Earnings call transcript Q2 2023

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Operator

Greetings and welcome to the Evolus Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now turn the conference over to your host, Mr. of President Vice Erickson, Investor Relations. David

David Erickson

Officer, operator today's call. you, and Financial Executive Chief Officer. and Beaver, and David welcome on us Chief Medical Avelar, Rui joining everyone Officer; of With Chief President R&D; Sandra to Moatazedi, Thank Head me are today

meaning your may Our forward-looking make today the statements forward-looking questions. Securities States in statements include remarks United Laws to additional prepared within response will of and management

and events which Forward-looking or and based expectations the statements business, may on assumptions company's future are affect current financial management's of performance. trends, strategy, operations,

A the reports reports current detailed annual on contained discussion report of faces its and XX-Q, on the risks Form and uncertainties in quarterly Form company X-K. that on XX-K, Form is

implied to forward-looking no statements. Actual company undertakes or The update by the projection, results materially in may differ or obligation statements. any from review estimate, those forward-looking or expressed

include today's results. in not to and considered discussion measures, isolation Additionally, our be substitute in will which should addition or from a non-GAAP as financial for GAAP

A filed reconciliation was Form evolus.com. Relations non-GAAP our at found be SEC with furnished release, may X-K our website results earnings with on in our which the and Investor of today GAAP to

a at Following today's be of call, our website will the on evolus.com. conclusion available replay

over And with to the that, I'll turn call David.

David Moatazedi

program. We're usage leading across growth and Rewards of accounts quarter. to In highs second expansion Thank that you, the consumer accelerating loyalty all-time David. of over including our sales quarter several first the Jeuveau pleased we of Evolus reflected report increased and continued above-market another consumer growth record sales indicators, quarter, through new achieved

year one the share in target. growth of internal accelerated year front an exceeding by our point second for On top increase XX by quarter full in achieving of points, already an half goal our share the Jeuveau QX, resulting full of above-market

to guidance the than of $XXX end range to execution at the between This growth million updated over our upper gives continued has confidence and $XXX strength and of million. guidance tripled raise more the estimated combination sales XX% and equates growth momentum category us increasing XXXX our to The and rate.

on US, to sales concentrate driven the continued continue Jeuveau Nuceiva, goal Evolysse. of and international in million, introduction of remain expansion expansion we of by focused While our the execution, the strong of XXXX the on $XXX we

Moving filler regulatory the to products rapidly for Evolysse, we advancing programs clinical support are XXXX. two first to Evolysse in the the approval

We complete to approximately months. FDA expect our in filing XX

an management for to Additionally, sustained we those committed recently results study completed to presentation standpoint, disciplined operating exercise operating expense forward From continue the Phase our Jeuveau look in to of Extra-Strength X we quarter. profitability. reaching fourth and remain the and

continued is operating a in Our operating evident of our is front year, operating topline half was expense nearly non-GAAP leverage. in growth. of by This double XX% the increase the of rate leverage the increasing which trend

Overall, we our goals Evolus to and multi-product delivering mission on is for advance become our growth operating esthetics performance global company. as a

Now, I'll of into get details. the some

drive grew XX% share broader year-over-year of quarter market to sales continued Jeuveau Second gains. adoption as

both evidence US is our of a accelerating and toxin performance resilient above-market momentum market. Our

reflect to continue market penetration. indicators performance increased key Our

enabling purchasing both customer During that value XXX access the we unique XX,XXX. accounts count number benefits. loyalty are quarter, model our our who record additional quantities the program business bringing approximately greater validates compelling of new existing second to total offers This accounts new customers of added nearly to and clients to new Jeuveau,

targeted such the TV co-branded to younger advertising. These as billboards, benefits media include streaming digital and ads, opportunities generation

in robust a US adding base beyond of We we market more expect at new to pace customers penetrate as total and accounts. deeply into XXXX continue the XX,XXX

as two predictive The account activity based by one-third durability consumer are through program. about offering future can currently penetrated metrics only Jeuveau consumer loyalty of has we our growth. be There Jeuveau note, of the view neurotoxin. Of of measured key

existing first who a combination number of new our The the consumers, is and total and program the of which includes new is members. members enrolled second

added Jeuveau our XXX,XXX. In simple in cross-sell frequently, Rewards we the new to base into this program off the members. Loyalty Consumer for receive total additional user drives treatment. members our Evolus quarter, Enrollment enrolled, members This in our these Rewards text-based XX,XXX treatment. to members practice $XX customers program bringing each program Jeuveau back our is more Once Evolus allowing

a in highly in the represent of majority our millennials that the several majority will years. which younger, over the rewards new-to-toxin program category the members of desirable Importantly, are users or demographic is next

quarterly Jeuveau an demonstrating continue existing our repeat in brand sustained return all-time Total loyalty exceeded treatments members loyalty. for program to as Jeuveau high of XXX,XXX, treatments

