Evolus Inc (EOLS) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Evolus Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

下午好，歡迎參加 Evolus 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Ned Mitchell from Investor Relations. Ned?

現在我想將會議交給東道主投資者關係部的內德·米切爾先生。內德？

Thank you, operator, and welcome to everyone joining us on today's call. With me today are David Moatazedi, President and Chief Executive Officer; Rui Avelar, Chief Medical Officer and Head of R&D; and Sandra Beaver, Chief Financial Officer.

謝謝您，接線員，並歡迎大家加入我們今天的電話會議。今天與我在一起的有總裁兼執行長 David Moatazedi； Rui Avelar，首席醫療官兼研發主管；財務長桑德拉‧比弗 (Sandra Beaver)。

Our prepared remarks today will include forward-looking statements within the meaning of United States securities laws, and management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current assumptions and expectations of future events and trends, which may affect the company's business, strategy, operations or financial performance.

我們今天準備的言論將包括美國證券法含義內的前瞻性陳述，管理層可能會針對您的問題做出額外的前瞻性陳述。前瞻性陳述是基於管理層目前的假設以及對未來事件和趨勢的預期，這可能會影響公司的業務、策略、營運或財務表現。

A detailed discussion of the risks and uncertainties that the company faces is contained in its annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Actual results may differ materially from those expressed in or implied by the forward-looking statements. The company undertakes no obligation to update or review any estimate, projection or forward-looking statements.

關於公司面臨的風險和不確定性的詳細討論包含在其年度報告（表格 10-K）、季度報告（表格 10-Q）和當前報告（表格 8-K）中。實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。本公司不承擔更新或審查任何估計、預測或前瞻性陳述的義務。

Additionally, today's discussion will include non-GAAP financial measures, which we consider in addition to, and not as a substitute for, or in isolation from our GAAP results. A reconciliation of GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC and on our Investor Relations website at evolus.com. Following the conclusion of today's call, a replay will be available on our website at evolus.com.

此外，今天的討論將包括非公認會計原則財務指標，我們將其視為對我們公認會計原則結果的補充，而不是替代或孤立於我們的公認會計原則結果。 GAAP 與非 GAAP 績效的調節可以在我們的收益報告中找到，該報告隨我們今天向 SEC 提交的 8-K 表格以及我們的投資者關係網站 evolus.com 提供。今天的電話會議結束後，我們的網站 evolus.com 上將提供重播。

With that, I'll turn the call over to David.

這樣，我就把電話轉給大衛。

Thank you, Ned. We are very pleased to see the increasing momentum of our business, driven by strong execution, which has translated into record quarterly revenue and record low cash burn in what is historically the seasonally lowest for the injectable category.

謝謝你，內德。我們很高興看到我們的業務在強勁執行力的推動下不斷增長，這已轉化為創紀錄的季度收入和創紀錄的低現金消耗，這是注射劑類別歷史上的季節性最低水平。

Our focus has been consistent and intentional. We're building a beauty brand for the younger generation, which represents the fastest-growing segment of the neurotoxin market. This differentiated approach to [markets we go] has resulted in the highest quarterly revenue in the company's history.

我們的重點是一致且有意的。我們正在為年輕一代打造一個美容品牌，該品牌代表了神經毒素市場成長最快的部分。這種差異化的[我們去的市場]方法帶來了公司歷史上最高的季度收入。

Our reported revenue of $50 million reflect 48% growth year-over-year and represents a sequential increase over the second quarter. We've also maintained a strong focus on operating expenses, and I'm pleased to report that our operating cash burn was at an all-time low of $0.9 million this quarter, putting us on the pathway to profitability with our existing liquidity.

我們報告的收入為 5000 萬美元，年增 48%，比第二季度環比增長。我們也一直高度關注營運支出，我很高興地報告，本季我們的營運現金消耗達到 90 萬美元的歷史最低水平，使我們能夠利用現有流動性來實現盈利。

Our success in the quarter demonstrates the strength of our brand-building efforts and the resilience to the toxin market, which remains healthy as consumers continue to prioritize their spend on beauty. Toxins are a great value for consumers due to the consistency in outcomes and affordability of the treatment. We believe Jeuveau is well positioned as a beauty brand in this market, and we'll continue to capture this increasing demand.

我們在本季的成功證明了我們品牌建設努力的實力以及對毒素市場的適應力，隨著消費者繼續優先考慮在美容方面的支出，市場仍然保持健康。由於治療結果的一致性和負擔得起，毒素對消費者來說具有巨大的價值。我們相信 Jeuveau 作為美容品牌在這個市場上處於有利地位，我們將繼續抓住這一不斷增長的需求。

The success of our consumer-centric strategy was demonstrated during the quarter in a number of total consumer loyalty redemptions, which eclipsed 1.2 million since the program was introduced in 2020. In the quarter, we reached an all-time high of 149,000 redemptions, demonstrating sustained and strong brand loyalty.

我們以消費者為中心的策略的成功在本季度的一系列消費者忠誠度兌換中得到了證明，自2020 年推出該計劃以來，這一數字已超過120 萬次。本季度，我們達到了149,000次兌換的歷史新高，顯示持續且強烈的品牌忠誠度。

On the market penetration side, we added more than 650 new accounts in the quarter, bringing our total purchasing customer count to nearly 11,600. As a reminder, with over 30,000 aesthetic customers in the United States, we continue to have a significant opportunity to further expand our market penetration over the coming years.

在市場滲透方面，我們在本季度新增了 650 多個新帳戶，使我們的購買客戶總數達到近 11,600 名。提醒一下，我們在美國擁有超過 30,000 名美容客戶，未來幾年我們仍然有很大的機會進一步擴大我們的市場滲透率。

In our international operations, Nuceiva is now commercial in 4 major countries. I'm proud of the progress we've made with the small and nimble team. This week, we celebrated 1 year since Nuceiva was first launched in Great Britain. Earlier this year, we launched in Germany and Austria, and most recently, we launched in Italy, which is off to a very strong start. Europe represents an estimated high single-digit millions in sales in 2023 and is key to our overall long-term growth strategy.

在我們的國際業務中，Nuceiva 目前已在 4 個主要國家開展商業活動。我為我們這個小而靈活的團隊所取得的進步感到自豪。本週，我們慶祝了 Nuceiva 在英國首次推出一週年。今年早些時候，我們在德國和奧地利推出，最近又在義大利推出，這是一個非常強勁的開端。預計 2023 年歐洲銷售額將達到數百萬美元，是我們整體長期成長策略的關鍵。

The combination of continued strength and execution and increasing momentum gives us the confidence to raise, again, our full year 2023 revenue guidance to between $194 million and $198 million. This updated guidance equates to over 30% growth for the fiscal year, and it is magnitudes greater than the estimated category growth rate.

持續的實力和執行力以及不斷增長的勢頭相結合，使我們有信心再次將 2023 年全年收入指導提高至 1.94 億美元至 1.98 億美元之間。這項更新後的指導相當於本財年超過 30% 的成長，而且遠高於預期的品類成長率。

Looking beyond 2023, we remain highly confident in our 2020 sales goal of $700 million, which is driven by the strong market opportunity of Jeuveau in the United States, the international expansion of Nuceiva and the introduction of the Evolysse line of fillers in the U.S. beginning in 2025.

