Evolus Reaffirms 2026 Outlook After Fourth Positive EBITDA Quarter

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter net revenue was $78.0 million, up 13%, as Adjusted EBITDA reached $1.2 million and the company reaffirmed full-year sales of $330 million to $337 million.

Evolus, Inc. (EOLS), a global performance beauty company, reported third-quarter net revenue of $78.0 million, a 13% increase from the year-ago period, and posted Adjusted EBITDA of $1.2 million, the fourth consecutive quarter of positive Adjusted EBITDA.

Year-over-year revenue growth slowed from 21% in the second quarter. Global toxin sales were $70.1 million, up about 11% from the third quarter of 2025. Injectable hyaluronic acid gel revenue was $7.9 million, up nearly 40% year over year.

GAAP loss from operations was $8.4 million, compared with an $11.5 million loss a year earlier. Adjusted EBITDA improved $4.2 million from a $3.1 million loss in the third quarter of 2025. Gross profit margin was 65.0% and adjusted gross profit margin was 66.1%.

GAAP operating expenses were $59.1 million, down from $61.7 million in the second quarter. Non-GAAP operating expenses were $50.3 million. The company said the non-GAAP decline reflected continued expense discipline and normal quarterly cadence.

President and Chief Executive Officer David Moatazedi said Jeuveau remains a durable growth engine and that the HA gel portfolio is gaining share. He said the company grew revenue 14% through the first nine months and improved Adjusted EBITDA by about $23 million versus 2025.

The company reaffirmed full-year 2026 net revenue of $330 million to $337 million, or 11% to 13% growth, and adjusted gross profit margin of 67.0% to 67.5%. It updated non-GAAP operating expense guidance to $210 million to $213 million from $212 million to $216 million and reaffirmed a low- to mid-single-digit Adjusted EBITDA margin.

Evolus expects Evolysse and Estyme injectable HA gels to contribute 10% to 12% of full-year 2026 net revenue, with no contribution from Evolysse Sculpt, which it anticipates receiving U.S. approval for in the fourth quarter. It reaffirmed a 2028 outlook of total net revenue between $450 million and $500 million and Adjusted EBITDA margins of 13% to 15%.

Total purchasing accounts increased by about 530 in the third quarter. More than 19,400 customers have purchased from Evolus since launch, with over 4,500 purchasing Evolysse. Evolus Rewards members grew by more than 71,000 to over 1.6 million, a 23% increase versus the third quarter of 2025.

Cash and cash equivalents were $41.7 million as of September 30, 2026. Inventories were $82.8 million, versus $27.0 million at year-end 2025, after the company accelerated Jeuveau imports ahead of potential pharmaceutical tariffs and now holds 12 months of inventory. It said it does not expect Jeuveau to be subject to tariffs after Commerce Department guidance, while Evolysse remains subject to a 10% tariff. The company said it has access to about $120 million of additional non-dilutive capacity.

In October, Evolus entered an option agreement for an early-stage sustained-release injectable aesthetic procedure for hair growth. In August it licensed the Estyme collection in Canada, Australia, and New Zealand, and in July it licensed Profhilo for U.S. development and commercialization with IBSA. The company said the hair-growth option requires modest near-term R&D investment and does not change its existing financial outlook.