Evolus, Inc.

Evolus reported second-quarter global net revenue of $84.1 million, up 21% year over year. Global toxin revenue was $75.2 million and injectable hyaluronic acid gel revenue was $8.9 million. Reported gross margin was 68% and adjusted gross margin was 69%; gross margin benefited by about 120 basis points from a tariff refund. Adjusted EBITDA was positive at $4.7 million, versus the prior year period, marking the third consecutive quarter of positive adjusted EBITDA. For full-year 2026, the company raised the revenue outlook to $330 million to $337 million, raised adjusted gross profit margin guidance to 67.0% to 67.5%, narrowed non-GAAP operating expense guidance to $212 million to $216 million, and reaffirmed a low-to-mid-single-digit adjusted EBITDA margin outlook. Management also reiterated long-term targets of $450 million to $500 million in annual revenue and 13% to 15% adjusted EBITDA margin in 2028.

David Moatazedi framed the quarter as a meaningful inflection point, citing strong share gains, portfolio expansion, and better-than-expected market conditions. He emphasized that Evolus is now operating across three injectable aesthetics verticals—neurotoxin, hyaluronic acid gels, and skin quality—and said the company is increasingly being viewed as a partner of choice by global innovators. His tone was confident and constructive, with repeated references to momentum, discipline, and the company being well positioned for the back half of the year.

Tiana Mitchell focused on operating leverage and balance-sheet flexibility. She highlighted 21% revenue growth to $84.1 million, 68% reported gross margin, 69% adjusted gross margin, and $4.7 million of positive adjusted EBITDA, while noting that gross margin was helped by a 120-basis-point tariff refund. She said cash and cash equivalents ended at $45.2 million, down from $49.8 million in the prior quarter, and that $100 million of additional liquidity remains available under the Pharmacon debt facility. She also said the company does not anticipate needing additional equity financing and that the ProFuelo deal has no upfront or milestone payments.

Analysts focused heavily on ProFuelo, asking what clinical work is needed, whether it can be used alongside Jeuveau and Evolysse, and whether it changes the company’s profitability path. Management said ProFuelo is a full PMA, class 3 device with approval anticipated around 2030, and that it is designed to hydrate the skin rather than add volume; they also said it is used in a different layer than toxin and fillers and is complementary rather than competitive. Other questions centered on market conditions, GLP-1-related demand, seasonality, and tariffs; management said toxin and HA markets improved sequentially, GLP-1 messaging helped in Q2 and remains a focus, and Jeuveau is still exempt from tariffs while Evolysse continues to face a 10% tariff.