Evolus Inc (EOLS) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for standing by. Welcome to Evolus's second-quarter 2024 earnings conference call. As a reminder, today's conference is being recorded and webcast live. (Operator Instructions)

大家下午好，謝謝大家的支持。歡迎參加 Evolus 2024 年第二季財報電話會議。提醒一下，今天的會議正在錄製並進行網路直播。（操作員說明）

I would now like to turn the conference over to your host, Nareg Sagherian, Vice President and Head of Global Investor Relations and Corporate Communications. Please go ahead.

現在我想將會議交給主持人、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 our second-quarter 2024 financial results. Our second-quarter 2024 press release is now on our website at evolus.com. With me today are David Moatazedi, President and Chief Executive Officer; and Sandra Beaver, Chief Financial Officer. Rui Avelar, 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，回顧我們 2024 年第二季的財務表現。我們的 2024 年第二季新聞稿現已發佈在我們的網站 evolus.com 上。今天與我在一起的有總裁兼執行長 David Moatazedi；財務長桑德拉‧比弗 (Sandra Beaver)。首席醫療官兼研發主管 Rui Avelar 也參加了我們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 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. 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.

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。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。

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 8-K.

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，但本質上是不確定的，並且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（表格 10-K）、季度報告（表格 10-Q）和當前報告（表格 8-K）中。

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 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，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 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 our CEO, David Moatazedi.

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 second-quarter 2024 earnings conference call. This is a very exciting time for Evolus as we've now completed the first half of 2024 and administrated continued market share gains with Jeuveau. This year is focused on our flagship product while we prepare to expand our portfolio. We are incredibly pleased with the continued momentum in our business, which is clearly reflected in our second-quarter results announced earlier today.

謝謝你，納雷格。大家下午好。感謝您參加我們的 2024 年第二季財報電話會議。對於 Evolus 來說，這是一個非常令人興奮的時刻，因為我們現在已經完成了 2024 年上半年的工作，並與 Jeuveau 一起實現了市場份額的持續增長。今年我們的重點是我們的旗艦產品，同時我們準備擴大我們的產品組合。我們對我們業務的持續成長勢頭感到非常滿意，這在我們今天早些時候公佈的第二季業績中得到了明確體現。

In the second quarter, we achieved an important milestone profitability and your Jeuveau's market share increased to 13%. We accomplished this with a single product while investing in the launch of our filler line. Our focus is delivering exceptional results and our unique structure and value proposition are operating at a high level.

第二季度，我們實現了重要的里程碑式盈利，Jeuveau 的市佔率增至 13%。我們透過單一產品實現了這一目標，同時投資推出了灌裝機系列。我們的重點是提供卓越的成果，我們獨特的結構和價值主張正在高水準上運作。

Our reported revenue of $66.9 million in the second quarter represents 36% growth over the prior year. The combination of the continued strength of our execution and the momentum we have built during the first half of the year gives us the confidence to raise our full-year 2024 net revenue guidance to between $260 million and $270 million.

我們報告的第二季營收為 6,690 萬美元，比上一年增長 36%。我們持續強勁的執行力和上半年建立的勢頭使我們有信心將 2024 年全年淨收入指引提高到 2.6 億美元至 2.7 億美元之間。

This updated guidance equates to 34% growth at the top end and is several degrees of magnitude above the estimated growth rates for our category. Importantly, this is a brand that continues to grow at over 30% in its fifth year on the market, signaling the quality of the Jeuveau brand and the strength of our unique business model.

此更新後的指導相當於高端 34% 的增長，比我們類別的估計增長率高出幾個數量級。重要的是，這個品牌在進入市場的第五年裡繼續以超過 30% 的速度成長，這表明了 Jeuveau 品牌的品質和我們獨特商業模式的實力。

We continue to build loyalty and trust with our customers. We have a unique position as the only dedicated cash pay aesthetic toxin company and a differentiated approach to building and performance beauty brand. We remain focused on the younger generation and helping practices grow.

我們持續與客戶建立忠誠度和信任。作為唯一一家專注於現金支付的美容毒素公司，我們擁有獨特的地位，並採用差異化的方法來打造和表現美容品牌。我們仍然關注年輕一代並幫助實踐發展。

Our differentiation is evident in the continued growth in new purchasing accounts increasing by 770 in the quarter. This brings our total number of customers purchasing since launch to approximately 14,000, which is approaching 50% penetration of the market. Our Evolus consumer loyalty program is also thriving and on track to surpass 1 million consumers in the program by year end.

我們的差異化體現在新採購帳戶的持續成長，本季增加了 770 個。這使得我們自推出以來的購買客戶總數達到約 14,000 名，市場滲透率接近 50%。我們的 Evolus 消費者忠誠度計畫也在蓬勃發展，預計到年底該計畫的消費者數量將超過 100 萬人。

The underlying strength of our business and our strategic focus are just part of the story. Internally, we are preparing for a transformative year in 2025. This preparation starts with the commercialization of our novel dermal filler line. In June, we submitted our premarket approval application to the FDA for Evolysse Lift and Evolysse Smooth.