展望 2023 年以後，我們對 2020 年 7 億美元的銷售目標仍然充滿信心，這是由 Jeuveau 在美國的強大市場機會、Nuceiva 的國際擴張以及開始在美國推出 Evolysse 系列填充劑所推動的。2025 年。

Evolus continues to differentiate itself and outpace the growth of our competitors, leading with a strong beauty brand, a unique strategy targeting millennial and a cash pay business model that rewards customer loyalty. Our platform for growth continues to scale with Jeuveau and Nuceiva experiencing tremendous growth, as evidenced by our third quarter results.

Evolus 憑藉強大的美容品牌、針對千禧世代的獨特策略以及獎勵客戶忠誠度的現金支付業務模式，繼續保持差異化並超越競爭對手的成長。我們的成長平台繼續擴大，Jeuveau 和 Nuceiva 經歷了巨大的成長，我們第三季的業績證明了這一點。

Moving to our R&D efforts. I would like to provide an update on several of our pipeline assets. Today, we will provide an update on the first 2 expected injectable products within the Evolysse line of fillers. We will also review the final Phase II extra-strength Jeuveau results.

轉向我們的研發工作。我想提供有關我們的幾個管道資產的最新資訊。今天，我們將提供 Evolysse 填充劑系列中前 2 款預期注射產品的最新資訊。我們也將審查第二階段特強 Jeuveau 的最終結果。

Starting with Evolysse. We have continued to make progress over the past quarter and are pleased to provide an update on our filing for the first 2 Evolysse fillers, which we expect to be completed by summer 2024. This keeps us on track to launch Evolysse in the U.S. in 2025.

從 Evolysse 開始。我們在過去一個季度繼續取得進展，並很高興提供前 2 種 Evolysse 填充劑備案的最新信息，我們預計將於 2024 年夏季完成。這使我們有望於 2025 年在美國推出 Evolysse 。

On Monday, we announced the results from the Phase II clinical studies evaluating the extra-strength 40-unit dose for extended duration of Jeuveau, the only neurotoxin dedicated exclusively to aesthetics. The final data presented this past weekend in Chicago at the American Society for Dermatologic Surgery demonstrated 26 weeks or 6 months of performance with the extra-strength dose of 40 units.

週一，我們公佈了 II 期臨床研究的結果，該研究評估了 Jeuveau 的超強度 40 單位劑量的延長持續時間，Jeuveau 是唯一專門用於美容的神經毒素。上週末在芝加哥美國皮膚外科學會公佈的最終數據顯示，40 單位的超強度劑量可維持 26 週或 6 個月的效果。

The final Phase II outcomes were consistent with interim finding and reinforced that longer-lasting effects, particularly up to 26 weeks, can be achieved with the extra-strength 40-unit formulation of Jeuveau.

最終的 II 期結果與中期發現一致，並強化了 Jeuveau 的超強 40 單位配方可以實現更持久的效果，尤其是長達 26 週的效果。

I would now like to turn the call over to Rui Avelar, who will walk us through the filings.

我現在想將電話轉給 Rui Avelar，他將引導我們完成這些文件。

Thank you. As David mentioned, I'd like to share with you the final top line results of the Jeuveau extra-strength study that were presented this past Friday at ASDS in Chicago.

謝謝。正如 David 所提到的，我想與大家分享 Jeuveau 超強度研究的最終結果，該研究於上週五在芝加哥 ASDS 上發布。

Slide 2. The study looks at safety and duration of the effect when the Jeuveau dose was doubled and hyper-concentrated. The primary objective of the study was to see how long it took a patient after single treatment to return back to their baseline glabellar wrinkles at maximum frown as assessed by the investigator. This is a metric that's been used by others and has the advantage of being independent of the scale when looking across studies.

投影片 2。該研究著眼於 Jeuveau 劑量加倍且高度濃縮時的安全性和效果持續時間。研究的主要目的是了解患者在單次治療後需要多長時間才能恢復到研究人員評估的最大皺眉時的基線眉間皺紋。這是一個已被其他人使用的指標，其優點是在查看研究時獨立於量表。

Slide 3. The study was carried out at the 5 clinical sites. Slide 4. The design was double-blind, randomized with 2 active controls, 20 units of Jeuveau and 20 units of BOTOX on label. The duration of the trial was 1 year or when the patient returned back to their baseline. As with all registration trials, patients have to be rated as either moderate or severe on the 4-point glabellar line scale to be eligible for the study.

投影片 3。研究在 5 個臨床中心進行。投影片 4。設計是雙盲的，隨機使用 2 個活性對照、標籤上 20 個單位的 Jeuveau 和 20 個單位的 BOTOX。試驗持續時間為 1 年或當患者恢復至基線。與所有註冊試驗一樣，患者必須在 4 點眉間線量表上被評為中度或重度才有資格參加研究。

Slide 5. The patient demographics were typical for this type of study, primarily women in their late 40s. Slide 6. When looking at the baseline glabellar severity, it is notable that most of the subjects were rated as severe, both by the investigator and the patients themselves.

投影片 5。患者人口統計是此類研究的典型特徵，主要是 40 多歲的女性。投影片 6。在查看基線眉間嚴重程度時，值得注意的是，大多數受試者都被研究者和患者自己評為嚴重程度。

Slide 7. With regards to safety, there were 35 adverse events in total, and these occurred in 26 patients. All adverse events include events that are both related and unrelated to the study drug, whereas drug-related adverse events refer to events caused by the drug. There is no difference between the 3 groups. Below the table, the actual drug-related events have been itemized, with headaches being the most common, and there was 1 case of eyelid ptosis in the 40-unit Jeuveau line.

投影片 7.關於安全性，總共發生了 35 起不良事件，發生在 26 名患者中。所有不良事件包括與研究藥物相關和無關的事件，而藥物相關不良事件是指藥物引起的事件。 3組之間沒有差異。下表列出了實際的藥物相關事件，其中頭痛最為常見，40 單位 Jeuveau 系列中出現 1 例眼瞼下垂。

Slide 8. In terms of adverse event severity, 88.9% were rated as mild, with no difference between the groups. And importantly, there was no serious adverse events. Nine. the primary objective of the study was to look at how long the type of patient to return back to their baseline. Here's (inaudible) glabellar line severity as assessed by the investigator.

投影片 8。就不良事件嚴重程度而言，88.9% 的不良事件被評為輕度，組間沒有差異。重要的是，沒有發生嚴重的不良事件。九。研究的主要目的是觀察該類型的患者需要多長時間才能恢復到基線水平。這是研究者評估的（聽不清楚）眉間線嚴重程度。

The 40-unit Jeuveau extra-strength Kaplan-Meier plot shows 26 weeks or 6 months to return to their baseline. And the controls lasted 21 weeks, consistent with the previous studies. The hazard ratios and p values also provided and demonstrated statistical superiority for the 40-unit arm compared to the 20-unit control arms.

