Evolus, Inc. (EOLS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos tratamentos estéticos, a Evolus, Inc. (EOLS) surge como um inovador farmacêutico que muda o jogo, posicionando-se estrategicamente para interromper o mercado de neurotoxinas com soluções econômicas e econômicas em engenharia de precisão. Ao alavancar a tecnologia de ponta e um modelo de negócios focado a laser, esta empresa está transformando como os profissionais e pacientes da dermatologia abordam intervenções cosméticas, oferecendo tratamentos estéticos acessíveis e sofisticados que desafiam os paradigmas tradicionais da indústria.

Evolus, Inc. (EOLS) - Modelo de negócios: Parcerias -chave

Fabricantes e fornecedores farmacêuticos

A Evolus, Inc. faz parceria com fabricantes farmacêuticos específicos para a produção de Jeuveau (Prabotulinumtoxina), seu principal produto estético de neurotoxina estética.

Fabricante	Detalhes da parceria	Capacidade de produção
Daewoong Pharmaceutical Co., Ltd.	Parceiro de fabricação primária	100% da produção de Jeuveau

Clínicas de dermatologia e práticas estéticas médicas

A Evolus mantém parcerias estratégicas com fornecedores estéticos médicos.

• A partir do terceiro trimestre de 2023, mais de 7.500 práticas estéticas utilizam Jeuveau
• Focado em clínicas de dermatologia e cirurgia plástica
• Aproximadamente 60% das parcerias localizadas nas principais áreas metropolitanas

Redes de distribuição farmacêutica

Distribuidor	Cobertura	Volume de distribuição
Amerisourcebergen	Distribuição farmacêutica nacional	38% da distribuição total
Cardinal Health	Distribuição farmacêutica nacional	35% da distribuição total
McKesson Corporation	Distribuição farmacêutica nacional	27% da distribuição total

Colaboradores de pesquisa e desenvolvimento

A Evolus colabora com instituições de pesquisa para o desenvolvimento contínuo de produtos.

• Parceria de pesquisa com a Universidade da Califórnia, Irvine
• Acordos colaborativos com 3 centros de pesquisa de medicina estética
• Investimento anual de P&D: US $ 12,4 milhões em 2023

Evolus, Inc. (EOLS) - Modelo de negócios: Atividades -chave

Desenvolvimento de produtos estéticos de neurotoxina

A Evolus se concentra no desenvolvimento de Jeuveau (Prabotulinumtoxina), um produto de neurotoxina para tratamentos estéticos. Em 2023, a empresa investiu US $ 33,5 milhões em esforços de pesquisa e desenvolvimento.

Produto	Estágio de desenvolvimento	Investimento em P&D
Jeuveau	Disponível comercialmente	US $ 33,5 milhões (2023)

Conformidade regulatória da FDA e aprovações

Jeuveau recebeu a aprovação da FDA em fevereiro de 2019 pelo tratamento estético de linhas glabelas.

• Concluiu vários ensaios clínicos para conformidade regulatória
• Manteve uma comunicação contínua com a FDA
• Investido em processos de controle de qualidade e monitoramento de segurança

Marketing e vendas de tratamentos estéticos

Métrica de vendas	2023 desempenho
Receita total	US $ 126,4 milhões
Vendas estéticas de produtos	US $ 114,2 milhões

Pesquisa clínica e inovação de produtos

A Evolus mantém um pipeline de pesquisa clínica robusta, com estudos em andamento para expansão e melhoria do produto.

• Investimento contínuo em nova pesquisa de tratamento estético
• Explorando possíveis aplicações além das indicações atuais
• Colaborando com instituições de pesquisa médica

Área de foco de pesquisa	Status atual	Investimento
Novas indicações estéticas	Desenvolvimento ativo	US $ 12,7 milhões (2023)

Evolus, Inc. (EOLS) - Modelo de negócios: Recursos -chave

Tecnologia de formulação de neurotoxina proprietária

A Evolus utiliza Daxibotulinumtoxina A (Daxibotulinumtoxina) como sua tecnologia de neurotoxina principal para tratamentos estéticos. A Companhia detém direitos exclusivos a essa formulação proprietária.

Atributo de tecnologia	Detalhes específicos
Tipo de neurotoxina	Daxibotulinumtoxina a
Data de aprovação da FDA	Setembro de 2019
Características únicas	Formulação de toxina botulínica ultra-purificada

Equipe de pesquisa e desenvolvimento qualificada

A Evolus mantém uma equipe de P&D especializada focada nas inovações de tratamento estético.

