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what it is
Evolus sells cosmetic injectables, mainly a frown-line treatment called Jeuveau, to doctors and med spas.
how it gets paid
Last year Evolus made $297M in revenue. Jeuveau U.S. was the main engine at $178M, or 60% of sales.
why it's growing
Revenue grew 11.6% last year (trailing context). Latest reported quarterly revenue is on the order of ~$69M—demand exists; profitability is the debate.
what just happened
The latest quarter (~$69M revenue) still came with a net loss—about -$0.24 EPS in Q3 2025—so demand is not the only story.
At a glance
B balance sheet — gets the job done, barely
50/100 earnings predictability — expect surprises
-$0.81 fy2024 eps est
$266M fy2024 rev est
negative operating margin (still loss-making)
xvary composite: 41/100 — below average
What they do
Evolus sells cosmetic injectables, mainly a frown-line treatment called Jeuveau, to doctors and med spas.
Jeuveau turned a single injectable brand into $297M of trailing revenue with 66.6% gross margin. That means every $1 of sales leaves about $0.67 after product costs, so your problem is not demand, it is everything else. The stickier part is the ecosystem around it: Evolus says it has 1 million enrolled consumers and a co-branded rewards program, which gives doctors a reason to keep patients inside the Evolus loop.
How they make money
$297M
annual revenue · their business grew +11.6% last year
Jeuveau U.S.
$178M
Jeuveau international
$71M
provider programs and loyalty
$30M
other aesthetics and launch-related sales
$18M
The products that matter
competes in neurotoxin injectables
Jeuveau
~$250M · ~84% of product mix shown here
it generated roughly $250M and remains the reason this company exists. in a market where Botox holds about 70% share, your bet is that a cheaper challenger can keep taking accounts.
the core story
builds a second aesthetics line
Evolysse
~$47M · smaller but growing
this newer line is cited at roughly $47M with +25% growth. that matters because a company this dependent on one product needs another revenue leg, even if it is still early.
diversification attempt
Key numbers
$297M
ttm revenue
This is the proof that Jeuveau is real demand, not a slide-deck fantasy. Yahoo Finance and EDGAR both show $297M trailing sales.
66.6%
gross margin
Gross margin → money left after making the product → so what: the product economics work even if the company still loses money overall.
neg.
operating margin
Operating margin → profit after running the business → still negative while the company reinvests; gross margin ~66% shows product economics, not full P&L proof.
$152M
long-term debt
Debt equals 32% of capital in VL, which is a real burden for a company expected to lose $0.81 per share in 2024.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $152M (32% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for EOLS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Q3 2025 revenue was about $69M, up ~13% vs. prior year, but EPS was still roughly -$0.24.
The old $207M “quarterly revenue” line on this page was a data error (it exceeded trailing twelve-month sales). 66.6% gross margin is healthy, but the income statement is still loss-making while the company scales Jeuveau and Evolysse.
$69M
revenue (Q3)
-$0.24
eps (Q3)
66.6%
gross margin
the number that mattered
~$69M of quarterly revenue proves demand is real; the -$0.24 EPS print proves the model is still working toward sustainable operating income.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Jeuveau losing momentum against Botox and other injectables. this is a concentrated aesthetics business, not a diversified pharma portfolio.
med
single-product concentration
Jeuveau accounts for roughly $250M of the product mix shown here, or about 84%. if the lead brand hits a wall, most of the revenue base feels it at once.
impact: concentration exposes the majority of the business to one product and one category.
med
thin margin target
Management is guiding to only a low- to mid-single-digit adjusted EBITDA margin in 2026. when the target is that thin, small misses on pricing, marketing, or operating costs can erase the profit story.
impact: the margin inflection can disappear faster than the revenue story.
med
larger competitor pressure
Botox still controls about 70% of the neurotoxin market. you are backing a challenger brand against an incumbent with scale, familiarity, and deeper resources.
impact: pricing pressure or heavier promotion from bigger rivals can slow share gains.
med
debt limits flexibility
Evolus carries $152M of long-term debt, equal to 32% of capital. that is manageable while growth is healthy. it becomes a lot less comfortable if the growth plan slips.
impact: less room to absorb a bad stretch without pressure on capital allocation.
a revenue miss below the $327M low end or a failure to hold even a low-single-digit EBITDA margin would hit the thesis directly, because this stock is being sold on proof that scale is finally turning into earnings.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
the $327M low end matters more than the headline range
the market can forgive noise. it will not forgive revenue landing below the bottom of management's own 2026 guide.
margin
can low-single-digit EBITDA actually hold
this is the number that turns the story from fast-growing injector brand into actual business model.
mix shift
Evolysse needs to become more than a side line
roughly $47M is a start. it is not enough yet to reduce the company's reliance on Jeuveau in a meaningful way.
next report
the next earnings release has to confirm the new script
after one profitable quarter, investors need follow-through. one quarter starts a story. two quarters make it easier to trust.
Analyst rankings
earnings predictability
50 / 100
in human-speak, analysts do not see this as a clean, easy-to-model earnings story yet.
beta
1.45
beta measures market sensitivity. this stock has historically moved more than the market, which fits the 5 / 100 price stability score.
source: institutional data
Institutional activity
institutional ownership data for EOLS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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