2023 Outlook and Long-Term Aspirations
“Based on our success to date and a fundamentally strong aesthetic neurotoxin market, we are projecting continued above-market growth for Evolus in 2023,” Moatazedi continued. “We expect to grow two to three times faster than the market in the U.S. and expand our international presence, which will generate total net revenue of between $180 million and $190 million. At the same time, we are committed to the disciplined management of operating expenses in order to achieve profitability in the fourth quarter.
“The aesthetic neurotoxin market is currently underpenetrated and poised for significant growth. Our focus on the cash-pay market, and unique ability to offer a differentiated experience for customers and consumers, has generated strong momentum since we relaunched Jeuveau® two years ago and positions Evolus for further success as we continue to transform our industry.”
2023 Guidance and Select Milestones
- Total net revenues for 2023 are estimated to be between $180 million and $190 million.
- Non-GAAP operating expenses1 for 2023 are estimated to be between $145 million and $150 million, which consists mainly of continued investments in the growth of Jeuveau® in the U.S. plus Nuceiva® launch expenses internationally.
- Evolus expects non-GAAP operating income1 to be positive in the fourth quarter of 2023 and continues to project its existing cash balance will fund current operations.
- On January 28, 2023, Evolus plans to present preliminary results from its Phase II program evaluating an “extra strength” dose of Jeuveau® for extended duration.
- During 2023, Evolus expects to broaden its international footprint by expanding into additional European countries and anticipates receiving marketing approval for Nuceiva® in Australia.
- The second tranche of $50 million from the company’s existing credit facility with Pharmakon Advisors, which is prioritized for corporate development activities, remains undrawn and available through December 31, 2023.