40 單位 Jeuveau 超強度 Kaplan-Meier 圖顯示需要 26 週或 6 個月才能恢復到基線。對照組持續了 21 週，與先前的研究一致。與 20 單位對照組相比，風險比和 p 值也提供並證明了 40 單位組具有統計優勢。

Slide 10. A 1-point improvement on the glabellar line scale, which is, by definition, a clinically meaningful response, demonstrated the same duration results. Slide 11. As an alternative way to assess treatment effect is to use the global aesthetic improvement scale. (inaudible) assessment, the duration was 26.3 weeks or 6 months, again, Jeuveau extra-strength was statistically superior to both controls.

投影片 10。眉間線量表提高 1 分（根據定義，這是具有臨床意義的反應），但顯示出相同的持續時間結果。投影片 11。評估治療效果的另一種方法是使用整體美感改善量表。 （聽不清楚）評估，持續時間為 26.3 週或 6 個月，Jeuveau 額外強度在統計上再次優於兩個對照組。

12. Here, we're looking at responder rates over time. To be a responder, one has to have none or mild glabellar lines. Looking at the graph, one can see the percentage of responders over time, and that, in the 40-unit arm, there's always more responders, and it lasted longer compared to controls. There were no in-office visits between day 2 and day 30 to decrease the burden on patient visits and for dropouts. And since this is a monthly visit, this contributed to a high steady completion rate of 94.7%.

12. 在這裡，我們正在研究一段時間內的回應率。要成為一名響應者，一個人必須沒有眉間紋或有輕微的眉間紋。查看圖表，我們可以看到隨著時間的推移響應者的百分比，並且在 40 個單位的組中，總是有更多的響應者，並且與對照組相比持續時間更長。第 2 天到第 30 天之間沒有辦公室就診，以減輕患者就診和中途退出的負擔。由於這是每月一次的訪問，因此穩定完成率高達 94.7%。

Slide 13. When we use the responder definition of none to mild glabellar lines, it's important to understand the implications. Having no glabellar lines or mild ones is clinically meaningful measures and realize these patients do not require a repeat treatment. However, when using this as a responder definition, it's important to understand the baseline severity between the groups since it can impact the results.

投影片 13。當我們使用無到輕度眉間紋的應答者定義時，了解其意義很重要。無眉間紋或輕度眉間紋是具有臨床意義的措施，並且認識到這些患者不需要重複治療。但是，當將此用作響應者定義時，了解組之間的基線嚴重性非常重要，因為它會影響結果。

If a group presents mostly severe before treatment, then they only need a 1-point improvement to become a responder. In contrast, a group that has mostly severes -- sorry, if a group consists mostly of moderates before the treatment, they only need a 1-point improvement. In contrast, if the group mostly severes, would need a 2-point improvement to become respondent.

如果一個群體在治療前表現出大部分嚴重，那麼他們只需要改善 1 分即可成為回應者。相較之下，一個大部分為重度症狀的組別——抱歉，如果一個組在治療前主要由中度症狀組成，那麼他們只需要提高 1 分。相較之下，如果該群體大多嚴厲，則需要提高 2 分才能成為回應者。

Slide 14. We're frequently asked how 40 units of Jeuveau compares to 40 units of Daxi. While a direct comparison requires a head-to-head study, here's an attempt to overlay the data from their respective clinical trials and even the same maintenance.

投影片 14。我們常被問到 40 單位的 Jeuveau 與 40 單位的 Daxi 相比如何。雖然直接比較需要進行頭對頭研究，但這裡嘗試疊加各自臨床試驗甚至相同維護的數據。

In this combined graph, we have 40-unit Jeuveau none or mild results as assessed by both the investigator subject compared to the 40-unit Daxi Sakura 1 results as they appear in their FDA-approved label. Note that due to the baseline characteristics in each study, most of the Daxxify patients only required a 1-point improvement to become a responder. In contrast, most of the Jeuveau patients required a 2-point improvement. The results also seen us suggest that Jeuveau lasts longer over time.

在這張組合圖中，我們得到了兩位研究者受試者評估的 40 單位 Jeuveau 無或輕微結果，與 FDA 批准的標籤中顯示的 40 單位 Daxi Sakura 1 結果進行了比較。請注意，由於每項研究的基線特徵，大多數 Daxxify 患者只需改善 1 分即可成為有反應者。相比之下，大多數 Jeuveau 患者需要改善 2 分。我們還看到結果表明，隨著時間的推移，Jeuveau 的持續時間會更長。

Slide 15. Comparing the Jeuveau 40 units to the Daxxify 40-unit results from Sakura 2 as published in their FDA label, again, demonstrates a similar pattern, even though most of the Jeuveau patients required a 2-point improvement.

投影片 15。將 Jeuveau 40 單位與 Sakura 2 的 Daxxify 40 單位結果（如 FDA 標籤中公佈的那樣）進行比較，再次顯示出類似的模式，儘管大多數 Jeuveau 患者需要 2 點改善。

16. The most stringent measure of efficacy is the 2-point composite score, which is why the FDA mandates it as the primary endpoint in all toxicological studies. Using this as a responder definition, success is defined as achievement of grade of none or mild and a 2-grade improvement from the baseline and both the investigator and the subjects agreeing this happened independently and concurrently. This 2-point composite endpoint represents the highest bar and the FDA also suggests it should be used to look at duration.

16. 最嚴格的療效衡量標準是 2 點綜合評分，這就是 FDA 強制要求將其作為所有毒理學研究的主要終點的原因。使用此作為回應者定義，成功被定義為達到無或輕度等級，並且較基線提高 2 級，並且研究者和受試者都同意這種情況獨立且同時發生。這個 2 點複合終點代表了最高標準，FDA 也建議用它來衡量持續時間。

Slide 17. Based on this last graph, we compare the 2-point composite scores for Jeuveau 40 units Jeuveau's to Daxxify 40 units from Sakura 1 and Sakura 2 as published in their FDA label The Jeuveau responder rates are higher at all measured time points and the overlayered graph also suggests that duration is longer for Jeuveau.

投影片 17. 根據最後一張圖，我們比較了 Jeuveau 40 單位 Jeuveau 與來自 Sakura 1 和 Sakura 2 的 Daxxify 40 單位的 2 點綜合評分，如 FDA 標籤中所公佈的。疊加圖還表明Jeuveau 的持續時間更長。

Slide 18. In summary, extra-strength Jeuveau demonstrated 26 weeks of duration or 6 months over multiple metrics, and there seem to be no differences in AD compared to active controls, with 88.9% of adverse events being graded as mild and no serious drug-related adverse events.

投影片18. 總而言之，超強Jeuveau 在多個指標上顯示持續時間為26 週或6 個月，與活性對照相比，AD 似乎沒有差異，88.9% 的不良事件被評為輕微且無嚴重藥物不良事件相關的不良事件。

With that, I'll turn it back to you, David.

