Evolus Inc (EOLS) 2024 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for standing by, and welcome to the Evolus First Quarter 2024 earnings conference call. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, today's conference is being recorded and webcast live and all participants are in a listen only mode. After the speakers' remarks there will be a question and answer session. I would now like to turn the conference over to Nareg Sagherian, Vice President and Head of Global Investor Relations and Corporate Communications. Please go ahead.

大家下午好，謝謝大家的支持，歡迎參加 Evolus 2024 年第一季財報電話會議。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。提醒一下，今天的會議正在錄製並進行網路直播，所有參與者都處於只聽模式。演講者發言後將進行問答環節。現在我想將會議交給副總裁兼全球投資者關係和企業傳播主管納雷格·薩蓋里安 (Nareg Sagherian)。請繼續。

Thank you, operator, and welcome to everyone joining us on today's call to review Avalara's First Quarter 2024 financial results. Our first quarter 2024 press release is now on our website at Edwards.com. With me today are David Moatazedi, President and Chief Executive Officer, and Sandra Beaver, Chief Financial Officer. We have our Chief Medical Officer and Head of R&D is also with us for the Q&A portion of the call.

謝謝營運商，並歡迎大家參加今天的電話會議，回顧 Avalara 2024 年第一季的財務表現。我們的 2024 年第一季新聞稿現已發佈在我們的網站 Edwards.com 上。今天與我在一起的有總裁兼執行長 David Moatazedi 和財務長 Sandra Beaver。我們的首席醫療官和研發主管也與我們一起參加電話會議的問答部分。

Before we begin our discussion, I'd like to note that during our call, our prepared remarks will include forward-looking statements within the meaning of the United States security 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. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this call, and the Company undertakes no obligation to update or review any estimate, projection or forward-looking statements, except as required by law. These forward-looking statements are based on estimates and assumptions that although believed to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties, 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 eight K. Additionally, today's discussion will include non-GAAP financial measures, which should be considered 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 eight K filed today with the SEC and on our Investor Relations website at Edwards.com. Following the conclusion of today's call. A replay will be available on our website at Edwards.com. With that, I'll turn the call over to our CEO, David Moatazedi.

在我們開始討論之前，我想指出，在我們的電話會議中，我們準備好的言論將包括美國安全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。請聽眾注意，不要過度依賴這些前瞻性陳述，這些陳述僅代表截至本次電話會議之日的情況，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，除非有要求。這些前瞻性陳述是基於估計和假設，儘管這些估計和假設被認為是合理的，但本質上具有不確定性，並受到許多風險和不確定性的影響，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中。此外，今天的討論將包括非公認會計原則財務指標，這些指標應作為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之外。GAAP 與非 GAAP 業績的調整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 Edwards.com 提供。今天的電話會議結束後。我們的網站 Edwards.com 上將提供重播。接下來，我會將電話轉給我們的執行長 David Moatazedi。

Thank you, Nareg. Good afternoon, everyone. Thank you for joining us on our first quarter 2024 earnings conference call following a record year in 2023, which represented our 3 year as the fastest-growing neurotoxin in the US, we are very pleased to report the continued adoption of Jeuveau with another quarter of above market performance and strong revenue growth. Our reported revenue of $59.3 million in the first quarter represents 42% growth over the prior year, highlighting our continued strength and execution and increasing momentum from 2023 toward achieving our 2024 net revenue guidance of between $255 million and $265 million. We continue to maintain a focus on operating expense discipline with operating expense growth at less than half the rate of revenue, putting us on a clear pathway to profitability in the fourth quarter of this year, our differentiated approach to building a performance beauty company is gaining increased acceptance. These results underscore the continued growth of our brand and importantly, the loyalty of our customers and consumers who are increasingly choosing to partner with Apple. I'm pleased to share with you ṇthe metrics that delivered the results in the quarter. In the U.S., we added over 700 new purchasing accounts, bringing our total number of customers purchasing since launch to over 13,000, which represents approximately 40% penetration of the roughly 30,000 customers in the U.S. than inject cosmetic neurotoxins. The standout metric this quarter was the number of consumers who were treated in our Evolus consumer loyalty program, which achieved an all-time high number of redemptions with approximately 180,000 consumers who receive treatment. Importantly, 60% of those were repeat treatments and the remainder were new to Jeuveau.

謝謝你，納雷格。大家下午好。感謝您參加我們的 2024 年第一季度收益電話會議，繼 2023 年創紀錄的一年之後，我們連續 3 年成為美國增長最快的神經毒素，我們很高興地報告 Jeuveau 的繼續採用，又一個季度高於市場的表現和強勁的收入成長。我們報告的第一季營收為5,930 萬美元，比上一年增長42%，凸顯了我們持續的實力和執行力，以及自2023 年以來不斷增強的勢頭，以實現2024 年2.55 億美元至2.65 億美元的淨收入指導目標。我們繼續關注營運費用紀律，營運費用成長低於收入成長率的一半，使我們在今年第四季度走上了盈利的清晰道路，我們打造功能美容公司的差異化方法正在取得進展增加接受度。這些結果凸顯了我們品牌的持續成長，更重要的是，我們的客戶和消費者的忠誠度越來越高，他們越來越多地選擇與 Apple 合作。我很高興與您分享本季交付結果的指標。在美國，我們新增了 700 多個購買帳戶，使自推出以來的購買客戶總數超過 13,000 名，這相當於美國約 30,000 名註射化妝品神經毒素客戶的滲透率約為 40%。本季最引人注目的指標是在我們的 Evolus 消費者忠誠度計劃中接受治療的費用者數量，該計劃實現了歷史最高的兌換數量，約有 180,000 名消費者接受了治療。重要的是，其中 60% 是重複治療，其餘的是 Jeuveau 的新治療。

Our loyalty program continues to gain momentum in the market with every consumer earning $40 off their Jeuveau treatment, which is a meaningful savings over loyalty programs in the toxin space.

我們的忠誠度計劃繼續在市場上獲得動力，每位消費者從 Jeuveau 治療中賺取 40 美元，這比毒素領域的忠誠度計劃節省了很多錢。

On the international side, we continue to expand our international footprint with a focus on deeper penetration in the UK, Germany and Italy, while actively preparing to launch in Australia and Spain later this year.