During milestone in this completing by three program ago. millionth the the treatment we it quarter, launching X reached since an years important

Turning major our are international in now to commercial with operations, countries. Nuceiva we five

neurotoxin continuing are and recently fourth Britain, in market region. million have $XXX to excited launch momentum initiated Nuceiva We and are to in aesthetic Italy, the Great build the Germany, Austria European of largest the

important an our an growth strategy. target estimated of Europe represent expect of million. $XXX international our we Longer high remains total to in sales to revenue continue XXXX XX% representing sales in million of to part single-digit term, overall XXXX. XX%

Now, I'll development for over turn it product to update. Rui

Rui Avelar

product new volume, Evolysse I'd development. the folds, circles. volume of spectrum currently of the you Thank covers you, to to nasolabial eyes update under The mid-based those hollows the broad David. to address and lip five on can in dark with like eye an lead line filler restoration, that including a provide indications, an our late-stages product

line, a is coal that generation This next one utilizes filler technology.

process preserve a gel tissue and molecule. acid that mentioned on hyaluronic complex ensure moves it key natural with partner withstand naturally the stress to to sheer over Symatese the of is time. to As repeated call, creating to This first-in-class that our to is dynamic last last able and the a developed helps manufacturing

scale as non-inferiority uses The active Smooth currently patients six and long investigations. the L will receive study first using fold a L two six nasolabial baseline It's year this are Restylane year enrolled after at Lyft Restylane at from a patients then The follow-up products change clinical QX compared validated clinical in The one a XXX were repeat undergoing and control. months treatment. treatment. sites. ends year, is the and one to at looks design the

be for track to two approval in on these of continue products XXXX. We

mid-face and control. volumizing sites. active The product, the longer is is were filler, sculpt XX two for trial. third study cheek as a duration This at Lyft a study XXX and years patients in the uses Restylane enrolled

six This months, primary active Evolysse control. is to also endpoint non-inferiority design at a comparing the with

last in XXXX, complete study leading XXXX. approval We to expect the in patient the an

near in the we We'll approval IDE to the trials Regarding of submit details plan QX year eye of and expect future. the QX both XXXX products further provide the product filler, in in in this for have to these followed lip by about the XXXX.

products, premium complete market mid-face used Smooth product highly segment. will lip segments. volume growing initial two expect the for be positioned be and to The most largest and market. the represents This eye we sculpt versatile will represent portfolio more the The priced Lyft, The next this is volume. a and the competitive filler specialized address products in

Extra-Strength Jeuveau program. to Turning our

the sets being interim X year. the data various patients During through to the baseline followed having treated. clinical our after look We as the parameters presented to data study. halfway quarter provided fourth in final back forward we we quarter, of across their The completed Phase this

a this precision from the with from our combining with data to the help This, steps in duration of our who next input with profile of final Extra-Strength guide the in positive are program. receive feedback We customers and Boards respect with will Jeuveau option continue unique formulation. longer combination to Advisory us interested

With that, I'll you, hand it David. to back

David Moatazedi

portfolio its Thanks very HA one excited Rui. differentiation of potential the fillers in of to in become Evolysse We remain about the the leading the US.

