Executive Summary

Q1 2025 revenue was $68.5M (+15.5% y/y) with gross margin 68.1% (adj. 69.2%). GAAP operating loss was $15.2M; non-GAAP operating loss was $5.5M as opex ramped to support the April launch of Evolysse HA fillers .
Management reaffirmed FY2025 revenue guidance of $345–$355M (30–33% growth), expecting positive full-year non-GAAP operating income concentrated in Q4; tariffs on HA are incorporated with no change to outlook .
KPIs remained strong: +675 new Jeuveau purchasing accounts (to >16,000 total), loyalty members surpassed 1.1M, and quarterly redemptions hit an all-time high >220k; reorder rate remained ~70% .
Balance sheet was fortified via a May refinancing: borrowing cost reduced by 350 bps, converted to bullet maturity, and $100M incremental capacity added; quarterly 2025 interest expense assumption lowered to ~$3.6M from $4.5M previously .
Subsequent event: CFO Sandra Beaver resigned effective June 13, 2025 (no disagreements cited); transition plan initiated .

What Went Well and What Went Wrong

What Went Well

Share gains and resilient demand: “We gained meaningful market share… and delivered 15.5% year-over-year growth,” despite slower market growth; loyalty redemptions reached a record, with ~65% from existing patients .
Evolysse launch off to a strong start: “Early metrics indicate strong interest and adoption, meaningfully outperforming the initial launch of Jeuveau,” with several thousand clinicians engaged and ~2,000 sampled within weeks .
Balance sheet/interest expense improvement: Refinancing reduced borrowing costs by 350 bps, shifted to bullet maturity, and added $100M capacity, lowering the quarterly 2025 interest expense modeling assumption to ~$3.6M (from $4.5M) .

What Went Wrong

Profitability pressure from launch investments: GAAP opex rose to $61.8M (from $54.9M in Q4), widening GAAP operating loss to $15.2M and non-GAAP operating loss to $5.5M (from non-GAAP op income of $6.7M in Q4) .
Cash step-down: Cash and equivalents declined to $67.9M from $87.0M at year-end (seasonality, bonuses, and inventory build ahead of Evolysse) .
Macro/category headwinds: Management reduced toxin market growth assumption to low single digits; HA fillers category described as pressured due to consumer spend and sentiment around “filler” terminology, prompting the “Drop the F Word” campaign .

Financial Results

Trailing Three Quarters – P&L, Margins, EPS, Cash

Metric	Q3 2024	Q4 2024	Q1 2025
Total Net Revenues ($M)	$61.1	$79.0	$68.5
Gross Margin (%)	68.9%	66.7%	68.1%
Adjusted Gross Margin (%)	70.2%	67.5%	69.2%
GAAP Operating Expenses ($M)	$76.6	$54.9	$61.8
Non-GAAP Operating Expenses ($M)	$49.6	$46.6	$52.9
GAAP (Loss) from Operations ($M)	$(15.5)	$(2.3)	$(15.2)
Non-GAAP Op Income/(Loss) ($M)	$(6.74)	$6.73	$(5.53)
Net Loss per Share (GAAP)	$(0.30)	$(0.11)	$(0.30)
Cash & Equivalents ($M)	$85.0	$87.0	$67.9

Year-over-Year (Q1)

Metric	Q1 2024	Q1 2025	y/y
Total Net Revenues ($M)	$59.3	$68.5	+15.5%
Gross Margin (%)	68.3%	68.1%	-20 bps
Adjusted Gross Margin (%)	69.5%	69.2%	-30 bps
GAAP Op (Loss) ($M)	$(8.92)	$(15.17)	n.m.
Non-GAAP Op (Loss) ($M)	$(0.86)	$(5.53)	n.m.
GAAP EPS	$(0.22)	$(0.30)	n.m.

Revenue Mix (Product vs. Service)

Revenue ($M)	Q3 2024	Q4 2024	Q1 2025
Product Revenue, net	$60.16	$78.96	$68.07
Service Revenue	$0.92	$(0.01)	$0.45
Total Net Revenues	$61.09	$78.95	$68.52

KPIs

KPI	Q3 2024	Q4 2024	Q1 2025
New purchasing accounts (quarter)	>600	~830	+675
Total purchasing accounts (cumulative)	~14,500	>15,300	>16,000
Reorder rate	~70%	~70%	~70%
Loyalty program members (cumulative)	~975k	~1.1M	>1.1M (+80k q/q)
Loyalty redemptions (quarter)	>190k	~220k (record)	>220k (record)
Repeat treatments rate	~65%	~60%	~65%

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Net Revenues	FY 2025	$345–$355M	$345–$355M	Maintained
Non-GAAP Operating Expenses	FY 2025	$230–$240M	$230–$240M	Maintained
Non-GAAP Operating Income	FY 2025	Positive for FY; concentrated in Q4 2025	Positive for FY; generated in Q4 2025	Maintained (timing clarified)
HA (Evolysse + Estyme) revenue contribution	FY 2025	8–10%	8–10%	Maintained
Long-term revenue target	FY 2028	≥$700M	≥$700M	Maintained
Long-term non-GAAP op margin	FY 2028	≥20%	≥20%	Maintained
Tariffs (HA devices)	FY 2025	Not specified	Fully incorporated; no change to guidance	New disclosure; neutral
Interest expense assumption	FY 2025	~$4.5M/quarter	~$3.6M/quarter (post-refi)	Lowered

