EOLS - Earnings call transcript Q2 2020

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Q2 2020 Evolus Conference Call. After the speakers’ presentation, there will be a question and answer session. [Operator Instructions] As a reminder, today's conference is being recorded. I would now like to introduce your host for today's conference, Mr.

Ashwin Agarwal, Vice President, Finance, Investor Relations and Treasury. ahead. go please Sir,

Ashwin Agarwal

will and call and is everyone over Avelar, today, also and Chief With the at operator, website Head Officer; In the call. Development; Chief R&D, Mike EVP, Jafar, the XX Chief United Executive David security Financial Medical for the are on Officer; Marketing our Moatazedi, This include meaning evolus.com, Silvernail, Plumer, Officer days. call Lauren Jeff States of replay within call being that Corporate laws. Rui on of a Legal. available and welcome forward-looking Vice you, on participating we Company's today’s to Officer Chief of me today's statements internet considered be are, of Thank broadcast statements and and President live will remarks President

additional may in In make to addition, forward-looking your questions. statements management response

forward-looking those assumptions by Actual trends, undertakes XX-Q faces on business, of or the based in on statements in, X-K. expectations detailed discussion Company reports uncertainties on future management's statement. materially risks to update results obligation expressed no estimate, Company's Report the implied from or Annual Form may any Form its the contained and and affect or of and and current forward-looking projection that events strategy, performance. Form may statements. A the Forward-looking on is differ Company XX-K, reports financial quarterly are current The review operations or which

a with results. me be on non-GAAP David. of which Investor today Relations or isolation investors.evolus.com. at our was call X-K may found the and let to non-GAAP not SEC website over hand our in measures. in filed found And our may also the be to, to release, measures for Form These today results should in earnings the non-GAAP now with as furnished considered include GAAP addition GAAP A financial our Additionally, be and from, reconciliation discussion will substitute

David Moatazedi

largely Thank entire It the without were that goes first no the for was and quarter, saying industry the patient second Evolus to speaking aesthetic and the spent their instituted Ashwin. measures was customers In measures rewiring quarter safety, quarter between operations. with to of In you, on patients. minimize and half most spacing shut down that focused practices interaction a due COVID-XX time challenging exception. appointments

the throughput measures, it surge patients’ was offset this to Although practices had majority pleased downturn. June, in By large second was resilience the quarter. the and patient and Many I strong month during demand of a the about reflecting from reopened similar customers due pent-up XXXX driver these the of office we optimism toxin in by categories that observed continued June to extended demand underlying the demand, by the that the progress largely a volume of year benefited strongest was our reinforcing commented acknowledge what am declined made hours. of key in the market. the been

efficient quarter, our operating to During an leaning into rewiring create platform more model, we to on half focus the support had Evolus first further a the digital our intense of customers.

introduced In offering we customers. to addition, stimulus Evolus flat program called pricing a XXX

platform. and which loyalty patients loyalty of competitive also program, our We drove through than offers proprietary digital consumer savings activity our greater launched program this for all

second second launch the also quarter. In more than anniversary number to quarter, and quarter in In X the non-GAAP year our positioned versus one result half we prior the generated Orders across the the demographic provocative revenue initiatives, nearly across we Jeuveau reflection, XX% Jeuveau As million has occupying Evolus by quarter. we App platform all consumers U.S. continue optimizing of base taken delivered of our via of measures. Jeuveau. launch the a a operating our On we strategic Jeuveau rapidly while net quarters prior a XXXX. increased the our the over position that expenses branding these We’ve against approximately celebrated fast-growing $X.X established doubled ground and reorder and of strategically account been digital success the we market the with XX% purchasing a approximately share of reduced in to gaining as effort. with increase account younger We and spend. base rates, of of

against millennials. As our base patient a result, over-indexes now

of model for focus. proprietary proud Lastly, platform sales with business specialized in could and force Evolus not experience. we designed I digital a highly excellence provide team their frictionless customer designed a a and the to be unique a execution

let pass and performance color Mike over quarter around our call will the to promotional second more who Now me programs. provide

