Evolus, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant revenue growth but continued operational losses. The company’s sole commercial product, Jeuveau®, generated product revenue of $60.2 million for the third quarter, a 22.2% increase from $49.3 million in the same period of 2023. Total net revenues for the quarter reached $61.1 million, up from $50.0 million year-over-year. For the nine months ended September 30, 2024, net revenues totaled $187.3 million, reflecting a 32.8% increase from $141.1 million in 2023.
Despite the revenue growth, Evolus reported a net loss of $19.2 million for Q3 2024, compared to a loss of $16.9 million in Q3 2023. The nine-month net loss improved to $43.6 million from $49.9 million in the prior year. Operating expenses for the third quarter increased to $76.6 million, up from $63.5 million in the previous year, driven by higher selling, general, and administrative expenses, which rose by 21.2% to $52.5 million.
Evolus continues to face challenges, including ongoing royalty payment obligations stemming from a settlement agreement with Medytox, which are expected to impact profitability. The company is also reliant on Daewoong Pharmaceutical for the manufacturing and distribution of Jeuveau® and has entered into agreements with Symatese for the commercialization of the Evolysse™ product line, which received regulatory approval in Europe in October 2024.
As of September 30, 2024, Evolus reported cash and cash equivalents of $85.0 million, an increase from $38.7 million at the same time in 2023. The company completed a follow-on offering in March 2024, raising net proceeds of $46.8 million, which contributed to its improved liquidity position. However, Evolus anticipates the need for additional financing to support future operations and corporate development activities.
The company’s accumulated deficit as of September 30, 2024, stood at $602.6 million, reflecting its ongoing financial challenges since inception. Evolus remains focused on the successful marketing of Jeuveau® and the anticipated launch of the Evolysse™ product line in the U.S., with regulatory submissions expected to be filed in the coming year.
About Evolus, Inc.
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