Evolus Outpaces Market Trends with Record Jeuveau® Sales and Strong Evolysse™ Launch in Q3 2025

Q3 Delivers Double-Digit Growth Driven by Standout Product Performance

Evolus delivered a third quarter marked by 13% year-over-year revenue growth, powered by exceptional performance in both its flagship neurotoxin Jeuveau® and its new hyaluronic acid (HA) filler Evolysse™. With total net revenue hitting $69.0 million, the company’s strategy of focusing on consumer loyalty and disciplined expense management is paying off, even as many aesthetic industry peers reported seasonally flat or declining sales. Sequential Jeuveau® revenue increased from $59.7 million in Q2 to $63.2 million in Q3, signaling a stronger-than-expected consumer demand despite industry seasonality. Meanwhile, Evolysse™ generated $5.7 million in revenue—an achievement the company touts as the most successful HA filler debut in over a decade.

Strong Market Penetration and Customer Loyalty Underpin Performance

U.S. account penetration for Evolus products surpassed 55%, and customer reorder rates held steady at approximately 70%. These figures highlight robust practitioner engagement and brand stickiness. The company added nearly 500 purchasing accounts during Q3, with the Evolus Rewards® loyalty program swelling by 79,000 new members to over 1.3 million, a 34% year-over-year increase. Patient engagement remains high: over 244,000 loyalty redemptions were processed in Q3, and the repeat treatment rate hit 68%. Taken together, these statistics underscore that Evolus is not just gaining customers, but building a loyal and recurring base.

Disciplined Expense Control and Outlook for Profitability

Evolus continues to rein in expenses as revenue climbs. Q3 GAAP operating expenses were $57.34 million, but after accounting for stock-based compensation, revaluations, depreciation, amortization, and restructuring, non-GAAP operating expenses were reduced to $49.73 million. This contributed to a narrower non-GAAP operating loss of $3.08 million, compared to $6.74 million in Q3 2024, and significantly better than the company’s own expectations. The shift reflects both the timing of major events and active mid-year cost cutting. Gross profit margin and adjusted gross profit margin stood at 66.5% and 67.6% respectively, suggesting healthy operational efficiency.

Outlook: Positioned for Profitability and Sustainable Expansion

Evolus reaffirmed its 2025 full-year net revenue guidance of $295 to $305 million, expecting Evolysse™ to contribute 10–12% of total 2025 revenue. Management forecasts positive non-GAAP operating income in Q4 2025 ($5–$7 million) and sustainable annual profitability beginning in 2026. Looking forward, the U.S. launches of new Evolysse™ products and the expansion of Estyme® in Europe provide additional growth avenues.

Tariff Risks Managed, Inventory Levels Raised

While new U.S. and EU tariffs loom for pharmaceuticals, management reports minimal expected impact to guidance. Evolus preemptively increased inventory to sustain supply into 2026 and reports sufficient Jeuveau® stock to outlast initial U.S. tariffs, though cash reserves dropped to $43.52 million from $61.7 million last quarter due to these purchases.

Key Takeaways: Market Share Gains, Profitability in Sight

Evolus’ focus on disciplined growth, product innovation, and loyalty program expansion is translating into both top-line and operational gains. With double-digit revenue increases, industry-leading new product launches, and an imminent transition to profitability, Evolus has not just weathered the sector’s headwinds—it appears set to take the lead in performance aesthetics through 2026 and beyond. For investors, key numbers to watch will be continued Jeuveau® growth, evolving margins, and the scaling contribution from Evolysse™ as it penetrates the U.S. and international markets.

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