我們業務的潛在優勢和策略重點只是故事的一部分。在內部，我們正在為 2025 年的變革之年做準備。這項準備工作始於我們新型真皮填充劑系列的商業化。6 月，我們向 FDA 提交了 Evolysse Lift 和 Evolysse Smooth 的上市前批准申請。

In Europe, regulatory approvals for the Estyme dermal filler products are anticipated later this year, and we remain on track for US and international launch in 2025. Our commercialization plans are well underway, and we will share more detail at our Investor Day in September.

在歐洲，Estyme 真皮填充劑產品預計將於今年稍後獲得監管機構批准，我們仍有望在 2025 年在美國和國際市場推出。我們的商業化計劃正在順利進行，我們將在 9 月的投資者日分享更多細節。

Internationally, we continue to make significant progress with Nuceiva. We continue to expand our international business with a focus on deeper penetration in the UK, Germany, and Italy, while broadening our global footprint by commercially launching in Spain and Australia. With these recent launches, we are now operating in all the major markets needed to deliver our 2028 guidance.

在國際上，我們繼續與 Nuceiva 取得重大進展。我們繼續擴大我們的國際業務，重點是在英國、德國和義大利進行更深入的滲透，同時透過在西班牙和澳洲開展商業活動來擴大我們的全球足跡。透過最近推出的這些產品，我們現在正在所有需要提供 2028 年指導的主要市場開展業務。

The toxin market remains strong, and we are well positioned to benefit from the growing shift towards the Evolus and Jeuveau brand. Jeuveau's brand recognition, clinical performance, and high satisfaction profile are well-positioned for new consumers entering the category. This positioning will allow us to continue capturing demand, while we actively prepare to integrate our novel dermal filler line, Evolysse . These efforts collectively keep us on pace to our long-term revenue target of at least $700 million by 2028. Our differentiated go-to-market strategy continues to set us apart, and I look forward to sharing more updates as we progress.

毒素市場依然強勁，我們處於有利地位，可以從 Evolus 和 Jeuveau 品牌轉變中不斷受益。Jeuveau 的品牌認知度、臨床表現和高滿意度為進入該類別的新消費者提供了有利的條件。這項定位將使我們能夠繼續捕捉需求，同時積極準備整合我們的新型真皮填充劑系列 Evolysse。這些努力共同使我們能夠實現 2028 年至少 7 億美元的長期收入目標。我們差異化的上市策略繼續使我們與眾不同，我期待隨著我們的進展分享更多更新。

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. I would like to congratulate the Evolus team on another quarter of above-market sales growth and prudent management of our operating expenses that enabled us to achieve profitability two quarters earlier than anticipated. These above-market Q2 results represent a meaningful step towards achieving our guidance in 2024, delivering full-year profitability for 2025 and positive cash generation.

謝謝你，大衛。我要祝賀 Evolus 團隊又一個季度的銷售成長高於市場水平，並對營運費用進行審慎管理，使我們能夠比預期提前兩個季度實現盈利。這些高於市場的第二季業績代表著我們朝著實現 2024 年指導目標邁出了有意義的一步，實現了 2025 年全年盈利能力和正現金流。

Turning to the results, global net revenues for the second quarter were $66.9 million, up 36% compared to net revenue in the second quarter of 2023. Sales in the US comprised more than 95% of revenues this quarter.

財報顯示，第二季全球淨收入為 6,690 萬美元，較 2023 年第二季淨收入成長 36%。美國市場的銷售額佔本季營收的 95% 以上。

International revenue contribution will continue to increase as international toxin growth will outpace the US. In the US, where our price remained strong, our customer reorder rate was approximately 70%, and our sales were driven primarily by higher volumes. Our reported gross margin for the second quarter was 70.3%, and our adjusted gross margin, which excludes the amortization of intangibles, was 71.5% and above the top-end of our full-year guidance.

隨著國際毒素成長將超過美國，國際收入貢獻將持續增加。在美國，我們的價格仍然堅挺，我們的客戶再訂購率約為 70%，我們的銷售主要是由銷售增加所推動的。我們報告的第二季毛利率為 70.3%，調整後毛利率（不包括無形資產攤銷）為 71.5%，高於我們全年指引的上限。

Our GAAP operating expenses for the second quarter were $74.6 million compared to $68.3 million in the first quarter. Non-GAAP operating expenses for the second quarter were $46.7 million compared to $42.1 million in the prior quarter. Reported selling, general, and administrative expenses for the second quarter were $50.2 million compared to $45.1 million recorded in the first quarter.

我們第二季的 GAAP 營運費用為 7,460 萬美元，而第一季為 6,830 萬美元。第二季非 GAAP 營運費用為 4,670 萬美元，上一季為 4,210 萬美元。第二季報告的銷售、一般和管理費用為 5,020 萬美元，而第一季記錄的銷售、一般和管理費用為 4,510 萬美元。

This quarter, SG&A expenses included $5.8 million of non-cash stock-based compensation compared to $5.1 million in the first quarter. Operating expenses saw a modest increase this quarter, a trend we expect to continue as we prepare for the 2025 filler launch.