這樣，我會把它轉回給你，大衛。

Thanks, Rui. This data set conclusively puts to rest the relative contribution of dose to duration. Going into the Phase II study, we were expecting to see 24 weeks of longevity with Jeuveau, in line with the 40-unit doses of toxin. And these final results exceeded our expectations, with most time points achieving 26 weeks. This is a successful outcome that gives Evolus the ability to offer treatment options for customers and their patients using the same original strength of Jeuveau vial simply by changing how the product is reconstituted.

謝謝，瑞。此資料集最終消除了劑量對持續時間的相對影響。進入 II 期研究時，我們預計 Jeuveau 的壽命可達 24 週，與 40 單位劑量的毒素一致。而這些最終結果超出了我們的預期，大多數時間點達到了 26 週。這是一個成功的結果，使 Evolus 能夠透過改變產品的重組方式，使用與 Jeuveau 小瓶相同的原始強度為客戶及其患者提供治療選擇。

On the filler side, we remain excited about the differentiation of the Evolysse portfolio and its potential to become one of the leading HA fillers in the U.S. Our cash pay-focused platform was designed for scale, and there are tremendous synergies we can achieve by leveraging our seasoned sales force and our rapidly growing customer loyalty program to launch its innovative new technology, alongside our flagship Jeuveau. We continue to believe the combination of a highly competitive filler line and our growing customer base provides a unique opportunity to build a durable brand that adds tremendous value to Elite and our shareholders.

在填充劑方面，我們仍然對Evolysse 產品組合的差異化及其成為美國領先的HA 填充劑之一的潛力感到興奮。我們以現金支付為中心的平台是為規模而設計的，我們可以透過利用來實現巨大的協同效應我們經驗豐富的銷售團隊和快速發展的客戶忠誠度計劃，與我們的旗艦產品 Jeuveau 一起推出其創新技術。我們仍然相信，極具競爭力的灌裝產品線與不斷增長的客戶群相結合，為打造持久品牌提供了獨特的機會，為精英和我們的股東增加了巨大的價值。

Now I'll turn it over to Sandra, who will cover the financials.

現在我將把它交給桑德拉，她將負責財務事宜。

Thank you, David. Our strong growth this quarter demonstrates our success and execution of our long-term strategy to become a top brand in the growing performance beauty market. I'd like to congratulate the Evolus team for a record quarter of above-market overall performance, including record highs of sales and our key metrics and for continued focus on diligent operating expense and cash management.

謝謝你，大衛。我們本季的強勁成長證明了我們在不斷成長的功能美容市場成為頂級品牌的長期策略的成功和執行。我要祝賀 Evolus 團隊創下了高於市場整體業績的季度記錄，包括創下歷史新高的銷售額和我們的關鍵指標，並持續專注於勤奮的營運費用和現金管理。

Global net revenues for the third quarter were $50 million, up 48% compared to net revenue in the third quarter of 2022, with U.S. sales comprising more than 95% of the total revenue, driven primarily by higher volumes. We continue to experience strong pricing in the U.S., with our average selling price in 2023 modestly increasing compared to the same period last year, while our customer reorder rate remains above 70%.

第三季全球淨收入為 5,000 萬美元，比 2022 年第三季淨收入成長 48%，其中美國銷售額佔總營收的 95% 以上，這主要是銷量增加的推動。我們在美國的定價持續強勁，2023 年的平均售價與去年同期相比略有上漲，而我們的客戶再訂購率仍保持在 70% 以上。

Our reported gross margin for the third quarter was 67.7%, and our adjusted gross margin, which excludes the amortization of intangibles, was 69.1% and in line with our guidance of 68% to 71%. Operating expenses declined sequentially in Q3 as compared to Q2.

我們報告的第三季毛利率為 67.7%，調整後毛利率（不包括無形資產攤銷）為 69.1%，與我們 68% 至 71% 的指引一致。與第二季相比，第三季營運費用較上季下降。

Our GAAP operating expenses for the third quarter were $63.4 million compared to $64.5 million in the second quarter. Non-GAAP operating expenses for the third quarter were $40.3 million compared to $42.7 million in the prior quarter. As a reminder, non-GAAP operating expenses exclude product cost of sales.

我們第三季的 GAAP 營運費用為 6,340 萬美元，而第二季為 6,450 萬美元。第三季非 GAAP 營運費用為 4,030 萬美元，上一季為 4,270 萬美元。提醒一下，非公認會計準則營運費用不包括產品銷售成本。

Reported selling, general and administrative expenses for the third quarter were $43.3 million compared to $41.2 million recorded in the second quarter, with the increase mainly attributable to higher commercial costs. This quarter, SG&A expenses include $4.3 million of noncash stock-based compensation compared to $4 million in the second quarter.

第三季報告的銷售、一般和管理費用為 4,330 萬美元，而第二季為 4,120 萬美元，成長主要歸因於商業成本上升。本季的 SG&A 費用包括 430 萬美元的非現金股票薪酬，而第二季為 400 萬美元。

Our non-GAAP loss from operations in the third quarter was $5.7 million compared to $8 million reported in the second quarter. Non-GAAP operating losses declined $2.2 million as compared to Q2 and $7.5 million as compared to Q3 2022, which represents a 57% year-over-year improvement, continuing our trend towards profitability.

我們第三季的非 GAAP 營運虧損為 570 萬美元，而第二季報告的營運虧損為 800 萬美元。與 2022 年第二季相比，非 GAAP 營運虧損減少了 220 萬美元，與第三季相比減少了 750 萬美元，比去年同期改善了 57%，延續了我們的獲利趨勢。

Consistent with our initial 2023 guidance, we continue to expect to achieve non-GAAP operating profitability in the fourth quarter, excluding our investments related to Evolysse. Both non-GAAP operating expenses and non-GAAP loss from operations excludes stock-based compensation expense, revaluation of the contingent royalty obligation and depreciation and amortization.

與我們最初的 2023 年指引一致，我們繼續預期第四季將實現非 GAAP 營運獲利（不包括與 Evolysse 相關的投資）。非公認會計準則營運費用和非公認會計準則營運虧損均不包括基於股票的補償費用、或有特許權使用費義務的重估以及折舊和攤提。

Turning to the balance sheet. We ended the third quarter with $38.7 million in cash compared to $41.7 million at June 30, 2023. During the quarter, we had a record low in quarterly cash use of $3 million. In the quarter, net cash used for operating activities was $0.9 million. Net cash used in the third quarter of 2023 continued its sequential quarterly decline throughout 2023, further demonstrating our continued progress towards cash flow breakeven.

轉向資產負債表。截至第三季末，我們的現金為 3,870 萬美元，而截至 2023 年 6 月 30 日為 4,170 萬美元。本季度，我們的季度現金使用量創歷史新低，為 300 萬美元。本季用於經營活動的淨現金為 90 萬美元。 2023 年第三季使用的淨現金在 2023 年繼續按季度下降，進一步表明我們在實現現金流盈虧平衡方面持續取得進展。

Before we turn to Q&A, I would like to summarize our 2023 guidance. Based on our strong year-to-date performance and confidence in the resilient toxin market, we now expect total net revenues for the full year of $194 million to $198 million.

