Evolus (NASDAQ:EOLS) reported first-quarter results that management said reflected a stronger operating model following cost structure changes implemented last year, while reiterating its full-year 2026 outlook for double-digit revenue growth and adjusted EBITDA profitability.
First-quarter results and profitability progress
President and CEO David Moatazedi said Evolus began 2026 with “strong momentum” and delivered its “second consecutive quarter of positive adjusted EBITDA,” which he emphasized occurred during what is typically the company’s lowest seasonal revenue quarter and against a strong prior-year comparison.
Profitability improved meaningfully, according to Mitchell. Adjusted EBITDA was positive $0.6 million in the quarter, compared with a loss of $5.5 million in the prior-year period. She attributed the improvement to revenue growth and “improved cost efficiency” supported by expense discipline established in 2025.
Gross margin was 67% on a reported basis and 68% on an adjusted basis, excluding amortization of intangibles, Mitchell said.
Market conditions and Jeuveau share
Moatazedi said industry data and commentary suggest the global aesthetics market remains healthy, with continued consumer engagement. He estimated the U.S. toxin market grew in the “low to mid-single digits” during the quarter, while the filler market “demonstrated continued improvement and was flat to slightly down.”
Within that backdrop, Moatazedi said Jeuveau maintained a 14% U.S. market share. He described the company’s commercial approach as differentiated, pointing to its cash-pay model and a “fully integrated experience” supported by a digital ecosystem spanning practice engagement, ordering, consumer acquisition, loyalty, and repeat utilization. He also said Evolus has embedded AI into core business areas over the past year to improve targeting, field productivity, and decision-making.
Mitchell noted that U.S. Jeuveau revenue comparisons were affected by “one-time revenue deferral dynamics” that benefited the first quarter of 2025 and created a headwind in the first quarter of 2026. She said the company expects second-quarter U.S. Jeuveau net revenue growth to “more than offset” the first-quarter decline. For the first half of 2026, Evolus reiterated that its guidance implies “high single-digit” year-over-year growth for global Jeuveau revenue.
Account growth, Rewards engagement, and portfolio bundling
Moatazedi highlighted operating metrics he said support the durability of Evolus’ model. Total purchasing accounts increased by nearly 500 in the first quarter, and since launch more than 18,000 customers have purchased from Evolus, including approximately 3,500 for Evolysse, he said. U.S. account penetration is now above 60%.
He added that reorder rates remain around 71% and Evolus Rewards is approaching 1.5 million members, up 27% year-over-year, with more than 255,000 redemptions during the quarter.
On questions about the filler category and the Evolysse launch, Moatazedi said clinician sentiment appears to be improving, even if year-over-year market growth is still slightly negative. He said Evolus is seeing increasing customer confidence supported by training and education, and that reorder volumes are rising as clinicians gain experience with the products. Moatazedi also noted that Evolus does not yet participate in the mid-face segment of the U.S. HA market, calling Sculpt an important upcoming product and the expected “flagship” for the HA line.
Moatazedi said bundling is an important element of the company’s strategy. He described a “growth rebate” program piloted in the fourth quarter of last year and rolled out in January as a structured six-month program designed to encourage practices to move more of their business to Evolus’ portfolio. He said the company is tracking participating customers and is seeing “very good uptake,” with a more quantitative update expected after the second quarter.
Mitchell said the portfolio rebate is “not” a drag on net sales, stating that Evolus designed its pricing tiers and portfolio rebate to maintain healthy margin rates. She also reiterated that quarterly net sales comparisons can be influenced by the timing of revenue deferral and recognition tied to Evolus Rewards.
International momentum, Estyme launch in Europe, and Sculpt timeline
Moatazedi said the company’s business outside the U.S. continues to perform strongly, describing rapid growth across European markets and pointing to the U.K. as the most mature market. He said Evolus plans to leverage its European infrastructure to launch Estyme in mid-May, including the Sculpt midface product, as well as Smooth and Form (which are U.S.-approved) and Estyme Lips (currently in U.S. FDA trials).
Mitchell said the company expects some initial stocking orders from the Estyme launch, but because of market size and timing (mid-quarter), she does not expect it to have a “meaningful impact” on second-quarter growth.
On the U.S. regulatory front, Moatazedi reiterated expectations for FDA approval of Sculpt in the fourth quarter of 2026. Chief Medical Officer and Head of R&D Rui Avelar said Sculpt is proceeding through the PMA process, with questions from regulators occurring along the way, and that Evolus continues to target approval by the end of the year, while noting timelines can vary.
Tariffs, liquidity, and reiterated guidance
Mitchell addressed potential tariff exposure, citing a recent executive proclamation that sets a 15% tariff on certain pharmaceutical products from South Korea, including Jeuveau, effective Sept. 29, 2026. She said Evolus believes there is a “pathway to mitigate or eliminate” the impact and is evaluating multiple options. In the near term, Mitchell said the company plans to secure significant U.S. inventory supported by Jeuveau’s three-year shelf life. She said Evolus expects to provide an update by year-end and emphasized that the announced tariffs do not change confidence in 2026 guidance or long-term targets.
On the balance sheet, Mitchell said Evolus ended the quarter with $49.8 million in cash and cash equivalents, compared with $53.8 million at the end of the fourth quarter, with cash uses including interest and bonus payments offset by net proceeds from a line of credit. She also cited access to additional capital, including $100 million on a long-term debt facility with Pharmakon and $20 million on a revolving credit facility, noting the term loan does not mature until mid-2030. Mitchell added that Evolus recently terminated its at-the-market equity facility, which she said was never used.
For full-year 2026, Evolus reiterated its outlook:
- Total net revenue: $327 million to $337 million
- Adjusted gross margin: 65.5% to 67%
- Non-GAAP operating expenses: $210 million to $216 million
- Adjusted EBITDA margin: low to mid-single digits
Moatazedi said the company is “tracking ahead” of its operating profit assumptions early in the year, providing optionality to invest in growth initiatives later in 2026, while maintaining discipline across the cost structure and continuing to expand the company’s aesthetics portfolio.
About Evolus (NASDAQ:EOLS)
Evolus, Inc is a specialty pharmaceutical company focused on medical aesthetics. Headquartered in Newport Beach, California, Evolus develops and commercializes products designed to enhance facial appearance through minimally invasive procedures. Since its founding in 2017, the company has positioned itself in the fast-growing aesthetic market by partnering with leading manufacturers and leveraging clinical expertise to bring innovative injectables to practitioners and patients.
The company’s flagship offering, Jeuveau (prabotulinumtoxinA-xvfs), is a neuromodulator approved by the U.S.
