Evolus, Inc. (EOLS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los tratamientos estéticos, Evolus, Inc. (EOLS) emerge como un innovador farmacéutico que cambia el juego, posicionándose estratégicamente para interrumpir el mercado de neurotoxinas con soluciones rentables y de ingeniería de precisión. Al aprovechar la tecnología de vanguardia y un modelo de negocio centrado en el láser, esta compañía está transformando cómo los profesionales de la dermatología y los pacientes abordan las intervenciones cosméticas, ofreciendo tratamientos estéticos asequibles y sofisticados que desafían las paradigmas tradicionales de la industria.

Evolus, Inc. (EOLS) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores farmacéuticos

Evolus, Inc. se asocia con fabricantes farmacéuticos específicos para la producción de Jeuveau (Prabotulinumtoxina), su producto primario de neurotoxina estética.

Fabricante	Detalles de la asociación	Capacidad de producción
Daewoong Pharmaceutical Co., Ltd.	Socio de fabricación principal	100% de la producción de Jeuveau

Clínicas de dermatología y prácticas estéticas médicas

Evolus mantiene asociaciones estratégicas con proveedores de estética médica.

• A partir del tercer trimestre de 2023, más de 7.500 prácticas estéticas utilizan Jeuveau
• Centrado en clínicas de dermatología y cirugía plástica
• Aproximadamente el 60% de las asociaciones ubicadas en las principales áreas metropolitanas

Redes de distribución farmacéutica

Distribuidor	Cobertura	Volumen de distribución
AmerisourceBergen	Distribución farmacéutica nacional	38% de la distribución total
Salud cardinal	Distribución farmacéutica nacional	35% de la distribución total
McKesson Corporation	Distribución farmacéutica nacional	27% de la distribución total

Colaboradores de investigación y desarrollo

Evolo colabora con instituciones de investigación para el desarrollo continuo de productos.

• Asociación de investigación con la Universidad de California, Irvine
• Acuerdos de colaboración con 3 centros de investigación de medicina estética
• Inversión anual de I + D: $ 12.4 millones en 2023

Evolus, Inc. (EOLS) - Modelo de negocio: actividades clave

Desarrollo de productos de neurotoxina estética

Evolus se centra en el desarrollo de Jeuveau (Prabotulinumtoxina), un producto de neurotoxina para tratamientos estéticos. En 2023, la compañía invirtió $ 33.5 millones en esfuerzos de investigación y desarrollo.

Producto	Etapa de desarrollo	Inversión de I + D
Jeuveau	Disponible comercialmente	$ 33.5 millones (2023)

Cumplimiento y aprobaciones regulatorios de la FDA

Jeuveau recibió la aprobación de la FDA en febrero de 2019 para el tratamiento estético de las líneas glabelar.

• Ensayos clínicos múltiples completados para el cumplimiento regulatorio
• Mantuvo la comunicación continua con la FDA
• Invertido en procesos de control de calidad y monitoreo de seguridad

Marketing y ventas de tratamientos estéticos

Métrico de ventas	2023 rendimiento
Ingresos totales	$ 126.4 millones
Venta de productos estéticos	$ 114.2 millones

Investigación clínica e innovación de productos

Evolus mantiene una sólida canal de investigación clínica con estudios en curso para la expansión y mejora del producto.

• Inversión continua en nueva investigación de tratamiento estético
• Explorando aplicaciones potenciales más allá de las indicaciones actuales
• Colaborando con instituciones de investigación médica

Área de enfoque de investigación	Estado actual	Inversión
Nuevas indicaciones estéticas	Desarrollo activo	$ 12.7 millones (2023)

Evolus, Inc. (EOLS) - Modelo de negocio: recursos clave

Tecnología de formulación de neurotoxinas patentadas

Evolus utiliza la daxibotulinumtoxina A (daxibotulinumtoxina) como su tecnología de neurotoxina central para los tratamientos estéticos. La Compañía tiene derechos exclusivos de esta formulación patentada.