本季的 SG&A 費用包括 580 萬美元的非現金股票薪酬，而第一季為 510 萬美元。本季營運費用略有增加，我們預計這一趨勢將在我們為 2025 年填料上市做準備時持續下去。

For the first time and two quarters ahead of our expectations, we achieved profitability in the second quarter. Our non-GAAP income from operations in the second quarter was $1.1 million. This represents a $2 million sequential improvement in non-GAAP income from operations as compared to our Q1 non-GAAP operating loss of $0.9 million and represents meaningful continued progress on our path towards profitability for the full year 2025 and positive cash generation.

第二季我們首次獲利，比我們的預期提早了兩個季度。我們第二季的非 GAAP 營運收入為 110 萬美元。與第一季90 萬美元的非GAAP 營運虧損相比，這意味著非GAAP 營運收入連續改善了200 萬美元，也代表我們在2025 年全年盈利和積極現金生成的道路上取得了有意義的持續進展。

As a reminder, Q3 has seasonally lower revenue as compared to Q2. Considering this expected seasonal revenue decrease, it is likely we will not be profitable in the third quarter. Both non-GAAP operating expenses and non-GAAP operating income excludes stock-based compensation expense, revaluation of the contingent royalty obligation, and depreciation and amortization.

提醒一下，與第二季相比，第三季的營收季節性較低。考慮到預期的季節性收入下降，我們第三季很可能不會獲利。非公認會計準則營運費用和非公認會計準則營運收入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, with our consistent operating performance, we continue to be efficient with our use of cash. We had a low-single-digit cash burn with our second-quarter cash use of $3.3 million. We ended the second quarter with $93.7 million in cash compared to $97 million at March 31, 2024.

轉向資產負債表，憑藉我們一貫的經營業績，我們繼續有效率地使用現金。我們第二季的現金消耗量為 330 萬美元，現金消耗量處於低個位數。截至第二季末，我們的現金為 9,370 萬美元，而截至 2024 年 3 月 31 日，我們的現金為 9,700 萬美元。

The cash balance includes $4.2 million of remaining net proceeds from the 50 million underwritten offering of common stock in March 2024. Net cash used for operating activities was $6.5 million, which improved $6.8 million as compared to Q2 2023.

現金餘額包括 2024 年 3 月承銷的 5,000 萬股普通股的剩餘淨收益 420 萬美元。用於經營活動的淨現金為 650 萬美元，比 2023 年第二季增加 680 萬美元。

We expect that our existing liquidity will fully fund us to positive cash generation and the repayment of our $125 million debt facility in 2026 and 2027. We continue to target total net 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 the growing contribution from our novel line of fillers that begins in 2025. This equates to a compounded annual growth rate of 28% since 2023; our total addressable market of approximately 6 billion today, growing to approximately 10 billion by 2028.

我們預計現有的流動性將為我們提供充足的資金，以實現積極的現金產生並在 2026 年和 2027 年償還 1.25 億美元的債務融資。我們的目標是到2028 年總淨收入至少達到7 億美元，這得益於我們在美國和國際市場的神經毒素業務的持續增長和份額增長，以及我們從2025 年開始的新型填充劑系列的貢獻不斷增長。這相當於自 2023 年以來的複合年增長率為 28%；目前我們的潛在市場總量約為 60 億，到 2028 年將成長到約 100 億。

With that context in mind, I'd like to summarize our guidance. Based on our strong year-to-date performance, we have raised our total net revenues to between $260 million and $270 million, over 95% of which will come from the 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 rates, primarily driven by the 2023 compare period.

考慮到這一背景，我想總結一下我們的指導。基於今年迄今的強勁表現，我們已將總淨收入提高到 2.6 億至 2.7 億美元，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 年比較期的推動。

An adjusted gross profit margin in the range of 68% to 71%. Non-GAAP operating expense guidance is between $185 million and $190 million dollars. Driven by the increase in our revenue guidance range, we expect to be at the top end of our operating expense guidance range.

調整後毛利率在68%至71%之間。非 GAAP 營業費用指引為 1.85 億美元至 1.9 億美元之間。在收入指導範圍增加的推動下，我們預計將達到營運費用指導範圍的上限。

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 worth noting that within the year 2025, profitability may not be sustained every quarter due to the filler launch. Finally, the company projected total net revenue can reach at least $700 million by 2028.

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。值得注意的是，2025年內，由於填料的推出，獲利能力可能無法維持每季。最後，該公司預計到 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. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Jack Padovano, Stifel.

傑克·帕多瓦諾，斯蒂菲爾。

Hi, this is Jack on for Annabel. Thanks for taking our questions. So how are you seeing this state of play in the filler field? Because I know that this has been a little thorn in my side for aesthetics companies recently As we specifically did see some recovery there, but it wasn't quite as much as anticipated. So do you have a pulse on that market yet? And what state of affairs will you be seeing as you approach a launch?

