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    EOLS
    Earnings call· Jun 2026(Q2 FY26)

    Evolus Q2 FY26 earnings call EOLS

    Aug 5, 2026 Source

    Executive summary

    Evolus Q2 FY26 — Strong Growth, Raised Outlook, and Strategic Portfolio Expansion

    Evolus delivered a strong second quarter, marked by significant revenue growth and sustained profitability, leading to a raised full-year outlook. The company expanded its portfolio with strategic licensing agreements for Profilo and Cimetase, diversifying into skin quality and broadening its international footprint. Management highlighted market share gains in the US injectable aesthetics market and the increasing traction of its portfolio strategy.

    Highlights

    5

    • Delivered 21% revenue growth, reaching $84.1 million in global net revenue.

    • Generated the third consecutive quarter of positive adjusted EBITDA, totaling $4.7 million.

    • Raised the full-year 2026 revenue guidance midpoint to $333.5 million.

    • Global toxin revenue exceeded $75 million, driven by double-digit growth in both the United States and international markets.

    • Evelisse revenue increased by more than $2 million sequentially, reflecting increased customer penetration and reorder rates.

    Concerns

    1

    • Gross margin benefited by approximately 120 basis points from a tariff refund, indicating underlying tariff pressures remain a factor.

    Guidance & targets

    10
    CategoryTargetConfidence
    Full-year 2026 Revenue
    $330 million to $337 million
    high materiality
    High
    Full-year 2026 Adjusted Gross Profit Margin
    67.0% to 67.5%
    medium materiality
    High
    Full-year 2026 Non-GAAP Operating Expenses
    $212 million to $216 million
    medium materiality
    High
    Full-year 2026 Adjusted EBITDA Margin
    low-to-mid single-digit
    high materiality
    High
    Long-term Annual Revenue
    $450 million to $500 million
    high materiality
    High
    Long-term Adjusted EBITDA Margin
    13% to 15%
    high materiality
    High
    Profilo Approval
    around 2030
    medium materiality
    Medium
    Sculpt Approval
    Q4
    medium materiality
    High
    Evelisse Lips FDA Submission
    by the end of this year
    medium materiality
    High
    Esteem Launch in Canada, Australia, New Zealand
    2028
    low materiality
    Medium

    Segment performance

    5
    SegmentRevenueYoYQoQMargin
    Global Toxin
    Driven by double-digit growth across both the United States and international markets.
    		$75.2 milliondouble-digit——
    Injectable Hyaluronic Acid Gel
    Reflecting increased customer penetration, reorder rates, and utilization within existing accounts.
    		$8.9 million—increased by more than $2 million sequentially—
    International Business
    Becoming an increasingly important contributor to long-term strategy and growth.
    Expected to contribute >10% of total company revenue this year
    		————
    Evelisse (HA)
    On track to contribute significantly to total company revenue.
    Expected to contribute >10% of total company revenue this year
    		————
    Jeuveau (UK)
    The most established market for Evolus in Europe, serving as a strong lead.
    Market share: close to double digit
    		————

    Operational metrics

    15
    Adjusted EBITDA
    $4.7 million$12.6 million improvement compared to the prior year period
    Q2 FY26

    Third consecutive quarter with positive adjusted EBITDA.

    Adjusted gross margin
    69%
    Q2 FY26

    Reported gross margin was 68%.

    GAAP operating expenses
    $61.7 millioncompared to $55.7 million in the first quarter
    Q2 FY26

    Increased sequentially due to investments in customer education, marketing, and international expansion.

    Non-GAAP operating expenses
    $53.3 millioncompared to $49.1 million in the first quarter
    Q2 FY26

    Excludes stock-based compensation, revaluation of contingent royalty obligation, and depreciation/amortization.

    Selling, General and Administrative (SG&A) expenses
    $57.1 millioncompared to $52 million in the first quarter
    Q2 FY26

    Increased sequentially.

    Cash and cash equivalents
    $45.2 millioncompared to $49.8 million at the end of the first quarter
    end of Q2 FY26

    Cash used primarily reflected interest expense and planned capital expenditure investments.

    Available liquidity (Pharmacon debt facility)
    $100 million
    current

    Intended for potential transformative business investments.

    US neurotoxin market growth rate
    mid-single-digitfaster-than-expected
    Q2 FY26

    Estimated market growth.

    Hyaluronic acid gel market growth rate
    positive growth
    Q2 FY26

    Returned to positive growth following two consecutive years of declines.

    Evelisse customer penetration (Portfolio Growth Bundle)
    70%
    first six months

    Highlights the effectiveness of the bundle program.

    New product launches
    3
    next four years

    Expected to introduce three new products over the next four years.

    Clinicians trained hands-on
    over 14,000
    this year

    Part of ongoing investment in education and promotional activities.

    Jeuveau inventory relocation
    approximately one year's worth
    current

    Prudent measure due to tariff discussions; will increase inventory and accounts payable but not impact cash use.

    Revenue growth
    14%year-over-year
    first six months of 2026

    Exceeded the pace implied by original full-year outlook.