在我們進行問答之前，我想總結一下我們的 2023 年指導。基於我們今年迄今的強勁業績和對彈性毒素市場的信心，我們現在預計全年淨收入總額為 1.94 億美元至 1.98 億美元。

This equates to over 30% growth for the fiscal year; and adjusted gross margin in the range of 68% to 71%, unchanged from our guidance; full year 2023 non-GAAP operating expenses between $153 million and $158 million, also unchanged from prior guidance. Other modeling assumptions for 2023 include quarterly interest expense of $3.5 million and full year weighted average shares outstanding of approximately 57 million.

這相當於本財年成長超過 30%；調整後的毛利率在 68% 至 71% 之間，與我們的指導一致； 2023 年全年非 GAAP 營運費用介於 1.53 億至 1.58 億美元之間，也與先前的指引持平。 2023 年的其他建模假設包括季度利息支出為 350 萬美元，全年加權平均已發行股票約 5,700 萬股。

Looking beyond 2023, we continue to target total revenue of $700 million in 2028, driven by continued growth and share gains in our neurotoxin franchise in the U.S. and international markets, along with the growing contribution from our Evolysse line of fillers that begins in 2025. This equates to a compounded annual growth rate of 29% on a total addressable market that is 70% greater with the addition of a filler product line.

展望2023 年以後，我們繼續將總收入目標定為2028 年達到7 億美元，這得益於我們的神經毒素特許經營權在美國和國際市場的持續增長和份額增長，以及我們從2025 年開始的Evolysse 系列填充劑的貢獻不斷增長。這相當於整個潛在市場的複合年增長率為 29%，如果添加填充劑產品線，複合年增長率將提高 70%。

Now let me turn the call back to the operator to begin Q&A.

現在讓我將電話轉回接線員以開始問答。

(Operator Instructions) And our first question comes from the line of Louise Chen with Cantor Fitzgerald.

（操作員說明）我們的第一個問題來自路易絲·陳（Louise Chen）和坎托·菲茨杰拉德（Cantor Fitzgerald）的台詞。

Congratulations on a very strong quarter in execution. So first question I wanted to ask you is, what is you confident that this rate of growth that you're seeing is sustainable? And is there any seasonality to the fourth quarter? And then the second question is next steps on how you're thinking about Jeuveau 40 units and how important this is to your product portfolio.

恭喜本季的執行力非常強勁。所以我想問你的第一個問題是，你對你所看到的這種成長率是否可持續有信心嗎？第四季有季節性嗎？第二個問題是關於您如何看待 Jeuveau 40 裝置以及這對您的產品組合有多重要的後續步驟。

Okay. Louise, thanks for the questions. Starting with the fourth quarter. The fourth quarter is generally the strongest quarter of the year in terms of procedural demand. And as you see with the guidance range we provided, we expect the fourth quarter to be another all-time high in terms of revenue. And so we do believe that the growth rates that we've demonstrated year-to-date will continue to hold, and our guidance range reflects that with over 30% growth year-on-year for the quarter. On the second question around the Jeuveau 40-unit dose, the next steps, I'm going to ask Rui to take that.

好的。路易絲，謝謝你的提問。從第四季開始。就程序需求而言，第四季通常是一年中最強勁的季度。正如您在我們提供的指導範圍中看到的那樣，我們預計第四季度的收入將再創歷史新高。因此，我們確實相信，今年迄今所展現的成長率將繼續保持，我們的指導範圍反映了這一點，本季同比增長率超過 30%。關於 Jeuveau 40 單位劑量的第二個問題，接下來的步驟，我將請 Rui 回答。

So the main objective, of course, will be to publish that. And as we ask for prep providers what we should do next, the one thing that's coming out loud and clear is, given that there is not a longer-duration label out there, people are basically saying, do not proceed to Phase III, there is no need. So the main emphasis will be on publishing the Phase II studies. And then we'll continue to watch how the doubling the dose market evolves and then decide what we do next.

所以主要目標當然是發布它。當我們詢問準備提供者我們下一步應該做什麼時，有一件事情大聲而明確地出來了，鑑於沒有更長持續時間的標籤，人們基本上會說，不要進入第三階段，那裡沒必要。因此，主要重點將是發布第二階段研究。然後我們將繼續觀察加倍劑量市場如何發展，然後決定我們下一步要做什麼。

Our next question comes from the line of Annabel Samimy with Stifel.

我們的下一個問題來自安娜貝爾·薩米米 (Annabel Samimy) 和施蒂費爾 (Stifel) 的對話。

Congratulations from me on a good quarter. So just big picture, I guess, for the last few years, it appears the market has been still relatively underpenetrated. And I guess, BOTOX was always the product as the market leader who is setting the growth rate. But obviously, with your growth rate and now with another competitor coming in, it does seem that you are -- they are having an impact from new products. So how do you see -- how are these dynamics actually really shifting in the marketplace? And are you still riding a wave of growing market? Or are you actually growing that share now? And what may that share be? So that's my first question.

我祝賀您度過了一個美好的季度。因此，我想，從大局來看，在過去幾年中，市場的滲透率似乎仍然相對較低。我想，BOTOX 始終是設定成長率的市場領導者產品。但顯然，隨著您的成長率以及現在另一個競爭對手的加入，您似乎確實 - 他們正在受到新產品的影響。那麼，您如何看待這些動態在市場中實際上如何改變？您還在乘著不斷成長的市場浪潮嗎？或者你現在實際上正在增​​加這個份額嗎？那份額可能是什麼？這是我的第一個問題。

Great. Annabel, thanks for the question. Look, the market remained highly underpenetrated. And I think as you saw in the third quarter, the market leader posted solid growth. And you saw that we also showed very strong performance as well. We do believe some of the dynamics at play here, first, starting with our focus with Jeuveau as a duty brand. That is how this younger generation of consumers perceive this procedure, and we positioned ourselves well there.

偉大的。安娜貝爾，謝謝你的提問。看起來，市場滲透率仍然嚴重不足。我認為正如您在第三季度看到的那樣，市場領導者實現了穩健的成長。你看到我們也表現出了非常強勁的表現。我們確實相信這裡有一些動力在起作用，首先，從我們將 Jeuveau 作為責任品牌的重點開始。這就是年輕一代消費者對這項程序的看法，我們也將自己定位在這一點上。

We held a number of Advisory Board meetings over the last quarter on what we consistently hear back even from nonusers of Jeuveau that are interested in bringing on our product into their practice is that they view us as a product for the younger generation. And that younger generation is the fastest-growing segment of the market, and we believe that gives us really sustainable growth from a consumer standpoint into the future.

我們在上個季度舉行了多次顧問委員會會議，我們不斷聽到即使是 Jeuveau 的非用戶也有興趣將我們的產品引入他們的實踐的反饋，他們認為我們是面向年輕一代的產品。年輕一代是市場中成長最快的部分，我們相信，從消費者的角度來看，這將使我們在未來實現真正的永續成長。

Now in addition to that, in the market, you see that we're in just over 11,000 accounts, and the market has over 30,000 customers. So we benefit from having continued market penetration opportunities of opening up new customers as well. And then, of course, both of these 2 ideas do go hand in hand.