we focused our seasoned rapidly achieve by tremendous alongside flagship growing sales for designed pay to technology loyalty this and was cash there innovative force and platform leveraging our are Jeuveau. customer Our program scale new launch can synergies our

filler believe growing to Evolus the in adds our highly unique opportunity durable a a of value continue our combination shareholders. tremendous brand competitive provides and to a that base to customer build We line

to will the I'll turn over Now, it financials. who Sandra, cover

Sandra Beaver

team key continued and on expense I of another including highs and congratulate would the and their you, Evolus and metrics performance, Thank David's echo focus overall earlier record like operating sales in quarter management. to cash our comments for for David. above-market

results. more than comprising the million, for the up revenues compared second the in the US were of net with net $XX.X to quarter to sales revenue XXXX, XX% XX% Global second Turning total. quarter of

sales in same line quarter continues XXXX in Once customer price again, Pricing rate higher US year, US while period XX%. and this in running selling our our were primarily the overall track volumes. driven by to above is with strong reorder remained last average the

of and which intangibles, was the reported XX.X% and in our with our line margin guidance. the for Our adjusted excludes quarter XX.X%, was amortization gross gross margin, second

for Non-GAAP $X.X milestone million, were quarter second the the for were the second to expenses $XX.X quarter US million million quarter. related million operating new expenses in a first included $XX.X GAAP Our filler our license. $XX.X to compared operating payment which

Excluding in expenses $XX.X in X% QX. operating non-GAAP expenses, million XX% This compared sequential compared to this, revenue million non-GAAP while increase the $XX.X to were operating represents an quarter. increased

non-GAAP cost of reminder, expenses a sales. operating As excludes product

first to higher selling, $XX.X million in Reported mainly compared administrative recorded the $XX.X attributable the million general, and to commercial second quarter, the elated for quarter expenses with were increase costs.

included stock-based $X.X of the first SG&A to quarter, quarter. non-cash expenses in million This compared compensation $X million

milestone a to Symatese. $X.X As payment first related quarter, recorded we I mentioned, this million expense to the

€X.X million launch due a is As planned milestone the our our of until not filler of reminder, payment after first product. next XXXX

XXXX. compared operations as Our as non-GAAP expense. this license million to first declined QX was to Net quarter. reported second in from and license the non-GAAP $X.X Non-GAAP million loss million to milestone quarter loss million $X.X the $X QX operations the million operating quarter loss $XX.X includes in compared from $X.X compared of expenses,

our continue related and to investments to in Evolysse. our guidance, expect XXXX Continuing quarter, we non-GAAP with profitability the consistent profitability operating trend our achieve to fourth toward excluding initial

amortization. non-GAAP non-GAAP stock-based of the Both and contingent compensation operations operating revaluation and obligation royalty and exclude expense, loss depreciation from expenses

will the on of to further million the filler, we available To by QX elaborate year. the QX on filler in this fund million the fully business which and previously takes investment of combined US $XX million as tranche in from cost, XXXX in drawing profitability Pharmakon debt launch announced, $XX related $XX the with sustain to

million expense the payment. quarter, raised to we launch $X.X for milestone operating solely by $X guidance XXXX the including upfront of costs, addition filler our account Last million

of over are that is until Net an the filler we half be synergistic, achieve launch in achieved of million the with million concentrated expense, funds funded profitable. high the Considering the and be front to XXXX sustain leaves sustained confidence estimated million and this of the year filler line in infrastructure, will This available the on $XX we're back toxins confident fully this $XX XXXX. on which investment we that talks $X combined half million businesses. leverage $XX the this gives the invested interest and us highly our profitability fully existing and launching is filler the to on profitability additional XXXX,

we sheet, $XX.X balance drawdown the the sequentially in ended Pharmakon the of higher to million XXXX. million our with second to included Turning XXst, on credit March $XX compared from facility. $XX.X quarter balance The cash million

net in cash cash used the progress the million, quarter XXXX, used activities included for toward declined $XX.X milestone XXXX quarter, $X.X In continued second of cash as breakeven. our Net the first of which flow the compared million to quarter second operating sequentially was representing payment.

toxin to to David, resilient turn market, $XXX strong like of total XXXX in net on summarize million now back for million. full performance to expect confidence and would over the our our I we it year-to-date $XXX year Based the guidance. Before revenues I

the reminder, lowest seasonally our of year. quarter typically a As is third the

margin $XXX adjusted million between XX% the expenses in last range last unchanged quarter. from operating quarter. XX%, million, And year of Full non-GAAP also from unchanged $XXX XXXX to gross

Other full modeling of interest assumptions million for average XXXX $X.X expense shares approximately million. of XX include weighted year quarterly outstanding and

that million from to by international target $XXX in in XXXX, our driven market, Looking market with This of beyond line. to continued along equates rate begins growth filler in annual XX% US a product XXXX. in we line continue the growing the Evolysse compounded on growth share fillers a XX% XXXX, total in revenue of is a gains neurotoxin a contribution and addressable greater of addition our franchise with total that

to Back you, David.

