Evolus Inc's (NASDAQ:EOLS) Q4 FY21 sales increased 68% Y/Y to $34.7 million in line with interim results, beating the consensus of $33.99 million, driven by higher volumes and average selling price.
- Adjusted gross profit margin declined from 64.6% to 54.3%, impacted by the higher settlement royalty rates in effect until September 2022.
- Non-GAAP loss from operations was $(12.2) million and was impacted by the payment of settlement royalties.
- The company entered into a $125 million term loan financing facility and borrowed the first tranche of $75 million.
- The company also has $50 million available under the second tranche of the facility that can be drawn before December 31, 2022.
- The company reported a Q4 EPS loss of $(0.33), compared to $(3.28) a year ago and the consensus of $(0.19).
- Evolus announced that Lauren Silvernail would retire as CFO and EVP of Corporate Development effective May 31, 2022. The search for her successor is already underway.
- Guidance: Evolus continues to expect FY22 total net revenues of $143 million - $150 million (consensus $147.34 million), representing Y/Y growth of 43% - 50%.
- Evolus expects an adjusted gross profit margin of 58% - 61%. Settlement royalty rates will decrease significantly in September 2022, which is expected to lift the adjusted gross profit margin to 68% to 71% for Q4 2022.
- The company remains on track to commence the launch of Nuceiva in Europe in Q3 of 2022.
- Price Action: EOLS shares closed 3.63% lower at $9.02 on Thursday.