除此之外，在市場中，您會看到我們有超過 11,000 個帳戶，而市場擁有超過 30,000 個客戶。因此，我們也受惠於不斷開拓新客戶的市場滲透機會。當然，這兩個想法確實是齊頭並進的。

As we continue to drive more younger consumers into the practice, it opens more new accounts for us that have an interest in partnering with us. And our cash pay positioning gives us the ability to really capitalize on that opportunity in a way that positions us as a beauty brand that helps grow this segment of practice.

隨著我們繼續吸引更多年輕消費者參與這項實踐，它為我們打開了更多有興趣與我們合作的新客戶。我們的現金支付定位使我們能夠真正利用這一機會，使我們成為一個有助於發展這一領域的美容品牌。

And so I think it's hard to isolate any one variable. But I think, collectively, the positioning is driving that continued growth. And we're seeing that reflected each quarter where you've seen our growth continue to persist and accelerate. We've been the fastest-growing neurotoxin on the market now for 2 consecutive years, and this year continues to be very strong as well. And we do think that it's all reflected in our positioning and cash pay strategy.

所以我認為很難孤立任何一個變數。但我認為，總的來說，這種定位正在推動持續成長。我們看到這反映了每個季度我們的成長持續持續和加速。我們已經連續兩年成為市場上成長最快的神經毒素，今年也持續保持強勁勢頭。我們確實認為這一切都反映在我們的定位和現金支付策略中。

And do you dare to venture what market share could be at this point?

您敢不敢冒險一下目前的市佔率有多大？

Yes. As far as market share last quarter, we estimated that we had captured about 11% of the market. We don't expect to click up a full share point every quarter. Clearly, we gained share in the third quarter. And so I think we're approaching a share point higher, and we'll certainly give you an update when we feel confident that we would collect that 11% share.

是的。就上季度的市場份額而言，我們估計我們佔據了約11%的市場份額。我們並不期望每季都會點擊一個完整的分享點。顯然，我們在第三季度獲得了份額。因此，我認為我們正在接近更高的份額點，當我們有信心獲得 11% 的份額時，我們肯定會向您提供最新資訊。

Okay. And then 1 other question. To what extent do you say -- I mean, obviously, you guys have done a really good job penetrating accounts. To what extent do you think Evolysse is going to boost additional account penetration? How many accounts do you think are out there who do not entertain the use of Jeuveau just because you don't have, I guess, a portfolio of products to offer them?

好的。然後還有另外 1 個問題。你說的到了什麼程度——我的意思是，顯然，你們在滲透帳戶方面做得非常好。您認為 Evolysse 會在多大程度上提高帳戶滲透率？您認為有多少帳戶不接受 Jeuveau 的使用，只是因為您沒有（我想）可以向他們提供產品組合？

We believe that with Jeuveau alone, we can continue to expand our market penetration. And I think when you look back over the last 3 years, our penetration of new accounts has accelerated over the last month 12 months prior. So we believe that accounts are more interested in bringing us on today than we were in a position a year or 2 years prior.

我們相信，僅靠 Jeuveau，我們就能繼續擴大我們的市場滲透率。我認為，當你回顧過去 3 年時，我們的新帳戶滲透率比 12 個月前的最後一個月有所加快。因此，我們相信，與我們一年或兩年前的情況相比，客戶對今天的我們更感興趣。

So Evolysse is certainly a catalyst in the sense that it becomes more interesting to partner with us on a broader portfolio. But we do believe that we have an excellent runway of existing accounts with just Jeuveau. And Evolysse gives us an opportunity to offer our existing customer base, which now exceeds 11,000 customers. The opportunity to expand their portfolio offering with us, which is something that we've consistently heard from our customers, is that they like our cash pay positioning, they like our investment in advertising that happens to co-branded media.

因此，Evolysse 無疑是一個催化劑，因為與我們在更廣泛的產品組合上合作變得更有趣。但我們確實相信，僅 Jeuveau 就可以為我們現有的客戶提供良好的跑道。 Evolysse 為我們提供了向現有客戶群提供服務的機會，該客戶群現已超過 11,000 名。與我們一起擴展他們的產品組合的機會是我們一直從客戶那裡聽到的，他們喜歡我們的現金支付定位，他們喜歡我們在聯合品牌媒體上進行的廣告投資。

And to the extent that we could extend that offering to the filler line, that would give them more reasons to want to partner with us across their portfolio of products. So for that reason, we're very optimistic about what Evolysse could bring when we introduce it to the market. Of course, we still have some time until we launch Evolysse in 2025. Until then, we see just a tremendous amount of runway for Jeuveau and continued market opportunity.

如果我們可以將產品擴展到填充線，這將使他們有更多理由希望在其產品組合中與我們合作。因此，我們對 Evolysse 推向市場時所能帶來的效果非常樂觀。當然，距離 2025 年推出 Evolysse 仍有一段時間。在那之前，我們看到 Jeuveau 擁有巨大的發展空間和持續的市場機會。

Our next question comes from the line of Marc Goodman with SVB Securities.

我們的下一個問題來自 SVB 證券公司的 Marc Goodman。

David, what is your sense that the market grew this past quarter? Do you think it was high single digits? It just seemed, obviously, BOTOX grew 5%, right? I mean -- and then, secondly, what are your thoughts about Revance and the dynamics of what they've done and their metrics so far?

大衛，您對上個季度市場成長有何看法？您認為這是高個位數嗎？顯然，BOTOX 成長了 5%，對嗎？我的意思是——其次，您對 Revance 以及他們迄今為止所做的事情和指標的動態有何看法？

Marc, we're really pleased to see that the third quarter reflected a really healthy rebound in terms of procedural volume. It's hard to pin the exact number, but we do believe this is a high single-digit growth market coming into this year. And I think, overall, our views are relatively intact. And Q3 was certainly an acceleration of market growth from the front half of the year, which is positive, and we're assuming that carry through into the fourth quarter. We have no reason to believe that it wouldn't. And just keep in mind that that's been the traditional growth rate for this market over many years.

馬克，我們非常高興地看到第三季程序量出現了真正健康的反彈。很難確定確切的數字，但我們確實相信今年將出現一個高個位數成長的市場。我認為，整體而言，我們的觀點相對完整。第三季無疑是上半年市場成長的加速，這是正面的，我們假設這種情況會延續到第四季。我們沒有理由相信它不會。請記住，這是該市場多年來的傳統成長率。

As far as the market dynamics of competitors, we continue to maintain our focus on our brand positioning and establishing this brand in the market as a unique beauty product. And I think that's differentiated us from the existing competitors that competes on similar dynamics that other drug companies do. And I think we'll continue to do that. I don't have a view to share on how other companies that are launching are coming along. I think we'll get a view from that when they report there.