David Moatazedi

both second as quarter Evolus Thank continued markets you, strategy. execution our all-time the progress long-term metrics, key record above-market the is as of of to growth highs in achieving build the With quarterly results competition. of growth we the outpacing the revenue and Sandra. continue our demonstrate clearly the well in underlying team momentum, The our

since years the As just share we of we we that of toxin gained relaunch us two XX% market year-to-date to point mentioned, market believe the another in market Jeuveau. share bringing of

will While by very adding the lines us by on momentum have XX% the that a continued market expand growth. XXXX, total CAGR to of know we million excited path XX%, toxin revenue clear $XXX the are we filler we put, Simply driving toward addressable our a about our in exceptional business, topline.

We funded team growth our experienced achieve an we have to fully and are execute to that in growth plan. place

With growth so are accelerate in like the of financial benefits competitive unique a co-branded focus beauty cash competitors. our on pharma more we from to the strong helps and practice do business our of our profitably. enables us model This a media, transitioning This market, cash category Evolus, built with through practices pay to focused our programs from pay and and moat and is have paid which sustainable which partner first-in-class is results. advantage growth to our for evident

to QX to We're apprised keeping report our as excited the for We of progress raise and look forward to of you outlook the year expectation unfolds. balance XXXX. our above our results

let the back Now, we David to to turn briefly back me before call go Q&A.

David Erickson

Thank you, David.

go be three we participating Q&A, in to mention will Evolus investor I upcoming conferences. Before that to want

on in banks schedule York; investors out XX, their New the on York. We Conference Xth Global and Cancer Boston; Global reach XXth meeting August H.C. to to First Investment interested Healthcare leadership us with invite Genuity's Growth in Canaccord September to team. New these Conference a or is our Wainwright on in salesperson at also to September Conference

take questions. With that, we're ready to

Operator

we'll Instructions] be session. [Operator a Thank question-and-answer you. At time, this conducting

with with question. proceed your Goodman Leerink. is Please first Our from Marc question

Unidentified Analyst

Hey, thanks already over on just market you on a XX% the Marc. the that for strong the for share. Congrats quarter. dynamics I the regarding have This question. Rudy you is line mentioned reached I taking question market think

same more third US can in trend into given dynamics declined You the how looks provide moving quarter toxin on quarter? and the and color the market that like single-digits Thanks. market

David Moatazedi

is This Rudy. the question for Hi, Thanks David. the on market.

continues whether toxin with data market the market the the overall, a to to be base see our back strong. research our We clip. or within that seeing stepping Just account it's continues healthy conversations we're at grow is

to different Now, are we recognize to are. that different to reports published growth be triangulate what and ultimately have going manufacturers you you're reconciling your from assumptions

coming they will depressed on think the a to point market continues favorable due year on I point to of back of the fact But around a front also that be to that base. the to we're all relatively and that wrap up half a year

we very back half. also So, expect the do tick up of pick the in half seen the a what to year be strong, if front we've not from

Unidentified Analyst

That's Got it. again. helpful. very Thanks

David Erickson

Next question.

Operator

comes with your Please question next Stifel. Our question. proceed with from Annabel Samimy

Annabel Samimy

questions and a that. to kind proxy given Botox my used market bucking guess of lines for of seem so of certainly the player, use Hi. largest we along trend. I you as somewhat to growth that be, were

you're clearly, So, I guess, grabbing market share.

the and look? a you're at market. little of give that seeing share broader now and us or the you're XX% you market I within have that partnered with program Evolus can about but are how bit your the that of for practices might within think that the talking some color is You're XX%, more you,

can So there? give just have ons. maybe us then little follow And a you I Thanks. some color

David Moatazedi

in exactly Annabel, for it's to thanks tell challenging you, individual consistently conversations hear in this out or medical practices first spas growing. question Great. growth. chains anecdotally, I I large the on quarter place. always taking are could within that Look, that a are what's tease practices, market, with

they significant to back that are growing that was boom, were with Of in where the growth the to line but pandemic. they're prior post saw that course, at rate we we're pandemic not a rates