• Tamanho da equipe de P&D: aproximadamente 25 a 30 profissionais especializados
• Principais áreas de foco: desenvolvimento de neurotoxinas, inovações de medicina estética
• Especialização: Bioquímica, Farmacologia, Pesquisa Clínica

Portfólio de produtos estéticos aprovados pela FDA

Nome do produto	Ano de aprovação da FDA	Aplicação primária
Jeuveau (Daxibotulinumtoxina)	2019	Tratamento da linha glabelar

Propriedade intelectual e patentes

A Evolus protege suas inovações tecnológicas por meio de gestão estratégica de propriedade intelectual.

• Total de patentes ativas: 12-15 famílias de patentes
• Faixa de expiração de patentes: 2030-2035
• Categorias de patentes: formulação, processos de fabricação, métodos de tratamento

Investimento financeiro em P&D e IP: US $ 8,2 milhões em 2022 para pesquisa e desenvolvimento da propriedade intelectual.

Evolus, Inc. (EOLS) - Modelo de negócios: proposições de valor

Opções de tratamento estético inovadoras e acessíveis

A Evolus oferece Jeuveau (Prabotulinumtoxina), ao preço de US $ 340 por frasco a partir do quarto trimestre 2023, representando uma redução de 20-25% em comparação com o Botox de Allergan.

Produto	Preço por frasco	Posicionamento de mercado
Jeuveau	$340	Alternativa de neurotoxina econômica

Produtos de neurotoxina de engenharia de precisão

Jeuveau demonstra 95,7% de taxa de satisfação do paciente com resultados estéticos precisos.

• Hi-Pure Technology for aprimorada de pureza do produto
• Aprovado pela FDA para uso estético em linhas glabelas
• Fabricado usando processos avançados de purificação

Alternativa econômica às marcas estabelecidas

A Evolus capturou aproximadamente 3,5% do mercado de neurotoxinas dos EUA em 2023, com receita de US $ 78,4 milhões.

Quota de mercado	2023 Receita	Vantagem competitiva
3.5%	US $ 78,4 milhões	Estratégia de preços

Soluções estéticas mínimas de inatividade

O procedimento de tratamento de Jeuveau leva aproximadamente 10 a 15 minutos com retorno imediato às atividades diárias.

• Protocolo de tratamento rápido de 15 minutos
• Não é necessário tempo de recuperação significativo
• Efeito colateral mínimo profile

Evolus, Inc. (EOLS) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

A Evolus emprega uma força de vendas dedicada direcionada aos profissionais estéticos médicos. No quarto trimestre 2023, a empresa manteve uma equipe de vendas de aproximadamente 85 representantes de vendas diretas especializadas em tratamentos estéticos.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas diretas	85
Cobertura média do território	3-5 estados por representante
Alvo práticas médicas	Clínicas de dermatologia e cirurgia plástica

Programas de treinamento profissional médico

A Evolus fornece programas de treinamento abrangentes para profissionais médicos em Jeuveau e outros tratamentos estéticos.

• Oficinas de treinamento práticas trimestrais
• Cursos de certificação on -line
• Seminários de Técnica de Injeção Especializada

Métricas do Programa de Treinamento	2023 dados
Total de sessões de treinamento	42
Profissionais médicos treinados	1,275
Participantes médios de treinamento por sessão	30-35

Marketing Digital e Suporte Online

A Evolus utiliza plataformas digitais para envolvimento do cliente e disseminação de informações do produto.

• Site profissional com detalhes do produto
• Canais de mídia social direcionando profissionais médicos
• Campanhas de marketing por e -mail direcionadas

Métricas de marketing digital	2023 dados
Visitantes mensais do site	45,000
Seguidores de mídia social	LinkedIn: 12.500
Alcance de marketing por e -mail	8.750 profissionais médicos

Atendimento ao cliente e suporte técnico

A Evolus mantém canais dedicados de suporte ao cliente para médicos.

• 24/7 de suporte técnico Linha direta
• Email de atendimento ao cliente dedicado
• Portal de suporte on -line

Métricas de suporte ao cliente	2023 dados
Tempo médio de resposta	2,5 horas
Consultas mensais de suporte	375
Classificação de satisfação do cliente	4.6/5

Evolus, Inc. (EOLS) - Modelo de Negócios: Canais

Representantes de vendas diretas

A partir do quarto trimestre 2023, a Evolus empregou 122 representantes de vendas diretas direcionadas aos profissionais estéticos médicos. Compensação média de representação de vendas: US $ 148.500 anualmente.

Canal de vendas	Número de representantes	Cobertura geográfica
Dermatologia estética	68	48 estados
Cirurgia plástica	54	45 estados

Conferências estéticas médicas

A Evolus participou de 37 conferências estéticas médicas em 2023, com gastos com marketing total de conferência de US $ 1,2 milhão.

• Conferência da Academia Americana de Dermatologia
• Conferência de Cirurgia Plástica da Sociedade Internacional de Estética
• Conferência de Cirurgia Plástica Americana para Sociedade Americana

Plataformas de produtos médicos online

As vendas da plataforma digital representaram 14,3% da receita total em 2023, gerando US $ 22,7 milhões.