就競爭對手的市場動態而言，我們繼續專注於我們的品牌定位，並將品牌作為獨特的美容產品在市場上建立起來。我認為這使我們有別於現有的競爭對手，這些競爭對手的競爭動力與其他製藥公司類似。我想我們會繼續這樣做。我不打算分享其他正在推出的公司的進展。我想當他們在那裡報道時我們會得到一個看法。

Our next question comes from the line of Doug Tsao with H.C. Wainwright.

我們的下一個問題來自 Doug Tsao 和 H.C.溫賴特。

Congrats on the progress. Just on the extra-strength, I'm just curious, do you have a thought or perspective on the amount of sort of extended duration is a function of just more top end versus the hyper-concentration? Or I mean, is the hyper-concentration important? Or is it just simply just more toxin?

祝賀取得的進展。就額外強度而言，我只是很好奇，您對延長持續時間的數量是否是更多高端與超集中度的函數有什麼想法或看法？或者我的意思是，高度集中很重要嗎？還是只是更多的毒素？

Thanks, Doug. John Joseph was -- Dr. John Joseph, the first one to kind of introduce that concept of increasing the concentration and getting a little bit of duration. So there may be a contributor there. The other thing that's kind of interesting is, a few years ago, BOTOX also demonstrated when they did a double the dose, they actually hyper-concentrated almost at the same level as everyone else. And when they depend on the 20-unit arm, they noticed that even though 20-unit arm look better than the baseline.

謝謝，道格。約翰·約瑟夫是約翰·約瑟夫博士，他是第一個引入增加註意力和獲得一點持續時間這一概念的人。所以那裡可能有一個貢獻者。另一件有趣的事情是，幾年前，BOTOX 還證明，當他們使用雙倍劑量時，他們實際上高度集中，幾乎與其他人處於相同的水平。當他們依賴 20 單位的手臂時，他們注意到儘管 20 單位的手臂看起來比基線更好。

So the bottom line, what we're seeing is certainly doubling the dose gives you longer duration. It's not linear, though. And that's that comment applies to all the toxins that we've seen kind of come out. And it looks like concentrating may actually contribute a little bit, but we've seen that used by others also.

所以最重要的是，我們看到的劑量加倍肯定會延長持續時間。但它不是線性的。這就是這個評論適用於我們所看到的所有毒素。看起來集中註意力實際上可能會有所貢獻，但我們也看到其他人也在使用這種方法。

Do you -- is sort of getting it this hyper-concentration something that an injector can accomplish themselves if they kind of know the right recipe?

如果注射者知道正確的配方，他們就能自己完成這種高度集中的事情嗎？

That's exactly right. Today, you have to file a certain number of units in there, and it's dry. And then you can control the concentration by adding the diluent into the vial, how much you put in, and then you can determine the concentration. And if we look at people today who inject it, you take a vial of 100 units of a few different products. You may concentrate it with 1 milliliter, the diluent to 2.5 or up to 5 to get a spectrum.

完全正確。今天，你必須在那裡歸檔一定數量的單位，而且它是乾的。然後你可以透過將稀釋劑添加到小瓶中來控制濃度，添加多少，然後就可以確定濃度。如果我們看看今天注射它的人，您會服用一瓶 100 單位的幾種不同產品。您可以用 1 毫升將其濃縮，然後稀釋至 2.5 或最多 5 以獲得光譜。

So even today, the common practice, you'll see some people do hyper-concentrate a little bit. And then in the context of Jeuveau extra-strength, for instance, that's right. It would be effectively in the publication. You can get a 100-unit vial. I mean, you could reconstitute it as you read about it in the publications, and then create your own 40 units hyper-concentrated in your office.

因此，即使在今天，按照常見的做法，你也會看到有些人稍微過度集中註意力。例如，在 Jeuveau extra-strength 的背景下，這是正確的。它將有效地發表在出版物中。您可以獲得一瓶 100 單位的產品。我的意思是，當您在出版物中讀到它時，您可以重新建構它，然後在您的辦公室中高度集中地創建您自己的 40 個單元。

Our next question comes from the line of Navann Ty with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Navann Ty。

First one, a follow-up on Daxxify. You have seen an impact at all from the change in pricing strategy since September 1 during and after the quarter? And then I was also curious about whether you have conducted any promotional activities in the quarter. And will you conduct any versus November, the 11's Day?

第一個是 Daxxify 的後續。您是否看到了自 9 月 1 日以來定價策略變更在季度期間和之後產生的影響？然後我也很好奇你們這個季度有沒有進行什麼促銷活動。您會指揮十一月十一日嗎？

Navann, as it relates to the newest competitor, Daxxify, in the market. I think you've seen the guidance we gave at the beginning of the year when we were aware of their launch. And we guided to a very healthy performance we've since guided up a few times. So I think it gives you a sense for our confidence for how Jeuveau is performing despite the entrance of a new competitor. And of course, this is a competitive market, but we always believe that the bigger market opportunity is around the consumer and targeting this younger generation.

Navann，因為它與市場上最新的競爭對手 Daxxify 有關。我想您已經看到了我們在年初得知它們推出時提供的指導。我們引導他們取得了非常健康的表現，此後我們已經引導了幾次。因此，我認為這讓您感受到我們對 Jeuveau 的表現充滿信心，儘管有新競爭對手的加入。當然，這是一個競爭激烈的市場，但我們始終相信，更大的市場機會圍繞著消費者，針對的是年輕一代。

I think our focus has been consistent and unwavering over the last several years. What you're seeing reflected in the results is just that. It has nothing to do with the competitive environment as much as it does our market positioning and how our customers are responding to that and voting for Jeuveau as an increasing share of their practice. So we feel great about that.

我認為過去幾年我們的重點是一致且堅定不移的。您在結果中看到的就是這樣。這與競爭環境無關，而是與我們的市場定位以及我們的客戶對此的反應以及投票支持 Jeuveau 的方式有關，因為他們在實踐中所佔的份額越來越大。所以我們對此感覺很好。

As it relates to promotions in the market, in the third quarter, there wasn't anything particularly unique about the quarter that was worth noting in the fourth quarter. That is the peak season, the holidays for the injectable category. So you tend to see promotions that occur from all of the competitors. We're certainly a part of that as well. We have a program that we've been doing for consecutive years now called 11's Day, which is currently in market now.

由於涉及市場促銷活動，第三季並沒有什麼特別值得第四季值得注意的地方。那是注射類產品的旺季和假期。因此，您往往會看到所有競爭對手都進行促銷活動。我們當然也是其中的一部分。我們有一個連續多年開展的項目，稱為“11's Day”，目前已上市。

And it's something, as I said, we've done each and every year. So it's been a successful program for us. It evolves in different ways. But in the end, there's a lot of consumers coming into this market and this 11's Day program is designed to capture a larger share of that market segment.

正如我所說，這是我們每年都在做的事情。所以這對我們來說是一個成功的計劃。它以不同的方式演變。但最終，有許多消費者進入這個市場，而這個 11's Day 計劃旨在佔領該細分市場的更大份額。

And our next question comes from the line of Uy Ear with Mizuho Securities.