在國際方面，我們繼續擴大我們的國際足跡，重點是在英國、德國和義大利進行更深入的滲透，同時積極準備今年稍後在澳洲和西班牙推出。

And lastly, on the R&D side, we've made significant progress with the development of our novel dermal filler line and remain on track for US and international launch in 2025. Within the next 90 days, we plan to file our first two fillers with the FDA and will present the top line results of this pivotal trial on Friday, May 17 at the scale meeting in Nashville. I'm proud of the team at Evolus they're highly driven focused and believe in our mission of building a performance beauty company. It is their commitment that gives Evolus an outsized presence in the market. Our success in the quarter is largely driven by our continued market penetration on a strong underlying market, which remained healthy as consumers continue to prioritize their spending on the toxin procedure due both brand recognition clinical performance and high satisfaction profile is well positioned for new consumers entering the category. This positioning will allow us to continue capturing demand from the younger generation. While we actively prepare to integrate our novel dermal filler line of a lease when it becomes commercially available starting in 2025.

最後，在研發方面，我們在新型真皮填充劑系列的開發方面取得了重大進展，並預計於 2025 年在美國和國際市場推出。在接下來的 90 天內，我們計劃向 F​​DA 提交前兩種填充劑的文件，並將於 5 月 17 日星期五在納許維爾舉行的規模會議上公佈這項關鍵試驗的主要結果。我為 Evolus 的團隊感到自豪，他們高度專注，並堅信我們打造功能性美容公司的使命。正是他們的承諾讓 Evolus 在市場上擁有了巨大的影響力。我們本季的成功很大程度上得益於我們對強大基礎市場的持續滲透，該市場保持健康，因為消費者繼續優先考慮在毒素程序上的支出，因為品牌認知度臨床表現和高滿意度概況都為新進入的消費者做好了準備類別。這一定位將使我們能夠繼續捕捉年輕一代的需求。同時，我們積極準備在 2025 年開始商業化時整合我們的新型租賃真皮填充劑系列。

Looking beyond 2024, we remain confident in our commitment to drive long-term value for our shareholders by achieving our total net revenue goal of at least $700 million by 2028. This confidence is driven by the strong market opportunity of Jeuveau in the U.S. international expansion of the CFO and the commercialization of the Evolus line of fillers beginning in 2025.

展望 2024 年後，我們仍然對透過在 2028 年實現至少 7 億美元的總淨收入目標為​​股東推動長期價值的承諾充滿信心。這種信心是由 Jeuveau 在美國 CFO 的國際擴張以及 Evolus 系列灌裝機從 2025 年開始的商業化中獲得的強大市場機會所推動的。

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

現在我將把它交給桑德拉，她將負責財務安全數據。

And I would like to congratulate the Evolus team for another quarter of above-market sales growth and operating expense discipline in the top market, Q1 results represent a meaningful step towards achieving our top line guidance and delivering profitability for Q4 2024.

我要祝賀Evolus 團隊在頂級市場上又一個季度實現了高於市場水平的銷售成長和營運費用紀律，第一季的業績代表著我們朝著實現我們的營收指引和2024 年第四季實現盈利邁出了有意義的一步。

Turning to the results, global net revenues for the first quarter were $59.3 million, up 42% compared to net revenue in the first quarter of 2023. Sales in the US comprise more than 95% of revenues this quarter. International revenue contribution will continue to increase as international profit growth will outpace the U.S. In the U.S. where the pricing environment remains strong. Our customer reorder rate remains at approximately 70%, and our sales were driven primarily by higher volumes. Our reported gross margin for the first quarter was 68.3%, and our adjusted gross margin, which excludes the amortization of intangibles was 69.5% and in line with our full year guidance, our GAAP operating expenses for the first quarter were $68.3 million compared to $69.6 million in the fourth quarter. Non-gaap operating expenses for the first quarter were $42.1 million compared to $45.5 million in the prior quarter.

財報顯示，第一季全球淨收入為 5,930 萬美元，較 2023 年第一季淨收入成長 42%。美國市場的銷售額佔本季營收的 95% 以上。由於國際利潤成長將超過美國，國際營收貢獻將持續增加。我們的客戶再訂購率維持在 70% 左右，我們的銷售主要是由銷售增加所推動的。我們報告的第一季毛利率為68.3%，調整後毛利率（不包括無形資產攤銷）為69.5%，根據我們的全年指導，我們第一季的GAAP 營運費用為6,830 萬美元，去年同期為69.6 美元第四季達 100 萬元。第一季非公認會計準則營運費用為 4,210 萬美元，上一季為 4,550 萬美元。

Reported selling, general and administrative expenses for the first quarter were $45.1 million compared to $43.1 million recorded in the fourth quarter this quarter, SG&A expenses included $5.1 million of noncash sṇtock-based compensation compared to $4.4 million in the fourth quarter. Operating expenses remain in line with our Q4 spending levels. We anticipate modest operating expense increases throughout the year as we begin to prepare for the filler launch in 2025. Our non-GAAP loss from operations in the first quarter was $0.9 million compared to $3.7 million reported in the fourth quarter. This $2.8 million sequential improvement in the non-GAAP loss from operations represents meaningful continued progress on our path towards profitability in the fourth quarter of 2024. Both non-GAAP operating expenses and non-GAAP loss from operations exclude stock-based compensation expense, revaluation of the contingent royalty obligations and depreciation and amortization.

第一季報告的銷售、一般和管理費用為 4,510 萬美元，而本季第四季的記錄為 4,310 萬美元。營運支出與我們第四季的支出水準保持一致。隨著我們開始為 2025 年填料的推出做準備，我們預計全年營運費用將小幅增加。我們第一季的非 GAAP 營運虧損為 90 萬美元，而第四季報告的營運虧損為 370 萬美元。非 GAAP 營運虧損環比改善 280 萬美元，代表我們在 2024 年第四季實現盈利的道路上取得了有意義的持續進展。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股票補償費用、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 first quarter with $97 million in cash compared to $62.8 million at December 31, 2023. The cash balance includes $47 million of net proceeds from the underwritten offering in March. Net cash used for operating activities was $10.6 million, which improved $10 million as compared to Q1 2023. It's important to note that the first quarter is seasonally the highest operating cash use quarter due to the timing of annual bonus payments. This reduction in year-over-year operating cash use represents continued progress towards cash flow breakeven. We continue to expect our existing liquidity will fully fund us to profitability for the fourth quarter of 2024 full year 2025 and beyond, including the repayment of our $125 million debt facility in 2026 and 2027. We continue to have confidence in the performance of Jeuveau as evidenced by our strong first quarter results and are on track to deliver $255 million to $265 million in revenues. As we announced earlier this year, we continue to target total revenues of at least $700 million by 2028, driven by continued growth and share gains in our neurotoxin business in the US and international markets, along with a growing contribution from our novel line of fillers that begin in 2025. This equates to a compound annual growth rate of 28% on a total addressable market of approximately $6 billion today growing to approximately $10 billion by 2028.