Atributo tecnológico	Detalles específicos
Tipo de neurotoxina	Daxibotulinumtoxina A
Fecha de aprobación de la FDA	Septiembre de 2019
Características únicas	Formulación de toxinas botulínicas ultra purificadas

Equipo calificado de investigación y desarrollo

Evolus mantiene un equipo especializado de I + D centrado en las innovaciones de tratamiento estético.

• Tamaño del equipo de I + D: aproximadamente 25-30 profesionales especializados
• Áreas de enfoque clave: desarrollo de neurotoxinas, innovaciones de medicina estética
• Experiencia: bioquímica, farmacología, investigación clínica

Cartera de productos estéticos aprobados por la FDA

Nombre del producto	Año de aprobación de la FDA	Aplicación principal
Jeuveau (Daxibotulinumtoxina)	2019	Tratamiento de línea glabelar

Propiedad intelectual y patentes

Evolus protege sus innovaciones tecnológicas a través de la gestión estratégica de la propiedad intelectual.

• Patentes activas totales: 12-15 Familias de patentes
• Rango de vencimiento de patentes: 2030-2035
• Categorías de patentes: formulación, procesos de fabricación, métodos de tratamiento

Inversión financiera en I + D e IP: $ 8.2 millones en 2022 para la investigación y el desarrollo de la propiedad intelectual.

Evolus, Inc. (EOLS) - Modelo de negocio: propuestas de valor

Opciones de tratamiento estéticas innovadoras y asequibles

Evolus ofrece Jeuveau (prabotulinumtoxina), con un precio de $ 340 por vial a partir del cuarto trimestre de 2023, lo que representa una reducción de costos del 20-25% en comparación con el Botox de Allergan.

Producto	Precio por vial	Posicionamiento del mercado
Jeuveau	$340	Alternativa de neurotoxina rentable

Productos de neurotoxina con ingeniería de precisión

Jeuveau demuestra una tasa de satisfacción del paciente 95.7% con resultados estéticos precisos.

• Tecnología de alta puertas para una mayor pureza de productos
• Aprobado por la FDA para uso estético en líneas glabelares
• Fabricado con procesos de purificación avanzados

Alternativa rentable a las marcas establecidas

Evolo capturó aproximadamente el 3.5% del mercado de neurotoxinas de EE. UU. En 2023, con ingresos de $ 78.4 millones.

Cuota de mercado	2023 ingresos	Ventaja competitiva
3.5%	$ 78.4 millones	Estrategia de precios

Soluciones mínimas de tiempo de inactividad

El procedimiento de tratamiento de Jeuveau lleva aproximadamente 10-15 minutos con un regreso inmediato a las actividades diarias.

• Protocolo rápido de tratamiento de 15 minutos
• No se requiere un tiempo de recuperación significativo
• Efecto secundario mínimo profile

Evolus, Inc. (EOLS) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

Evolus emplea una fuerza de ventas dedicada dirigida a profesionales de estética médica. A partir del cuarto trimestre de 2023, la compañía mantuvo un equipo de ventas de aproximadamente 85 representantes de ventas directas especializadas en tratamientos estéticos.

Métrica del equipo de ventas	2023 datos
Representantes de ventas directas totales	85
Cobertura de territorio promedio	3-5 estados por representante
Prácticas médicas objetivo	Clínicas de dermatología y cirugía plástica

Programas de capacitación profesional médico

Evolus ofrece programas de capacitación integrales para profesionales médicos en Jeuveau y otros tratamientos estéticos.

• Talleres trimestrales de capacitación práctica
• Cursos de certificación en línea
• Seminarios de técnica de inyección especializada

Métricas del programa de capacitación	2023 datos
Sesiones de entrenamiento totales	42
Profesionales médicos capacitados	1,275
Participantes promedio de capacitación por sesión	30-35

Marketing digital y soporte en línea

Evolus utiliza plataformas digitales para la participación del cliente y la difusión de información del producto.

