Revenue grows 7% year over year to $73.1 million as the company advances toward full-year profitability and sustained double-digit growth
Evolus, reported strong financial and operational performance for the first quarter of 2026, marking a notable continuation of its profitability trajectory and reinforcing confidence in its long-term strategic direction. The company delivered its second consecutive quarter of positive adjusted EBITDA, a key milestone that highlights improving operating efficiency and sustained business momentum. At the same time, Evolus reaffirmed its full-year 2026 financial outlook, signaling stability and confidence despite broader macroeconomic and industry challenges.
Strong Start to 2026 with Revenue Growth and Profitability Progress
During the first quarter ended March 31, 2026, Evolus generated total net revenues of $73.1 million. This represents a 7% increase compared to the same period in 2025, demonstrating steady growth even against a particularly strong prior-year quarter. The company’s ability to expand revenue in what is typically a seasonally weaker quarter underscores the resilience of its business model and the consistent demand for its product portfolio.
A key highlight of the quarter was the company’s achievement of positive adjusted EBITDA of $0.6 million. This marks the second consecutive quarter of profitability on this metric, a significant turnaround from the $5.5 million loss reported in the first quarter of 2025. The improvement reflects a combination of revenue growth, disciplined cost management, and enhanced operating leverage.
Despite still reporting a GAAP operating loss of $6.8 million, this figure represents a substantial improvement compared to the $15.2 million loss recorded in the same period last year. The narrowing of losses further demonstrates the company’s ongoing transition toward sustained profitability.
Leadership Perspective on Performance and Strategy
David Moatazedi, President and Chief Executive Officer of Evolus, emphasized the importance of the company’s performance in the context of its long-term strategy. He noted that achieving profitability in the first quarter—traditionally the company’s lowest revenue period—provides strong validation of Evolus’ operating model and the structural improvements implemented in 2025.
According to Moatazedi, these improvements have enhanced efficiency across the organization and positioned the company to deliver full-year profitability in 2026. He highlighted that consistent execution, combined with a focus on scalable growth, has strengthened the company’s foundation and increased confidence in its financial outlook.
Product Portfolio Driving Growth
Evolus continues to benefit from strong demand across its core product offerings, particularly its flagship neurotoxin product, Jeuveau®. The company reported solid unit growth for Jeuveau® across both U.S. and international markets, reflecting sustained customer interest and expanding market penetration.
Looking ahead, Evolus expects high single-digit growth for Jeuveau® in the first half of 2026, supported by favorable market dynamics and continued customer engagement. This growth is anticipated to contribute to double-digit total revenue growth for the full year.
In addition to Jeuveau®, the company’s Evolysse® line of injectable hyaluronic acid (HA) gels is gaining traction. These products are helping Evolus expand its presence within existing customer accounts and increase its overall share of wallet. The growing adoption of Evolysse® highlights the company’s success in diversifying its portfolio and strengthening its competitive position in the aesthetics market.
Expanding Customer Base and Engagement
Evolus demonstrated continued momentum in customer acquisition and engagement during the first quarter. The company added nearly 500 new purchasing accounts, bringing the total number of customers who have purchased its products to more than 18,100 since launch.
Of these customers, approximately 3,500 have purchased Evolysse® products, contributing to U.S. account penetration exceeding 60%. This level of penetration indicates strong acceptance of the company’s newer offerings and effective cross-selling within its customer base.
Customer retention also remains strong, with reorder rates at approximately 71%. This high level of repeat purchasing reflects customer satisfaction, consistent product performance, and the effectiveness of Evolus’ commercial strategy.
Growth of Digital Platform and Loyalty Program
A key component of Evolus’ growth strategy is its digitally enabled commercial platform, which continues to scale effectively. Central to this platform is the Evolus Rewards™ loyalty program, which has seen substantial growth.
During the first quarter, membership in the program increased by nearly 75,000, bringing the total to approximately 1.5 million members. This represents a 27% increase compared to the first quarter of 2025.
The program also achieved record engagement levels, with over 255,000 redemptions during the quarter. Notably, approximately 70% of patients returned for repeat treatments, indicating strong consumer loyalty and ongoing demand independent of broader market fluctuations.