轉向資產負債表，第一季末我們的現金為 9,700 萬美元，而 2023 年 12 月 31 日為 6,280 萬美元。現金餘額包括 3 月承銷發行的 4,700 萬美元淨收益。用於經營活動的淨現金為 1,060 萬美元，比 2023 年第一季增加 1,000 萬美元。值得注意的是，由於年度獎金支付的時間安排，第一季是季節性營運現金使用量最高的季度。營運現金使用量年減顯示現金流損益平衡方面持續取得進展。我們仍然預計，我們現有的流動性將為我們在 2024 年第四季、2025 年全年及以後實現盈利提供充足資金，包括在 2026 年和 2027 年償還我們的 1.25 億美元債務融資。我們仍然對 Jeuveau 的業績充滿信心，第一季強勁的業績證明了這一點，並有望實現 2.55 億至 2.65 億美元的收入。正如我們今年稍早宣布的那樣，我們的目標是到2028 年總收入至少​​達到7 億美元，這得益於我們的神經毒素業務在美國和國際市場的持續增長和份額增長，以及我們新型填充劑系列的貢獻不斷成長2025 年開始。這相當於目前約 60 億美元的潛在市場的複合年增長率為 28%，到 2028 年將增長到約 100 億美元。

With that context in mind, I'd like to summarize our guidance. Total net revenues of between $255 million and $265 million over 95% of which will come from sales in the US and the balance from international markets. Our quarterly revenue assumes typical industry seasonality. In addition, it is worth noting that we expect first half growth rates to exceed second half growth rate, primarily driven by the 2023 compare periods and adjusted gross margin in the range of 68% to 71%. Non-gaap operating expense guidance in between $185 million and $190 million .

考慮到這一背景，我想總結一下我們的指導。總淨收入在 2.55 億美元至 2.65 億美元之間，其中 95% 以上將來自美國銷售，其餘來自國際市場。我們的季度收入假設典型的行業季節性。此外，值得注意的是，我們預計上半年成長率將超過下半年成長率，這主要是受到 2023 年比較期和調整後毛利率在 68% 至 71% 範圍內的推動。非 GAAP 營業費用指引在 1.85 億美元至 1.9 億美元之間。

We expect to achieve positive non-GAAP operating income on a consolidated basis for the fourth quarter of 2024 and the full year 2025. It is also worth noting that within the year 2025 profitability may not be sustained every quarter due to the filler launch.

我們預計 2024 年第四季和 2025 年全年將實現正的非 GAAP 合併營業收入。另外值得注意的是，由於填料的推出，2025 年內獲利能力可能無法維持每季。

Finally, the Company projected total net revenue can reach at least $700 million by 2028.

最後，公司預計到 2028 年總淨收入將至少達到 7 億美元。

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。

Thank you. At this time we will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate.

謝謝。此時我們將進行問答環節。如果您想提問，請按電話鍵盤上的星號一。將發出確認音。

Yes, your question is in the question queue. You may press star two. If you would like to remove your question from the queue For participants using speaker equipment. It may be necessary to pick up your handset before pressing the star. One moment, please, while we poll for questions.

是的，您的問題已在問題隊列中。您可以按星二號。如果您想從佇列中刪除您的問題 對於使用揚聲器裝置的參與者。按星號之前可能需要拿起聽筒。請稍等一下，我們將進行投票提問。

Our first question comes from the line of Annabel Samimy with Stifel. Please proceed with your question.

我們的第一個問題來自安娜貝爾·薩米米（Annabel Samimy）和施蒂菲爾（Stifel）的關係。請繼續你的問題。

Hi, and thanks for taking my questions and congratulations on another strong quarter. So I'm just wanted to ask you about account momentum. Obviously, it's picked up quite a bit from the five, 600 and you're sort of in a new and I guess, account addition level? And I guess what I'm wondering is first, is it sustainable? And second, is it necessary? Do you have room to go a lot deeper than wider So if for one reason or another one quarter, you're not getting as many accounts, you can sort of drive deeper into some of those accounts. And then I guess bigger picture of I want to get your thoughts on how you think the on the market dynamics may shift as we're starting to see some additional entrants come into the market. I know you've touched on it before, but it's becoming it's coming closer and closer. And now Galderma is public and speaking about it themselves. So I just want to three how you feel about market dynamics playing out? And then I guess, can we use Europe kind of as a proxy for how things are going to evolve in the U.S. given they have a lot more product options over there. And so I guess I'll start with that.

您好，感謝您提出我的問題，並祝賀又一個強勁的季度。所以我只是想問你有關帳戶動量的問題。顯然，它已經從 5、600 中提升了不少，我猜你已經進入了一個新的帳戶添加級別？我想我首先想知道的是，它是否可持續？第二，有必要嗎？你是否還有更深入的空間，而不是更廣泛的空間？ 因此，如果由於某個原因或另一個季度，你沒有獲得盡可能多的客戶，你可以更深入地了解其中一些客戶。然後我想我想了解您的想法，隨著我們開始看到一些額外的進入者進入市場，您認為市場動態可能會如何變化。我知道你以前已經觸及過它，但它變得越來越近了。現在，高德美 (Galderma) 公開並親自談論此事。所以我只想問三個您對市場動態的看法如何？然後我想，我們可以用歐洲作為美國的發展趨勢的代表嗎，因為那裡有更多的產品選擇。所以我想我會從這個開始。

Great. Annabel, thanks for the questions. I'll just go through each of them. As you just went through starting with new accounts. And look, we're really thrilled to see the step up over the last two years in new accounts from about 500 on average, as you mentioned, up to 600 and and now we've consistently been in and around 700. I think as we've stayed, as we said in the past, we don't have a target for new accounts, ideally, it's north of 500. I think what you're seeing in this increased demand up to the 700 new accounts per quarter threshold is largely just driven by the influx we're getting in demand of new accounts that want to partner with Apple is as our co-branded media increases the quality of our product as it continues to perform and more consumers than our loyalty program. As you can imagine, the noise level around both the Company and the brand are increasing. And all of those are catalysts that are driving more new accounts to consider partnering with us. And so we believe that it is sustainable in the sense that were only about 40% penetrated into the total account base of 30,000 to your point, there may be quarters in the future, especially with the launch of a filler where we may retrench and spend more time with our existing accounts and may not be able to spend as much time opening these new accounts up. But I think as we peel the onion back, the new accounts are are important because they allow us to go wider in the market, but the majority of our growth is coming from going deeper within our existing customers. So overall, we have a very healthy composition in our business of going deeper as well as going wider in order to penetrate the market. And whether that cadence is 500 or 700 accounts, I think the growth rates would be very healthy with our business going forward, anywhere in that range, we feel confident moving on to additional market entrants.