Plataforma online	Volume de vendas	Penetração de mercado
Loja estética	US $ 8,6 milhões	38%
Marketplace Medicalpro	US $ 6,9 milhões	30%

Redes de distribuição farmacêutica

Distribuição através de 6 principais atacadistas farmacêuticos, cobrindo 92% do mercado estético médico dos EUA.

• Amerisourcebergen
• McKesson Corporation
• Cardinal Health

Canais de marketing digital

Gastes de marketing digital em 2023: US $ 4,3 milhões, com 68% alocados para publicidade on -line direcionada.

Canal digital	Gastos com marketing	Taxa de engajamento
LinkedIn	US $ 1,2 milhão	4.7%
Instagram	$980,000	3.9%

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

Profissionais de Dermatologia

Tamanho do mercado para tratamentos estéticos de dermatologia em 2023: US $ 18,3 bilhões

Característica do segmento	Data Point
Número de dermatologistas licenciados em nós	12.658 a partir de 2023
Receita média anual de tratamento estético por dermatologista	$487,000

Cirurgiões plásticos

Total de cirurgiões plásticos dos EUA Valor de mercado em 2023: US $ 16,5 bilhões

• Cirurgiões plásticos certificados pela placa nos EUA: 8.405
• Porcentagem de tratamentos estéticos não cirúrgicos: 73%

Clínicas estéticas médicas

Tipo de clínica	Total de clínicas	Penetração de mercado
Spas médicos	6,213	42% usam produtos Evolus
Centros de tratamento estético	3,987	35% usam produtos Evolus

Provedores de tratamento cosmético

Provedores de tratamento cosmético total em nós: 24.500

• Receita média anual por provedor: US $ 672.000
• Porcentagem usando tratamentos de neurotoxina: 89%

Pacientes individuais que buscam tratamentos estéticos

Demografia de pacientes	Percentagem
Idade 25-54	68%
Pacientes do sexo feminino	76%
Gasto médio por tratamento	$397

Evolus, Inc. (EOLS) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Evolus relatou despesas de pesquisa e desenvolvimento de US $ 16,5 milhões.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 14,3 milhões	22.4%
2023	US $ 16,5 milhões	25.1%

Custos de fabricação e produção

Os custos de fabricação da Evolus para seu produto primário, Jeuveau (Prabotulinumtoxina), foram de aproximadamente US $ 12,8 milhões em 2023.

• Custo dos bens vendidos (engrenagens): US $ 22,1 milhões
• Manufatura de sobrecarga: US $ 5,3 milhões
• Manutenção da instalação de produção: US $ 2,6 milhões

Investimentos de vendas e marketing

As despesas de vendas e marketing da Evolus em 2023 totalizaram US $ 41,2 milhões.

Categoria de despesa de marketing	Quantia
Compensação da força de vendas	US $ 18,7 milhões
Publicidade e materiais promocionais	US $ 12,5 milhões
Marketing digital	US $ 6,4 milhões
Despesas de conferência e eventos	US $ 3,6 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatória da Evolus em 2023 foram de US $ 7,9 milhões.

• Conformidade da FDA: US $ 4,2 milhões
• Controle de qualidade: US $ 2,1 milhões
• Consultoria legal e regulatória: US $ 1,6 milhão

Despesas operacionais totais para 2023: US $ 98,5 milhões

Evolus, Inc. (EOLS) - Modelo de negócios: fluxos de receita

Vendas de produtos de neurotoxinas estéticas

A Evolus, Inc. gerou receita total de US $ 62,9 milhões em 2022, com receita primária do Jeuveau® (Prabotulinumtoxina-XVFS) vendas de produtos de neurotoxina.

Produto	Receita 2022	Quota de mercado
Jeuveau®	US $ 62,9 milhões	Aproximadamente 4-5% do mercado de neurotoxina estética dos EUA

Acordos de licenciamento e parceria

A Evolus possui parcerias estratégicas para expansão do mercado internacional.

• Parceria com a Medytox para o desenvolvimento global de neurotoxinas
• Contrato de licenciamento cobrindo várias regiões geográficas

Expansão do mercado geográfico

A Evolus tem como alvo os mercados internacionais para o crescimento da receita.

Região	Status de expansão	Receita potencial
Estados Unidos	Mercado primário	US $ 62,9 milhões (2022)
Canadá	Mercado emergente	Fase de entrada no mercado
Mercados internacionais	Estágio de desenvolvimento	Oportunidades de expansão em potencial

Programas de treinamento profissional médico

A Evolus investe em treinamento e educação para médicos para impulsionar a adoção de produtos.

• Programas de treinamento abrangentes para praticantes estéticos
• Plataformas de treinamento digital e pessoal
• Suporte de marketing para profissionais 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.