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- **Revenue Growth**: Q3 2025 net revenue up 13% YoY to $69 million, driven by 14% U.S. Jeuveau market share and Evolysse's $5.7 million contribution.
- **Evolysse Breakthrough**: 75% of Evolysse revenue from accounts with second training, showing 100% purchase increase. Sequential growth of ~$5 million after launch stocking, with Sculpt PMA targeting mid-2026.
- **Profitability Path**: Q4 2025 target for first profitable quarter, with 2026+ sustainable annual profitability. Non-GAAP operating loss narrowed to $3.1 million (vs. $6.7 million YoY).
- **Tariff Mitigation**: Inventory stockpiling to avoid near-term Jeuveau tariff impact. Evolysse Europe tariff minimal, with U.S. supply chain unaffected.
- **Strategic Bundling**: Q4 portfolio bundle launch to test synergies between Jeuveau and Evolysse, with 2,000 adopters now purchasing both products.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 net revenue of $69 million, up 13% YoY, driven by strong global Jeuveau demand and Evolysse contributions ($5.7 million). Jeuveau sales grew 14% of U.S. market share, outperforming the declining aesthetic market.
- **Evolysse Momentum**: Evolysse revenue reached $15.5 million since launch, with 4,000 trained accounts and 2,000 adopters. 75% of Evolysse revenue comes from accounts with second training, showing 100% purchase increase post-second training. Q3 sequential growth of ~$5 million after launch stocking.
- **Strategic Initiatives**: Introduced first portfolio bundle in Q4 to align incentives across Jeuveau and Evolysse. Expanded customer base by 500 in Q3, total 17,000 accounts (2,000 now purchasing Evolysse). Evolus Rewards program saw 244,000 redemptions (68% repeat consumers).
- **Pipeline Progress**: Submitted FDA PMA for Evolysse Sculpt, targeting mid-2026 approval. Europe launch planned for H1 2026. Mitigating tariffs by stockpiling inventory ahead of potential U.S. pharmaceutical tariffs.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 2025 net revenue $69 million (13% YoY). Adjusted gross margin 67.6%. Non-GAAP operating loss $3.1 million (vs. $6.7 million YoY). Full-year 2025 guidance: $295-305 million revenue, $5-7 million Q4 non-GAAP operating income.
- **Expense Management**: Sequential cost reduction from Q2 ($55.5M GAAP OpEx) to Q3 ($57.3M), excluding one-time $3.9M contingent royalty revaluation. Full-year non-GAAP OpEx guidance $208-213 million.
- **Cash Position**: $43.5 million cash (down from $61.7M Q2 due to tariff mitigation inventory purchases). Q4 2025 target: first profitable quarter, with 2026+ sustainable annual profitability.
- **Tariff Impact**: Jeuveau inventory sufficient until Q1 2026, avoiding near-term tariff impact. Evolysse subject to 15% EU tariff, minimal financial impact.

**【Q&A Key Highlights】**
- **Evolysse Adoption**: 75% of Evolysse revenue from accounts with second training. Sequential growth of ~$5 million after launch stocking. 100% purchase increase post-second training. Q4 bundle launch to test portfolio synergies.
- **Jeuveau Dynamics**: 14% U.S. market share, outperforming -single-digit aesthetic market. Q3 sequential growth despite seasonality, driven by consumer loyalty program and Allure partnership.
- **Tariff Strategy**: Stockpiling inventory to mitigate potential U.S. pharmaceutical tariffs. Korea trade agreement resolution pending, no disruption expected to supply chain.
- **Pipeline Potential**: Evolysse Sculpt PMA submission, targeting mid-2026 approval. Europe launch planned for H1 2026. Sculpt trial data shows statistical superiority vs. Restylane Lyft at 6 months (91% vs. 83% responder rates).

Evolus, Inc. (EOLS) Q3 2025 Earnings Call Transcript

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