Financial Performance Details
Evolus’ financial results reflect both revenue growth and improved cost management. Of the $73.1 million in total net revenues, $66.4 million came from global toxin sales, while $6.7 million was generated from HA gel products.
The company reported a gross profit margin of 66.9% and an adjusted gross profit margin of 68.0%. These margins demonstrate the company’s ability to maintain profitability while scaling its operations.
Operating expenses remained relatively stable, with GAAP operating expenses totaling $55.7 million, compared to $55.1 million in the previous quarter. Non-GAAP operating expenses decreased to $49.1 million from $53.0 million, reflecting improved cost efficiency.
As of March 31, 2026, Evolus held $49.8 million in cash and cash equivalents, slightly down from $53.8 million at the end of 2025. However, the company also has access to approximately $120 million in additional capital, providing ample liquidity to support its growth initiatives.
Reaffirmed Full-Year 2026 Outlook
Evolus reaffirmed its full-year 2026 guidance, maintaining expectations for strong growth and continued profitability improvements. The company projects total net revenues between $327 million and $337 million, representing growth of 10% to 13% compared to 2025.
Adjusted gross profit margins are المتوقع to range between 65.5% and 67.0%, reflecting a balanced approach to revenue mix and margin optimization. Non-GAAP operating expenses are expected to be between $210 million and $216 million, indicating modest growth and continued cost discipline.
The company also expects its Evolysse® and Estyme® HA gel products to contribute 10% to 12% of total revenue for the year. This includes ongoing U.S. commercialization of Evolysse® products, the anticipated European launch of Estyme®, and the expected U.S. approval of Evolysse® Sculpt later in 2026.
Overall, Evolus aims to achieve a low- to mid-single-digit adjusted EBITDA margin for the full year, marking a significant step toward sustained profitability.
Strategic Initiatives and Pipeline Developments
Evolus continues to advance key strategic initiatives aimed at expanding its global presence and product portfolio. One major milestone is the planned launch of four injectable HA gels under the Estyme® brand in Europe, scheduled for mid-May 2026.
Additionally, the company is anticipating U.S. regulatory approval for Evolysse® Sculpt in the fourth quarter of 2026. While this product is not included in current revenue guidance, its potential approval represents a significant growth opportunity.
These initiatives align with Evolus’ broader strategy of building a diversified, global performance beauty company with a strong portfolio of differentiated products.
External Factors and Risk Considerations
The company also addressed potential external challenges, including new tariff policies. In April 2026, the White House announced a 15% tariff on patented pharmaceuticals imported from South Korea, which could affect Jeuveau® starting in late September.
Evolus noted that it has flexibility to mitigate the impact of this tariff due to the product’s three-year shelf life and manufacturing capacity. The company is actively evaluating strategies to minimize potential financial and operational effects.
Additionally, Evolysse® products imported from France are currently subject to a 10% tariff, which the company is also managing as part of its broader cost strategy.
Long-Term Outlook Through 2028
Looking beyond 2026, Evolus provided an updated long-term outlook extending to 2028. The company projects total net revenues between $450 million and $500 million, representing a compound annual growth rate (CAGR) of 15% to 19% over three years.
Adjusted EBITDA margins are expected to reach 13% to 15% by 2028, reflecting continued operating leverage, portfolio expansion, and market share gains.
This outlook is based on current market conditions, anticipated product launches, and ongoing international expansion efforts. Evolus remains focused on executing its strategy while adapting to evolving industry dynamics.
Evolus’ first-quarter 2026 results highlight a company in transition—from growth-focused operations to a more balanced model that combines expansion with profitability. The achievement of consecutive positive adjusted EBITDA, combined with steady revenue growth and strong customer engagement, underscores the effectiveness of its strategy.
With a growing product portfolio, expanding global presence, and disciplined financial management, Evolus is well-positioned to deliver on its full-year targets and long-term ambitions.
About Evolus, Inc.
Evolus (NASDAQ: EOLS) is a global performance beauty company redefining the aesthetic injectable market for the next generation of beauty consumers through its unique, customer-centric business model and innovative digital platform. Our mission is to become a global leader in aesthetics anchored by our flagship products: Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse®, a collection of unique injectable hyaluronic acid (HA) gels