Mike Jafar

Thank From and you, team’s quarter commercial pleased everyone. I am our afternoon and good with second a perspective, very David performance. responsiveness

success. the aesthetic App. platform. extended Our success We an price success. focus, Evolus measured a first-to-market loyalty for and launched stimulus our was called XXX and terms force entire program highly our one all program back differentiation Jeuveau through Stepping days, comment number this, year, has market importantly, our to from to more customers’ by specialized We aesthetic-only tremendous the generated. only a digital offering of strategic and proprietary by as flat would XXX payment on I $XXX the The our leveraged sales status locked revenue been to in accounts, our key with of and drivers indication up a of like purchasing of

can benefits and market. our quarter our focus has the designed appreciate consumers. was The simple me is acquisition questions fully lastly, elaborate. second of loyalty and quarter platform. first been two program, advantage Our where entire Allow answer singularity to strategy the consumer and customer unique fundamental to unique proposition Evolus’ the and patient the Evolus effective highly technology to patient value now was our strategy, competitive for acquisition our unveiled the

is, one I treated. treat my get I can front-lines where to options what First do to have and go

qualify the featuring ad of quarter. Jeuveau in second above Platinum market And the for as customer co-branded any hit alongside reminder, strategy their media co-branded a Our can practice. and

use expectation. Our Shifting the loyalty who launch practices. gears XX patients a to strategy our has launch, XX% impressions the driving through opted the program days effective rate that of simple, our and program July called I been program. the co-branding consumer XX,XXX more generated force leads importantly, beyond am Rewards, of Evolus deployed into Within easy internal X at over participating to adopted enrolled nearly well product to program. customer our media Jeuveau The share over base credit and million a to and and to team sales pleased directly of

operating out our Lastly, model. continues investment prove in unique technology to our

would quarter, orders flexibility, like generated sales thank In were Evolus expanded sales the be continued now our making and Practice achievable. XX% for the their more with App, giving to and I could second the launch over not of her organization additional and for pass our the to through of closing, Lauren? more efficiency. our the pleased Lauren the performance. to reach over second importantly, quarter During representatives likeful and and our quarters. marketing momentum the passion the observed and four I call I’ll remarks success experience beauty last financial commitment

Lauren Silvernail

afternoon, Thank everyone. you, and good Mike,

as to business climate we our Since today. time, expense business prior COVID-XX. and actions in our our QX in rewired May, a we platform. in These our leverage have XXXX base a March reduction In cash, digital resulted stronger conserve significantly compared in operating non-GAAP that a operating quarter. taken have actions resulted dramatically Evolus changed the result middle on of indicated we As reduce call XX% expenses of decisive our our which April, the in QX to

recovery profitable become cash a a position which pro we terms June result, lower million. $XX financing the exceeded we net quarter quarter. a to of In XX, pleased the expect million, expectations second resulted pace revenue the and $XXX.X July, on $X.X of forma we of base. on Today, our strong with during a business of strength As revenue in XXXX second we reporting million are by attractive the closed

COVID-XX U.S. time. at However, not provide revenue to do crisis, plan the ongoing due guidance we this to

expect Europe As we we launch in to not previously until do stated, XXXX.

gross percentage strong quarter margin XX%. second our was P&L, the at down Moving

quarter, the coupon During we loyalty second and reduced launched activity. consumer

our forward, activity Going sales margin and other gross promotional on depend levels, will factors.

the restructuring. Our for were we operating the expenses our Jeuveau. Non-GAAP excluded XXXX and for QX the related operating when with expenses include compensation, last stock-based the launched depreciation non-GAAP second to of quarter loyalty second cash and associated $X million of contingent million for reevaluation expenses non-GAAP reduced quarter year million million, of $XX.X from XX% XXXX $X.X $X.X related $XX.X for non-cash during QX million million by severance items, XXXX operating amortization and expenses obligation. $X.X of three

higher incur promotional be and and activity of as will the continue non-GAAP half $XX the anticipate compared million. second in We non-GAAP expenses expenses of as XXXX to quarter we We fourth for to believe year will increases. this second our less than the operating quarters XXXX other third operating of

Our net in for loss reduced was $XX.X of prior the second XXXX million $XX.X the quarter from million, XX% non-GAAP quarter.