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2024 and Q4 2024)	Current Period (Q1 2025)	Trend
Market growth & share	Market growing mid-to-high single digits; EOLS gaining ~2 share pts/yr; exited 2024 ~14% share	Reduced toxin market growth assumption to low single digits; continued share gains; 1% share ≈ >$20M annual revenue	Market softer; share gains accelerating
Evolysse launch	FDA approval expected by Sep 2025; digital/portfolio integration planned	April launch; strong early interest, thousands sampled, outperforming Jeuveau initial launch	Execution ahead of plan
Tariffs	Watching potential pharma tariffs; filler pricing flexibility noted	HA gel tariff 10% (Apr 5) → 20% (Jul 5); <$2M 2025 impact; included in outlook; Jeuveau exempt; inventory levers in place	Managed risk; minimal 2025 P&L impact
Financing	Expect liquidity to fund to cash generation; prior interest expense ~$4.5M/qtr	Refinancing cut borrowing cost by 350 bps; bullet maturity; added $100M capacity	Lower interest drag; added flexibility
Loyalty/digital	Club Evolus launched (pilot); loyalty base surpassed 1M	Record redemptions; 1.1M+ members; leveraging “Drop the F Word” and co-branded media with Evolysse	Deeper ecosystem engagement
International	Expanding in UK, Australia, Spain; intl to outpace US	Intl contribution rising; expected to outpace US growth	Building

Management Commentary

CEO: “We gained meaningful market share… and delivered 15.5% year-over-year growth… driven by sustained demand for Jeuveau and an increase in engagement with Evolus’ superior value proposition.”
CEO on Evolysse: “Early metrics indicate strong interest and adoption, meaningfully outperforming the initial launch of Jeuveau… several thousand customers already trialing the product.”
CFO on market math: “1% of market share gain has a value of over $20 million in revenue on an annual basis… 1% of market growth has a value of approximately $3 million…”
CFO on tariffs: “Evolysse… subject to a 10% tariff… expected to increase to 20%… impact… less than $2 million for 2025 and has been incorporated… Jeuveau remains unaffected.”
CFO on refinancing: “We reduced our borrowing cost by 350 basis points… converted from an amortizing structure to a bullet maturity… added incremental available capacity of $100 million.”

Q&A Highlights

Category dynamics: Fillers saw pressure from macro spend and negative sentiment toward the word “filler”; campaign reframes to “injectable HA.” Toxin market saw a slight step-down in Q1 but is expected to avoid negative full-year growth .
Tariffs: Current classification treats Jeuveau as pharmaceutical; HA gels face device tariffs; company expects <$2M 2025 impact and has inventory/P&L levers to mitigate .
Competitive dynamics: AbbVie loyalty changes likely affected market in Q4–Q1; EOLS still gained share; Evolysse pricing undisclosed but positioned in line with market leaders, with portfolio-based loyalty benefits .
Seasonality and inventory: Q4 strongest; Q1/Q3 seasonally lower. Q1 cash usage tied to bonuses and Evolysse inventory build; inventory not expected to cover 2026 .
Halo to Jeuveau: Evolysse expected to open doors to non-Evolus accounts; halo more a 2026 driver than near-term .

Estimates Context

For Q1 2025, S&P Global quarterly consensus (EPS and revenue) was not available in our feed mapped explicitly to “Q1 2025”; management did not cite a Street comparison, and the company reaffirmed FY guidance .
Forward consensus (next two quarters) for context from S&P Global:
- Revenue Consensus Mean: $67.42M (next) and $91.62M (following)*
- Primary EPS Consensus Mean: $(0.18) (next) and $0.06 (following)*
- EBITDA Consensus Mean: $(8.4)M (next) and $6.06M (following)*
  Values retrieved from S&P Global.*

Where estimates may adjust: Management reduced toxin market growth assumption but highlighted outsized share gains and strong early Evolysse engagement, while lowering interest expense assumptions; collectively, this mix supports stable top-line trajectories with improved below-the-line expense outlook (interest), and opex weighted to H1/Q2 for launch support .

Key Takeaways for Investors

Growth durability: Jeuveau continues to gain share and drive double-digit growth despite a slower market; KPIs (accounts, redemptions, loyalty) support sustained demand .
Launch execution: Evolysse is off to a robust start with strong clinician engagement/sampling; management strategy to reframe category language may unlock HA demand over time .
Financial glidepath: FY2025 guide reaffirmed; non-GAAP profitability expected for the full year but back-end loaded (Q4) as launch opex peaks in Q2 .
Risk management: HA tariffs incorporated with <$2M impact expected; Jeuveau exempt; multiple mitigants in place (inventory horizon, margin/opex levers) .
Capital structure: Refinancing lowers interest burden and extends maturity, adding optional capacity for non-dilutive growth; quarterly interest assumption cut to ~$3.6M .
Watch items: CFO transition (announced May 27) adds near-term leadership uncertainty; monitor execution continuity through H2 .
Setup into H2: Revenue contribution from Evolysse weighted to H2; with reaffirmed guidance and market-share momentum, estimate revisions may hinge on realized H2 HA uptake and macroelasticity in aesthetics .

Citations

Q1 2025 press release and financials:
Q1 2025 8-K and outlook:
Q1 2025 earnings call (prepared/Q&A):
Refinancing press release (May 5):
CFO departure press release (May 27):
Q4 2024 results and context:
Q4 2024 call:
Q3 2024 results and call:

Footnote: Values retrieved from S&P Global.*

Evolus, Inc. (EOLS)·Q1 2025 Earnings Summary