我們的下一個問題來自 Uy Ear 與瑞穗證券的專線。

I guess the first question is, David, are you kind of saying that the fourth quarter was perhaps the growth was driven more by the market growth? Or did you do something that's different, I guess, to have this -- to have a quarter where, I guess, seasonally, it will be down, but it's not. And I guess my second question is, what do you think of the short-acting toxin that Allergan, I guess, reported some data for the BoNT/E.

我想第一個問題是，大衛，你是說第四季的成長可能更多是由市場成長推動的嗎？或者你是否做了一些不同的事情，我想，有這個 - 有一個季度，我想，季節性地，它會下降，但事實並非如此。我想我的第二個問題是，您對艾爾建 (Allergan) 為 BoNT/E 報告的一些數據的短效毒素有何看法。

Sure. I think, Uy, on the third quarter, I think what we said is we saw the overall procedural volume tick positively year-on-year. Then we went into the quarter with that assumption that it would. I believe the leading market player has guided to the same thing, the market will rebound. So that was our assumption, and we're pleased that it played out. We did not expect our business to grow sequentially.

當然。我認為，Uy，在第三季度，我認為我們所說的是我們看到整體程序量同比增長。然後我們就帶著這樣的假設進入了本季。我相信領先的市場參與者已經引導了同樣的事情，市場將會反彈。這就是我們的假設，我們很高興它得到了實現。我們沒想到我們的業務會持續成長。

We had anticipated, as we have with prior years, that you generally see a slight step down in the third quarter and then a step back up in the fourth. So we were pleasantly surprised by the increase in demand for Jeuveau in the third quarter, and we attribute that to continued market penetration and share gains more than we do to the actual procedural volume increase in the quarter that we had already factored for.

正如前幾年一樣，我們預計，第三季通常會略有下降，然後第四季會有所回升。因此，我們對第三季度 Jeuveau 需求的增長感到驚喜，我們將其歸因於持續的市場滲透和份額增長，而不是我們已經考慮到的本季度實際程序數量的增長。

Moving on to the additional toxins that are coming in the market. I don't have a lot of color to give you on the BoNT/E.I'm curious better understand how AbbVie would position a shorter-acting toxin. I think the Street now has visibility to what longer acting could be, perhaps what shorter acting might be. In the end, again, I think we're well positioned here.

接下來討論市面上出現的其他毒素。關於 BoNT/E，我沒有太多的資訊可以告訴您。我很好奇如何更好地了解艾伯維 (AbbVie) 如何定位一種短效毒素。我認為華爾街現在已經知道什麼是更長的表演，也許什麼是較短的表演。最後，我再次認為我們在這裡處於有利位置。

We have the only 900-kilodalt molecule, aside from the market leader, in the category where the brand is positioned against the younger generation, which is the fastest-growing segment in this market, and a cash pay positioning that enables us to help grow the top line for those practices while getting conscientious for the fact that these practices want to continue to drive profitability into the future as they see some of the higher-ticket procedures start to see some stalling.

除了市場領導者之外，我們擁有唯一的 900 千道分子，在該品牌針對年輕一代的類別中，這是該市場中增長最快的細分市場，並且現金支付定位使我們能夠幫助增長這些做法的頂線，同時認真對待這樣一個事實：這些做法希望繼續推動未來的盈利能力，因為他們看到一些高價程序開始出現一些停滯。

So I think, overall, we're very well positioned here, how we (inaudible) the competitive set that may be coming down the road. But I'm certainly curious to hear how that product gets positioned.

所以我認為，總的來說，我們在這裡處於非常有利的位置，我們（聽不清楚）未來可能會出現的競爭環境。但我當然很好奇該產品的定位如何。

Thank you for all of your questions. At this time, I would like to turn the call back over to David Moatazedi, President and Chief Executive Officer, for closing comments. David?

感謝您提出的所有問題。此時，我想將電話轉回給總裁兼執行長 David Moatazedi，以徵求結束意見。大衛？

Thank you, operator. In closing, the success of our long-term strategy is evident in the strong results of the third quarter and clearly demonstrates the continued above-market progress the Evolus team is achieving in driving brand awareness and capturing market share. With record quarterly revenue and all-time highs in key metrics, we continue to build momentum, outpacing both the underlying growth of our market as well as the competition.

謝謝你，接線生。最後，我們的長期策略的成功在第三季的強勁業績中得到了體現，並清楚地表明了 Evolus 團隊在提高品牌知名度和占領市場份額方面所取得的持續高於市場的進展。憑藉創紀錄的季度收入和關鍵指標的歷史新高，我們繼續保持勢頭，超越市場和競爭對手的基本成長。

The final results of our extra-strength study this past week and the addition of the Evolysse line of dermal fillers beginning in 2025, underlying our continuing efforts to build a strong and growing PD brand. With a healthy injectable market backdrop and a 70% expansion in our total addressable market directly attributable to the addition of a dermal filler line, we remain confident in our $700 million revenue target for 2028, which represents a 29% revenue CAGR.

上週我們的額外強度研究的最終結果以及從 2025 年開始增加 Evolysse 系列真皮填充劑，為我們持續努力打造一個強大且不斷發展的 PD 品牌奠定了基礎。在註射劑市場健康發展的背景下，以及由於真皮填充劑系列的增加，我們的總目標市場擴大了70%，我們對2028 年7 億美元的收入目標仍然充滿信心，這意味著收入複合年增長率為29%。

We are fully funded to achieve that growth, and we have an experienced team in place to execute our growth plans. This category is in transition from pharma to beauty from an older generation of users to the millennials, and our cash pay focus enables us to uniquely partner with practices through first-in-class programs like our co-branded media, which help accelerate practice growth and profitability.

我們有充足的資金來實現這一成長，並且我們擁有一支經驗豐富的團隊來執行我們的成長計劃。這個類別正在從老一代用戶到千禧一代從製藥向美容轉型，我們對現金支付的關注使我們能夠通過我們的聯合品牌媒體等一流的計劃與實踐進行獨特的合作，這有助於加速實踐的成長和獲利能力。

With our business model focused on the cash pay market, we have built a moat from our competitors. This is a unique and sustainable competitive advantage for Evolus, the benefits of which are evident in our pace of growth and strong financial results.

由於我們的業務模式專注於現金支付市場，我們已經與競爭對手建立了一條護城河。這是 Evolus 獨特且可持續的競爭優勢，其好處在我們的成長速度和強勁的財務表現中顯而易見。

Note, we will be participating at the Stifel Conference in New York on November 14 and 15, and at the Evercore Healthcare Conference in Miami on November 28. We look forward to seeing you there. Thank you all for joining us today.

請注意，我們將參加 11 月 14 日至 15 日在紐約舉行的 Stifel 會議，以及 11 月 28 日在邁阿密舉行的 Evercore 醫療保健會議。我們期待在那裡見到您。感謝大家今天加入我們。

We have reached the end of our call. You may now disconnect your lines.

我們的通話已經結束。現在您可以斷開線路。