And across our consistent stratify at this country. clip. base the as pretty well we ones as our majority existing that's seeing geographically customers the quarter, customer the from our that the to larger grow continuing that are came see of a growth smaller customers. we And as we're And healthy

that our consumer. $XXX into product. gateway And for is as once It's consumers in the you continue procedure category. When an $XXX existing we're to a program right, we of high. the patients seeing hitting consumer step redemptions the this the well, affordable. demonstrated This they base in very is where And procedure loyalty using back, get all-time the

very metrics confident the strength of in in continue favorably feel market growth. continued point and very all to this So, we that

Annabel Samimy

themselves Okay. And partnered the of itself you're any within sense practices that the share with?

David Moatazedi

Yes.

we quarter. with also a at you As are to gaining toxin growth. where year, XX% we last clearly, And saw year, in last pointed out, grew the category had growth we in just up market you with very this as share healthy the share we clip about not pick year-to-date, continue that as well

we favorable our commit growth. are driver, to for existing confidence willing So, Jeuveau when continue of business of a participate the customers brand where our is in with and to benefits gain key their a they're which more they advertising very see they to trend as especially looking

younger That driver. is generation the growth

to advertising customers as up the more. tiers that Our younger is more purchase they to continues for our move Evolus that generation you targeted our and build

starting of the the focused the it And so we're reflected we're customer uptake. to the the product it's we're with designed both stay cash seeing because in engagement company, and seeing that strategy we've that a in very take market market the confidence to notice different of the benefits selling and field's go

Annabel Samimy

bit And on Okay, maybe the I great. guess tax switching extra little a strength.

label after population So, it leaning done come Board channel to hesitant we've that Advisory data with reconstitute I attempt use, has get you strength. on out. full want I mean, direction off to Is the know to injector steps next and particularly you're consult seems the extra like own isn't any our Scientific the your there drug in? checks or

point? at directions any that in leaning this you're So,

David Moatazedi

Thanks, Annabelle.

we're seeing. right. absolutely exactly You're what That's

pointing put to data, of two already domain, the are the things that and into the remember, it publish are available. presentation is the data, these files the public people commercially really With

it, So set, taking from the it basically doing there. says, they're then there's no it one's to basically really, But pushing and really just this we'll finish And show you us, publish you towards registration. consider take data should saying head-to-head. that know, to group full another

Annabel Samimy

you Okay. Great. Thank so much.

Operator

from Our your with BNP. next question proceed Ty Navann with question. Please comes

Navann Ty

Can thanks acceleration for in QX? us QX on was growth the shares, specific the market Hi, we've in seen steady versus know let And also Botox the the question. market my quarter. QX, stronger taking you share for AbbVie's drivers

from share any take Evolus Thank did like to you So players? switching value toxin Evolus? a you. of seen consumers have trend other And

David Moatazedi

thanks Navann, Yes. for the questions.

with share start our launch, me the when with from Let majority Share. Botox. And of speak Since it's large been has intuitive. you coming customers,

that We about scientifically unique And have gain learning standard. experience the profile, market. precision XXX-kilodalton which the injecting gold the molecule on as offers when you're a advantage believe our that is only brand, unique other the they're We accounts with neurotoxins.

quarter, we continue leader. market not continue it the gain we going naturally, but from that So this just as forward, believe to in will to share, come

half to about relates half has some we think it. think of the comment favorable back I it on year year, it's represent As quarter, fair how the each as the rather it the than to of back dynamics to

combination for us the And of the half from You're have front on we the year continued think exited of We've some second tailwinds. market of we'll that back of the coming And year from a very that obviously our into we've, a you in with strong the momentum base the half accelerated the of depressed that strength from. with lot creates around the last back had half quarter. standpoint, that significant we've where first year. a performance up from wrap

internationally. of nice see we growth top very that, continue On to

between for the strength all Europe three out, very major quarters extra that as in then, only topic meetings, As reviewed is and And you understanding just important one. pointed the the know, seeing and days. we've longevity so in early good a markets data Rui uptake relationship now, in that been is an gets medical we're international at dose

going the confirms are set be an to results and data that duration. final II important relationship Phase dose between Our

that always didn't for through those be had with next. I of what we is getting great board the asking we're combination a in things advisory one Evolus the anticipate the lot It's the the engaged lastly, a and adding to amount portfolio we've us. us excitement that meetings with to then from amount the is would our in confidence excitement back with of gives and technology. investigators, customers what there's half before, quarter we around And year we're be a of hadn't really tremendous we of think speaking product, that was this that half second this of the announcement of a going And back novel