quarter a clear operating the we in believe and reduced assuming Cash Jeuveau, during cut quarter. to the Our revenue to on sales $XX second footprint half lower become profitable a strong during million us million of was have expense base continued profitability. burn allows path we $XX from to prior

other QX XXXX, to for be quarter do second due We QX activities. the will and expect inventory rate XXXX, payments our cash no made inventory. During burn we in purchases of cash higher than

is take sales their are for with revenue least model tireless assuming cash increasing QX call strong a above David. highly Evolus balance to operations at months fund team an expected I’d to in and like dedication to a the trajectory. a We moment next Our I’ll have potentially and And for business the position. thank cash the back our turn during longer XX reported expectation, that, QX. accomplishments efficient and to

David Moatazedi

you, Lauren. Thank

law. On Judge We ITC to set trade misapplied ITC July determination we would ALJ law our to had close an with petition our the issues of and an issued secret like and a an provide initial the Administrative and On case initial the respectfully I issued the the to to call, Before and ALJ disagree Commission imposition ALJ’s view. non-binding that on the or to exclusion related the recommended the update number assigned desist case. announced I International we ground overreach including to a determination. initial order. and ITC initial This briefs or XXth, our an the strongly in of July Law Trade decision jurisdictions on review the cease forth X,

the also We to a ITC public in confident our submitted Daewoong. as statement have our partner has interest remain case. We

forward scheduled our will for Commission’s the November and determination We look X. final to challenge which continue is

catalysts value. look shareholder drive of back to As meaningful half remain we XXXX, ahead that several the Evolus to will

a to resolution forward of ITC X. the look November we by First, successful case

with starting growth, differentiated proposition and loyalty, value platform. consumer the next our phase our Second, drive digital proprietary Evolus will XXX, of our

the Evolus more catalysts recover Lastly, structure continue With lower Toxin remain back Q&A. will year. the optimistic and we U.S. half of to over efficient that base. Operator? will The for enable will our category call of to these in the profitability revenue reach I turn on a that, combination the

Operator

comes [Operator Instructions] Goodman Your first Leerink. SVB from line question of from the Marc

line is now open. Your

Marc Goodman

be was the you I you view your quickly if turning the it curious quarter? a Thanks. you of what are flavor back actually the Maybe just XX-ish know wondering share. how if And the fourth the third was and what Hi. positive Obviously, flavor than of the quarter – quarter? the we market a mean, that the about in two the in kind and for rest or comes for year. how less I for thoughts had guys you in is in – market sense how reported of was the quarter, any had to it other market reported. percent hit down expecting the fourth market us it in and give second I

David Moatazedi

start the on question, for our me view Thanks let market. the Great. with Marc. Well,

that percent at quarter, so in quarter. volume was now front on do have that the the public or half category out the half Looking to And the company believe overall that largely the returning the of back in quarter quarter quarter down roughly the the second the we of you back fact report second neighborhood driven the full shut on down. the by was second likely XX of in

fourth the into look the the to we XXXX we back will markets in back but half recovery to the return that quarter, third expect gradual back don’t As we and of of the half levels expect a the year, year.

we is for category this public few pointed as operating is policy state-by-state recovery going assumptions change millennials the internal and favorable getting you the price roughly the that and treated is the of percent being as past, favorable is consumers we also in a starting we a in we’ve interested And that is now further Now the the third younger what still consumers is latter part to rates market the of to low entering and then our as out is are a entered of believe the our to predisposed trend coined that overall point one. over of the depending trend quarter on just penetration step the when and neurotoxin we because aesthetic see of are procedures range. of time. to XXX XXX in demographic to part That very favorable in that a it is back, procedure it’s that and into vary said, year. And

are market you do base lot to proving shares it share, it’s recover trends aesthetics. us be not for It’s especially also give our accounts Jeuveau there what intact. only is in in but toxin better their practice triangulate that, see relates that, But increasing of combination the to is terms of is that as how growing expanding, more rates of confidence long-term from with future, into of a know, out market are and color we’ll time. drive And utilization we fastest And for reorder short combination the as penetration the account a window get gives challenging are that to such that Jeuveau already is a those will So, as us things we purchasing from as the the around hear our overall in market. you that. products accounts we they the And play share. new to of are continuing in shares a sense in

Marc Goodman

quarter for quarter, is in you you the expectation will overall think the – year-over-year? the and do your think it positive probably actually third you or market do fourth is see be down will you double-digits down So, whatever just still well it can year-over-year trend then, market as

David Moatazedi

Yes.

the We half in will year year. to market won’t be back continue are get expecting the that levels relative to back prior of But it to this XXXX depressed.

