Evolus, Inc.
- Open
- 7.03
- Day high
- 7.05
- Day low
- 6.75
- Prev close
- 6.94
- Volume
- 209K
- Mkt cap
- $447M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -15.5
- P/S
- 1.5
- Yield
- —
- Per share
- —
Evolus, Inc. (EOLS) is a Healthcare company listed on NASDAQ. The stock is down 25% over the past year.
Evolus, Inc. (EOLS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EOLS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $-0.14 | $-0.10 | +28.6% | $73M | +0.8% |
| Mar 3, 2026 | $0.06 | $0.06 | +0.0% | $90M | +24.5% |
| Nov 5, 2025 | $-0.19 | $-0.14 | +26.3% | $69M | -23.0% |
| May 7, 2025 | $-0.10 | $-0.18 | -80.0% | $68M | -17.3% |
| Mar 4, 2025 | $0.02 | $0.01 | -50.0% | $79M | +10.0% |
| Jul 31, 2024 | $-0.06 | $-0.07 | -23.1% | $67M | +6.1% |
| Mar 7, 2024 | $-0.07 | $-0.14 | -100.0% | $61M | +1.6% |
| Aug 2, 2023 | $-0.22 | $-0.22 | +0.0% | $49M | +11.1% |
| Mar 8, 2023 | $-0.14 | $-0.16 | -14.3% | $44M | -0.3% |
| Aug 2, 2022 | $-0.24 | $-0.38 | -58.3% | $37M | +1.5% |
| Mar 3, 2022 | $-0.20 | $-0.29 | -45.0% | $35M | -0.3% |
| Nov 2, 2021 | $-0.32 | $-0.26 | +18.8% | $27M | +2.7% |
EOLS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 20, 2026 | MOATAZEDI DAVIDdirector, officer: See Remarks | Sell | 13,669 | $4.75 |
| Mar 20, 2026 | Avelar Ruiofficer: See Remarks | Sell | 3,119 | $4.75 |
| Mar 18, 2026 | MOATAZEDI DAVIDdirector, officer: See Remarks | Sell | 116,720 | $4.89 |
| Mar 18, 2026 | MOATAZEDI DAVIDdirector, officer: See Remarks | Option | 67,489 | — |
| Mar 18, 2026 | Avelar Ruiofficer: See Remarks | Sell | 29,996 | $4.89 |
| Mar 18, 2026 | Avelar Ruiofficer: See Remarks | Option | 8,804 | — |
| Feb 19, 2026 | Stewart Bradydirector | Grant | 45,559 | — |
| Feb 19, 2026 | Mitchell Tatjanaofficer: Chief Financial Officer | Grant | 177,471 | $4.39 |
| Feb 19, 2026 | White Albert G IIIdirector | Grant | 45,559 | — |
| Feb 19, 2026 | MOATAZEDI DAVIDdirector, officer: See Remarks | Grant | 313,212 | — |
| Feb 19, 2026 | MOATAZEDI DAVIDdirector, officer: See Remarks | Grant | 626,424 | — |
| Feb 19, 2026 | MOATAZEDI DAVIDdirector, officer: See Remarks | Grant | 457,541 | $4.39 |
| Feb 19, 2026 | Malik Vikramdirector | Grant | 45,559 | — |
| Feb 19, 2026 | GILL DAVID Ndirector | Grant | 45,559 | — |
| Feb 19, 2026 | Avelar Ruiofficer: See Remarks | Grant | 94,913 | — |
Source: EOLS SEC Form 4 filings, latest Mar 20, 2026. For informational purposes only — not investment advice.
See the full EOLS insider & 13F page →Evolus, Inc. company profile
Overview
Evolus, Inc. (NASDAQ:EOLS) is a performance beauty company founded in 2012 and headquartered in Newport Beach, California. The company went public in February 2018 and has established itself as a significant player in the medical aesthetics industry. Evolus focuses on developing and commercializing innovative injectable products for physicians and their patients, primarily in the United States market. The company has evolved from a single-product neurotoxin manufacturer to a comprehensive aesthetics platform offering both neurotoxin and dermal filler solutions.
Business
Evolus operates in the medical aesthetics industry, which encompasses non-surgical cosmetic treatments administered by healthcare professionals. The company's core business revolves around injectable products used for facial rejuvenation and wrinkle reduction. The company's flagship product is Jeuveau, a proprietary botulinum toxin type A formulation specifically designed for the temporary improvement of moderate to severe glabellar lines (frown lines between the eyebrows) in adults. Botulinum toxin works by temporarily blocking nerve signals to facial muscles, preventing them from contracting and thereby smoothing wrinkles. Jeuveau is formulated as a 900 kilodalton purified protein, which represents a specific molecular weight that affects how the product spreads and performs in tissue. In 2025, Evolus expanded its product portfolio with the launch of Evolysse (also marketed as Evolys), a line of hyaluronic acid-based dermal fillers. Hyaluronic acid is a naturally occurring substance in the body that helps maintain skin hydration and volume. As people age, natural hyaluronic acid levels decrease, leading to wrinkles and volume loss. Dermal fillers work by injecting hyaluronic acid gel beneath the skin to restore volume, smooth wrinkles, and enhance facial contours. Evolysse products are manufactured using proprietary Cold-X technology, which processes the hyaluronic acid at near-freezing temperatures to preserve its natural structure and potentially provide superior performance characteristics. The company operates primarily as a single business segment focused on medical aesthetics, with approximately 95% of revenue generated from U.S. product sales. International operations contribute the remaining 5% through direct presence in the UK, Australia, and Spain, with expansion plans for additional European markets.
