EOLS - Evolus hits four-month high as early 2022 results exceed expectations

Botox maker Evolus, Inc. ( NASDAQ: EOLS ) added ~16% on Wednesday to reach the highest level since September after the company pre-announced its Q4 and full-year results for 2022, exceeding Wall Street forecasts.

Based on preliminary unaudited results, Evolus ( EOLS ) expects its Q4 and full-year 2022 net revenue to reach ~$43.6M and $148.6M with ~26% YoY and ~49% YoY growth compared to ~$43.2M and ~$148.4M in the consensus, respectively.

The company said that Q4 outperformance was mainly due to slightly higher average selling prices and higher volumes from market share gains.

During the year, Evolus ( EOLS ) has added over 2,500 new accounts, expanding the number of purchasing accounts to more than 6,500. The cash and equivalents have approached $53.9M at the year-end, with the second tranche of $50M from the existing credit facility with Pharmakon Advisors remaining undrawn.

The company projects $180 – $190M in net revenue for 2023 and $500M in organic revenue by 2028 with ~22% CAGR.

The company also expects profitability and positive adj. operating income in Q4 2023 and plans further international expansion into more European countries in 2023 with marketing approval for Nuceiva in Australia.

“We expect to grow two to three times faster than the market in the U.S. and expand our international presence, which will generate total net revenue of between $180 million and $190 million,” Chief Executive David Moatazedi remarked.

Seeking Alpha contributor Busted IPO Forum noted in September that Evolus ( EOLS ) seemed to approach profitability in 2024.

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