Marc Goodman

Thanks.

Operator

Cantor. next Louise from line comes the question of from Chen Your

is line Your now open.

Louise Chen

Congratulations Thanks on for here. Hi. taking my the quarter. questions

I means you any what is And talked your I you is our reach are capital you Thank that Second areas The so, a near-term? ITC to first reversed? question, any circumstances? just determinations potential ever looking profitability without that if you what to initial the additional profitability if are a path basically, portfolio so, about about by question there more curious just raises? had for the here is, if Lauren, to under products you. adding then, at? third And had clear in am thinking additional And one and

David Moatazedi

it first part Great. second. Lauren related take the Louise, over of I’ll ITC on the and question the turn to to

ITC unique been by this that’s ITC and Judge in jurisdiction is here overturn the the that Administrative extension case to case, there turn into the Law made comment. issues. any an in it’s one further particular because over against entirely Without our on is makes relates Lauren going the rule it the as see will you ALJ, cases, petition in to several the Commission unprecedented, of represented This public. is that I’ll now it uncommon to to not First, the that or

Lauren Silvernail

On expense our profitability, Louise. hi, operating and David, Thanks, tremendously. base Great. we introduced

QX-to-QX, and QX-to-QX also As you saw year-over-year, from year. this of

we second non-GAAP lower we less than we expense. base the so, $XX before. half And guided million could have go of profitable than to operating a on able are We’ve much will that in expenses

except plus where margin, what’s first gross are start dependent fully market is really has quarter a that does is how much is, which do back. can profitable been you fast when addressed at us XX% we historically the David the on for go quickly. we a first more that question So, come we the for math What really are

On timing or Obviously, folks, how for that really June how focus Avelar to our business see did. many the and at us. are So was either to hard aesthetic for we market but aesthetics expectations develops. development, that it’s be and I Rui over our pipeline continues develop It our adding products exact waiting to products point. marketed thrilled with this tell were timeframe we May, can think

Louise Chen

Thank Okay. you.

Operator

Your Stifel. line question Annabel next from Samimy the of comes from

Your is line now open.

Annabel Samimy

Hi Congrats guys. Thanks the taking for question. my resilience quarter. on in the

So I have a few.

program. I to your consumer the – loyalty want or program First, ask about your couponing

about compression net expect a still you state that you and What do million was mentioned or there said cost – think am you for I time. price I XX% steady of you it sorry, about, find expect for pressuring what XX,XXX $XX net outs.

I Also The related their is are as you case. of question necessarily the but case. disputing have disputing underlying ITC to not you extension second the jurisdiction, mentioned,

will $XX curious I case you at in Obviously, into coming of, again, think sense their but service they eventually just how in new right player market read was with now, case wanted and from there Korea? your to platform. with should do I this change got the So with about new And Daewoong, million competitive another when and the know just and Medytox we finally, the a you own feel with fintech then, anything that new toxin what investment landscape? is on the a filler

might you So, to environment? do adapt you need Thanks. that think in

David Moatazedi

Great, the been to loyalty Jeuveau. it’s that received the you we of us? early about was let I’ll to don’t to start of bit we over going next. uptake an consumer the now. for that program, around it Annabel. question turn Thanks talked ITC to for side more Why launch am the with We of little As you because then, and the And I a financial color take program, from launch such and questions. speak the important know, how it about think there give continued that Mike Lauren the launch