偉大的。安娜貝爾，謝謝你的提問。我將逐一介紹。正如您剛開始使用新帳戶一樣。看，我們真的很高興看到過去兩年新帳戶數量從平均約 500 個增加到 600 個，正如您所提到的，現在我們一直在 700 個左右。我認為，正如我們過去所說的那樣，我們沒有設定新帳戶的目標，理想情況下，目標是 500 個以上。我認為，您所看到的每季 700 個新帳戶門檻的需求增加很大程度上是由於我們的聯合品牌媒體增加而導致想要與 Apple 合作的新帳戶需求的湧入我們的產品質量持續表現，並且比我們的忠誠度計劃擁有更多的消費者。正如您可以想像的那樣，公司和品牌周圍的噪音水平正在增加。所有這些都是催化劑，促使更多新客戶考慮與我們合作。因此，我們認為，從某種意義上說，它是可持續的，就你的觀點而言，只有大約40% 滲透到30,000 的總帳戶基礎中，未來可能會有幾個季度，特別是隨著填充劑的推出，我們可能會緊縮和支出更多時間處理我們現有的帳戶，可能無法花那麼多時間開設這些新帳戶。但我認為，當我們剝開洋蔥時，新客戶很重要，因為它們使我們能夠在市場上走得更廣，但我們的大部分成長來自於對現有客戶的深入了解。因此，整體而言，我們的業務結構非常健康，可以更深、更廣地滲透市場。無論這個節奏是 500 個還是 700 個帳戶，我認為隨著我們業務的發展，成長率將非常健康，在這個範圍內的任何地方，我們都有信心轉向更多的市場進入者。

Now, look this up, we anticipated new market entrants beginning this year, right as you saw with one other product that was FDA approved earlier this year. We anticipate they're going to enter the market before year end, and that was factored in to our guidance. Keep in mind that that is a product that we currently compete with in Europe and we feel confident about our positioning. In the end. We define our unique position in the market, not just in our cash-pay strategy, but our focus against this younger generation and then the value of the partnership when these customers partner with Evolus. And as you know, looking back over years, it takes time to build both the partnership and those capabilities. And that's something that we've continued to build over time. And you see a brand now that entering its 5th year this year on the market and growth accelerating over where they were in the front half of last year. So I think we feel very good about where our brand is positioned in the market and then the tailwind that we get by focusing on that younger generation up. And then there will be more competitors down the road just like there are in other markets and fillers. And I think these are high-growth markets. And as new market entrants enter, you see that they can benefit without affecting the growth of existing players. I think that was evidenced by the latest venture that came in in our business, continued to perform well. So we feel good about where we are on that side.

現在，看看這個，我們預計從今年開始會有新的市場進入者，正如您在今年早些時候獲得 FDA 批准的另一種產品所看到的那樣。我們預計他們將在年底前進入市場，這已納入我們的指導中。請記住，這是我們目前在歐洲競爭的產品，我們對我們的定位充滿信心。到底。我們定義了我們在市場上的獨特地位，不僅體現在我們的現金支付策略上，還體現在我們對年輕一代的關注以及這些客戶與 Evolus 合作時的合作價值。如您所知，回顧多年來，建立夥伴關係和這些能力都需要時間。這是我們隨著時間的推移而不斷打造的。現在您會看到一個品牌今年已進入市場第五個年頭，並且比去年上半年的成長速度更快。因此，我認為我們對我們的品牌在市場中的定位以及透過專注於年輕一代所獲得的順風車感到非常滿意。然後，就像其他市場和填料一樣，未來將會出現更多的競爭對手。我認為這些都是高成長的市場。隨著新的市場進入者進入，您會發現他們可以在不影響現有參與者成長的情況下受益。我認為我們業務中最新的風險投資證明了這一點，該風險持續表現良好。所以我們對自己在這方面的處境感覺良好。

And I think to some degree, the Western world as a proxy. So Europe is not an unreasonable one for the U.S. there, similar dynamics, I think we do look closely at Europe to be a predictor of where we think the opportunity is in the ES.

我認為在某種程度上，西方世界是一個代理人。因此，歐洲對美國來說並不是一個不合理的國家，類似的動態，我認為我們確實密切關注歐洲，以預測我們認為歐洲的機會在哪裡。

Okay. And if I could just squeeze one more in. Is there anything you can tell us about performance in the filler market and what kind of dynamics we should expect as you enter this market obviously performs just a little bit differently than the neuro toxin market, which what kind of trends should we be thinking about in that market?

好的。如果我能再擠一個進去就好了。您能告訴我們有關填充劑市場的表現嗎？

Well, you have a market that's valued at about three-quarters the size of the toxin market. So it's a $1.8 billion market in the US. It's a market that over time has had very healthy growth trends and will we expect will continue to hyaluronic acids make up anywhere from 80% to 90% of the value of that total filler category. And so being one of just a few families of fillers once Abilene enters the US, I think positions us very well as we enter that space. We also believe that there is a catalyst looming with the GLPs that that does create a market opportunity that is not fully baked in for the filler category just yet. And I think it's a function of timing before we start to see that be a meaningful catalyst. But that's something that we're closely watching but we think it's a it's a very healthy market that will be, yes, mid to single mid to high single digit growth going forward. If you look at it historically, it's largely over time mirrored the toxin market as it relates to growth rates.

好吧，你的市場價值約為毒素市場規模的四分之三。美國的市場價值達 18 億美元。隨著時間的推移，這個市場呈現出非常健康的成長趨勢，我們預計透明質酸將繼續佔填充劑類別總價值的 80% 至 90%。因此，一旦阿比林進入美國，作為少數填充劑家族之一，我認為我們在進入該領域時處於非常有利的地位。我們也相信，GLP 帶來了一種催化劑，它確實為填充劑類別創造了尚未完全成熟的市場機會。我認為這是我們開始看到它成為有意義的催化劑之前時間的函數。但這是我們正在密切關注的事情，但我們認為這是一個非常健康的市場，是的，未來將實現中到個位數的中到高個位數成長。如果你從歷史的角度來看，它很大程度上反映了毒素市場的情況，因為它與成長率有關。

Great.

偉大的。

Thanks a lot.

多謝。

Thank you. Our next question comes from the line of Marc Goodman with Leerink.

謝謝。我們的下一個問題來自 Marc Goodman 和 Leerink 的對話。

Please proceed with your question, David, what do you think the US market grew in the first quarter? And then can you talk a little bit about what you thought some of the key markets that you're participating in the overseas in Europe, how is the growth there? And maybe you can talk to the gal derma numbers and the, um, the numbers from AbbVie just this extension of the previous question. Thanks.

