Evolus — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total net revenue for Q3 2026 was $78.0 million, a 13% increase year-over-year compared to $68.967 million in Q3 2025.
• Global toxin revenue was $70.1 million, growing approximately 11% year-over-year.
• Injectable hyaluronic acid (HA) gel revenue was $7.9 million, growing nearly 40% year-over-year.
• GAAP operating loss was $8.4 million, an improvement from $11.5 million in Q3 2025.
• Adjusted EBITDA was $1.2 million, a $4.2 million year-over-year improvement from a $3.1 million loss in Q3 2025, marking the fourth consecutive quarter of positive Adjusted EBITDA.
• Gross profit margin was 65.0%, while adjusted gross profit margin was 66.1%.
• Non-GAAP operating expenses were $50.3 million, down from $53.3 million in Q2 2026.
• Cash and cash equivalents were $41.7 million as of September 30, 2026, down from $45.2 million as of June 30, 2026.
• The company has access to approximately $120 million in additional non-dilutive capacity.
• Long-term debt was $156.899 million as of September 30, 2026, compared to $146.096 million as of December 31, 2025.

Guidance and Future Outlook:

• Reaffirmed full-year 2026 total net revenue guidance of $330 million to $337 million, representing 11% to 13% growth over the prior year.
• Reaffirmed full-year 2026 adjusted gross profit margin guidance of 67.0% to 67.5%.
• Updated full-year 2026 non-GAAP operating expense guidance to $210 million to $213 million, reflecting 0% to 2% growth over 2025.
• Reaffirmed low- to mid-single digit Adjusted EBITDA margin outlook for full-year 2026.
• Reaffirmed 2028 long-term financial outlook targeting total net revenue between $450 million and $500 million, representing a three-year CAGR of 15% to 19%.
• 2028 Adjusted EBITDA margin outlook remains 13% to 15%.
• Expects Evolysse® and Estyme® injectable HA gels to contribute 10% to 12% of full-year 2026 total net revenue.
• Anticipates U.S. FDA approval for Evolysse® Sculpt in the fourth quarter of 2026.

Business Segments and Product Lines:

• Jeuveau® remains a durable growth engine with double-digit growth in global toxin revenue.
• The hyaluronic acid (HA) gel portfolio is gaining meaningful share, with revenue growing nearly 40% year-over-year in Q3 2026.
• Evolysse® Form and Evolysse® Smooth are being commercialized in the U.S.
• The Estyme® collection is being commercialized in Europe.
• Entered an exclusive licensing, supply, and distribution agreement with IBSA to develop and commercialize Profhilo® in the United States.
• Entered an exclusive licensing agreement with Symatese to commercialize the Estyme® collection in Canada, Australia, and New Zealand.
• Entered an option agreement for an early-stage, potentially first-in-class sustained-release injectable aesthetic procedure for hair growth.
• Plans to introduce three new technologies to the aesthetics market over the next four years.

Market and Competitive Landscape:

• Total purchasing accounts increased by approximately 530 in Q3 2026; over 19,400 customers have purchased since launch, with over 4,500 purchasing Evolysse®, driving U.S. account penetration above 17%.
• Customer reorder rates remain above 70%.
• Evolus Rewards™ members grew by over 71,000 during the quarter to over 1.6 million, a 23% increase compared to Q3 2025.
• Total Evolus Rewards™ redemptions grew to over 265,000 in the quarter, with existing patients receiving repeat treatments at a rate of approximately 70%.
• The company holds 12 months of Jeuveau® inventory ahead of potential tariffs.
• Does not expect Jeuveau® to be subject to tariffs, though Evolysse® (imported from France) remains subject to a 10% tariff.

Risks and Challenges:

• Forward-looking statements involve risks including uncertainties related to Medytox Settlement Agreements, funding future operations, consumer discretionary spending, and unfavorable global economic conditions.
• Risks include trade disputes, tariffs, and regulatory actions on imports.
• Uncertainties exist regarding customer and consumer adoption of Jeuveau® and Evolysse®.
• Risks include the efficiency and operability of the digital platform, competition, and market dynamics.
• Challenges include the ability to successfully launch and commercialize products in new markets and maintain or obtain regulatory approvals.
• Reliance on Symatese to achieve and/or maintain regulatory approval for Evolysse® HA gel products in the U.S.

Management Commentary and Tone:

• CEO David Moatazedi stated results demonstrate continued strength in commercial execution and progress in building a diversified global performance beauty company.
• Management highlighted the ability to sustain growth while maintaining expense discipline and investing in the portfolio.
• Confidence was expressed in the full-year 2026 financial outlook.
• Management noted the anticipated FDA approval of Evolysse® Sculpt represents an additional opportunity to expand the portfolio.
• The tone emphasized building a robust innovation pipeline and broadening long-term opportunities through strategic partnerships and selective investments.

Other Key Points:

• The company accelerated imports of Jeuveau® inventory ahead of potential pharmaceutical tariffs.
• A deferred payment agreement with Daewoong ensures cash use is not impacted by the inventory pull-forward.
• The option agreement for the hair growth product requires a modest near-term R&D investment and does not change the existing financial outlook.
• The company now holds exclusive rights to commercialize its injectable HA gel portfolio in every market where it currently offers Jeuveau® and Nuceiva®.
• The company reported a GAAP net loss of $12.516 million for Q3 2026 and $31.242 million for the nine months ended September 30, 2026.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $6.419 million, an improvement of approximately $23 million compared to 2025.