Evolus Reports 32% Revenue Growth to $266.3 Million for Fiscal Year 2024

Evolus, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total net revenues reaching $266.3 million, a 32% increase from $202.1 million in 2023. This growth was primarily driven by a 32% rise in product revenue from Jeuveau®, which amounted to $264.3 million, reflecting higher sales volumes. Despite this revenue growth, the company continued to operate at a loss, reporting a net loss of $50.4 million, an improvement from the $61.7 million loss recorded in the previous year. The accumulated deficit as of December 31, 2024, stood at $609.4 million.

In terms of operational developments, Evolus has made strides in expanding its product offerings. The company received regulatory approval for its Evolysse™ line of injectable hyaluronic acid gels in the European Union in October 2024 and from the U.S. Food and Drug Administration (FDA) in February 2025. The anticipated launch of Evolysse™ Form and Evolysse™ Smooth in the U.S. is scheduled for the second quarter of 2025, with plans to introduce all four approved Evolysse™ products in Europe in the latter half of 2025. This expansion is expected to enhance the company's market presence in the cash-pay aesthetic market, which is projected to grow significantly in the coming years.

Evolus has also seen an increase in its operational expenses, which rose by 16% to $216.7 million in 2024, driven by higher selling, general, and administrative costs, as well as increased research and development expenditures. The company employed 332 full-time staff as of December 31, 2024, with a focus on enhancing its marketing and sales capabilities to support the growth of Jeuveau® and the upcoming Evolysse™ products. The company’s gross profit margin remained stable at 68% for both 2024 and 2023, indicating effective cost management despite rising sales volumes.

Looking ahead, Evolus anticipates that its continued growth will depend on successfully expanding its customer base and increasing sales volumes in a competitive market. The company is also focused on managing its cash flow and operational costs, particularly in light of its ongoing royalty obligations to Medytox and the Evolus Founders, which are expected to impact profitability until their expiration in 2032. Evolus has indicated that it may require additional financing to support its operations and product development initiatives, particularly as it prepares for the commercial launch of its new products and navigates the complexities of the aesthetic market.