請繼續你的問題，大衛，你認為美國市場第一季的成長是多少？然後您能否談談您對歐洲海外市場參與的一些關鍵市場的看法，那裡的成長情況如何？也許你可以談談 gal derma 的數據，嗯，艾伯維 (AbbVie) 的數據，這只是上一個問題的延伸。謝謝。

Hi, Marc Goodman there. Thanks so much for the question. As it relates to the overall market, I think one of the benefits of having more companies reporting, it gives us a little more clarity on sort of how to triangulate to full market, obviously, still so one less yet to go. But as indicated by our performance and what you're hearing in the market. We still believe this is an underlying very healthy market and we can't get to a precise number on market growth on any quarter, but certainly growing and growing at a healthy rate, which gives us that confidence that there's continued demand for the product in the market and there continues to be overall health in Europe for us as a newer entrant into many of these markets, our pacing is significantly above market in terms of growth, makes it a little harder for us to see when you're new to a market, what the underlying market growth is, particularly as we are entering into new markets in Europe, we're penetrating our share as we did here in the U.S. much more deeply in those that we entered first, most notably the UK, and we're still earlier days. And those like Italy that we enter into the back half of last year and growing at a rate that's significantly higher than what we expect. The market is growing some hard for us to read through on other competitors that might be reporting as it relates to Europe.

嗨，馬克·古德曼。非常感謝您的提問。由於它與整個市場相關，我認為讓更多公司進行報告的好處之一是，它讓我們更清楚地了解如何對整個市場進行三角測量，顯然，仍然需要少一個。但正如我們的表現以及您在市場上聽到的情況所表明的那樣。我們仍然相信這是一個非常健康的市場，我們無法獲得任何季度的市場增長的準確數字，但肯定會以健康的速度增長，這讓我們有信心該產品的需求持續增長市場，而且對於我們作為許多這些市場的新進業者來說，歐洲的整體健康狀況仍然良好，我們的成長速度明顯高於市場，這使得我們更難看到您何時剛進入一個市場。是當我們進入歐洲的新市場時，我們正在滲透我們的份額，就像我們在美國所做的那樣。很早。像義大利這樣的國家，我們進入去年下半年，成長速度明顯高於我們的預期。市場正在成長，我們很難閱讀其他可能報告與歐洲有關的競爭對手的資訊。

And maybe the only other thing I'd add is the Europe launch. We track each market very closely and look at analogs like the US and Canada and so we feel really confident about the uptake we're getting out of out of these new markets we're entering, but keep in mind the pricing dynamics between Europe and the United States are pretty significant in terms of the difference. And so that's what factors into the values of the respective markets.

也許我唯一要補充的就是歐洲的推出。我們非常密切地追蹤每個市場，並關注美國和加拿大等類似市場，因此我們對我們正在進入的這些新市場的吸收非常有信心，但請記住歐洲和加拿大之間的定價動態就差異而言，美國是相當顯著的。這就是影響各個市場價值的因素。

You talked about the customer loyalty in the US at $40 certificate. Is that the same thing that was going on last quarter as well?

您談到了美國 40 美元禮券的客戶忠誠度。上個季度也發生同樣的事情嗎？

Yes, that's part of our Evolus CONSUMER rewards program that we've launched several years ago. And we've continued to be consistent about our offer, which is $40 off for every consumer. So it's been a multiyear effort, Mark, to that point that consistency and offering $40 off of these consumers for multiple years is what's really driving the increased traction you're seeing in the market. That's a meaningful savings for these consumers. When you think about a $300 to $500 treatment for them when they can count on $40 on every visit.

是的，這是我們幾年前推出的 Evolus CONSUMER 獎勵計劃的一部分。我們繼續堅持我們的優惠政策，每位消費者可享有 40 美元的折扣。因此，馬克，這是多年的努力，到目前為止，一致性和多年來為這些消費者提供 40 美元的優惠才是真正推動市場吸引力增加的因素。對這些消費者來說，這是一筆有意義的節省。當您考慮為他們提供 300 至 500 美元的治療費用時，他們每次就診可以指望 40 美元。

Thanks.

謝謝。

Thank you. Our next question comes from the line of Navann Ty with BNP Paribas. Please proceed with your question.

謝謝。我們的下一個問題來自法國巴黎銀行的 Navann Ty。請繼續你的問題。

Hi.

你好。

Thanks for taking my question. A follow-up on your talks in competition, if I may. If you could discuss your assumptions for the 2025 -- '24 and 25 outlook in terms of price timing and differentiation for the new entrants? And then separately, if you could discuss the potential uses of proceeds of the sale opportunistic $50 million offering?

感謝您提出我的問題。如果可以的話，我會跟進你在比賽中的演講。您是否可以討論一下您對 2025 年 - '24 和 25 年前景在價格時機和新進者差異化方面的假設？然後，您能否單獨討論一下 5000 萬美元機會性發售的收益的潛在用途？

Thank you.

謝謝。

Great.

偉大的。

Thanks for the questions. And I'll let Sandra take the last portion around the the use of the proceeds. I'll start with the marketplace. Look I think we expected to see new entrants coming in later this year. We're very well aware of the product profile, I think at this point and rather than comment on any one competitor. I think we'll address that as each new entrant comes in. It's probably important to note that and we expect this market to be healthy growth. We have forecast this year that we're going to gain share. That assumption assumes a new market trip. And when you look at our forecasted 2028 achieving $700 million and that that also assumes several new market entrants. So I do think there's an opportunity for new entrants to come in and carve out their own unique value proposition and for us to continue to do the same as it relates to how we consider each new entrant and what we may or may not do. I think those are the types of things that we'll probably be sharing with you after the SaaS versus an index.

感謝您的提問。我將讓桑德拉談談收益使用的最後一部分。我將從市場開始。看起來，我認為我們預計會在今年晚些時候看到新的進入者。我認為目前我們非常了解產品概況，而不是對任何一個競爭對手發表評論。我想我們會在每個新進入者加入時解決這個問題。值得注意的是，我們預期這個市場將會健康成長。我們預計今年我們將獲得更多份額。這個假設假設有一次新的市場之旅。當你看到我們預測的 2028 年將達到 7 億美元，並且這也假設有幾個新的市場進入者。因此，我確實認為新進入者有機會進入並製定自己獨特的價值主張，而我們也可以繼續做同樣的事情，因為這關係到我們如何考慮每個新進入者以及我們可以做什麼或不可以做什麼。我認為這些是我們在 SaaS 與索引之後可能會與您分享的內容。

Hi, Navann, as it relates to your question on the proceeds from the raise, as we said before, the raise and nothing has changed since we felt very confident we have sufficient cash and liquidity to carry ourselves through to profitability and beyond. The rate was specifically due to high inbound demand for our SoCs. We continue to see opportunity to shore up the balance sheet and give ourselves that incremental capacity in the event that there should be an opportunistic moment where we could invest and if a deal like you saw us do with our belief, which is an incredibly capital efficient deal to expand our portfolio with the cash we had on hand, we would have been limited in our ability to pursue those opportunities, and we now have a much healthier balance sheet position to be able to consider strategic opportunities.