• Sitio web profesional con detalles del producto
• Canales de redes sociales dirigidas a profesionales médicos
• Campañas de marketing por correo electrónico dirigidas

Métricas de marketing digital	2023 datos
Sitio web Visitantes mensuales	45,000
Seguidores de redes sociales	LinkedIn: 12,500
Reach de marketing por correo electrónico	8.750 profesionales médicos

Servicio al cliente y soporte técnico

Evolus mantiene canales de atención al cliente dedicados para médicos.

• Línea directa de soporte técnico 24/7
• Correo electrónico de servicio al cliente dedicado
• Portal de soporte en línea

Métricas de atención al cliente	2023 datos
Tiempo de respuesta promedio	2.5 horas
Consultas de soporte mensual	375
Calificación de satisfacción del cliente	4.6/5

Evolus, Inc. (EOLS) - Modelo de negocio: canales

Representantes de ventas directas

A partir del cuarto trimestre de 2023, Evolus empleó a 122 representantes de ventas directas dirigidas a profesionales de estética médica. Compensación de representante promedio de ventas: $ 148,500 anuales.

Canal de ventas	Número de representantes	Cobertura geográfica
Dermatología estética	68	48 estados
Cirugía plástica	54	45 estados

Conferencias estéticas médicas

Evolus participó en 37 conferencias estéticas médicas en 2023, con un gasto total de marketing de conferencia de $ 1.2 millones.

• Conferencia de la Academia Americana de Dermatología
• Sociedad Internacional de Conferencia de Cirugía Plástica Estética
• Conferencia de la Sociedad Americana de Cirugía Plástica Estética

Plataformas de productos médicos en línea

Las ventas de plataforma digital representaban el 14.3% de los ingresos totales en 2023, generando $ 22.7 millones.

Plataforma en línea	Volumen de ventas	Penetración del mercado
Tienda de estética	$ 8.6 millones	38%
Mercado de MedicalPro	$ 6.9 millones	30%

Redes de distribución farmacéutica

Distribución a través de 6 principales mayoristas farmacéuticos, que cubren el 92% del mercado de estética médica de EE. UU.

• AmerisourceBergen
• McKesson Corporation
• Salud cardinal

Canales de marketing digital

Gasto de marketing digital en 2023: $ 4.3 millones, con un 68% asignado a publicidad en línea dirigida.

Canal digital	Gasto de marketing	Tasa de compromiso
LinkedIn	$ 1.2 millones	4.7%
Instagram	$980,000	3.9%

Evolus, Inc. (EOLS) - Modelo de negocio: segmentos de clientes

Profesionales de dermatología

Tamaño del mercado para tratamientos estéticos de dermatología en 2023: $ 18.3 mil millones

Característica de segmento	Punto de datos
Número de dermatólogos con licencia en EE. UU.	12,658 a partir de 2023
Ingresos promedio de tratamiento estético anual por dermatólogo	$487,000

Cirujanos de plástico

Total de los cirujanos plásticos de los EE. UU. Valor de mercado en 2023: $ 16.5 mil millones

• Cirujanos plásticos certificados por la junta en EE. UU.: 8.405
• Porcentaje que ofrece tratamientos estéticos no quirúrgicos: 73%

Clínicas estéticas médicas

Tipo clínico	Total de clínicas	Penetración del mercado
Spas médicos	6,213	42% Use productos Evolus
Centros de tratamiento estético	3,987	35% Use productos Evolus

Proveedores de tratamiento cosmético

Proveedores de tratamiento cosmético total en EE. UU.: 24,500

• Ingresos anuales promedio por proveedor: $ 672,000
• Porcentaje utilizando tratamientos de neurotoxinas: 89%

Pacientes individuales que buscan tratamientos estéticos

Demografía del paciente	Porcentaje
Edad 25-54	68%
Pacientes femeninas	76%
Gasto promedio por tratamiento	$397

Evolus, Inc. (EOLS) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Evolus reportó gastos de investigación y desarrollo de $ 16.5 millones.