    First half gross margin
    flatyear over year
    first half of 2026

    Reflecting modest improvement in U.S. gross margin offset by higher mix of international business.

    Industry KPIs

    5
    MetricValueDetails
    Peak sales guidanceover $100 millionUSD
    EPS revenue guidanceFY26 Revenue: $330M-$337M; FY26 Adjusted EBITDA margin: low-to-mid single-digit; Long-term (2028) Revenue: $450M-$500M; Long-term (2028) Adjusted EBITDA margin: 13%-15%USD / %
    Therapeutic drug market shareMid-teens%
    Geographic regional revenue growthDouble-digit growth%
    Business development capacity deal appetiteProven execution, deep customer relationships, and expanding global platform

    Deals & partnerships

    2
    IFSAExclusive development and commercialization of Profilo in the United States.

    Profilo is a gold standard in the rapidly emerging skin quality category, expanding Evolus into a third injectable aesthetics vertical.

    CimetaseExpansion of relationship to include Canada, Australia, and New Zealand for the Esteem collection of injectable hyaluronic acid gels.

    Evolus now holds exclusive rights to commercialize its injectable HA gel portfolio in every market where it maintains rights for Nuseva.

    Risks & headwinds

    1
    Tariff uncertainty and inventory managementOngoing

    Gross margin benefited by approximately 120 basis points from a tariff refund in Q2.

    Mitigation: Prudently bringing approximately one year's worth of JEUVEAU inventory into the U.S. from South Korea to mitigate potential tariff impacts, with negotiated payment terms to avoid cash use.

    What to watch in Q3 FY26

    5

    Sculpt approval and launch timeline

    Q4 FY26 / FY27
    CurrentAnticipated approval in Q4 FY26
    TargetConfirmation of Q4 approval and 2027 commercial launch details

    Why it matters

    Sculpt is a flagship product expected to significantly expand Evolus's HA portfolio and competitive position.

    Sculpt, our premium mid-face HA injectable, has an anticipated approval in the fourth quarter and is expected to commercially launch in 2027.

    Q&A highlights

    6

    What are the clinical requirements for Profilo in the US, how will it impact profitability, and is it a 'filler light' or a completely different market?

    Profilo is a Class III device requiring a full PMA process, with approval anticipated around 2030. It's not a filler but a skin quality product that hydrates internally, complementing other injectables. The R&D expenses are contemplated in the long-term profitability targets, with no impact on the 13-15% adjusted EBITDA margin by 2028.

    “It stimulates extracellular remodeling, improves the elasticity of the skin and its supporting function by stimulating fibroblasts and keratinocytes. Evelis will lead the U.S. clinical and regulatory approval process and then own the PMA. At this time, we anticipate approval around 2030.”

    asked by Annabel Samimy · answered by Rui Avelar

    2 min read5 chapters

    Detailed Narrative

    01

    Market Dynamics and Share Gains

    The U.S. neurotoxin market grew at a faster-than-expected mid-single-digit rate in Q2 FY26, while the hyaluronic acid gel market returned to positive growth after two consecutive years of declines. Evolus significantly outpaced the market, gaining share across its portfolio through disciplined commercial execution. The 'Avalos Portfolio Growth Bundle' program has been particularly effective, with approximately 70% of participating accounts purchasing Evelisse, compared to 25% penetration across the overall customer base.

    02

    Portfolio Expansion with Profilo

    Evolus expanded into the new 'skin quality' injectable aesthetics vertical by partnering with IFSA to develop and commercialize Profilo in the United States. Profilo is described as a 'gold standard' in Europe with no directly comparable product currently available in the US, and has the potential to generate over $100 million in peak annual revenue. Evolus will lead the US regulatory filings and clinical development, with anticipated approval around 2030.

    03

    International Growth and Expansion

    The international business is becoming an increasingly important contributor to Evolus's long-term strategy. The company successfully launched the Esteem collection of injectable hyaluronic acid gels in Europe, receiving encouraging early customer response. Additionally, Evolus expanded its relationship with Cimetase to include Canada, Australia, and New Zealand, broadening its global addressable market by approximately $200 million annually, with launches expected in these regions in 2028.

    04

    Financial Discipline and Profitability

    Evolus achieved its third consecutive quarter of positive adjusted EBITDA, reaching $4.7 million in Q2 FY26, demonstrating its ability to deliver profitable growth while funding strategic initiatives. This reflects the scalability of its commercial infrastructure, which was intentionally built to support a broader portfolio, and disciplined expense management, including capital-efficient business development deals like the IPSA partnership.

    05

    HA Market Recovery and GLP-1 Impact

    Management noted improving conditions in the HA market and is actively capitalizing on the increasing number of GLP-1 weight loss patients seeking aesthetic treatments. Evolus leverages its patient label differentiation for Evelisse, which includes a mention of weight loss, to attract these patients. This segment is seen as a key strategic focus for the back half of the year, contributing to the market's recovery.

    AI-generated summary of the company’s earnings call. Not investment advice.