Evolus
Sells a cosmetic-only neurotoxin and hyaluronic-acid filler line directly to physicians on a cash-pay basis.
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Profile
Sells a cosmetic-only neurotoxin (Jeuveau, marketed abroad as Nuceiva) and a newer hyaluronic-acid filler line (Evolysse) directly to physicians, dermatologists, and medspas on a cash-pay basis, with no insurance reimbursement anywhere in the business. Both product lines are manufactured under exclusive license by single external suppliers, and revenue remains concentrated in the United States.
Spun out of ALPHAEON Corporation in 2012, the business sells directly into the cash-pay aesthetics market, billing physicians, dermatologists, plastic surgeons, and medspas rather than insurers.
Its founding product, Jeuveau, is a neurotoxin developed solely for cosmetic use, approved for U.S. sale in 2019 and manufactured under exclusive license by a South Korean supplier, then sold internationally as Nuceiva. A hyaluronic-acid filler line, Evolysse, licensed from a French partner, reached the U.S. market in 2025, broadening the portfolio beyond a single product for the first time.
A direct U.S. sales organization and a proprietary patient loyalty program drive repeat purchases, complemented by distributor relationships abroad.
Both product lines rely on single external manufacturers, and a legal settlement obligates an ongoing sales-based royalty to a former litigation counterparty into the early 2030s. Revenue remains concentrated in the United States.
Company facts
Categories
Key statistics
Year to date +32.3% · Average volume (30d) 1.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Feb 4, 2026 | Mizuho Securities | Target | $19 | $15 | ||
| Jan 22, 2026 | BTIG | Reiterate | Buy | $13 | ||
| Jan 13, 2026 | Stifel Nicolaus | Target | $17 | |||
| Dec 1, 2025 | Mizuho Securities | Target | $25 | $19 | ||
| Aug 6, 2025 | Needham | Downgrade | Buy | Hold |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$0.03 | $0.01 | +122.3% | $81.5M | $84.1M | +3.1% | +19.90% |
| May 4, 2026Q1 FY26 | −$0.14 | −$0.10 | +28.6% | $72.5M | $73.1M | +0.8% | +14.16% |
| Mar 3, 2026Q4 FY25 | $0.06 | $0.04 | −26.3% | $89.5M | $90.3M | +0.9% | +35.35% |
| Nov 5, 2025Q3 FY25 | −$0.19 | −$0.14 | +26.3% | $89.6M | $69.0M | −23.0% | +5.43% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $68.5M | $69.4M | $69.0M | $90.3M | $73.1M | $84.1M | |
| Gross profit | $46.7M | $45.3M | $45.8M | $59.3M | $47.4M | $57.2M | |
| Operating income | −$15.2M | −$10.2M | −$11.5M | −$291.0K | −$6.9M | −$4.5M | |
| Net income | −$18.9M | −$17.1M | −$15.7M | $130.0K | −$10.7M | −$8.1M | |
| Diluted EPS | −$0.30 | −$0.27 | −$0.24 | $0.00 | −$0.16 | −$0.12 | |
| Gross margin | 68.1% | 65.3% | 66.5% | 65.7% | 64.8% | 68.0% | |
| Operating margin | -22.1% | -14.7% | -16.7% | -0.3% | -9.4% | -5.4% |
Fiscal years (4-quarter sums)FY21 $99.7M · FY22 $148.6M · FY23 $202.1M · FY24 $266.3M · FY25 $297.2M
Revenue by product · Q2 FY26
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $45.2M · Total debt $164.8M · Total assets $248.0M · Shareholders' equity −$30.9M
Dividends
No dividends on record.
Ownership
Shares outstanding 65.85M · Float 50.04M · 76.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Timothy P. Lynch | 6.43M | 9.90% | 13G | Feb 17, 2026 |
| Nantahala Capital Management, LLC | 5.60M | 8.51% | 13F | Aug 19, 2026 |
| BlackRock, Inc. | 4.84M | 7.35% | 13F | Aug 7, 2026 |
| Braidwell LP | 3.16M | 4.79% | 13F | Aug 14, 2026 |
| Frazier Life Sciences Management, L.P. | 2.63M | 3.99% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 20, 2026 | David Moatazedi | director, officer: See Remarks | −13,669 | $4.75 |
| Mar 20, 2026 | Rui Avelar | officer: See Remarks | −3,119 | $4.75 |
| Mar 17, 2026 | Rui Avelar | officer: See Remarks | −29,996 | $4.89 |
| Mar 17, 2026 | David Moatazedi | director, officer: See Remarks | −116,720 | $4.89 |
| Dec 22, 2025 | Rui Avelar | officer: See Remarks | −2,261 | $7.15 |
Peers
- AbbVie
Category-leading rival across both neurotoxin and HA filler markets
- InMode
Israeli energy-device aesthetics maker; adjacent, not head-to-head