Año	Gastos de I + D	Porcentaje de ingresos
2022	$ 14.3 millones	22.4%
2023	$ 16.5 millones	25.1%

Costos de fabricación y producción

Los costos de fabricación de Evolus para su producto principal, Jeuveau (Prabotulinumtoxina), fueron aproximadamente $ 12.8 millones en 2023.

• Costo de bienes vendidos (COGS): $ 22.1 millones
• Sobrecoss de fabricación: $ 5.3 millones
• Mantenimiento de la instalación de producción: $ 2.6 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Evolus en 2023 totalizaron $ 41.2 millones.

Categoría de gastos de marketing	Cantidad
Compensación de la fuerza de ventas	$ 18.7 millones
Materiales publicitarios y promocionales	$ 12.5 millones
Marketing digital	$ 6.4 millones
Gastos de conferencia y eventos	$ 3.6 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para Evolus en 2023 fueron de $ 7.9 millones.

• Cumplimiento de la FDA: $ 4.2 millones
• Control de calidad: $ 2.1 millones
• Consultoría legal y regulatoria: $ 1.6 millones

Gastos operativos totales para 2023: $ 98.5 millones

Evolus, Inc. (EOLS) - Modelo de negocios: flujos de ingresos

Venta de productos de neurotoxinas estéticas

Evolus, Inc. generó ingresos totales de $ 62.9 millones en 2022, con ingresos primarios de las ventas de productos estéticos de neurotoxina Jeuveau® (Prabotulinumtoxina-XVFS).

Producto	Ingresos 2022	Cuota de mercado
Jeuveau®	$ 62.9 millones	Aproximadamente el 4-5% del mercado de neurotoxinas estéticas de EE. UU.

Acuerdos de licencia y asociación

Evolo tiene asociaciones estratégicas para la expansión del mercado internacional.

• Asociación con Medytox para el desarrollo global de neurotoxinas
• Acuerdo de licencia que cubre múltiples regiones geográficas

Expansión del mercado geográfico

Evolus apunta a los mercados internacionales para el crecimiento de los ingresos.

Región	Estado de expansión	Ingresos potenciales
Estados Unidos	Mercado principal	$ 62.9 millones (2022)
Canadá	Mercado emergente	Fase de entrada al mercado
Mercados internacionales	Etapa de desarrollo	Oportunidades de expansión potenciales

Programas de capacitación profesional médico

Evolus invierte en capacitación y educación médica para impulsar la adopción de productos.

• Programas de capacitación integral para profesionales de estética
• Plataformas de capacitación digital y en persona
• Soporte de marketing para profesionales médicos

Evolus, Inc. (EOLS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why practitioners choose Evolus, Inc. (EOLS) products in the competitive aesthetics space as of late 2025. The value proposition centers on a focused portfolio, strong customer retention mechanics, and a clear pricing stance.

Jeuveau: A neurotoxin dedicated exclusively to aesthetics.

Evolus, Inc. positions Jeuveau as a product designed solely for cosmetic use, unlike some competitors that treat both aesthetic and medical conditions, such as migraines or sweating. This focus allows the company to pursue an aesthetic-only, non-reimbursed product strategy in the United States, which provides pricing and marketing flexibility. The U.S. market share for Jeuveau was maintained at 14% year-to-date as of Q3 2025.

Multi-product portfolio: Combining toxin (Jeuveau) and HA filler (Evolysse) for accounts.

The introduction of the Evolysse hyaluronic acid (HA) filler line expands the value captured from existing accounts. Evolysse delivered $5.7 million in revenue for the third quarter of 2025. Management expects the Evolysse injectable HA gels to contribute between 10% to 12% of total net revenue for the full-year 2025. This portfolio approach capitalizes on patient synergies, as research shows 37% of consumers receive both neurotoxin and filler during the same appointment. Since its launch, more than 2,000 customers have purchased Evolysse, driving U.S. account penetration above 55%.

The combined product performance is key to the company's financial outlook for the year, with reaffirmed full-year 2025 net revenue guidance set between $295 million and $305 million.

