Evolus (EOLS) Q1 2026 earnings summary

Executive summary

• Achieved global net revenue of $73.1M in Q1 2026, up 7% year-over-year, driven by Jeuveau and the U.S. launch of Evolysse, with strong international growth and expanding product portfolio.

• Delivered second consecutive quarter of positive Adjusted EBITDA at $0.6M, a significant improvement from a $5.5M loss in Q1 2025, reflecting structural improvements and cost discipline.

• Maintained 14% U.S. market share for Jeuveau, supported by a differentiated commercial model and digital ecosystem, with high patient satisfaction and low adverse event rates.

• Portfolio features a fast-growing neuromodulator (Jeuveau) and innovative HA gel line (Evolysse) with new Cold-X technology, targeting both toxin and filler markets.

• Net loss narrowed to $10.7M from $18.9M in Q1 2025, reflecting improved cost structure and lower operating expenses.

Financial highlights

• Q1 2026 global net revenue reached $73.1M, with $66.4M from Jeuveau and $6.7M from Evolysse; product revenue increased to $72.7M, service revenue was $0.4M.

• Gross profit margin was 66.9%; adjusted gross margin was 68%, excluding amortization of intangibles.

• GAAP operating loss was $6.8M, improved from $15.2M loss in Q1 2025; operating expenses decreased 9.8% to $55.7M.

• Cash and cash equivalents stood at $49.8M as of March 31, 2026, with positive working capital of $70.9M and access to $120M in additional capital.

• Net cash used in operating activities improved to $10.0M from $15.6M year-over-year.

Outlook and guidance

• Reaffirmed full-year 2026 guidance: total net revenue of $327M–$337M, adjusted gross margin of 65.5%–67%, and non-GAAP operating expenses of $210M–$216M.

• Expect double-digit revenue growth and full-year Adjusted EBITDA profitability in 2026, with 2028 outlook targeting $450M–$500M net revenue and 13%–15% Adjusted EBITDA margin.

• Evolysse and Estyme injectable HA gels expected to contribute 10%–12% of total 2026 revenue.

• Regulatory approvals for Evolysse Sculpt and Lips in the US anticipated in 2026 and 2027, with all four Evolysse products launching in Europe in Q2 2026.

• Management expects current capital resources to fund operations for at least the next twelve months.