Third quarter 2026
Filed Nov 4, 2026Evolus Reports Third Quarter 2026 Financial Results with 13% Year-Over-Year Revenue Growth; Delivers Fourth Consecutive Quarter of Positive Adjusted EBITDA and Reaffirms Full-Year 2026 Financial Outlook
Third-quarter total net revenue increased 13% year over year to $78.0 million and Adjusted EBITDA was positive at $1.2 million, while GAAP loss from operations remained $8.4 million and full-year revenue and adjusted gross profit margin guidance were reaffirmed.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total net revenuesGAAP | $77.95M | – | 13% |
| Q3 2026 product revenue, netGAAP | $77.21M | – | – |
| Q3 2026 service revenueGAAP | 741K | – | – |
| Q3 2026 cost of goods soldGAAP | 27.27M | – | – |
| Q3 2026 gross profitGAAP | 50.69M | – | – |
| Q3 2026 gross profit marginGAAP | 65.0% | – | – |
| Q3 2026 adjusted gross profitnon-GAAP | 51.49M | – | – |
| Q3 2026 adjusted gross profit marginnon-GAAP | 66.1% | – | – |
| Q3 2026 selling, general and administrative expenseGAAP | 52.92M | – | – |
| Q3 2026 research and development expenseGAAP | 1.97M | – | – |
| Q3 2026 in-process research and developmentGAAP | 1.05M | – | – |
| Q3 2026 revaluation of contingent royalty obligation payable to Evolus FoundersGAAP | 1.59M | – | – |
| Q3 2026 depreciation and amortizationGAAP | 1.58M | – | – |
| Q3 2026 restructuring costsGAAP | — | – | – |
| Q3 2026 total operating expensesGAAP | 59.11M | – | – |
| Q3 2026 non-GAAP operating expensenon-GAAP | 50.34M | – | – |
| Q3 2026 loss from operationsGAAP | −8.43M | – | – |
| Q3 2026 interest incomeGAAP | 296K | – | – |
| Q3 2026 interest expenseGAAP | −4.25M | – | – |
| Q3 2026 other income (expense), netGAAP | 148K | – | – |
| Q3 2026 loss before income taxesGAAP | −12.23M | – | – |
| Q3 2026 income tax expenseGAAP | 285K | – | – |
| Q3 2026 net lossGAAP | −$12.52M | – | – |
| Q3 2026 net loss per share, basic and dilutedGAAP | $ (0.19) | – | – |
| Q3 2026 weighted-average shares outstanding used to compute basic and diluted net loss per shareGAAP | 66.08M | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | $1.15M | – | $4.2 million year-over-year improvement |
| Q3 2026 Adjusted EBITDA marginnon-GAAP | 1.5% | – | – |
| Nine months ended September 30, 2026 total net revenuesGAAP | $235.2M | – | 14% |
| Nine months ended September 30, 2026 gross profit marginGAAP | 66.7% | – | – |
| Nine months ended September 30, 2026 adjusted gross profit marginnon-GAAP | 67.7% | – | – |
| Nine months ended September 30, 2026 loss from operationsGAAP | −19.82M | – | – |
| Nine months ended September 30, 2026 net lossGAAP | −$31.24M | – | – |
| Nine months ended September 30, 2026 net loss per share, basic and dilutedGAAP | $ (0.48) | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $6.42M | – | approximately $23 million |
| Nine months ended September 30, 2026 Adjusted EBITDA marginnon-GAAP | 2.7% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Global toxin revenueJeuveau® remained a durable growth engine. | $70.1M | – | approximately 11% |
| Injectable hyaluronic acid (HA) gelsThe HA gel portfolio was described as gaining meaningful share and becoming an increasingly important contributor. | $7.9M | – | nearly 40% year over year |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full-Year 2026 outlook
- Revenue$330 million to $337 million
- Gross margin67.0% to 67.5% adjusted gross profit margin
- Operating expenses$210 million to $213 million non-GAAP operating expenses
- Note11% to 13% growth over the prior year
- NoteEvolysse® and Estyme® injectable HA gels expected to contribute 10% to 12% of full-year 2026 total net revenue
- NoteLow- to mid-single digit Adjusted EBITDA margin
- NoteNo revenue contribution from Evolysse® Sculpt, which is anticipated to receive U.S. approval in the fourth quarter of 2026
- Note2028 total net revenue between $450 million and $500 million
- Note2028 three-year CAGR of 15% to 19%
- Note2028 Adjusted EBITDA margins of 13% to 15%
What drove it
- Total purchasing accounts increased by approximately 530 in the third quarter.
- More than 19,400 customers have purchased from Evolus since launch, with over 4,500 purchasing Evolysse®, driving U.S. account penetration above 17%.
- Customer reorder rates remained above 70%.
- Evolus Rewards™ members grew by over 71,000 during the quarter to over 1.6 million, representing a total increase of 23% as compared to the third quarter of 2025.
- Total Evolus Rewards™ redemptions grew to over 265,000, and existing patients received repeat treatments at the rate of approximately 70%.
- The Company entered an exclusive licensing agreement with Symatese to commercialize the Estyme® collection in Canada, Australia, and New Zealand.
- The Company entered an exclusive licensing, supply, and distribution agreement with IBSA to develop and commercialize Profhilo® in the United States.
Concerns
- GAAP loss from operations was $8.4 million and GAAP net loss was $12.5 million in the third quarter of 2026.
- Q3 2026 GAAP gross profit margin was 65.0%, compared with 66.5% in the third quarter of 2025; adjusted gross profit margin was 66.1%, compared with 67.6%.
- Evolysse®, classified as a medical device and imported from France, remains subject to a 10% tariff.
