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Evolus Inc

evolus.com

What Do They Do?

Sells Jeuveau and injectable hyaluronic acid gels to licensed aesthetic practitioners.

How Do They Make Money?

The company sells Jeuveau and Evolysse products to practitioners; customers pay within a year of receiving them. In Canada, it earns service revenue from Jeuveau distribution through a partner, as the service is performed.

revenue
SegmentShareRevenue
Product revenue, net
Sold outright

99%
FY2022: 99%
Service revenue
0.8%
FY2022: 1.4%

Who Are Their Customers?

Licensed aesthetic practitioners are the customers; Jeuveau sales in Canada go through a distribution partner.

Do Revenues Turn Into Profits?

No. It lost $51.6M in FY2025.

Operating income, FY2025
−11% of revenue
▼ −5% (Loss) vs FY2024 (−$34.4M, −13%)
Net income, FY2025
−17% of revenue
▲ +2% (Loss) vs FY2024 (−$50.4M, −19%)
Free cash flow, FY2025
−15% of revenue
▲ +135% (Loss) vs FY2024 (−$19.5M, −7%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +21%
vs $69.4M in Q2 FY2025
Net income
▼ −53% (Loss)
vs −$17.1M in Q2 FY2025
Product revenue, net share of revenue vs 99.0% in Q2 FY2025
  • Aug 5, 2026 Raises full-year revenue guidance Raised the 2026 net revenue outlook to between $330 million and $337 million.
  • Aug 4, 2026 Adds Estyme commercialization rights in Canada, Australia and New Zealand The amendment grants exclusive rights to commercialize the full Estyme line in those territories.
  • Jul 8, 2026 Licenses U.S. development and commercialization rights for Profhilo Evolus will handle U.S. development and regulatory work, then commercialize the product if approved.

Growing. Revenue grew 3.0x in 4 years, from $99.7M in FY2021 to $297.2M in FY2025, about 31% a year.

Added hyaluronic acid gels The portfolio expanded beyond Jeuveau to include Evolysse injectable hyaluronic acid gels.

Revenue over time
Product revenue, net Service revenue
$500M$250M$0

Who Do They Compete With?

Competes with Abbvie, Galderma, Merz, Revance, Hugel, Prollenium Medical Technologies, Obagi, Sanofi, Sun Pharma, Johnson & Johnson, and L’Oreal

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