嗨，我是安娜貝爾的傑克。感謝您回答我們的問題。那麼您如何看待填充領域的這種現狀？因為我知道這對美容公司來說是一個小刺痛，因為我們確實看到了一些復甦，但沒有預期的那麼多。那麼您對這個市場有把握嗎？當您即將發佈時，您會看到什麼狀態？

Great. Thanks for the question. What we're seeing -- as you know, it's always hard to parse out procedural growth as you look at different companies reporting. You have companies that are newer, into their launch, and companies that are more mature. Overall, we're seeing a filler market on the full year that is growing. Clearly, there's some share shifts happening within the category, but also a market that is growing at a lower rate relative to the historical trends that we've seen. So we do see sort of a low- to mid-single-digit growth rate on the filler market in the US this year.

偉大的。謝謝你的提問。我們所看到的—如您所知，當您查看不同公司的報告時，總是很難解析出程序性成長。有剛成立的新公司，也有更成熟的公司。總體而言，我們看到全年的填料市場都在成長。顯然，該類別內發生了一些份額變化，但相對於我們所看到的歷史趨勢，該市場的成長速度也較低。因此，我們確實看到今年美國填料市場出現低至中個位數的成長率。

And we do anticipate that filler market wrapping around on this depressed growth rate and benefiting from the boon of these patients coming in for GLPs, achieving their optimal weight, and looking out on a filler. We have multiple data points that confirm that the market should benefit from the GLP trends, and we should start to see that in the coming quarters. So we feel very good about the market we're entering.

我們確實預計，填充劑市場將在這種低迷的成長率中回暖，並受益於這些接受 GLP、達到最佳體重並關注填充劑的患者的福音。我們有多個數據點證實市場應該受益於 GLP 趨勢，我們應該在未來幾季開始看到這一點。所以我們對我們正在進入的市場感覺非常好。

Keep in mind, the filler market to $1.8 billion category. We expect that will grow in this mid to high single digits over the five-year horizon through 2028, where we've given our guidance outlook. And it's a favorable markets in the sense that there is it's really three families of fillers that command roughly 80% to 90% of the US market and the Evolysse line is clearly differentiated in the way that it's manufactured in the clinical data that we've shared relative to one of the market-leading fillers.

請記住，填充劑市場價值 18 億美元。我們預計，到 2028 年的五年內，這一數字將實現中高個位數成長，我們已經給出了指導前景。從某種意義上說，這是一個有利的市場，因為它實際上是三個填充劑系列，佔據了美國市場大約80% 至90% 的份額，而且Evolysse 系列在我們根據臨床數據製造的方式上有明顯的差異化。

And of course, putting it into our cash-pay platform, we think there'll be a tremendous amount of value. We shared it with our advisors in a number of advisory board meetings and in research, and they're very excited to see a product come in with the profile of the product, Evolysse, that we're going to be bringing. So we'll look forward to sharing more color on that at our upcoming Investor Day.

當然，將其放入我們的現金支付平台，我們認為將會產生巨大的價值。我們在許多顧問委員會會議和研究中與我們的顧問分享了這一點，他們非常高興看到我們即將推出的產品 Evolysse 的簡介。因此，我們期待在即將到來的投資者日分享更多相關內容。

Great. And then just one more, if I may. On the toxin side, are there any additional competitor programs that you're seeing out there, whether it be loyalty programs or promotional programs that you expect to have to adapt to? Or in other words, do you sense the need for any shift in your marketing strategies as the field starts to get a little bit more crowded?

偉大的。如果可以的話，然後再講一首。在有害方面，您是否看到了任何其他競爭對手的計劃，無論是您期望必須適應的忠誠度計劃還是促銷計劃？或者換句話說，隨著這個領域開始變得更加擁擠，您是否感覺到需要改變您的行銷策略？

Yeah. We've continued to maintain our marketing strategy, which is really, at a strategic level, it's our cash-pay advantage that's enabled us to create a different experience for these practices. And we leaned more heavily into that, whether you think about our consumer loyalty program or the way we engage with practices and co-branded media in the sense of both of them -- the co-branded media and the rewards -- are growing at a very healthy clip, and they remain our areas of focus.

是的。我們繼續維持我們的行銷策略，實際上，在策略層面上，我們的現金支付優勢使我們能夠為這些實踐創造不同的體驗。我們更傾向於這一點，無論你考慮我們的消費者忠誠度計劃還是我們參與實踐和聯合品牌媒體的方式，從它們的意義上來說——聯合品牌媒體和獎勵——都在以一個非常健康的剪輯，它們仍然是我們關注的領域。

We've stayed really disciplined and a lot of credit to the team for continuing to build our scale and presence in the market. I do believe that's why you're continuing to see a business down its fifth year, growing at 36%, which is effectively the growth rate we had on the full year last year. It's because of that continued operating discipline that we've had as a company.

我們一直保持嚴格的紀律，並且對團隊繼續擴大我們的規模和在市場上的影響力表示高度讚揚。我確實相信這就是為什麼你會看到一家企業連續第五年下滑，成長率為 36%，這實際上是我們去年全年的成長率。這是因為我們作為一家公司一直有持續的營運紀律。

As it relates to promotions in the market, look, these markets, there's a lot of promotions each quarter. Every manufacturer has their own set that they introduced into the category. But as you point out, nothing that changes the way that we've approached Jeuveau and how we bring into the market.