- The Company held 12 months of Jeuveau® inventory following accelerated imports ahead of potential pharmaceutical tariffs.
- Evolysse® Sculpt was anticipated to receive U.S. approval in the fourth quarter of 2026, and the full-year outlook assumes no revenue contribution from it.
- Total stockholders’ equity (deficit) was $ (37,814) (in thousands) as of September 30, 2026.
What to watch
- Delivery against full-year total net revenue guidance of $330 million to $337 million.
- Delivery of 67.0% to 67.5% full-year adjusted gross profit margin.
- Full-year non-GAAP operating expenses within $210 million to $213 million.
- Contribution of Evolysse® and Estyme® injectable HA gels targeted at 10% to 12% of full-year 2026 total net revenue.
- The anticipated fourth-quarter 2026 U.S. approval of Evolysse® Sculpt.
- Progress toward low- to mid-single digit full-year 2026 Adjusted EBITDA margin.
Balance sheet and cash flow
- Cash and cash equivalents were $41,700 (in thousands) as of September 30, 2026, compared with $53,826 (in thousands) as of December 31, 2025.
- Cash and cash equivalents were $41.7 million as of September 30, 2026, compared with $45.2 million as of June 30, 2026.
- The Company reported access to approximately $120 million of additional non-dilutive capacity.
- Inventories were 82,804 (in thousands) as of September 30, 2026, compared with 26,963 (in thousands) as of December 31, 2025.
- Long-term debt was 156,899 (in thousands) as of September 30, 2026, compared with 146,096 (in thousands) as of December 31, 2025.
- Net cash used in operating activities was $ (15,472) (in thousands) for the nine months ended September 30, 2026, compared with $ (55,092) (in thousands) for the nine months ended September 30, 2025.
- Net cash used in operating activities was $ (1,933) (in thousands) for the three months ended September 30, 2026.
- Net cash used in investing activities was (4,005) (in thousands) for the nine months ended September 30, 2026 and (1,814) (in thousands) for the three months ended September 30, 2026.
- Net cash provided by financing activities was 7,355 (in thousands) for the nine months ended September 30, 2026 and 101 (in thousands) for the three months ended September 30, 2026.
Analysis
Evolus reported third-quarter total net revenues of $78.0 million, up 13% over the third quarter of 2025. The revenue base included $70.1 million of global toxin revenue and $7.9 million from injectable HA gels. Management said global toxin revenue grew approximately 11% in both the quarter and year to date, while the global HA gel portfolio grew revenue nearly 40% year over year in the quarter. Commercial indicators included approximately 530 additional purchasing accounts, more than 4,500 Evolysse® purchasers, U.S. account penetration above 17%, and customer reorder rates above 70%.
Profitability improved versus the prior-year quarter but remained negative on a GAAP basis. GAAP loss from operations was $8.4 million compared with $11.5 million, and GAAP net loss was $12.5 million compared with $15.7 million. Adjusted EBITDA was $1.2 million, compared with a loss of $3.1 million, producing a 1.5% Adjusted EBITDA margin versus (4.5)%. Gross profit margin was 65.0% compared with 66.5%, and adjusted gross profit margin was 66.1% compared with 67.6%.
Expense control was evident sequentially. GAAP operating expenses were $59.1 million compared with $61.7 million in the second quarter of 2026, while non-GAAP operating expenses were $50.3 million compared with $53.3 million. For the nine months ended September 30, 2026, total net revenues were $235.2 million, GAAP loss from operations was $19.8 million, and Adjusted EBITDA was $6.4 million, compared with an Adjusted EBITDA loss of $16.5 million in the prior-year period.
Liquidity reflects increased inventory and continuing debt. Cash and cash equivalents were $41.7 million at September 30, 2026, compared with $45.2 million at June 30, 2026, and the Company cited approximately $120 million of additional non-dilutive capacity. Inventory was $82.8 million at September 30, 2026. Management said it accelerated Jeuveau® imports ahead of potential pharmaceutical tariffs, holds 12 months of inventory, and does not expect cash use to be impacted by the pull forward under a deferred payment agreement with Daewoong.
The Company reaffirmed full-year 2026 revenue guidance of $330 million to $337 million, adjusted gross profit margin guidance of 67.0% to 67.5%, and low- to mid-single digit Adjusted EBITDA margin outlook. It reduced the non-GAAP operating expense range to $210 million to $213 million from $212 million to $216 million. The outlook assumes no revenue from Evolysse® Sculpt, which is anticipated to receive U.S. approval in the fourth quarter of 2026, while Evolysse® and Estyme® are expected to contribute 10% to 12% of full-year revenue.
Management, verbatim
Our third quarter results demonstrate the continued strength of our commercial execution and the progress we are making in building a diversified global performance beauty company.
David Moatazedi, President and Chief Executive Officer of Evolus
Jeuveau ® remains a durable growth engine, and our hyaluronic acid (HA) gel portfolio is gaining meaningful share and becoming an increasingly important contributor to the business.
David Moatazedi, President and Chief Executive Officer of Evolus
Our fourth consecutive quarter of positive Adjusted EBITDA reflects our ability to sustain growth while maintaining expense discipline and investing in the portfolio.
David Moatazedi, President and Chief Executive Officer of Evolus
Not in the filing
stated, not guessed- Previous-release outlook was not provided; therefore, no comparison of actual results with prior guidance is available.
- No free cash flow was reported.
- No dividend or share repurchase activity was reported.
- No Q3 2026 prior-quarter total net revenue, gross profit, GAAP loss from operations, net loss, net loss per share, or Adjusted EBITDA was reported.
- No full-year 2026 GAAP operating expense, GAAP net income or tax-rate guidance was reported.
- No geographic revenue breakdown was reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.