Evolus (EOLS) Stifel 2024 Healthcare Conference summary

Company overview and growth strategy

• Operates exclusively in the aesthetics sector with a 100% cash-pay model, capturing 13% U.S. market share in five years and expanding into seven European markets.

• International business is expected to contribute 10%-15% of revenue by 2028, with a $700 million revenue target.

• Plans to launch two of five innovative hyaluronic acid dermal fillers in the U.S. and Europe next year, leveraging recent regulatory approvals.

• U.S. clinic penetration is at 50%, with significant runway for further expansion and growth from new product launches.

Market dynamics and competitive landscape

• The toxin market has shown resilience for over 20 years, with current growth in the mid to high single digits and increasing consumer penetration, especially among younger demographics.

• Competitive entrants tend to expand the overall market rather than erode share, with new products increasing category awareness and demand.

• Differentiated business model includes co-branded media, a consumer loyalty program, and strong practice partnerships, leading to high customer retention and interest in new product launches.

Product differentiation and performance

• Jeuveau is supported by robust clinical data, showing comparable or superior performance to Botox in multiple endpoints and a precise field of effect.

• Independent studies found Jeuveau to have the fastest onset, highest peak effect, and longest duration among approved toxins.

• Growth is driven by both new and existing accounts, with increasing share within practices as product benefits are recognized.