因為它涉及市場上的促銷活動，你看，這些市場，每季都有許多促銷活動。每個製造商都有自己的一套引入該類別的產品。但正如您所指出的，我們對待 Jeuveau 的方式以及我們進入市場的方式沒有任何改變。

Marc Goodman, Leerink Partners.

馬克古德曼，Leerink Partners。

This is Madhu on the line for Marc. Just piggybacking off of that, could you talk a little bit more about your fillers and the differentiation from other products on the market and how you're thinking about talking about those filler lines once they're launching and comparing them to what's already out there? Thanks.

我是 Madhu，正在接聽馬克的電話。在此基礎上，您能否多談談您的填充劑以及與市場上其他產品的區別，以及您如何考慮在這些填充劑系列推出後談論它們並將它們與現有產品進行比較？謝謝。

Sure. Hi, Madhu. I'll briefly touch on it. I think there's a section in our investor deck that highlights the scientific differentiation. And you can expect a lot more color from Rui at our upcoming Investor Day.

當然。嗨，馬杜。我將簡要介紹它。我認為我們的投資者平台中有一個部分強調了科學差異。在即將到來的投資者日，您可以期待 Rui 帶來更多精彩內容。

But clearly, this product is the first one manufactured under freezing cold temperatures -- every other hyaluronic acid is heated in the manufacturing process -- and that preserves the natural HA strand. And clearly, the word natural is a significant term in the world of aesthetics. And the manufacturers of this technology have developed one of the leading hyaluronic acid currently available in the market.

但顯然，該產品是第一個在冰冷溫度下生產的產品——所有其他透明質酸在製造過程中都會被加熱——並保留了天然的透明質酸鏈。顯然，「自然」這個詞在美學領域是一個重要的術語。這項技術的製造商已經開發了目前市場上領先的透明質酸之一。

So there's a lot of credibility in the technology and the science behind it. And then, of course, the clinical data that we've shared from our trials now supports science that we saw in the data. So I think we have a clear story in terms of the product and the data.

因此，該技術及其背後的科學具有很高的可信度。當然，我們從試驗中分享的臨床數據現在支持了我們在數據中看到的科學。所以我認為我們在產品和數據方面有一個清晰的故事。

It's still the early innings. What you're seeing is, as you know, multiple products under clinical development in different areas of the face, where this line was designed, specifically for each area, and we'll be sharing more clinical data as we get closer to commercialization. Thank you.

現在還是早幾局。如您所知，您所看到的是臉部不同區域的多種產品正在臨床開發中，該系列是專門針對每個區域而設計的，隨著我們接近商業化，我們將分享更多的臨床數據。謝謝。

Navann Ty, BNP.

納萬·泰，BNP。

Hi. Thanks for taking my questions. First, can you discuss the appointment of Cooper current CEO, to the Board and what it will bring to Evolus? And also if you have any timing updates on Hugel's Letybo and Galderma QM1114 please. Thank you.

你好。感謝您回答我的問題。首先，您能否討論一下任命 Cooper 現任執行長進入董事會以及這將為 Evolus 帶來什麼？另外，如果您有關於 Hugel 的 Letybo 和 Galderma QM1114 的任何時間更新，請。謝謝。

Great. Thanks, Navann, for the questions. I'll start with the addition of our Al White. Look, we did a search, and we were very selective about who we brought onto the Board. And I can tell you Al White clearly stood out for a number of reasons. One is, obviously, his background with a tremendous track record of success, having moved built the Cooper Companies, which now, of course, cover a number of therapeutic areas and he moved his way into the CEO role, which he's been in for about as long as I have now, but he's played a significant role in building that company and that was important to us as we look at geographic expansion, profitability, building out our portfolio -- a lot of the same elements that Al has faced as Cooper has grown.

偉大的。謝謝納文提出的問題。我將從我們的阿爾懷特的加入開始。聽著，我們進行了搜索，並且我們對進入董事會的人選非常挑剔。我可以告訴你，艾爾懷特顯然因多種原因而脫穎而出。顯然，其一是他擁有巨大成功記錄的背景，他創立了庫珀公司，當然，該公司現在涵蓋了許多治療領域，而且他已經擔任了首席執行官一職，他已經擔任了大約一年的時間。庫柏面臨的相同因素已經成長了。

And so having his experience around the table is invaluable for us as a company entering this next stage of our growth. And so I've really enjoyed the time I've spent with Al. I know he's very excited about the story. He knows the aesthetic market well, and he is also excited to see what we've been able to do and help contribute to our future growth story. And then we actually had him on a Board call earlier this week for the first time. So it's been great to have Al.