Revenue model
Evolus generates revenue primarily through direct product sales to healthcare providers, including dermatologists, plastic surgeons, and other aesthetic practitioners. The company operates on a cash-pay model, meaning patients typically pay out-of-pocket for treatments rather than through insurance coverage, as these procedures are considered elective cosmetic treatments. The company's revenue model centers on selling injectable products at wholesale prices to physicians, who then administer treatments to patients at retail prices. Evolus has built a comprehensive platform that includes not only product sales but also practitioner training through the Evolus Academy, digital marketing support, and consumer engagement programs. The Evolus Rewards loyalty program, which has exceeded 1.1 million enrolled consumers, helps drive patient retention and treatment frequency. Several factors influence the company's margins and profitability. Positive margin drivers include the company's focus on younger demographics (over 50% of loyalty program members are Millennials or younger), who tend to be early adopters and more frequent users of aesthetic treatments. The cash-pay model also eliminates insurance reimbursement complexities and allows for more predictable pricing. Manufacturing scale and operational efficiency improvements have helped gross margins expand from the high 50s to nearly 70%. Margin pressures can arise from increased competition in the neurotoxin market, with new entrants like Hugel potentially affecting pricing dynamics. Economic downturns may impact discretionary spending on cosmetic procedures, though the aesthetic market has historically shown resilience. The company's international expansion efforts require additional investment in regulatory approvals, market development, and local teams, which can pressure near-term margins while building long-term growth opportunities. Manufacturing costs and supply chain disruptions also represent potential headwinds to profitability.
Competitive moat
Evolus operates in a competitive medical aesthetics market with several established players, suggesting a relatively narrow economic moat. The company's competitive advantages are primarily based on execution, brand positioning, and customer relationships rather than strong structural barriers to entry. The company's strongest defensive position comes from its focus on younger demographics and digital-native marketing approach, which has helped it capture market share from established competitors like Allergan's Botox. The Evolus Rewards consumer loyalty program creates some switching costs, as patients build point balances and become familiar with the brand experience. The company's integrated platform approach, combining products with training, digital marketing support, and consumer engagement tools, provides value to practitioners beyond just the injectable products themselves. However, the company faces significant competitive threats. The neurotoxin market is dominated by Allergan's Botox, which maintains the majority market share and strong brand recognition. New entrants like Hugel and potential competition from larger pharmaceutical companies pose ongoing challenges. The dermal filler market is even more competitive, with established players like Galderma, Merz, and others having extensive product portfolios and long-standing relationships with practitioners. Regulatory barriers provide some protection, as FDA approval processes for new aesthetic injectables are lengthy and expensive. However, once approved, products can face intense price competition. The company's proprietary Cold-X technology for dermal fillers may provide some differentiation, but technological advantages in this industry can be relatively short-lived as competitors develop alternative formulations. Overall, Evolus operates in an attractive but competitive market with limited sustainable competitive advantages, making execution and continued innovation critical for maintaining market position.
Risks & safety
The company presents moderate financial risk with improving but still concerning cash flow dynamics. **Cash and Liquidity Position:** - Cash and short-term investments: $67.9 million as of Q1 2025 - Current ratio: 2.34, indicating adequate short-term liquidity - Free cash flow: -$16.0 million in Q1 2025, though showing improvement from -$35.6 million in FY 2023 **Debt and Solvency:** - Negative shareholders' equity of -$6.6 million, indicating liabilities exceed assets - Debt-to-equity ratio is distorted due to negative equity - Company recently refinanced debt facility with favorable terms **Valuation Metrics:** - EV/EBITDA: Not meaningful due to negative EBITDA in recent quarter - Revenue growth: Strong at 32% for FY 2024 - Path to profitability: Achieved Q4 2024 profitability, targeting sustained profitability in 2025 **Other Considerations:** - High customer reorder rate (~70%) suggests stable demand - Significant R&D and market development investments impacting near-term cash flows - International expansion requiring additional capital investment
Recent development
Over the past few years, Evolus has executed a strategic transformation from a single-product neurotoxin company to a comprehensive medical aesthetics platform. The most significant development was the 2023 licensing agreement with Symatese for the Evolysse dermal filler line, which expanded the company's total addressable market by 78% to approximately $6 billion. This move positioned Evolus as one of only five companies globally offering both neurotoxin and dermal filler products. The company achieved FDA approval for Evolysse Form and Evolysse Smooth in February 2025, with commercial launch beginning in April 2025. The products feature proprietary Cold-X technology and unique FDA labeling that specifically mentions facial wrinkles caused by weight loss, positioning the products well for patients using GLP-1 weight loss medications. International expansion has been another key strategic initiative. The company established direct operations in the UK, Australia, and Spain, with the UK team achieving market share comparable to Evolus's second year performance in the United States. The company targets $100 million in international revenue by 2028, representing 15-20% of total revenue. Digital innovation has been central to the company's strategy. The Evolus Rewards consumer loyalty program grew to over 1.1 million users, with 40% growth in 2024. The company launched Club Evolus, the industry's first subscription-based consumer membership program, with pilot tests showing consumers doubled their treatment frequency. The company also introduced the "Drop the F Word" campaign to reframe negative perceptions around dermal fillers by emphasizing hyaluronic acid as a natural ingredient. Financial performance improvements include achieving profitability in Q4 2024, one year ahead of expectations, and raising long-term revenue targets to $700 million by 2028 with 20% operating margins.
EOLS company profile · for informational purposes only — not investment advice.
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