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EX - 99.1 2 q12021eolsex991.htm EX - 99.1 Revolus TM Evolus Reports First Quarter 2021 Results and Provides Business Update Q1 2021 Net Revenues of $ 12.2 million , Despite Half - Quarter ITC Impact Full Resolution of International Trade Commission ( ITC ) Case Restructured Balance Sheet with March 31 , 2021 Pro Forma Cash Position of $ 140 million¹ On Track for a $ 100 million Annual Net Revenue Run Rate in Q2 2021 Newport Beach , Calif . , May 12 , 2021 - Evolus , Inc. ( Nasdaq : EOLS ) , a performance beauty company with a customer- centric approach focused on delivering breakthrough products , today provided a business update and reported financial results for the first quarter 2021 . " The first quarter was defined by three major events starting with the resolution of the ITC case , recapitalization of our balance sheet with pro forma cash of $ 140 million as of March 31 , 2021¹ and the strong bounce back of our U.S. JeuveauⓇ business since settlement in mid - February 2021. The combination of these events is building momentum across our business . We believe Jeuveau® is on track to achieve an annualized net revenue run rate of $ 100 million in the second quarter of 2021 , ” said David Moatazedi , President and Chief Executive Officer . First Quarter 2021 and Recent Corporate Developments • • • Strong first quarter 2021 commercial performance evidenced by : ° о ° ° JeuveauⓇ net revenues of $ 12.2 million , up 16 % from the first quarter of 2020 , with the majority of revenues recorded in the second half of the quarter . Increased Jeuveau® purchasing account base to over 5,800 accounts with re - order rates achieving an all - time high of 73 % ² in the first quarter of 2021 . Robust adoption of the company's customer loyalty program with approximately 160,000 consumers enrolled within the first year of the program³ . Continued leverage of proprietary digital platform with the majority of orders in the first quarter of 2021 originating from the Evolus Practice App . Reached settlement agreements with Allergan , Medytox and Daewoong to fully resolve all outstanding litigation among the companies regarding the sale of Jeuveau® , including the ITC case . Restructured the company balance sheet through the elimination of $ 127.4 million in debt and future milestone payments . Recapitalized the business by raising $ 92.1 million in net proceeds after discounts , commissions and estimated expenses from a public offering of common stock . Publication of our two , phase II repeat , long - term , open - label studies in the peer reviewed Aesthetic Surgery Journal . First Quarter 2021 Financial Results • • $ 12.2 million in total net revenues for the first quarter of 2021 , an increase of $ 1.7 million or 16.2 % from $ 10.5 million in the first quarter of 2020. First quarter 2021 net revenue was impacted by reduced sales during the ITC bond period which lasted approximately half of the quarter . GAAP gross margin and adjusted gross margin were 262.3 % and 59.9 % , respectively , for the first quarter of 2021 . 1