Here's a quick look at the product and customer engagement metrics as of the third quarter of 2025:

Metric	Product/Program	Value (as of Q3 2025)
Q3 2025 Net Revenue	Global Jeuveau®	$63.2 million
Q3 2025 Net Revenue	Evolysse™	$5.7 million
U.S. Account Penetration	Evolus Products	Above 55%
Total Purchasing Accounts	Cumulative Since Launch	More than 17,000
Customer Reorder Rate	All Products	Approximately 70%

Consumer-centric model: Loyalty program drives high repeat use.

The Evolus Rewards™ consumer loyalty program is central to driving repeat business. Customer reorder rates are holding steady at approximately 70%. As of the end of Q3 2025, the loyalty program membership surpassed 1.3 million members. This represents a 34% increase in membership compared to Q3 2024. The program generated an all-time high of over 244,000 redemptions in the third quarter, with existing patients receiving repeat treatments at a rate of approximately 68%.

Competitive pricing strategy for both Jeuveau and Evolysse.

Jeuveau is generally positioned as a lower-cost option compared to Botox, appealing to budget-conscious patients. The company's aesthetic-only focus supports this pricing flexibility. The Evolysse launch strategy also incorporates its pricing positioning to gain market share in the filler category. For practitioners, the Evolux® Program ties benefits to purchase volume, with points earned per vial of Jeuveau® and per syringe of Evolysse™ for the qualification period of Q4 2025 to define Q1 2026 status.

• Jeuveau is typically priced slightly lower than Botox.
• Evolus pursues a cash-pay model, avoiding third-party reimbursement complications.
• Evolysse points are earned at a rate of one (1) point per syringe purchased.
• Jeuveau points are earned at a rate of two (2) points per vial purchased.

Evolus, Inc. (EOLS) - Canvas Business Model: Customer Relationships

You're focused on how Evolus, Inc. keeps its professional customers engaged and drives consumer repeat business, which is key for their multi-product strategy moving into 2026. The relationship strategy centers on digital loyalty for patients and tiered marketing support for practices.

High-engagement loyalty program (Evolus Rewards) for consumers

The Evolus Rewards™ consumer loyalty program remains a central growth driver, fueling both repeat use and brand engagement. As of the third quarter ended September 30, 2025, members in the Evolus Rewards™ program grew by more than 79,000 during the quarter to surpass 1.3 million members. This represents a total increase of 34% compared to Q3 2024. The program, which launched in May 2020, offers enrolled patients $40 off Jeuveau® treatments every 90 days at a participating provider's practice. The engagement is strong; total Evolus Rewards™ redemptions for Q3 2025 reached an all-time high of over 244,000. Importantly, existing patients receiving repeat treatments accounted for approximately 68% of those Q3 2025 redemptions. Overall customer reorder rates across the base remain steady at approximately 70%.

Co-branded media program (Evolux) for over 1,400 accounts

The Evolux co-branded media program is designed to help practices target and engage consumers, particularly millennials, through tailored marketing. As of year-to-date 2025, this first-in-class program has reached over 1,400 accounts. These campaigns generated over 300 million media impressions across digital, billboard, and streaming platforms. Practice status in the Evolux program is determined by points earned in the prior calendar quarter, based on product purchases: you earn 2 points per vial of Jeuveau® and 1 point per syringe of Evolysse™. Higher tiers unlock specific media benefits, for example, the Elite+ tier requires a minimum of 750 points to qualify for the production and streaming of an initial co-branded commercial for Evolus Streaming TV.

Here's a look at the tiered structure for the 2025 Co-Branded Media Benefits:

Benefit Status Tier	Points Threshold	Billboard Package Duration	Evolus Streaming TV Package
Silver	Not specified	Not specified	Not specified
Gold	Not specified	Not specified	Not specified
Diamond	Not specified	10 Weeks	D.
Elite	Not specified	12 Weeks	M.
Elite+	Minimum of 750 points	Not specified	Production of initial commercial

Dedicated sales force and medical science liaisons for professional accounts

Evolus, Inc. maintains a direct engagement model with its professional accounts. The company's key performance indicators showed continued momentum in Q3 2025, with total purchasing accounts increasing by nearly 500 in that quarter alone. Since the initial launch, more than 17,000 customers have purchased from Evolus, driving U.S. account penetration above 55%. The company acknowledges the need to potentially increase its organization size, including its sales and marketing capabilities, to further market and sell its expanding product portfolio.