Mike Jafar

program, it’s say to flaws endpoint, Hey, been in and its why simple a a which Annabel. nothing of tremendous seeing success. three be high designing execution quarters its these are spent rates way you? north. rewards I’d as an the short as Evolus thing on us How XX% adoption this of for are the reason we We is

in call at case, even If get industry’s step penetration at XXX% loyalty programs programs. most XX% never and would range industry, on the look of, higher of end you a never be just and programs you XX%, most into any loyalty back and any it, XX%, the

to that will it’s For calling still year this really us, attribute state be amount to the something of right is. launch. designed position into given part, in It’s at our call the hard denominator. part penetration, seen the it steady six how launch efficient loyalty I now, a are our adding significant a our in of phase we program it, haven’t weeks And that change and is way again, accounts and take launch, before. is it in so But I’ll our early of XX% it any

as it’s consumer also App office. So, password to all will whatnot. and you up, there notice handshake an remember a download sign none is it at or digital if and the base gone you I encourage you closer tech That to need or is a no to

it’s out as and So, been the much program, we as very pleased are. equally are our customers with about excited the rolling probably way

Annabel Samimy

Great. Okay.

Lauren Silvernail

when are a they impacts, This the With financial reduction the current regard redeemed. period is direct coupons to Annabel. revenue of Hey, are in Lauren.

playing to we in, net with in conversion it that on the to this margins when the of through us anticipate year, gross that do you program, compared opt a loyalty it’s actually practice quarters. meeting us, you with actually have deferral, consumers the and versus to higher gross need and for is For and prior And because couponing, were way low financials a a were we the we’ll see XX% at doctors we most higher as last XXs. have

quarter-to-quarter a the That’s loyalty rest coupon the mentioned vary in higher a are. I our us. bit deferrals than out why the So, less of little to gross future? Sure. we in in we on my are couponing. doing be seen this It nicely program. it’s will playing likely overall, margin on what depending Those remarks. for result But will the in in promotions year Could

me Let to on turn ITC. back it David

David Moatazedi

Lauren. you, Thank

by our Daewoong, a And value with On the the of the million of to the that price the confidence the the also speaks long-term strength due to overturn Commission. $XX case question from to ability signals decision investment share. partnership $XX they and clearly, see conversion around evidence this in and Daewoong’s Evolus’

more we is So, first, fintech. regarding is time the to our as last role is partner pleased question, there no this just I’d the role through see the And doubt industries into on a very mentioned, back, important that exception. aesthetics and us of period. across you technology be stepping support made move Revance are playing technology no a

immediate as industry base, can it and that whole we way injectable more more the invest to an the in on to efficient between a As That have that’s entirely information. powers platform an company level of in the digitally. continue customer And build an where far we XX% And platform. platform, you there consumer. get efforts. revenue consumer the be the access to for becomes with that to our operate. our powers the the we believe And it Mike, earlier as aesthetic front the sales observed that And performance to our continues digital from rewards move platform frictionless of as important platform, immediate of And this than platform of effective orders. also transactional company that to orders continue that are enabling that our extension accounts an I on part That our in a direction. quarter in has and will our we our company be the suspect heard we co-branding the same greater in consumers was same that be transacting powers will just and first isn’t are low reps force that value platform now

Annabel Samimy

Thank great. It’s you. Okay.

Operator

from of comes Gregg Securities. Your from the Truist next Gilbert question line

Your line open. now is

Greg Gilbert

from Gilbert Gregg It's afternoon. Good Truist. Thanks.

I'll two, them Just one at a ask time.

be is anything any that's generous or consumers programs? other practices First, caused if you David, larger in doing competitor to just adjusting more were you even to help planning to or your terms than a way that's

David Moatazedi

to Give Truist. me name So, Nice there recalibrate Gregg. you. a to the hear minute from against

the led presents customers. the the for and that measure the the these small right space, dynamic. That our even we drive this form with help this am in profitability introduced here as on and results that that industry I to I We is congratulations product launching minimums well value and landscape we COVID-XX That’s our so a which launch that very customers we are Look, their that platform volume was support on as very into for to order to value more our with prior of And aesthetic first is there to on the as core competitors that this in customers weather meaningful proposition, quick these and over that response way loyalty always acceptable value an were therapeutic of that we to no as we back lean their on this continue needs. half their move. the unpredictable We to in purchasing So, you them stimulus on by digital consumer. a at customers challenge obviously to practice And the Everything in we seeing some the through had accounts pleased to the know think believe combination improve both in toxin. the quarter, can procedural the of we COVID stayed time. to the believe quarter. the period program to we focus delivered planned with make for required when we hit, have to combination address close by our to team. the continue given