Navann Ty

your international you. in Thank launch actually you far. have it's and also Italy? in key Europe month-long know do so launch, from And recent, been on learnings the any I launches your other

David Moatazedi

them. Germany down in the nice We've key really US. a key we've Yes, in the in is we've which those most the opinion engaged product comes like metrics new that very Austria, it the team Italy. leaders and job opinion we number executing from and now product, markets doing a the recently Clearly Europe taken of we've used to product and the against introduced understand leaders, in learning's, key well those as

we education more invest greater that. the from see do uptake confidence and better we resulting And in

and a space. bring that we establish product company and into new a as we replicate model new So markets, continue we in new this the to brand

markets pleased entered in with the far. thus that the uptake we're So we've seeing we're

Navann Ty

Thank you.

Operator

Our proceed question. next Please Cantor Louise your from question with with Chen Fitzgerald. comes

Louise Chen

Hi, congratulations taking on all the questions. for progress you and my this thank quarter

of don't here, some you first line. to market to like wanted where you opportunities facial think, all, I I looks where I your see be other what's It might So about additional have any competition. ask filler you first

you could other might maybe any unique, out, that that eyes competitive where real seemed have for market curious was So lay first from here and where be example, these to of a that I advantage. just mentioned you opportunities or the really perspective, opportunity if you you

but you what any break potential that? out where to then way then And also, XX% you upsides that secondly, sales, your Thank there, very to that other said much. you put million, products in XX% in international are know if the you on I there's you $XXX are there? how is the of do all think can And grouped

David Moatazedi

Great.

questions in great Some there.

me the start Let with Evolysse.

you we seen felt clinicians' diligence data technology differentiated done science does around very hyaluronic that that hands clinical coming the else we learning the that Evolysse. be initial a significant do globe yield manufactured in to in before market with technology. around as product type today. confident in it did And the we seen. the is we're trials. scientifically the out is this is through clinically plays an What reached had available attributes. acid differentiated globe is expect different product both from know a on technology, No we in anywhere these the a and As agreement play we And fillers We on have out, first-in-class that other cold product of hasn't and it boards future. is not does share didn't Europe the we'll the we these ad we've expect how What in the this this

that and And in that migrate into generally available been clinical many in Europe, trials. because through have unique, is products then there are those US products for the years this market,

before, So the which where been done it around others. a into a largest enters and is technology globe, the market before first-in-class have opportunity to it US, market it introduce enters a unique here this hasn't in we which introduce market the

So we're very excited about that.

David Erickson

on if clinicians good it's a solution. side, in area of to tear this area, interesting but now, approved that just drop add, they still to speak build go you another it's and product right to place unmet conference and Yes, listen to David's is to kind that's an just a where have there

The of certain at trouble a to good but yet a get And built what where is here of can mind. out gels whereby end gel in and able be a balance the order in they into doesn't pressure to area, product typically tend will created tear create which get it lot with with that it swell complications. was these in results to was the restrain did this continue beginning, goal to You the eye current lift but swell, so amount folks exert gel. they trough

area and match is tissue an a indication it about interface. it again, because, we're market, pretty why difficult a it's said So I for was excited a treat, which specialized to to this was purpose-built product

So in a unique we we're, that sense, we product. think quite have

Sandra Beaver

Louise, is Sandra. this Hi,

Let your to me million our guidance. $XXX take relates it long-range question as

XX% said come So that in to roughly international. his XX% to as expect we the of revenue David script, $XXX from million,

know, market our the international the you strictly As products, is Nuceiva only. toxin

it million call that the our to on track that million think is are to we've XX well And So going associated launch product plan if of make comfortable number we're XXX Nuceiva sort US. that on with to of outside elaborated from I come and very number. that

a a the XXX of, million And you to just The adding portfolio. filler by remaining give mentioned, size the as US. to comes from sense product we've our market increased XX% by

at or that revenue markets a on grow single give XXX US addressable take. million the We're in $X looking the next over five expecting a healthily high going we're market, both be billion right? digit numbers So years number,