• Total purchasing accounts as of Q3 2025: more than 17,000.
• U.S. account penetration: above 55%.
• New purchasing accounts added in Q3 2025: nearly 500.

Bundled portfolio offering to reward practices that grow across both products

To encourage practices to adopt the expanded aesthetic portfolio, Evolus, Inc. introduced its first portfolio bundle to drive cross-sell and share gains, following the launch of Evolysse™. This strategy directly links the success of the newer product, Evolysse™, with existing Jeuveau® business. Evolysse™ delivered $5.7 million in revenue for Q3 2025. For the full-year 2025, Evolus expects the Evolysse™ injectable HA gels contribution to be between 10% and 12% of total revenue. At the end of its first quarter on the market (Q2 2025), Evolysse™ generated $9.7 million in revenue.

You can see the revenue contribution targets here:

Product	Q3 2025 Revenue	FY 2025 Revenue Contribution Guidance
Evolysse™ (HA Gels)	$5.7 million	10% to 12% of total revenue
Jeuveau® (Global)	$63.2 million	Remainder of the reaffirmed FY25 revenue guide of $295 million to $305 million

Finance: draft 13-week cash view by Friday.

Evolus, Inc. (EOLS) - Canvas Business Model: Channels

You're looking at how Evolus, Inc. gets its products-Jeuveau and the newer Evolysse fillers-into the hands of aesthetic practitioners and, ultimately, the consumers. The channel strategy is a mix of direct engagement where they can control the message, and partnerships where scale is key.

Direct sales force distribution to aesthetic practices in the U.S.

For the U.S. market, Evolus, Inc. relies on a direct sales force to drive adoption of Jeuveau and the recently launched Evolysse injectable HA gels. This direct channel is crucial for building relationships with the core customer base. As of December 31, 2024, the company had surpassed 15,300 total accounts purchasing Jeuveau since its launch, which represented over 50% account penetration in the U.S. market. The reorder rate among these customers remains strong, holding at approximately 70% as of late 2024, indicating the sales force is effectively driving repeat business. By the third quarter of 2025, Evolus reported strengthening reorder rates and maintained a 14% U.S. market share year-to-date for Jeuveau.

International distribution agreements for Nuceiva in nine markets outside the U.S.

Evolus, Inc. is executing its global growth strategy through distribution agreements for Nuceiva. The company is currently operating in nine markets outside the United States with its Nuceiva neurotoxin. You saw this strategy in action with the recent launch of Nuceiva in France in July 2025 through a partnership with Symatese, which gives them a direct order and delivery channel in that key European region. Spain was another milestone, where Evolus established a direct operating entity to work closely with local healthcare professionals.

Digital marketing and social media to drive consumer awareness and loyalty.

The company heavily leans on digital channels to build brand pull with the next generation of beauty consumers. They are using differentiated marketing approaches, like the 'Drop the F Word' campaign, to reframe consumer perceptions around HA fillers following the U.S. launch of Evolysse in Q2 2025. This digital engagement is designed to feed directly into their loyalty ecosystem.

Evolus Rewards app and online portal for consumer redemptions.

The consumer loyalty platform is a key channel for driving repeat treatment frequency. The Evolus Rewards program offers enrolled patients an instant $40 off their Jeuveau treatment every 90 days. This SMS-based program saw enrollment grow over 40% in 2024, ending the year at approximately 1.1 million enrolled consumers. The momentum continued into 2025; total Evolus Rewards redemptions for the third quarter of 2025 reached an all-time high of over 244,000, with existing patients returning for repeat treatments at a rate of approximately 68% during that quarter.

