Earnings

Evolus Posts Fourth Straight Positive Adjusted EBITDA Quarter, Trims Spending Outlook

Third-quarter sales rose 13% to $78.0 million, and the company held its 2026 revenue forecast while lowering its expense range.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

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Evolus Posts Fourth Straight Positive Adjusted EBITDA Quarter, Trims Spending Outlook

Evolus, which sells injectable aesthetic products such as the Jeuveau toxin, said Wednesday its third-quarter revenue rose 13% to $78.0 million and its adjusted earnings stayed positive for a fourth straight quarter. It still lost $8.4 million from operations under standard accounting, and it kept its full-year revenue forecast.

Toxin steady, gels climbing

Of the quarter's revenue, $70.1 million came from global toxin sales and $7.9 million from injectable hyaluronic acid gels. CEO David Moatazedi said toxin revenue grew about 11% in the quarter and year to date, while gel revenue grew nearly 40% from a year earlier.

Adjusted EBITDA, the company's earnings measure before interest, taxes and certain other items, was a positive $1.2 million, against a $3.1 million loss a year earlier. The operating loss narrowed from $11.5 million, and the net loss was $12.5 million, or $0.19 per share. Adjusted gross margin was 66.1%.

For the first nine months, revenue grew 14%, and adjusted EBITDA improved by about $23 million, Moatazedi said.

Outlook: revenue held, spending trimmed

Evolus reaffirmed 2026 revenue of $330 million to $337 million, an 11% to 13% increase. It cut its adjusted operating expense range to $210 million to $213 million, from $212 million to $216 million, and kept its low- to mid-single-digit adjusted EBITDA margin target.

The 2028 targets also stand: revenue of $450 million to $500 million and adjusted EBITDA margins of 13% to 15%. The company expects its FDA decision on Evolysse Sculpt in the fourth quarter, and its forecast includes no revenue from that gel.

Pipeline, tariffs and a thinner cash cushion

Evolus signed a Profhilo licensing deal with IBSA in July and an Estyme license with Symatese in August. In October it took an option on an early-stage injectable hair-growth product. Moatazedi said the company plans three new technologies over the next four years.

The company pulled forward Jeuveau imports ahead of possible pharmaceutical tariffs and now holds 12 months of inventory. A deferred payment agreement with Daewoong means cash use is not affected, it said. After Commerce Department guidance, it does not expect Jeuveau to face tariffs, though Evolysse still carries a 10% tariff.

Cash stood at $41.7 million on September 30, down from $45.2 million on June 30, with about $120 million of additional non-dilutive capacity.

Management hosted its earnings call Wednesday at 4:30 p.m. ET; the FDA's Evolysse Sculpt decision is anticipated in the fourth quarter.

Sources

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