因此，作為一家進入下一階段發展的公司，擁有他的經驗對我們來說非常寶貴。所以我真的很享受和阿爾一起度過的時光。我知道他對這個故事非常興奮。他非常了解美容市場，而且他也很高興看到我們能夠做的事情並為我們未來的成長故事做出貢獻。本週早些時候，我們實際上第一次邀請他參加董事會電話會議。所以有阿爾真是太好了。

On the competitive front, as you saw Letybo received approval earlier this year. They most recently announced a partner in the US, and they plan to commercialize sometime here in the back half of the year. At this point, as you know, we're competing with Letybo in Europe, and we're aware of the product and the dimensions of that brand as it enters the market.

在競爭方面，正如您所看到的，Letybo 在今年早些時候獲得了批准。他們最近宣布了在美國的合作夥伴，並計劃在今年下半年的某個時候在美國進行商業化。如您所知，目前我們正在歐洲與 Letybo 競爭，並且在該品牌進入市場時我們了解該產品和該品牌的規模。

We will be prepared as well when they enter the US. And I'll just remind you that as we've had entrants that have entered since we launched, the market continues to grow at a very healthy clip. Our growth wasn't impacted by the latest entrant. If anything, we accelerated a bit. I think the focus on toxins only increases with new entrants, and our value proposition is clearly defined in this space.

當他們進入美國時我們也會做好準備。我只想提醒您，自從我們推出以來已有新進入者，市場繼續以非常健康的速度成長。我們的成長並未受到最新進入者的影響。如果有什麼不同的話，那就是我們加快了一點速度。我認為對毒素的關注只會隨著新進入者的增加而增加，而我們的價值主張在這個領域得到了明確的定義。

And so the entrants, whether that's Letybo or Galderma, which I believe they did, they see the CRL for the liquid, but they do plan to refile sometime next year, which could put them on the market towards the end of next year or the following. That's clear. I think it ultimately leads to continued focus on this category and growth, which is significant in the end.

因此，進入者，無論是 Letybo 還是 Galderma，我相信他們做到了，他們看到了液體的 CRL，但他們確實計劃明年某個時候重新提交，這可能會在明年年底或下列的。很清楚。我認為這最終會導致人們繼續關注這個類別並實現成長，最終意義重大。

It was nice to see this quarter, all the significant players in the space reported positive growth despite an increasing competitive environment, and I think that just speaks to the backdrop that we have very low consumer penetration in this market. And there's a lot of growth ahead of us. And as the new player comes in, they can carve out an opportunity for themselves just as we've done successfully in this younger generation of consumers.

很高興看到本季度，儘管競爭環境日益激烈，但該領域的所有重要參與者都報告了積極的成長，我認為這恰恰說明了我們在這個市場的消費者滲透率非常低的背景。我們還有很大的成長空間。隨著新玩家的加入，他們可以為自己創造機會，就像我們在年輕一代消費者中所做的那樣。

Thank you. That's very helpful. And can I add one, do you have a recent breakdown of facial injectable used by age range? Is the share of millennials and Gen Z users -- is it increasing? Thank you.

謝謝。這非常有幫助。我可以補充一點，您有最近按年齡範圍使用的臉部注射劑的詳細情況嗎？千禧世代和 Z 世代用戶的比例是否在增加？謝謝。

Yeah. So the question is around millennials and the younger percentage of our patient base that represents. I can't answer for the category at this time. But in terms of -- when we look at our consumer loyalty program -- and it's a sizable base, as you know, approaching 1 million consumers, we have over 50% or the majority are millennial patients or younger. So we're really pleased with that younger demographic. It's been our focus, and it's worked.

是的。因此，問題在於千禧世代和我們患者群體中年輕的比例。我目前無法回答該類別。但就我們的消費者忠誠度計劃而言，如您所知，這是一個相當大的基礎，接近 100 萬消費者，其中超過 50% 或大多數是千禧世代或更年輕的患者。因此，我們對年輕族群感到非常滿意。這一直是我們的重點，而且已經奏效了。

We do believe we over-index relative to the overall market, and it continues to be the growth driver for this space. That this younger generation is more likely to get treated. They view this product as a beauty treatment, and we think we're incredibly well positioned to capitalize on that shift towards the younger movement.

我們確實相信，相對於整個市場，我們的指數過高，而且它仍然是該領域的成長動力。這個年輕一代更有可能得到治療。他們將這款產品視為一種美容療法，我們認為我們處於非常有利的位置，可以利用這一向年輕化趨勢的轉變。

(Operator Instructions) Uy Ear, Mizuho Securities.

（操作員指示）Uy Ear，瑞穗證券。

Hi, this is Charles on for Uy. I just had one question about kind of the fillers. So in the US, I believe you said that the lift filler would be kind of the workforce. And I guess I was just kind of curious on how ex-US -- those sellers would be -- like would they -- lift will also be the workhorse or will the lips filler kind of takeover ex-US? So I'm just trying to get a better sense of those dynamics. Thank you.

大家好，我是 Uy 的 Charles。我只是有一個關於填料種類的問題。所以在美國，我相信你說過電梯填充者將是一種勞動力。我想我只是有點好奇美國以外的地方——那些賣家會——就像他們一樣——電梯也將成為主力，還是嘴唇填充物會接管美國以外的地方？所以我只是想更了解這些動態。謝謝。

That's a great question, Charles. The dynamics with filler used in the US and abroad are actually quite similar. There's obviously more choices in Europe than there are here in the US, but in the end, we do believe that the lift products that we'll introduce here in the United States will be the workhorse in the line regardless of which market you're in.