Here's a quick look at some of the key 2025 financial and operational metrics related to scaling these channels:

Metric Category	Data Point	Value / Period
2025 Full-Year Revenue Guidance	Total Net Revenue Range	$295 million to $305 million
2025 Full-Year Revenue Guidance	Evolysse Contribution to Total Revenue	10% to 12%
Q3 2025 Financial Performance	Total Net Revenue	$69.0 million
Q3 2025 Financial Performance	Global Jeuveau Net Revenue	$63.2 million
Q3 2025 Financial Performance	Evolysse Revenue	$5.7 million
U.S. Market Penetration (as of Dec 31, 2024)	Total Accounts Purchasing Jeuveau	Over 15,300
Consumer Loyalty (Q3 2025)	Total Evolus Rewards Redemptions	Over 244,000
Consumer Loyalty (Q3 2025)	Existing Patient Repeat Treatment Rate	Approximately 68%

The company is balancing this channel investment with cost discipline, projecting full-year 2025 Non-GAAP Operating Expenses between $208 million and $213 million, with positive Non-GAAP Operating Income expected in Q4 2025.

Evolus, Inc. (EOLS) - Canvas Business Model: Customer Segments

You're looking at the core groups Evolus, Inc. (EOLS) serves as of late 2025. Honestly, the numbers coming out of Q3 2025 show a clear focus on growing both the provider base and the end-consumer engagement through their loyalty structure. Here's the breakdown of those key customer segments with the latest figures we have.

The primary professional segment consists of aesthetic practices and the injectors working within them. Evolus, Inc. (EOLS) has successfully built a substantial base here, which is critical for product adoption and repeat business. The company's medical education platform has engaged with more than 17,000 injectors year-to-date through various training formats. This professional base is the gatekeeper for the cash-pay consumer.

The consumer side is heavily driven by the loyalty program, which is a major differentiator. This program fuels repeat use and deepens brand engagement across the portfolio. The numbers show real traction here:

• Members in the Evolus Rewards™ consumer loyalty program surpassed 1.3 million as of Q3 2025.
• This represents a 34% total increase compared to Q3 2024.
• Total redemptions for Q3 2025 hit an all-time high of over 244,000.
• Existing patients drove approximately 68% of those new redemptions in the third quarter.

It's clear that keeping those consumers coming back is working; customer reorder rates for Jeuveau® remain solid at approximately 70%.

The introduction of the Evolysse™ line has created a specific segment of early adopter accounts. These are the practices willing to try the new hyaluronic acid (HA) filler, and the initial results are strong. To be fair, the company is seeing a direct correlation between education and adoption in this group. We see that more than 2,000 customers have purchased Evolysse™ as of the third quarter. Furthermore, more than 4,000 customers have completed hands-on training for Evolysse™ to date. The data suggests that a second training session drives a 100% increase in purchasing volume from an account.

For global expansion, Evolus, Inc. (EOLS) is actively engaging international distributors and licensees. The strategy is gaining traction, with the company entering two new markets year-to-date in 2025. The company has a long-term goal to achieve $700 million in total net revenue by 2028, with international revenue expected to outpace U.S. growth. Specifically for Estyme® in Europe, a broader launch is planned for 1H 2026 following a limited experience program.

Here's a quick summary table mapping the key segment metrics as of the third quarter of 2025:

Customer Segment Focus	Key Metric	Real-Life Number (Late 2025)
Aesthetic Practices/Injectors	Total Purchasing Accounts (Cumulative)	More than 17,000
Aesthetic Practices/Injectors	U.S. Account Penetration	Above 55%
Self-Pay Aesthetic Consumers	Evolus Rewards™ Loyalty Members	Surpassed 1.3 million
Self-Pay Aesthetic Consumers	Q3 2025 Loyalty Redemptions	Over 244,000
Early Adopter Accounts (Evolysse™)	Accounts Purchasing Evolysse™	More than 2,000
Early Adopter Accounts (Evolysse™)	Evolysse™ Q3 2025 Revenue	$5.7 million
International Expansion	New Markets Entered Year-to-Date (2025)	2

Finance: draft 13-week cash view by Friday.