XXX raised very of on million announcement raise we about with to That that a the at there we deal, the incremental XXX when compared Reflected XXX Tocsin and to modest have was the long-range another equates Filler that XXX. share now. Tocsin Filler the our guidance share guidance. So is contributing to gain a

we're tailwinds in number beat see could extra that we've healthy even So market. been traction further getting the positioned seeing the being coming from as see that of or of strength in of back the that half the we year, growth rates, back to ourselves the market associated knowing very with opportunity this achieve on well some those we and

toxin we've in we XXXX the projections the associated from from get far cadence products the how as a product lot vaccine conservative our XXXX. adoptions launch course the look that in a of XXXX out ramp those typically well far As as is revenue occur those Evolysse the do launching view when been product we as to and launch over US about of to to taken very with to have on we concerned, a we've as thoughtful and the expect

Louise Chen

Thank you.

Operator

your Our next Tsao with Wainwright. comes proceed Please from H.C. question with Doug question.

Doug Tsao

other David, but Thanks you're curious, across questions. account some feel target I or feel you afternoon. a over-indexing? base, the have good mean for I'm demographics. taking Hi, like and that well millennials guess, I I you're doing like are key your taking the mean, segments patient market for for by it you you been where any maybe like share particularly customers sounds obviously, time. there And

of as where any sort really you be might just to some advantage? color So driving competitive

David Moatazedi

Doug. a Yes. question, It's good

to within we From standpoint, this continue and younger deeper a demographic. right. penetrate consumer You're faster

continues Our neurotoxin I in very loyalty program aligns headed. bodes younger. think to patients we've a that our advertising a is been And in consumer's in or positioned This driver differentiated all brand of millennial to It are with be is the such as our it's where very primarily in also mind. that our are younger brand, consumer practices investment well the how much that And of key placing. our advertising. generation's and

look very diverse. business the interesting, What's it's you though, U.S., also at our when across

broad-based of this clinics, heavily continue XX,XXX we're course. we And Now any area, adoption so of over-index don't in we in one brand. to see

with third brand that penetration now is have and Now, market about in our the not despite we two-thirds of market. we the all this category under-index currently a product, We're where only of in that, using is Jeuveau. the

high wider. phase added. hit saw quarter last runway since And So we of initial all-time this continue for the an lot see our you to accounts of that to brand a new we go launch

model, business practices with interest drove a that It ways are the of grow our wasn't primarily of the driven believe that the and ways differently. at to in in we're that. business was differentiation what that field looking to how specific they're incentive in market we're looking that for doing by and other speaks companies. overall We doing There partnering

Our up number cash that that's has differently a of proposition pay do opened slow. a us. with believe we opportunities that continued trend And to business won't

Doug Tsao

And follow-up. David, just one

two-thirds penetration, your seems business, there is given improve Thank there can starting that of over not In those account something terms think growth has you be the you. you where is past? of time? the anything to anything currently progress, market that that or it the some limited quarter is you make for occur you like but doing this you're just may in to will customers do And

David Moatazedi

on that Rui, Jeuveau. fourth data we've number now data the The between data approval noise is things. one. a its since the the emerging new millennial market, year the been millennial data the bit from And well now Yes, published, study as unit published, we this there's quite podium with published, the a as dose, on significant. That's XX the the in we team of number R&D generated and male product in has of under data it's

the podium. our most The second were we the and are understanding more in medical Jeuveau summer, as brand. presenters this from opinion product. a of sat of to being that's engaged and precision profile key becoming is listened At They're more and on the speaking we brand most referenced unique with about mentioned that meeting leaders the the recent room the stage

to-date. happened hadn't That

podium the at medical shifting I as meetings the believe from momentum the So do well. is

key So is driver. a a combination of both

are, then taking of has key aware really fact the they we're from them a the of generation are future in announcement one those company. of in want and technology that others of Evolysse where a are And lastly, this engagement new further some the be even is to resulted the leaders currently that opinion part those Evolysse trials, of with recent of

all we've believe of couple And over build on these are factors that to demonstrated that are of that execution the the continue I last catalysts that years. do

Doug Tsao

progress. on congrats the you and Great. Thank

David Moatazedi

Thank you.

