Executive Summary

Q3 2025 delivered modest top-line performance with total net revenue of $69.0M (+13% YoY), driven by Jeuveau growth and early Evolysse contribution; Jeuveau revenue rose sequentially to $63.2M while Evolysse revenue normalized to $5.7M following initial launch stocking . Versus S&P Global consensus, revenue beat by ~$1.5M and Primary EPS beat by ~$0.04, with EBITDA modestly better than expected (see Estimates Context) (*S&P Global estimates) .
Management reaffirmed FY25 revenue guidance of $295–$305M and non‑GAAP OpEx of $208–$213M, and now expects Q4 2025 positive non‑GAAP operating income of $5–$7M; long‑term 2028 revenue target ($700M) and 20% non‑GAAP operating margin were reiterated .
Cost actions are flowing through: non‑GAAP OpEx fell to $49.7M (from $54.0M in Q2), and non‑GAAP loss from operations narrowed to $(3.1)M; GAAP OpEx includes $1.4M restructuring (one‑time severance) .
Stock catalysts: quantified Q4 profitability, Jeuveau share gains and sequential strength, introduction of portfolio bundling (to compete with rivals), and pipeline progress (PMA submitted for Sculpt with head‑to‑head superiority signals) .

What Went Well and What Went Wrong

What Went Well
- Jeuveau outperformed typical seasonal trends with sequential growth to $63.2M and continued U.S. share strength at 14% YTD; management emphasized strong demand signals via loyalty redemptions and international growth .
- Cost discipline: non‑GAAP OpEx dropped to $49.7M (from $54.0M in Q2), helping non‑GAAP operating loss narrow to $(3.1)M; management now expects positive non‑GAAP operating income of $5–$7M in Q4 .
- Early Evolysse performance remains constructive: $5.7M in Q3 after launch‑quarter stocking, strong injector feedback, and first portfolio bundle introduced to drive cross‑sell and share gains; PMA for Sculpt filed with data favoring Evolysse Sculpt over Restylane Lyft .
What Went Wrong
- Total revenue slightly below Q2 due to Evolysse normalization post‑stocking ($5.7M in Q3 vs $9.7M in Q2), despite Jeuveau sequential growth .
- Macro headwinds persist (category down, middle‑income consumer under pressure), leading practices to manage inventory tighter and purchase more on‑demand; Q2’s late‑quarter purchasing pullback created a tougher setup into Q3 .
- Tariff uncertainty: 15% tariff on Evolysse (incorporated in guidance) and potential U.S. pharmaceutical tariffs under evaluation; cash was used to pull forward inventory, reducing cash to $43.5M from $61.7M QoQ .

Financial Results

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Total Net Revenues ($M)	$61.085	$68.522	$69.387	$68.967
GAAP Diluted EPS ($)	$(0.30)	$(0.30)	$(0.27)	$(0.24)
Gross Profit Margin (%)	68.9%	68.1%	65.3%	66.5%
Adjusted Gross Margin (%)	70.2%	69.2%	66.5%	67.6%
GAAP Operating Expenses ($M)	$57.572	$61.827	$55.530	$57.341
Non‑GAAP Operating Expenses ($M)	$49.600	$52.924	$54.024	$49.727
GAAP Loss from Operations ($M)	$(15.473)	$(15.172)	$(10.210)	$(11.500)
Non‑GAAP Loss from Operations ($M)	$(6.738)	$(5.530)	$(7.898)	$(3.079)
Cash and Cash Equivalents ($M, end of period)	—	$67.894	$61.738	$43.523

Non‑GAAP adjustments exclude (as applicable): revaluation of contingent royalty obligation, stock‑based comp, D&A, restructuring, and amortization of intangibles .

Segment/Contribution Breakdown

Revenue ($M)	Q2 2025	Q3 2025
Jeuveau (Global)	$59.7	$63.2
Evolysse (HA fillers)	$9.7	$5.7

Note: Q1 2025 included only Jeuveau (product revenue $68.074M) prior to Evolysse launch in April .