Evolus, Inc. (EOLS) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Evolus, Inc. (EOLS) engine as of late 2025. This is where the revenue you see gets put to work, and honestly, managing these costs is what's driving them toward that sustainable profitability goal in 2026.

The cost of making the product, what we call Cost of Goods Sold (COGS), is surprisingly lean, reflecting strong operational leverage. For the third quarter of 2025, Evolus, Inc. (EOLS) reported total net revenues of $69.0 million. On that revenue base, the adjusted gross margin, which excludes amortization of intangible assets, hit 67.6%. Here's the quick math on the cost of sales for that quarter:

Metric	Amount (Q3 2025)
Total Net Revenue	$69.0 million
Adjusted Gross Margin	67.6%
Implied COGS	$22.356 million

Moving down the income statement, the Selling, General, and Administrative (SG&A) expenses show disciplined spending, though still significant for growth. For Q3 2025, SG&A expenses were reported at $52.8 million. This was an improvement sequentially from $56.7 million in the second quarter.

Looking at the full-year picture for 2025, management has a tight range for total non-GAAP operating expenses. They expect these expenses to fall between $208 million and $213 million. This guidance was actually lowered from earlier projections, showing a clear focus on cost optimization, with planned savings of at least $25 million for the year.

A major component of the operating spend is investment in driving adoption and loyalty, which you can see reflected in the consumer-facing metrics. This is where they are spending to build the base for future revenue streams, especially with the new Evolysse™ line.

• Evolus Rewards™ program membership reached over 1.3 million members year to date through Q3 2025.
• Nearly 70% of those members were returning customers year to date.
• Reward redemptions saw a 34% increase, with 244,000 new redemptions in Q3 2025 alone.
• The company added nearly 500 new purchasing accounts in the third quarter.

Finally, you can't ignore the costs associated with managing external risks, specifically tariffs. To manage potential tariff exposure, Evolus, Inc. (EOLS) made proactive inventory purchases ahead of time. This is a direct cash outflow that impacts working capital. Cash and cash equivalents ended Q3 2025 at $43.5 million, down from $61.7 million at the end of Q2 2025, primarily reflecting this pulled-forward inventory investment ahead of potential tariffs on pharmaceuticals. Management noted that current inventory levels are expected to insulate Jeuveau from tariff effects through 2026, and the 15% EU tariff on Evolisse has already been incorporated into guidance.

Finance: draft 13-week cash view by Friday.

Evolus, Inc. (EOLS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Evolus, Inc.'s top line as of late 2025. The revenue streams are clearly anchored by product sales, with a significant contribution from the established neurotoxin and the newer filler line.

Here is the breakdown of the key product revenue components reported for the third quarter ended September 30, 2025:

Revenue Source	Q3 2025 Revenue Amount
Global Jeuveau (neurotoxin) Net Revenue	$63.2 million
Evolysse (HA filler) Revenue	$5.7 million
Total Net Revenue (Q3 2025)	$69.0 million

The company reaffirmed its full-year 2025 expectations, showing confidence in scaling both product lines. This guidance is what management is using to plan operations for the remainder of the year.

Evolus, Inc. total net revenue guidance for Fiscal Year 2025 remains:

Between $295 million and $305 million, which represents growth of 11% to 15% over 2024 results. Also, the contribution from Evolysse injectable HA gels is projected to be between 10% and 12% of total revenue for the full-year 2025.

International sales of Nuceiva represent a growing component of the overall revenue picture, demonstrating traction outside the core U.S. market. This international adoption is a key factor in the company's scaling strategy.

Key supporting metrics related to customer engagement and growth include:

• U.S. Jeuveau market share strength at 14% year-to-date.
• Total Evolus Rewards redemptions reached an all-time high of over 244,000 in Q3 2025.
• Customer reorder rates remain approximately 70%.
• Total purchasing accounts increased by nearly 500 in the third quarter.

The company expects to achieve positive Non-GAAP operating income of $5 million to $7 million in the fourth quarter of 2025.