你好，納萬，因為這涉及到你關於加薪收益的問題，正如我們之前所說，加薪並沒有任何改變，因為我們非常有信心我們有足夠的現金和流動性來實現盈利甚至超越。這一比率主要是由於我們的 SoC 的入站需求很高。我們繼續看到支撐資產負債表的機會，並為自己提供增量能力，以防出現我們可以投資的機會主義時刻，並且如果像您看到的這樣的交易是我們憑著我們的信念所做的，這是一種令人難以置信的資本效率交易以我們手頭上的現金擴大我們的投資組合，我們追求這些機會的能力將受到限制，而我們現在擁有更健康的資產負債表狀況，能夠考慮戰略機會。

Having said that, there's nothing imminent in front of us. There's no reason why it was merely an opportunistic moment in time when we could get new investors into the stock.

話雖如此，我們面前並沒有什麼迫在眉睫的事情。沒有理由認為這只是我們可以吸引新投資者進入該股票的機會主義時刻。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Ey Ear with Mizuho Securities. Please proceed with your question.

謝謝。我們的下一個問題來自 Ey Ear 與瑞穗證券的專線。請繼續你的問題。

Hey, guys, thanks for taking your questions. And so I the first question is just digging a little deeper on in terms of breadth and width of accounts. Maybe can you speak to the average of Javo dollars per account and like what proportions may on have a larger share of the dollars?

嘿，夥計們，感謝您提出問題。所以我的第一個問題只是在帳戶的廣度和寬度方面進行更深入的挖掘。也許您能談談每個帳戶的 Javo 美元平均數，以及哪些比例可能擁有更大的美元份額？

That's the first question.

這是第一個問題。

And the second question is on what should we expect to see at now when you present the data for the derma fillers on just maybe some color around expectations?

第二個問題是，當您提供真皮填充劑的數據時，我們現在應該期望看到什麼，也許只是一些接近預期的顏色？

Thanks.

謝謝。

Great. So let me just start with the market. Look, we don't report out on the value per account, but I think just to dimensionalize it right that there's 30,000 customers in the US, you could simply apply an 80 20 rule to sort of get a better understanding of the category. And from there you see that there's about 24,000 customers roughly, if you did an 80 20 rule that represent the long tail. So certainly a lot more smaller value customers out there throughout the U.S. that are either newer to aesthetics or just dabbling in aesthetics and treating a smaller number of patients. And then the remaining 20% are called roughly 6,000 customers are the ones that are driving the large majority of the revenue. And clearly our preference would be to trying to take on the highest value customers. But in reality, some of those smaller value customers several years ago are now some of the biggest customers we have today. So I think we continue to support the overall market of 30,000 and well penetrated, as you've seen each quarter methodically and properly trained these accounts on the differentiation. Jeuveau introduce some of the unique cash-pay advantages that we offer. And I think Jeuveau then gets into these practices and whether they're existing practices that switch more of their patients to our brand or new practices that are attracting a younger generation to this performance.

偉大的。讓我從市場開始。看，我們沒有報告每個帳戶的價值，但我認為為了正確地衡量美國有 30,000 個客戶，您可以簡單地應用 80 20 規則來更好地了解該類別。如果您執行代表長尾的 80 20 規則，從那裡您會看到大約有 24,000 名客戶。因此，美國各地肯定有更多的小價值客戶，他們要么對美學較新，要么只是涉足美學並治療較少數量的患者。剩下的 20% 被稱為大約 6,000 名客戶，他們推動了大部分收入。顯然，我們的偏好是嘗試吸引最高價值的客戶。但實際上，幾年前的一些較小價值客戶現在已成為我們今天擁有的最大客戶。因此，我認為我們將繼續支持 30,000 的整體市場，並且滲透率很高，正如您所看到的，每個季度都有條不紊地對這些客戶進行適當的差異化培訓。Jeuveau 介紹了我們提供的一些獨特的現金支付優勢。我認為 Jeuveau 隨後會研究這些實踐，以及它們是否是使更多患者轉向我們品牌的現有實踐，還是吸引年輕一代參與這種表演的新實踐。

Beauty category I think there's many ways to grow this pie. So as we look out, we feel very good about the overall dynamics that there's many ways to grow in this market. And I think we're capitalizing on both for in approximately 40% of accounts, but we estimate we may be in roughly 60% of the dollar value of the toxin market of course, these are estimates, they're rough estimates, but that gives you a gauge in terms of how we're tracking.

美容類別 我認為有很多方法可以擴大這塊蛋糕。因此，當我們觀察時，我們對整體動態感到非常滿意，因為這個市場有很多成長方式。我認為我們在大約 40% 的帳戶中利用了這兩種資源，但我們估計我們可能佔毒素市場美元價值的大約 60% 當然，這些是估計，它們是粗略的估計，但是為您提供我們跟踪方式的衡量標準。

On the second question with respect to the filler found, there's a format at scale that allows for late breaking news called hot topics. So that will take place at the end of the day on the 17th from So kind of in keeping with late-breaking news, you can expect to see the top line results and some select secondary. And then just a quick snippet of the safety profile of the conclusion.

關於所發現的填充物的第二個問題，有一種大規模的格式，允許發布稱為熱門話題的最新突發新聞。因此，這將在 17 日結束時發生。然後是結論的安全概況的快速片段。

And at this time, we're not prepared remarks, provide more color on our commercialization efforts. I think we'll provide that as we get closer and to the launch date and after FDA approval.

目前，我們還沒有準備好評論，為我們的商業化努力提供更多色彩。我認為，當我們接近上市日期並獲得 FDA 批准後，我們會提供這一點。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Douglas Tsao with H.C. Wainwright. Please proceed with your question.

謝謝。我們的下一個問題來自 Douglas Tsao 和 H.C.溫賴特。請繼續你的問題。

Hi, good afternoon and congrats on the progress. Maybe just on the broader market on pricing. Sandra, sort of you highlighted on your belief that the market continues to be healthy on. It doesn't seem that everyone is necessarily experiencing the same kind of growth that you are and obviously you're at a different stage and some of the participants. But how would you characterize the competitive dynamics right now? And given the fact that some players aren't necessarily performing as well as you or as well as the broader market from are they making any tactical changes?

你好，下午好，恭喜你的進展。也許只是在更廣泛的定價市場。桑德拉，您強調了您對市場繼續健康發展的信念。似乎不是每個人都一定會經歷與你相同的成長，顯然你和一些參與者處於不同的階段。但您如何描述目前的競爭動態？考慮到一些玩家的表現不一定不如你或更廣泛的市場，他們是否會做出任何戰術改變？

Yes.

