Evolus Q3 Revenue Rises 13% as EBITDA Stays Positive

Evolus Inc. (NASDAQ: EOLS) reported third-quarter 2026 net revenue of $78.0 million, up 13% from $69.0 million a year earlier, as Jeuveau maintained momentum and the company expanded its injectable filler portfolio. Adjusted EBITDA was positive for a fourth consecutive quarter, while Evolus reaffirmed its full-year revenue and adjusted-margin outlook and lowered its expected non-GAAP operating expense range.

Adjusted EBITDA reached $1.2 million, representing a $4.2 million year-over-year improvement. Evolus defines profitability as positive adjusted EBITDA, a non-GAAP measure that excludes items including interest, taxes, stock-based compensation, depreciation and amortization, restructuring costs, and changes in contingent royalty obligations.

The company added approximately 530 purchasing accounts during the quarter. Consumer redemptions exceeded 265,000, with repeat consumers accounting for about 70% of the total. Enrollment in Evolus Rewards, its digital loyalty program spanning Jeuveau and Evolysse, surpassed 1.6 million in the third quarter.

Jeuveau and fillers support portfolio growth

Evolus attributed its quarterly revenue growth to continued momentum for Jeuveau, the ramp-up of Evolysse, international portfolio expansion and the commercialization of Estyme in Europe. The presentation did not disclose quarterly revenue by product or geography.

Jeuveau remains the company’s core neurotoxin product. Evolus estimates that it has reached a 14% share of the U.S. neurotoxin market across more than 19,000 accounts. Internationally, the product is sold as Nuceiva and has been launched in nine markets outside the United States, including through direct operations in the U.K., Ireland, Spain, Germany, Austria, Italy and Australia, as well as distribution partnerships in Canada and France.

Evolysse Smooth and Evolysse Form, the company’s first U.S. hyaluronic acid injectable gels, were launched in the second quarter of 2025. Evolus expects Evolysse Sculpt, intended for mid-face volume, to receive U.S. approval in the fourth quarter of 2026, but its full-year guidance assumes no 2026 revenue from that product. Evolysse Lips is expected to receive approval by the end of 2027.

The Estyme collection, comprising four injectable gels, has been introduced across the company’s European Nuceiva markets. Evolus also holds Estyme rights in Canada, Australia and New Zealand, where launches are anticipated in 2028.

2026 revenue guidance reaffirmed, expense range reduced

Evolus maintained its 2026 net revenue forecast of $330 million to $337 million, representing growth of 11% to 13% from 2025. It also reaffirmed an adjusted gross profit margin of 67.0% to 67.5% and a low- to mid-single-digit adjusted EBITDA margin.

The company now expects full-year non-GAAP operating expenses of $210 million to $213 million, compared with its previous range of $212 million to $216 million. The revised forecast represents growth of 0% to 2% from 2025, with Evolus saying it continues to manage expenses while funding longer-term portfolio expansion.

Evolysse and Estyme are expected to generate 10% to 12% of total 2026 net revenue. That projection includes sales of Evolysse Form and Smooth in the United States and Estyme in Europe.

For 2028, Evolus maintained its target of $450 million to $500 million in net revenue, implying a three-year compound annual growth rate of 15% to 19%, with adjusted EBITDA margins of 13% to 15%. The outlook assumes Jeuveau’s U.S. market share strengthens to the mid-teens, Evolysse reaches a high-single-digit U.S. share and international operations contribute more than 15% of revenue.

The longer-term pipeline includes Profhilo, a skin-quality injectable already sold in Europe, with U.S. approval expected in 2030. Evolus is also pursuing an early-stage sustained-release injectable for hair regrowth under a milestone-based acquisition option.

Execution remains subject to several uncertainties identified by the company, including adoption of Jeuveau and Evolysse, competition, consumer discretionary spending, tariffs and trade disputes, the performance of its digital platform, and the completion of clinical and regulatory programs. Future portfolio growth also depends on obtaining and maintaining regulatory approvals, including planned U.S. approvals for additional Evolysse products and Profhilo.