Greg Gilbert

Great.

they perspective. imagine Sorry took can that resolve a if tell question from issue or lot your balance and having interested company for before a name. and be ITC a while in. of regardless level, their I to decision get What heading you to My David, is November's this really next kick think hanging to confidence the different in the confuse It is resolving the you on into matter. we of in interest on your the the name others investors about take potentially can't to merger us the may November? about confidence second

David Moatazedi

clearly sooner, look, in Gregg, rather it’s decision. later, a to important And ITC, in resolved It’s that realized before interest step get from case. our federal and became final July the the most case it’s that settle best you in them Well, back circuit probably this whether cases, than this following ultimately X apparent of the decision. the when majority

for that’s employees same to on that getting much are to in done. catalyst not about the look am our for X shareholders and settlement, we recognize I Now, very to a meaningful at but focused speak and a we time ultimately and position forward bringing this we closure November by

Greg Gilbert

Thanks a lot.

Operator

Your from Douglas line the next comes Tsao of Wainwright. from question H.C.

now is line open. Your

Douglas Tsao

questions. for taking the Good Thanks Hi. afternoon.

the demographic been sort under in over Just sort of indexing? particular targeting in terms of any that or are you’ve Obviously, seen of market the there groups millennials. are recovery today,

impacts so more some groups aesthetic sort of of let in the situations economic sort Just think others? trying - of to through might of versus engage might of of pandemic than treatments, Thank and sort them the some more have you. economic which sort stable

Mike Jafar

is Hey, It’s Mike. Doug. are you? a great How question. This

start the rates bandwagon to stimulus and COVID, then and going and this cashing the that suffer check. are So, because to everybody first the out unemployment theory out disproportionately, want millennials from the that was is coming package into there unemployment stimulus the jump on

mortar into was skin skincare. more spend see of demographic demographic and back and especially brick spend But their see into retail mindset sales, beauty, necessarily and more shift this Peloton if going So, went it and is that the year, other. If health from And online. answer to income this their anything, on areas the any and the discretionary the you with – you as not see step of to into into going they one skincare, back consumer like look that and negatively you just wellness other through online disproportionately, around of and it all from no.

negative of are year a demographic will positioned the well impact larger and we are If this group. a within anything, that seeing So, not the this and and two in believe we coming on we demographic the do focus. portion category represent

Douglas Tsao

really That’s Great. Okay. helpful.

Operator

Your comes from Mizuho Securities. next Divan of the line from Vamil question

Your line open. is now

Vamil Divan

or You no for with I about you just and about both promoting again am may the here, just numbers Can talked your Great. just Maybe on taking much trying how more. providers? of know their sense toxin for said the think patients how how comment. up then longer to curious impact? millennials questions. your that I the second a my toxin. here following sales to Thanks guessing filler and And asked soon and product of other might it's to obviously consumers – question, someone of just the efforts? impact be would earlier just the marketing millennials just you newest from in market that of so and more maybe Revance other then enter your coming but demographics. the relative much the they trying give market. how get I you the the versus How with Thanks. behind role one I impact that the am a about technology, sense demographic us technology and guess, I'm you to how and –

David Moatazedi

book From I’ll millennial sales Vamil, directly both consumers. you as we the standpoint, them. great of not with customers, address question. know

about basis to and awareness best we you on product of an And get a in awareness we tracker market, millennial to XX% has have Jeuveau and the meaning to aided segment, it’s aided so, and XX% large today is where when closer awareness by the our overinvest this do the closer XX%.

have XX we So, obviously basis that’s good, an call a and point design. by difference awareness it, from

to hard sell data will customers, we it’d loyalty do are you foothold to in transaction the for, consumer As which channel as deeper takes and to that back get segment sales, just that ultimate answer marketplace, is in consumer that some the be over-index today. how but since – be we looking able of a we into

of on to We positioning the far us, strategy. lot the the know price. launch Revance. don’t is We make right statement and their As a impact know We Revance to final don’t about a there now go-to-market label. unknown don't know as their