這是一個很好的問題，查爾斯。美國和國外使用的填料的動態實際上非常相似。歐洲的選擇顯然比美國多，但最終，我們相信，無論您在哪個市場，我們將在美國推出的電梯產品都將成為該系列的主力產品。

But clearly, areas like the cheeks are an area of high use as are the lips. But keep in mind, when you're going into areas like the lips, the volumes are lower. And then they are, when they're treating areas like the nasolabial folds in highest. In areas like the cheeks, even though maybe the percentage of patients getting it in the cheeks are the lowest.

但顯然，像臉頰這樣的區域和嘴唇一樣是經常使用的區域。但請記住，當您進入嘴唇等區域時，音量會降低。然後，當他們治療最高的鼻唇溝等區域時，他們就會這樣做。在像臉頰這樣的區域，儘管臉頰上感染的患者比例可能是最低的。

So I think we'll give you a lot more color around the market during our Investor Day. We received a lot of questions around the growth of the category going forward, the impact of GLPs as well, the utility of the different products and what we've learned from them in the real world. You can expect to get a lot more color around that in September.

因此，我認為我們將在投資者日期間為您提供有關市場的更多資訊。我們收到了很多關於該類別未來發展、GLP 的影響、不同產品的實用性以及我們從現實世界中學到的東西的問題。九月你會看到更多的色彩。

Serge Belanger, Needham & Company.

謝爾蓋貝蘭格 (Serge Belanger)，李約瑟公司。

Good afternoon. Thanks for taking my questions. I guess the first one for David. Both of the large aesthetic bellwethers reported last week, and both kind of reported some softness in the US market across both fillers and toxins, especially in terms of the procedure volumes. Just curious if you've -- what you have noticed over the second quarter regarding the growth of those volumes?

午安.感謝您回答我的問題。我猜第一個是給大衛的。兩家大型美容領頭羊上週都報告了美國市場的填充劑和毒素的疲軟情況，尤其是在手術量方面。只是好奇您是否注意到第二季這些銷量的成長？

And then secondly, can you just remind us of the PMA process for the fillers? So both of them have now been filed. Is this a 12-month process, and should we expect radio silence until approval here, or there will be some updates along the way before the second half of 2025 when you expect approval and launch? Thanks.

其次，您能否提醒我們填料的 PMA 流程？所以現在這兩件事都已經被立案了。這是一個為期 12 個月的過程嗎？謝謝。

Great. I'll ask Rui to take the second question in just a moment, and I'll take your first one. What's interesting is the messaging across the board on toxins is that it's a very resilient category. We're seeing healthy growth. I think you heard that from all of the bigger players in the space, and we've seen the same thing.

偉大的。我稍後會請 Rui 回答第二個問題，我會回答你的第一個問題。有趣的是，關於毒素的全面性資訊是，它是一個非常有彈性的類別。我們看到了健康的成長。我想您已經從該領域所有較大的參與者那裡聽到了這一點，而且我們也看到了同樣的事情。

And even though we continue to hear sort of this backdrop of -- is there softness in the market that continues to persist, which we've heard it now for almost two years? The reality of it is having spent a lot of time in markets, these practices are growing. The groups that have multiple facilities that were planning to expand are continuing with their expansion plans.

儘管我們繼續聽到這樣的背景——市場是否持續疲軟，我們已經聽到這種情況將近兩年了？事實是，我們在市場上花費了大量時間，這些做法正在不斷增長。擁有多個設施併計劃擴建的集團正在繼續其擴建計劃。

And we're seeing healthy growth all around as far as toxins. They are very affordable. They're $300 to $500 procedures, and this movement with this younger generation is clearly a meaningful catalyst for this market. I think fillers have not had as much as the same level of consistency as toxins, and we're hearing that fairly consistency, but it continues to remain a healthy business. It is growing, we believe, in terms of procedural volumes year to date, and we expect the market to wrap around on whatever happened, depressed growth rates throughout the historicals and potentially start to benefit from them from the GLP use as we turn the corner into next year.

就毒素而言，我們看到了健康的成長。它們非常實惠。手術費用為 300 至 500 美元，年輕一代的這項運動顯然是這個市場的有意義的催化劑。我認為填充劑的一致性程度不如毒素，而且我們聽說其一致性相當好，但它仍然是一項健康的業務。我們相信，就今年迄今為止的程序量而言，它正在增長，我們預計市場將經歷歷史上發生的一切、低迷的增長率，並可能在我們渡過難關時開始從 GLP 的使用中受益進入明年。

So our timing for the launch, we're excited about. We think we'll be launching into a healthy market environment. And one that's going to continue to benefit from a backdrop of more consumers going for weight loss treatments. And when they achieve that optimal weight, that opens the door for the filler. I'll turn it over to Rui to talk a little bit about the FDA and the timeline.