Key Performance Indicators (KPIs)

KPI	Q1 2025	Q2 2025	Q3 2025
New purchasing accounts (quarter add)	+675	+565	~+500
Total customers since launch	>16,000	>16,500	>17,000
Customers purchasing Evolysse	—	>1,000	>2,000
Customer reorder rate	~70%	~70%	~70%
Evolus Rewards members	>1.1M (+80k QoQ)	>1.2M (+83k QoQ)	>1.3M (+79k QoQ)
Quarterly redemptions	>220k (repeat ~65%)	>224k (repeat ~65%)	>244k (repeat ~68%)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Net Revenue	FY 2025	$345–$355M (Q1 guide)	$295–$305M (Q2 reset; reaffirmed Q3)	Lowered in Q2; Maintained in Q3
Non‑GAAP Operating Expenses	FY 2025	$230–$240M (Q1 guide)	$208–$213M (Q2 reset; reaffirmed Q3)	Lowered in Q2; Maintained in Q3
Non‑GAAP Operating Income	Q4 2025	Not quantified (Q2: “meaningful profitability”)	+$5M to +$7M (Q3)	Quantified/Refined higher clarity
Long‑term Revenue Target	2028	$700M	$700M (update expected early 2026)	Maintained
Non‑GAAP Op. Margin Target	2028	20%+	20%	Maintained
Pipeline Timing	U.S. Evolysse Sculpt	2026	2026	Maintained
Pipeline Timing	U.S. Evolysse Lips	2027	2027	Maintained
Estyme (EU)	Launch Window	2H 2025 broader launch	Limited program now; broader launch 1H 2026	Deferred to 1H 2026

Earnings Call Themes & Trends

Topic	Q1 2025	Q2 2025	Q3 2025	Trend
Macro/Consumer	Outperformance despite slower market; reaffirmed strong start	Category softness intensified; late‑Q2 purchasing pullback	Early signs of stabilization; practices buying on‑demand	Stabilizing from weak Q2
Jeuveau performance/share	Gains vs market; momentum	First YoY decline at market level; EOLS still gaining share	Sequential Jeuveau revenue growth; 14% U.S. share YTD	Improving sequentially
Evolysse launch	Launched in April (Q2)	Strongest filler launch in a decade; $9.7M	$5.7M as stocking normalizes; bundling introduced	Normalizing post‑launch
Tariffs/Supply chain	2025 guidance contemplated device tariffs	15% EU tariff on Evolysse from Aug 7; minimal impact	Jeuveau pharma tariff risk under evaluation; inventory pulled forward	Managed; monitoring
R&D/Pipeline	2026 Sculpt, 2027 Lips, EU Estyme	Sculpt PMA filing planned; Lips fully enrolled	Sculpt PMA submitted; superiority signals vs Lyft; EU broader launch 1H26	Executing on plan
AI/Technology/Automation	—	Lean into automation incl. AI to boost productivity	Continued emphasis on efficiency and digital platform	Ongoing
Marketing/Promotions	—	Adjusted consumer offers; co‑branded media expanding	Portfolio bundling; “11th Day” seasonal promo; co‑branded media scaling	Scaling programs
International	Scaling footprint; France launch (Nuceiva) near	Strong international growth; France launch via partner	Intl demand strong; UK mirrors U.S. uptake	Positive trajectory

Management Commentary

CEO framing: “Our third quarter results reflect double‑digit growth… we continue to expect to achieve profitability in the fourth quarter and are positioned for sustainable annual profitability beginning in 2026.”
On Jeuveau/Evolysse: “Total net revenue of $69.0 million, including $63.2 million in global Jeuveau revenue… We also delivered $5.7 million of revenue from Evolysse, … the most successful HA filler launch in over a decade.”
CFO on tariffs and inventory: “Current inventory… is expected to sustain through the first quarter and is not subject to tariffs,” and the 15% EU tariff on Evolysse has been fully incorporated with minimal impact .
R&D head on Sculpt: Primary endpoint met with non‑inferiority and statistical superiority vs Restylane Lyft; 24‑month efficacy trends favored Sculpt with no treatment‑related SAEs; PMA submitted with anticipated approval in 2026 .

