Delivered 12% full-year revenue growth despite 2025 being only the third time in 25 years that U.S. injectable volumes declined.

Attributed Jeuveau's 14% market share capture to a 'beauty-first' strategy that aligns with cash-pay aesthetic practices rather than reimbursement models.

Successfully piloted a new portfolio growth rebate program designed to incentivize accounts to consolidate their toxin and filler spend with Evolus.

Expanded the Evolysse HA filler footprint to over 3,000 purchasing accounts, leveraging Cold-X Technology to meet consumer demand for natural-looking results.

Executed a structural expense reset in mid-2025 to align the organization for durable, profitable growth and meaningful operating leverage.

International revenue nearly doubled year-over-year, driven by a transition to a direct model in Germany and approaching double-digit share in the U.K.

Maintained brand resilience through Evolus Rewards, an SMS-based loyalty program that has grown to over 1.4 million treated patients.

Projecting 2026 total net revenue between $327 million and $337 million, assuming a low single-digit toxin market recovery and a low single-digit filler market decline.

Anticipating full-year 2026 profitability with low to mid-single-digit adjusted EBITDA margins, supported by a largely flat non-GAAP operating expense base.

Planning the European launch of Estyme in the second quarter of 2026 and expecting FDA approval of Evolysse Sculpt in the fourth quarter.

Initiating a large-scale sampling and experience program for Evolysse in Q2 2026 to broaden adoption ahead of the Sculpt flagship launch.

Reiterating 2028 targets of $450 million to $500 million in revenue with 13% to 15% adjusted EBITDA margins as the portfolio scales.

Implemented a new revolving credit facility providing up to $40 million in liquidity to fund working capital and inventory for upcoming product launches.

Confirmed that Jeuveau is currently unaffected by tariffs, while Evolysse is subject to a 15% tariff assumption in the 2026 guidance.

Transitioned the primary profitability metric to adjusted EBITDA starting in 2026 to improve comparability with industry peers.

Stated a clear intention to avoid raising equity capital, focusing instead on existing cash reserves and debt tranches to maintain shareholder value.

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Management noted that the second training session serves as a critical inflection point for clinical utilization and account volume growth.

Clinicians report that the Cold-X Technology allows for 'correcting to the outcome' without needing to over-correct for anticipated swelling.

Management is monitoring the upcoming launches of a short-acting toxin and a liquid toxin, noting that heavy sampling by competitors is factored into guidance.

Evolus intends to counter competitor claims regarding onset and longevity by emphasizing their own head-to-head clinical data and practice-growth reinvestment.

The growth rebate is designed to disrupt competitor 'bundles' by rewarding accounts that commit a larger portion of their 6-month spend to Evolus.

The strategy has been particularly effective with national account chains, which are showing high growth rates early in the year.

The European HA market appears to be 6 to 12 months ahead of the U.S. in terms of recovery, showing signs of stabilization at the end of 2025.

U.S. toxin volumes showed incremental improvement in Q4, returning to a 'flat to low single-digit' growth environment.

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