是的。

So I think the comments that we made around the broader market, we feel very confident and we have a healthy market here. We had forecast this year would be roughly in this mid to high single digit growth. The first quarter is confirmatory of what we expected to see. And frankly, that is the trajectory we see over the coming five years as we guide out to 2028. I don't want to speak to one quarter on any competitor because I think in all fairness, there's a lot more moving parts likely within any one company. So I'd rather not go there, except to say that look, if I were looking at this category overall, I'd expect every toxin player in the space to deliver some level of growth this year because we have a healthy backdrop of the market. I think our contribution to the growth and perhaps our over indexing on growth that you're seeing is a function of our positioning against this younger demographic that that is the catalyst and growth driver for this category. And the way that our brand is positioned, the benefits that that consumer receives and the practices receive in order to go recruit more new consumers, their office are the catalysts that are driving our above index growth. And to the extent that that leads to further share gains, that's hard for us to estimate up, but we believe it's a function of where we're positioned in the market and we think it's a sustainable differentiation that we can continue to build on to grow this category.

因此，我認為我們對更廣泛的市場所做的評論非常有信心，我們在這裡有一個健康的市場。我們曾預測今年的成長將大致為中高個位數。第一季證實了我們的預期。坦白說，這就是我們在 2028 年指引的未來五年內看到的軌跡。我不想與四分之一的人談論任何競爭對手，因為我認為平心而論，任何一家公司內都可能有更多變化的部分。所以我不想去那裡，只是說，如果我從整體上看這個類別，我預計該領域的每個毒素參與者今年都會實現一定程度的增長，因為我們有一個健康的背景市場。我認為我們對成長的貢獻，也許我們對成長的過度索引，是我們針對年輕族群的定位的函數，而年輕族群是這一類別的催化劑和成長動力。我們的品牌定位方式、消費者獲得的好處以及為招募更多新消費者而採取的做法，他們的辦公室是推動我們上述指數成長的催化劑。在某種程度上，這會帶來進一步的份額成長，這對我們來說很難估計，但我們相信這是我們在市場中的定位的函數，我們認為這是一個可持續的差異化，我們可以繼續在此基礎上繼續發展發展這個類別。

And David, maybe you know, and I hope this doesn't get too granular. Can you sort of provide some perspective on how you think the different segments of the market might be growing and that would be like the millennials versus Gen X versus boomers to the extent that they're still getting ecstatic procedures on YouTube, how much variability across those segments do you see?

大衛，也許你知道，我希望這不會變得太細緻。您能否提供一些關於您認為市場不同細分市場可能如何成長的觀點，就像千禧世代與X 世代與嬰兒潮世代相比，他們仍然在YouTube 上獲得欣喜若狂的程序，各個領域的變化有多大你看到那些片段了嗎？

Yes, I'm expecting in the coming quarters, we'll likely have concrete dataset that could answer that from a third party. And I think that's an important question, Doug, unfortunately, we don't have that in front of us aside from sharing with you that we continue to increase our mix towards millennials, and we believe the millennials are approaching the majority of users in the toxin market. Are there right near that tipping point? And I wouldn't be surprised to see a data set that suggests that they're already there. That backdrop is a very favorable one, I think, for the whole category, frankly, because that's what's going to fuel this category over the next five years. But importantly for us, given where we position the Company when we launched about five years ago, we're starting to see the benefits of that forward-thinking positioning as a company.

是的，我預計在接下來的幾個季度，我們可能會擁有可以從第三方回答這個問題的具體數據集。我認為這是一個重要的問題，道格，不幸的是，除了與您分享我們繼續增加針對千禧世代的組合之外，我們沒有擺在我們面前，我們相信千禧世代正在接近大多數用戶毒素市場。是否就在那個臨界點附近？如果資料集表明它們已經存在，我不會感到驚訝。坦白說，我認為這種背景對於整個類別來說是非常有利的，因為這將在未來五年內推動該類別的發展。但對我們來說重要的是，考慮到大約五年前我們成立時對公司的定位，我們開始看到作為一家公司的前瞻性定位的好處。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Thank you. Our next question comes from the line of Serge Belanger with Needham & Co., please proceed with your question.

謝謝。我們的下一個問題來自於 Needham & Co. 的 Serge Belanger，請繼續您的問題。

Your afternoon. Thanks for taking my questions. On clicks. Sandra mentioned that the general growth in the first quarter mobile was mostly driven by volumes on, so I assume pricing was very stable. Just curious what your expectations are on the pricing front for this market as more competitors come in? And could it eventually kind of replicate what we're seeing now in the European markets in terms of pricing levels?

你的下午。感謝您回答我的問題。點擊次數。桑德拉提到，第一季行動業務的整體成長主要是由銷售量推動的，因此我認為定價非常穩定。只是好奇隨著更多競爭對手的加入，您對這個市場的定價有何期望？它最終能否複製我們現在在歐洲市場看到的定價水準？

Thanks.

謝謝。

Thanks for the question, Serge. Yes, that is exactly how we framed in the quarter. And it is the right inference. That pricing has remained very stable. And we've said in the past, and nothing has really changed despite continued movement in the market that we see nothing but strengths in terms of upward mobility for us on price, right? So we could see modest increases. I'm not expecting to see meaningful decreases in the price. The U.S. market doesn't behave like the European market. It's not a race on price. It really is driven by the quality of the performance of the products first and foremost, and we tend to differentiate ourselves against the quality of Jeuveau, and that continues to give us that strengthen our pricing position.

謝謝你的提問，塞爾吉。是的，這正是我們在本季的框架。這是正確的推論。該定價一直非常穩定。我們過去說過，儘管市場持續波動，但沒有什麼真正改變，我們看到的只是價格上漲的優勢，對嗎？所以我們可以看到適度的成長。我預計價格不會大幅下降。美國市場的表現與歐洲市場不同。這不是一場價格競賽。它首先是由產品性能品質驅動的，我們傾向於在 Jeuveau 的品質中脫穎而出，這將繼續加強我們的定價地位。

The only other piece I'd add is we did look at what drove some of the pricing dynamics in Europe relative to the US to Sandra's point. Our ability to do direct-to-consumer advertising creates a different market environment in the U.S. relative to Europe where you can't advertise to the consumer, what drives our ability to offer programs like consumer loyalty program, not just for analysts, but the competitive set is part of the reason why you've seen price on the increase despite new entrants over the last 20 years. And we believe that these are very sustainable trends and we've modeled accordingly and if you think about it, there's five players today and that's been over 20 years. If we pick up several more over the next five to 10 years, it's not really a significant shift over what you've seen in the past. So I think our assumptions are are very realistic and give us the opportunity to continue to deliver on volume primarily, but to see price potentially appreciation by some nominal amount.