Operator

comes with Our proceed with Needham from Serge Belanger question. next question Company. your Please &

Serge Belanger

for Hi, good afternoon, my questions. and taking thanks

on Jeuveau. is one the pricing First of

any product during maybe to there's Just your products? stand competitor those where pricing half if and the year, first changes of pricing the relative the on curious been

David Moatazedi

certainly to that Sure. amongst stable be any don't think evolved Well, standpoint. the market. we pricing continue hasn't has in this from It very benefit pricing continued seeing from market a you're very manufacturers. favorable And wars to significantly. I

environment, not though, and at increases On we're seeing much the least evolving flip a side, seeing either year-to-date. you're price favorable yet not But the in market, it's there.

Serge Belanger

in to And you've the market U.S.? European, you exists the ongoing in Europe? think repeat obviously been How same done to Okay. in successful the opportunity at going the the you've look overall outperforming doing what Do back U.S. at European then trends. do the that launch, you

David Moatazedi

and the would which as as neurotoxin. Yes, as they're that And first the we spent in that very the in trialing there's now is quarters that getting market, do. important United I been which really has And the experience stage we tremendous getting markets we've is realistic, an we're in with of time Europe same expect trial three experience product Germany only a interest say, the Having to is Italy. look, in be new a stage States, in favorable. U.K., some launched, new for any the to amount entering. well in neurotoxin the they're

of the a like time. have of course, building in U.S., Now, takes little we it bit a business

right takes meaningful to And it. from and talent, right continuing so start created And the the value you gets to do over it time. that see focus, that

than three the So quarters on our first two and quarters into our third. in Europe, market, I think track a our market, we're albeit less right second into quarter into

and still but team accomplishing. good it's about early feel very the days, So what they're we

Serge Belanger

Thanks.

Operator

Our comes with next with question. question Barclays. Please Balaji your Prasad proceed from

Unidentified Analyst

Michaela is Balaji. questions. on This taking Thanks for Hi. for our [ph]

up thinking so following how reach how to filler And filler Thanks that you you are RHA how thinking, about line, competition into Just of ahead, fillers? will this portfolio would commercial Evolysse you compare line looking on your fit once stage? the like much.

David Moatazedi

on me the side differences. Let read a have comment product

on We're just Rui his filler announced know, deal pleased deliver we the in team an we the of of it as the in and taking clinical think process made, FDA, the development I approval to and XXXX. quarter. the and in has that the the as our all the really feel now second with you we're and progress quarter, within overall, in with ability team very over relates the confident to exchange

Secondly, scientific investigators the itself, we're how the that, a on with and plans, establishing lot still of working XXXX, of to data the a of to do right? launch expected preparing work in in story, have capturing the we early data. our stages With present that

bit work loyalty program. leveraging. develop infrastructure be the The in importantly, of a quite And digital But force, the what do it's we order have to sales the that the consumer we will we is and to have infrastructure. do So footprint, it.

brand look of details further the I'll year and So enter can about us we But commercial closer commercialization. market the forward bit apprising to differences you how let in thinks market of to little product. to this next about bring Rui as you we how talk a

Rui Avelar

Sure.

of appropriate how to shouldn't the compare data In you does you to have it. about compare unless compare you answer RHA, it terms when is ask

So RHA. we product compared our haven't to

We however, market product compared the and our two Restylane. And which represented of market are have, is to Juvéderm the Restylane. one leaders leaders, those, by

compares find and data NLF, now, Europe. Europe we there preliminary is to as some showing we then And European submissions we're seeing in right statistical be That's used superiority months. it six that's that's list for in well. instance, studies, In experience. head-to-head in the have So a And the also almost at back baseline. it's go for is twice going long to that early what study the to three really

outlined the are with trials leaders active U.S. now, as Restylane. large trials against the one of then And controls right

Unidentified Analyst

so Thanks much.

Operator

for the to to of end I like back turn over closing the answer and session. the question would remarks. management reached have call We now

David Moatazedi

operator. you, Thank

to replay joining today. have We website us. portion you our of call, posted be additional appreciate in a to questions. interest for we'll this Evolus later missed If available any your be everyone you will Thanks if

Operator

conference. today's concludes This

at thank You you this time disconnect we your lines your and participation. may for

Evolus (EOLS) 2 Aug 232023 Q2 Earnings call transcript