Evolus Reports Third Quarter 2019 Financial Results and Provides Business Update
Posted on November 04, 2019 by Medtech[y] Staff
Evolus, Inc. (Nasdaq: EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today provides a business update and reports financial results for the third quarter ended September 30, 2019.
“This was an exceptional quarter for the company on many fronts, in the U.S. and internationally,” said David Moatazedi, President and Chief Executive Officer. “In our first full quarter on the U.S. market, we reported $13.2 million in net revenue and Jeuveau® captured the number three market position1. We established a broad base of over 2,000 accounts ordering Jeuveau®. During the third quarter, re-orders represented an increasing portion of our revenue with a steady increase of new accounts month-over-month.”
“Internationally, we obtained approval for Nuceiva™ in the European Union giving us access to 31 countries across Europe and we look forward to commercial launch in 2020. Additionally, Nuceiva™ recently launched in Canada,” said David Moatazedi.
Third Quarter 2019 Financial Results
- Net revenue for the third quarter of 2019 totaled $13.2 million, up from $2.3 million during the second quarter of 2019.
- Gross margin was 72% in the third quarter of 2019 up from 71% in the second quarter of 2019.
- Net loss for the third quarter of 2019 was $27.0 million compared with $37.6 million for the second quarter of 2019, an improvement of $10.6 million which was mostly driven by increased Jeuveau® sales in the third quarter of 2019.
- GAAP operating expenses and GAAP loss from operations for the third quarter of 2019 were $34.6 million and $25.1 million, respectively. GAAP operating expenses and GAAP loss from operations each were $11.5 million in the third quarter of 2018. The increase in GAAP operating expenses and GAAP loss from operations in 2019 was primarily attributable to higher personnel-related expenses as a result of hiring our U.S. sales force, marketing expenses for the U.S. launch of Jeuveau® and the build out of our corporate infrastructure.
- Non-GAAP operating expenses and non-GAAP loss from operations for the third quarter of 2019 were $29.1 million and $19.6 million, respectively. Non-GAAP operating expenses and non-GAAP loss from operations each were $7.7 million in the third quarter of 2018. Non-GAAP operating expenses and non-GAAP loss from operations for the third quarter of 2019 were calculated as operating expenses and loss from operations excluding stock-based compensation of $2.5 million, expense resulting from the revaluation of the contingent royalty obligation of $1.8 million and depreciation and amortization of $1.2 million.
- As of September 30, 2019, the company had total cash, cash equivalents and short-term investments of $74.0 million and 27.4 million shares of common stock outstanding.
Conference Call Information
Management will host a conference call and webcast to discuss Evolus’ financial results today at 8:00 a.m. ET. The dial-in numbers are +1 (866) 916-2317 for domestic callers and +1 (703) 925-2662 for international callers, and the conference ID is 2788264.
A replay of the call will be available following its completion through November 11, 2019. To access the replay, dial +1 (855) 859-2056 for domestic callers and +1 (404) 537-3406 for international callers and use the replay conference ID 2788264.
A live audio webcast of the call will be available on the Investor Relations page of the Evolus, Inc. website, investors.evolus.com. A replay of the webcast will be archived on Evolus' website for 30 days following the completion of the call.
About Evolus, Inc. Evolus is a performance beauty company with a customer-centric approach focused on delivering breakthrough products. In 2019, the U.S. Food and Drug Administration approved Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics and manufactured in a state-of-the-art facility using Hi-Pure™ technology. Jeuveau® is powered by Evolus' unique technology platform and is designed to transform the aesthetic market by eliminating the friction points existing for customers today. Visit us at: www.evolus.com.