因此，我們對發布的時間感到興奮。我們認為我們將進入一個健康的市場環境。在越來越多的消費者尋求減肥治療的背景下，這一點將繼續受益。當它們達到最佳重量時，灌裝機就打開了大門。我將把它交給 Rui，談談 FDA 和時間表。

Sure. Thank you. Your question about PDUFA and devices versus drugs is a great one. When you're dealing with a drug, we all hear about that PDUFA timeline. And what happens is industry pays a user fee and then the FDA gets back to you and they give you a specific PDUFA date, and you hear about a year timeline.

當然。謝謝。你關於 PDUFA 以及設備與藥物的問題是一個很好的問題。當您處理毒品時，我們都會聽說 PDUFA 時間表。發生的情況是，該行業支付了用戶費用，然後 FDA 回复您，他​​們給您一個具體的 PDUFA 日期，您會聽到大約一年的時間表。

PMA is different. There is no PDUFA date that's giving. And they basically follow what's called the MDUFA, and that's medical device user fee modernization act. And the way that works is they have a quote unquote, 180-day clock. And what happens during that process is they work, then they stop the clock, ask you questions and you respond. And it's a back-and-forth process, very different from the drug.

PMA 則不同。沒有給出 PDUFA 日期。他們基本上遵循所謂的 MDUFA，即醫療設備用戶費用現代化法案。其運作方式是他們有一個報價不報價的 180 天時鐘。在這個過程中發生的事情是他們工作，然後他們停止計時，問你問題，你回答。這是一個來回的過程，與藥物非常不同。

So as such, it can take a while for it to get done. It's not uncommon for it to be a year or longer. And that's why we've conservatively said that in the back half of 2025, we'd expect approval, because we take into consideration that this is a new technology, and these are new facilities and usually there are audits and visits.

因此，可能需要一段時間才能完成。一年或更長時間的情況並不少見。這就是為什麼我們保守地說，在 2025 年下半年，我們預計會獲得批准，因為我們考慮到這是一項新技術，這些都是新設施，通常會有審核和訪問。

And then your other part of your question is -- you're absolutely right. As a rule of thumb, we will announce when we've filed, and then we will announce when we get the approval.

然後你問題的另一部分是──你絕對是對的。根據經驗，我們將在提交申請時宣布，然後在獲得批准時宣布。

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

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。

Thank you. It's an incredibly exciting time at Evolus, and I want to take a moment to acknowledge the exceptional execution by our team this quarter. Their dedication and hard work has been instrumental in achieving these milestones.

謝謝。這是 Evolus 令人難以置信的激動人心的時刻，我想花一點時間來認可我們團隊本季的出色執行力。他們的奉獻精神和辛勤工作對於實現這些里程碑發揮了重要作用。

Evolus has continued above-market performance in the second quarter marked by record revenue and achieving profitability ahead of expectations, showcase the unique difference we bring to the market as an innovator in the industry. Our flagship product, Jeuveau, continues to drive strong demand, and our strategic initiatives have successfully expanded our customer base. The results from this quarter show our ability to consistently build and maintain momentum.

Evolus 在第二季持續維持高於市場的表現，營收創歷史新高，獲利能力超出預期，展現了我們作為產業創新者為市場帶來的獨特差異。我們的旗艦產品 Jeuveau 持續推動強勁的需求，我們的策略性舉措成功擴大了我們的客戶群。本季度的結果表明我們有能力持續建立和保持勢頭。

As we evolve from a single-product to a multi-product company, we expect to expand our leadership position in this category. With the US and EU filings well into the approval process, we are actively preparing for 2025 launch of the new filler products. These near-term milestones will enable Evolus to continue to outpace the market.

隨著我們從單一產品發展為多產品公司，我們期望擴大我們在這一領域的領導地位。隨著美國和歐盟的申請順利進入審批流程，我們正在積極準備 2025 年推出新的填充劑產品。這些近期里程碑將使 Evolus 能夠繼續領先市場。

Looking ahead, we remain on track to achieve profitability in the fourth quarter of 2024 and are confident in our strategy to continue to gain market share. Our commitment to financial performance, operating expense discipline, and capital efficient investments will drive us to sustained profitability while achieving our long-term goal of at least $700 million in revenue by 2028. We are dedicated to building a sustainable leading performance beauty company and are grateful for the continued support and confidence of our customers and shareholders.

展望未來，我們仍有望在 2024 年第四季實現盈利，並對繼續擴大市場份額的策略充滿信心。我們對財務表現、營運費用紀律和資本效率投資的承諾將推動我們實現持續獲利，同時實現 2028 年收入至少 7 億美元的長期目標。我們致力於打造一家可持續發展的領先功效美容公司，並感謝客戶和股東的持續支持和信任。

Thank you for joining us today and for your ongoing commitment to Evolus. We're looking forward to seeing you on September 12 at our Investor Day in New York City.

感謝您今天加入我們並感謝您對 Evolus 的持續承諾。我們期待 9 月 12 日在紐約市舉行的投資者日見到您。

Thank you. This concludes today's call. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。