I will around is, the preferred. category say thing though is noise this more So, one

entrants, in You fifth it on to and category that this because of step back only market. customers, the suspect player right? you with our continue players a consumer both to are and increased with this all has of launch seeing I look increase and our The at as focus will from

all. and And so, pivotal flexible noise I this indication But, and because welcome it’s aesthetic-only us very for beneficial that, keeps around company. is like we earlier a the our category to nimble more our in call, backdrop said

Vamil Divan

you. Okay. Thank

Operator

of line from question Prasad Our last comes from Balaji the Barclays.

open. now is line Your

Balaji Prasad

Hi. else. Couple Good afternoon. Thanks taking everything up of me questions. questions spruce kind from my to of

just how to you were we to had last helpful. see out the also there the next draw Europe to was when change that last will to be Firstly, error. have update spend the is light OpEx? any want think launch as Jeff, on you any business analogy this for if non-U.S. it are is companies in and are the one and made I and question month, you of this the things you think where case And do it Nuceiva? thinking discussed backlit and two determination ITC’s that, recent David, in is of do ITC jurisdiction spend I spoke about way And fundamentally you in precedences that you looking an the you of how also year? about understand, Thanks. cash Second, an year you spoke Or still

David Moatazedi

turn answer for thank am over I going to questions. first the it you then and to here on Lauren to question. the your Balaji, ITC Great. two Jeff

to markets of a unstable the though same ability focus increased. course, more where and Before execution on by And ITC, the degree have we to in spend, around you here had company. the our we be make is this have on into that, we the operating high Nuceiva, one around that jump applies are do impressed to the not as want that comment question of noise our the I in I largely well. has cash discipline at could discipline a time

have far. operating and more made model enter thus I successful us launch create strategic very to make the to enabling into team done even business And We have by investments her we investments been we’ve as work been against future. phase what’s a the that very next we this very this help pleased about grow to further deliberate efficient as enter a am Lauren the

bit that. more let Lauren a speak how think little into about I’ll we So,

Lauren Silvernail

be do rather at in could On made and business, announced investing Great. during time the Thank that When thought in this April change – sense. than hello, to to most Balaji. to most really we we talk actually also impactful is Europe And we and this earlier in that’s investing in U.S. we and that about during launching our really year the just restructuring year when would market we no we the post-COVID you. COVID the next launching plan, have COVID Europe And you. Good where remains there unchanged. strategy. spoke the that Nuceiva,

it’s spend, cash saw time, worked year we what very we the the the hit. U.S. numbers as looked And we our we also second hit be that thought to out results. through this all On same at spending well you in financial at quarter the the should

that’s back to half, less pre-ITC approach turn also that’s to to it million and For non-GAAP think we quarter. am David the best of during the me – the off We second operating from excuse really I burn this than Jeff last time. and plan rate the - ITC unchanged way $XX question. a time going COVID expense

Jeff Plumer

ITC will jurisdiction, So, companies United foreign is industry one the foreign question here of that does two companies. the Balaji, unprecedented between hear that your What’s States. cases on a domestic those around here normally it happen has in also

domestic added are BOTOX, completely in has then the to which no in trade Medytox relying secrets a unrelated industry on it’s United States. the of domestic which to is industry Instead, separate the Here case.

And if they’d their be a in so, overall unprecedented own if the full Commission forward taking giant an was in accept leap jurisdiction. expanding manner to

Balaji Prasad

Jeff. any on date from Maybe, ITC Thanks, case? final the there update final this determination from would one before the A be me.

Jeff Plumer

to review. in of initial September is they So, ITC the determination indicate which next the what we they would to issue portions would plan expect

they that September. interim will anything think we ask are just whether for whether have that back after but they processing decision remand give about they of to November they they be look a the Beyond toward Xth powers in additional lot briefings, Administrative Judge, I expecting Law

Balaji Prasad

you. Thank it. That’s

Operator

Thank this showing concludes all no conference. participation your am Ladies questions. wonderful and gentlemen, you further today’s a for I day. have

You may all disconnect.

Evolus (EOLS) 10 Aug 202020 Q2 Earnings call transcript