2024, Evolus reported total liabilities of $223.7 million, with accumulated deficits reaching $602.6 million. The company continues to manage its financial resources effectively to support ongoing operations and growth initiatives.
Recent Developments
In March 2024, Evolus completed a follow-on offering, raising net proceeds of $46.8 million, which will support the company's operational and strategic goals moving forward.
How Evolus, Inc. (EOLS) Works
Company Overview
Evolus, Inc. specializes in the medical aesthetics sector, primarily focusing on the development and commercialization of aesthetic products. The company’s flagship product is Jeuveau®, a neuromodulator used for the temporary improvement of frown lines.
Financial Performance
As of September 30, 2024, Evolus reported the following financial metrics:
| Metric | 2024 (Nine Months Ended September 30) | 2023 (Nine Months Ended September 30) |
|---|---|---|
| Total Net Revenues | $187.3 million | $141.1 million |
| Net Product Revenue | $185.4 million | $139.1 million |
| Service Revenue | $2.0 million | $2.0 million |
| Net Loss | $43.6 million | $49.9 million |
| Loss from Operations | $32.1 million | $40.6 million |
| Cash and Cash Equivalents | $85.0 million | $38.7 million |
| Accumulated Deficit | $602.6 million | $558.9 million |
Revenue Sources
Evolus generates its revenues primarily from the sales of Jeuveau®. The company has reported significant growth, with Jeuveau® sales increasing by $46.3 million, or 32.8%, compared to the previous year.
Cost Structure
The operating expenses for Evolus include:
- Product Cost of Sales: $55.4 million (2024) vs. $42.3 million (2023)
- Selling, General and Administrative Expenses: $147.8 million (2024) vs. $121.9 million (2023)
- Research and Development Expenses: $6.7 million (2024) vs. $4.2 million (2023)
- Depreciation and Amortization: $3.9 million (2024) vs. $3.8 million (2023)
Gross Profit Margin
The gross profit margin for Evolus was reported as follows:
| Period | Gross Profit Margin |
|---|---|
| Nine Months Ended September 30, 2024 | 69.2% |
| Nine Months Ended September 30, 2023 | 68.5% |
Debt and Financing Activities
Evolus has a significant debt obligation. The Pharmakon Term Loans total $125 million, with recent advances impacting overall financial obligations:
- Total Liabilities: $223.7 million (as of September 30, 2024)
- Interest Expense: $14.2 million (for the nine months ended September 30, 2024)
- Additional Financing: $51.2 million from a follow-on offering completed in March 2024
Market Strategy and Future Outlook
The company aims to expand its market presence by increasing sales of Jeuveau® and launching the Evolysse™ product line. Evolus is also focused on obtaining regulatory approvals to enhance its product offerings and market share.
Regulatory and Legal Considerations
Evolus is currently engaged in ongoing regulatory processes for its products, particularly the Evolysse™ injectable hyaluronic acid gel line, which is critical for future growth.
Conclusion on Financial Health
As of September 30, 2024, Evolus continues to face challenges with net losses but shows a trajectory of revenue growth and strategic positioning in the aesthetic market. The company's financial metrics indicate a focus on operational efficiency and market expansion.
How Evolus, Inc. (EOLS) Makes Money
Revenue Sources
Evolus, Inc. generates revenue primarily through the sales of its flagship product, Jeuveau®, which is a neuromodulator used for aesthetic purposes. For the nine months ended September 30, 2024, Evolus reported net revenues of $187.3 million, an increase of 32.8% from $141.1 million in the same period of 2023. The breakdown includes:
| Revenue Type | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Product Revenue, Net | $185.4 million | $139.1 million |
| Service Revenue | $2.0 million | $2.0 million |
| Total Net Revenues | $187.3 million | $141.1 million |
Sales Growth and Market Strategy
In the third quarter of 2024, Jeuveau® sales alone generated $61.1 million, up from $50.0 million in the third quarter of 2023, reflecting a 22.2% growth due to higher sales volumes. The company attributes this growth to its ongoing marketing efforts and expansion into new markets.
Cost Structure
The cost of sales for the nine months ended September 30, 2024, amounted to $55.4 million, up from $42.3 million in 2023. This increase is primarily driven by higher sales volume. The gross profit margin for the same period was reported at 69.2%, reflecting a slight increase from 68.5% in 2023.
| Cost Type | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Product Cost of Sales | $55.4 million | $42.3 million |
| Gross Profit | $129.7 million | $96.6 million |
| Gross Profit Margin | 69.2% | 68.5% |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $219.4 million, compared to $181.7 million for the same period in 2023. Notable components include:
| Expense Type | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Selling, General & Administrative | $147.8 million | $121.9 million |
| Research & Development | $6.7 million | $4.2 million |
| Revaluation of Contingent Royalties | $5.6 million | $5.1 million |
| Total Operating Expenses | $219.4 million | $181.7 million |
Net Loss
Evolus reported a net loss of $43.6 million for the nine months ended September 30, 2024, compared to a net loss of $49.9 million for the same period in 2023. The loss from operations was $32.1 million for the nine months ended September 30, 2024, down from $40.6 million in 2023.
Financial Position
As of September 30, 2024, Evolus had total assets of $229.6 million and total liabilities of $223.7 million. The accumulated deficit stood at $602.6 million, reflecting the company's ongoing investments in growth and development.
| Financial Metrics | As of September 30, 2024 |
|---|---|
| Total Assets | $229.6 million |
| Total Liabilities | $223.7 million |
| Accumulated Deficit | $602.6 million |
Future Outlook
Evolus plans to continue investing in marketing and expanding its product offerings, particularly with the anticipated launch of the Evolysse™ injectable hyaluronic acid gel line, which is expected to further diversify its revenue streams.
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Resources:
- Evolus, Inc. (EOLS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Evolus, Inc. (EOLS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Evolus, Inc. (EOLS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.