我要補充的唯一另一件事是，我們確實研究了歐洲相對於美國的一些定價動態的驅動因素，達到了桑德拉的觀點。我們直接面向消費者做廣告的能力在美國創造了一個與歐洲不同的市場環境，在歐洲，你不能向消費者做廣告，這促使我們有能力提供消費者忠誠度計劃等計劃，不僅為分析師，也為消費者提供服務。我們相信這些都是非常永續的趨勢，我們已經建立了相應的模型，如果你仔細想想，今天有五個參與者，已經過去 20 多年了。如果我們在未來五到十年內再增加一些，那麼與您過去所看到的相比，這並不是一個真正的重大轉變。因此，我認為我們的假設非常現實，使我們有機會繼續主要交付數量，但看到價格可能會名義上升值一些。

Thanks.

謝謝。

Nice quarter.

不錯的季度。

Thank you.

謝謝。

And our next question comes from the line of Balaji Prasad with Barclays. Please proceed with your request.

我們的下一個問題來自巴拉吉·普拉薩德 (Balaji Prasad) 與巴克萊銀行 (Barclays) 的對話。請繼續您的請求。

Everyone should be [Michaela] for Balaji. Thanks for taking our questions. Just thinking about as we get closer to the launch of your filler line, how are you thinking about implementing any bundling like programs? And just any further color here on what your strategy might look like, especially what you're thinking in terms of the size of your sales force? Thanks a lot.

每個人都應該成為巴拉吉的[米凱拉]。感謝您回答我們的問題。想一想，當我們即將推出您的灌裝機系列時，您如何考慮實施任何類似捆綁的計劃？還有關於您的策略可能會是什麼樣子的任何進一步的顏色，特別是您對銷售隊伍規模的看法？多謝。

Sir, I think to the question, we are actively in the process of assessing how we would potentially launch the filler upon approval next year. As you heard from Gary earlier, we're very excited that in the next 90 days, we'll be filing the first two pillars with the FDA, which will put us on a clock, which is very exciting considering we signed this agreement in the second quarter of last year. So the pace by which we're moving is very fast. And we're also excited about the fact that we have 13,000 customers now since launch, which Evo that gives us a significant base of Evolus customers that we can launch from. And I think you can expect that obviously that partnership, it's an important one, and it's a group of customers that we will focus on at launch, but there's enough to continue to expand beyond that.

先生，我認為對於這個問題，我們正在積極評估明年批准後如何推出填充劑。正如您之前從加里那裡聽到的，我們非常興奮，在接下來的90 天內，我們將向FDA 提交前兩個支柱，這將使我們加快步伐，考慮到我們在2019 年簽署了這份協議，這是非常令人興奮的去年第二季。所以我們前進的步伐非常快。我們也感到興奮的是，自推出以來我們已經擁有 13,000 名客戶，Evo 為我們提供了重要的 Evolus 客戶基礎，我們可以從中啟動。我認為你可以預料到，顯然這種合作關係是一個重要的合作夥伴關係，它是我們在發佈時重點關注的一組客戶，但有足夠的東西可以繼續擴展。

We also have significant infrastructure that we provide medical education, our hands-on training that team is capable of supporting not just neurotoxins but fillers as well.

我們還擁有重要的基礎設施，可以提供醫學教育和實踐培訓，該團隊不僅能夠支持神經毒素，還能夠支持填充劑。

In addition to our Evolus co-branded program, which is designed today for Jeuveau, but it was also built from the outset to absorb more than one product. And that carries all the way through to our digital infrastructure, which was designed with the intention of the company building out a portfolio in aesthetics. And so we expect that the entire platform will benefit from the addition of the filler, which gives us a more comprehensive offering for our customers that are purchasing toxins and fillers. In addition to the consumers, which we know a large number of consumers that are currently in our talks and loyalty program will benefit from adding on a filler. So we see a lot of opportunities for these two to intersect the how we go about doing it. It's something we'll share as we get closer to launch Thank you, and thank you for all your questions.

除了我們今天為 Jeuveau 設計的 Evolus 聯名計劃之外，它從一開始就為了吸收多種產品而建造。這一直貫穿我們的數位基礎設施，該基礎設施的設計目的是公司建立美學產品組合。因此，我們預計整個平台將受益於填充劑的添加，這為我們為購買毒素和填充劑的客戶提供了更全面的產品。除了消費者之外，我們知道目前正在討論和忠誠度計劃的大量消費者將受益於添加填充劑。因此，我們看到這兩者有很多機會在我們的做法上產生交叉。當我們接近發佈時，我們將分享這一點。

At this time, I would like to turn the call back over to David Moatazedi, President and Chief Executive Officer for closing comments.

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。

Thank you. The results of the first quarter reaffirm the unique difference Evolus brings to the market as a cash-pay focused performance beauty company, our continued strength in execution above market performance and building momentum will enable us to continue to outpace the market. We remain laser focused on product performance and consumer and customer centricity as we evolve from a single product aesthetics company to a multi-product performance beauty innovator. Our journey towards profitability slated for the fourth quarter this year marks a significant milestone in our trajectory, underscoring our financial excellence and operating discipline as we navigate the competitive landscape within aesthetics, we are consistently gaining market share and setting Evolus apart. Our long-term goal remains clear to achieve at least $700 million in revenue by 2028 with a strong balance sheet, a differentiated product portfolio, solid infrastructure and sustainable competitive advantage. We've demonstrated the effectiveness of our business model, and I'm confident that we are well positioned to deliver growth and value for our shareholders for years to come. And we look forward to keeping you apprised of our progress as the year unfolds.

謝謝。第一季的業績再次證實了Evolus 作為一家以現金支付為重點的美容公司為市場帶來的獨特差異，我們在高於市場表現的執行力上的持續優勢和不斷增強的勢頭將使我們能夠繼續領先市場。隨著我們從單一產品美容公司發展成為多產品性能美容創新者，我們始終專注於產品性能以及以消費者和客戶為中心。我們定於今年第四季度實現盈利的旅程標誌著我們發展軌跡中的一個重要里程碑，在我們駕馭美學領域的競爭格局時，突顯了我們的財務卓越性和營運紀律，我們不斷獲得市場份額並使Evolus 脫穎而出。我們的長期目標仍然明確，即在 2028 年實現至少 7 億美元的收入，並擁有強大的資產負債表、差異化的產品組合、堅實的基礎設施和可持續的競爭優勢。我們已經證明了我們業務模式的有效性，我相信我們有能力在未來幾年為股東帶來成長和價值。我們期待在新的一年隨時向您通報我們的進展。

Thank you for joining us today.

感謝您今天加入我們。

Thank you.

謝謝。

And this concludes today's call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路。