Evolus 2025 Q2 Earnings Misses Targets, Net Loss Widens by 51%

Evolus (EOLS) reported mixed Q2 2025 earnings on August 6, 2025, with revenue rising 3.7% year-over-year, but the company posted a wider-than-expected net loss. Following the results, Evolus slashed its full-year guidance, signaling softer-than-anticipated demand, particularly in the U.S. toxin market, and triggering a downgrade from Needham. The firm revised both revenue and operating expense targets, projecting cost savings and a path to profitability in the second half of 2025.

Revenue

Revenue for Evolus in Q2 2025 rose to $69.39 million, with product revenue, net, accounting for the bulk at $68.70 million. Service revenue added $688,000, contributing a smaller but notable portion of total net revenues. The increase in overall revenue reflects the continued performance of key products like Jeuveau® and Evolysse®, particularly the latter, which posted its strongest results in over a decade.

Earnings/Net Income

Evolus’s earnings turned significantly negative, with a loss per share of $0.27 in Q2 2025, representing a 50.0% increase in the deficit from the prior year. The company’s net loss expanded to $17.14 million, up 51.0% from $11.35 million a year ago. This widening loss indicates a deteriorating earnings performance despite modest revenue growth.

Price Action

Evolus shares have continued to lag in the short term, dropping 2.41% on the latest trading day, 3.68% over the past week, and 3.88% month-to-date, reflecting investor concerns over the company’s outlook.

Post Earnings Price Action Review

A strategy of buying Evolus shares following a revenue increase quarter-over-quarter and holding for 30 days has fared poorly over the past three years. The approach generated a negative return of -7.71%, significantly underperforming the benchmark’s 48.58% gain. This resulted in an excess return of -56.29% and a compound annual growth rate of -2.73%. While the investment experienced no additional drawdowns during the holding period, it clearly failed to capture market upside.

CEO Commentary

David Moatazedi, President and CEO of Evolus, highlighted challenges in the U.S. toxin market, noting reduced patient demand and lower consumer sentiment, particularly in the final weeks of Q2. Despite this, Jeuveau® maintained a 14% market share, and Evolysse® delivered $9.7 million in revenue, marking a notable performance for the new filler product. International markets and the company’s brand loyalty program also showed signs of strength. Evolus is taking steps to optimize costs and expects to achieve positive non-GAAP operating income in Q4 2025. The company remains cautiously optimistic about the second half of the year and long-term growth prospects.

Guidance

Evolus revised its 2025 net revenue guidance to a range of $295 million to $305 million, down from previous estimates. The company also rebased its non-GAAP operating expenses to $208 million to $213 million and anticipates at least $25 million in cost savings for the year. Evolus expects to reach meaningful profitability in Q4 2025 and achieve annual profitability in 2026. The company remains on track to hit its longer-term goals of $700 million in total net revenue and a 20% non-GAAP operating income margin by 2028.

Additional News

Evolus stock plummeted nearly 31% to a 52-week low on Wednesday, August 7, 2025, following the company’s disappointing Q2 financial results and lowered 2025 outlook. The maker of Jeuveau antiwrinkle therapy also faced a downgrade from Needham, which cited the weak performance and uncertainty over future demand. Despite these challenges, EOLs has shown resilience in some areas, particularly with its Evolysse® filler product. However, the stock’s steep decline reflects broader concerns about the company’s near-term profitability and its ability to navigate a softening market. No major M&A activity, C-level changes, or dividend or buyback announcements were reported in the period.