Q&A Highlights

Evolysse adoption cadence and bundling: Second training materially boosts conversion; portfolio bundling launched in Q4 to compete with rival bundles and unlock toxin share gains over time .
Promotions and seasonality: Consistent promo cadence; “11th Day” seasonal program underway in Q4; Q3 benefited from Allure gift‑with‑purchase partnership .
Ordering/inventory dynamics: Practices shifted to on‑demand ordering post‑Q2 pullback; expect higher seasonal volumes in Q4, but tighter inventory management persists .
Tariff mitigation: Scenario planning underway with Daewoong partnership support; pulled forward inventory to create a planning window; Evolysse’s 15% tariff minimal/embedded in guidance .
Co‑branded marketing: Scaling for Evolysse alongside Jeuveau with billboards and digital; clinics choose focus by product; 1,400+ accounts involved .

Estimates Context

Metric	Q3 2025	Q4 2025
Revenue Consensus Mean ($)	67,420,430*	91,616,000*
Revenue Actual ($)	68,967,000*	—
Surprise ($ / %)	+1,546,570 / +2.3%*	—
Primary EPS Consensus Mean ($)	(0.1833)*	0.0560*
Primary EPS Actual ($)	(0.1478)*	—
EBITDA Consensus Mean ($)	(8,400,000)*	6,059,000*
EBITDA Actual ($)	(8,213,000)*	—
Target Price Consensus Mean ($)	18.67*	18.67*
# Revenue / EPS Estimates (Q3, Q4)	7 / 3*	7 / 5*

Values retrieved from S&P Global.

Comparison notes:

Revenue beat: ~$1.55M; Primary EPS beat: ~$0.04; EBITDA slightly better than expected (less negative) in Q3 2025 (*S&P Global definitions). Management’s Q4 guide of +$5–$7M non‑GAAP operating income implies profitability on an operating basis; consensus Q4 EPS is positive at ~$0.06, suggesting estimates likely move toward the upper end if execution continues and promotions/seasonality support demand .

Key Takeaways for Investors

Execution re‑accelerating: Jeuveau grew sequentially against seasonal headwinds; Evolysse normalization post‑stocking looks orderly; cost actions are reducing OpEx and narrowing operating losses .
Clear near‑term profitability catalyst: Quantified Q4 non‑GAAP operating income of $5–$7M positions the company to pivot to sustainable annual profitability in 2026 if revenue cadence and OpEx discipline hold .
Competitive positioning improving: Portfolio bundling and co‑branded media should enhance share capture versus larger bundled competitors; early data and PMA for Sculpt add to medium‑term filler differentiation .
Tariff risk managed near term: 15% Evolysse tariff is embedded with minimal impact; Jeuveau tariff exposure under evaluation with inventory pulled forward to buffer timing; watch for policy clarity and any gross margin effects .
International and loyalty flywheels: Growing international contribution and an expanding 1.3M+ member loyalty base with record redemptions underpin demand resilience and repeat behavior .
Estimate implications: Q3 beats on revenue/EPS/EBITDA vs S&P Global consensus and quantified Q4 profitability could support upward revisions to operating profit assumptions and confidence in FY25 guide; monitor Q4 total revenue versus ~$91.6M consensus and EPS turning positive (*S&P Global estimates).
Watch items: Pace of Evolysse adoption beyond core accounts, effectiveness of bundling to unlock Jeuveau share, consumer elasticity amid macro pressures, and pipeline milestones/label expansions .

Additional Notes and Cross‑References

Non‑GAAP disclosures and reconciliations appear in the Q3 8‑K press release, including definitions of adjusted gross margin and non‑GAAP operating metrics .
Cash decline to $43.5M reflects pre‑buy of inventory ahead of potential tariffs; monitor working capital normalization into 2026 .
Management reiterated long‑term target of $700M revenue by 2028 and 20% non‑GAAP operating margin, with an outlook update planned in early 2026 .

Sources: Q3 2025 8‑K and press release ; Q3 2025 earnings call transcript ; Q2 2025 8‑K ; Q2 2025 call transcript ; Q1 2025 8‑K .

Evolus, Inc. (EOLS)·Q3 2025 Earnings Summary