Evolus Inc (EOLS) 2024 Q3 法說會逐字稿

Good afternoon, everyone, and thank you for standing by. Welcome to Evolus third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's conference is being recorded and webcast live. 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 年第三季財報電話會議。（操作員說明）謹此提醒，今天的會議正在錄製並進行網路直播。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 Evolus' third-quarter 2024 financial results. Our third quarter 2024 press release is now on our website at evolus.com. 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. Today's call will include forward-looking statements. Actual results may differ materially due to the risks and uncertainties outlined in our earnings press release and SEC filings.

謝謝營運商，並歡迎大家參加今天的電話會議，回顧 Evolus 2024 年第三季的財務表現。我們的 2024 年第三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； Rui Avelar，首席醫療官兼研發主管；財務長桑德拉‧比弗 (Sandra Beaver)。今天的電話會議將包括前瞻性陳述。由於我們的收益新聞稿和美國證券交易委員會文件中概述的風險和不確定性，實際結果可能存在重大差異。

These forward-looking statements are based on current assumptions, and we undertake no obligation to update them. Additionally, we will discuss certain non-GAAP financial measures. These measures should be considered in addition to and not as a substitute for our GAAP results. A reconciliation of GAAP to non-GAAP measures is included in today's earnings release. As a reminder, our earnings release and SEC filings are available on the SEC's website and on our investor relations website.

這些前瞻性陳述是基於目前的假設，我們不承擔更新它們的義務。此外，我們也將討論某些非公認會計準則財務指標。這些措施應作為我們公認會計準則結果的補充而不是替代。今天的收益報告中包含了 GAAP 與非 GAAP 指標的調整表。請注意，我們的收益發布和 SEC 文件可在 SEC 網站和我們的投資者關係網站上取得。

Following the conclusion of today's call, a replay will be available on our website at investors.evolus.com. With that, I'll turn the call over to our CEO, David Moatazedi.

今天的電話會議結束後，我們的網站 Investors.evolus.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 third-quarter 2024 earnings conference call. In our fifth year of commercialization, Evolus has evolved from a single product company to a multiproduct portfolio with last week's approval of Estyme in Europe. This important milestone positions us as only one of five companies globally offering a portfolio of injectable aesthetic products.

謝謝你，納雷格。大家下午好。感謝您參加我們的 2024 年第三季財報電話會議。在我們商業化的第五個年頭，隨著上週 Estyme 在歐洲獲得批准，Evolus 已從單一產品公司發展成為多產品組合公司。這一重要的里程碑使我們成為全球提供注射美容產品組合的五家公司之一。

Our experience in Europe with Estyme will inform our US introduction of Evolysse. Now turning to our results. Year to date, we have delivered market-leading growth, increasing revenue by 33% compared to 2023. For the third quarter, we achieved $61 million in net revenue, representing 22% growth over the prior year and multiples above the growth of the market.

我們在歐洲使用 Estyme 的經驗將為我們在美國推出 Evolysse 提供參考。現在轉向我們的結果。今年迄今為止，我們實現了市場領先的成長，收入比 2023 年增加了 33%。第三季度，我們實現了 6,100 萬美元的淨收入，比上年增長 22%，是市場成長的數倍。

Our consistent performance underscores the strength of our long-term strategy by successfully engaging consumers, driving repeat demand and building lasting brand loyalty, which forms a scalable foundation for the upcoming launch of Evolysse.

我們一貫的業績透過成功吸引消費者、推動重複需求和建立持久的品牌忠誠度凸顯了我們長期策略的優勢，這為即將推出的 Evolysse 奠定了可擴展的基礎。

What truly differentiates Evolus is our dedication to building a performance beauty company. Our unique cash-pay model strengthens our partnerships with customers and enhances their experience through co-branded media and an innovative digital platform. In the third quarter, we added over 600 purchasing accounts and maintained a strong reorder rate over 70%. As we announced last week, our Evolus Rewards program recently achieved over 1 million consumers enrolled.

Evolus 真正與眾不同的是我們致力於打造一家功能性美容公司。我們獨特的現金支付模式加強了我們與客戶的合作夥伴關係，並透過聯合品牌媒體和創新的數位平台增強了他們的體驗。第三季度，我們新增了 600 多個採購帳戶，並維持了超過 70% 的強勁再訂購率。正如我們上週宣布的，我們的 Evolus 獎勵計劃最近已有超過 100 萬消費者註冊。

Looking ahead to the fourth quarter, we are meaningfully expanding our loyalty offerings with the launch of Club Evolus, the first subscription-based consumer membership program from a manufacturer. In our one-year pilot test of 250 consumers, we demonstrated that consumers doubled their treatment frequency compared to the industry average.

展望第四季度，我們將推出 Club Evolus，這是製造商首個基於訂閱的消費者會員計劃，從而有意義地擴大我們的忠誠度服務。在對 250 名消費者進行的為期一年的試點測試中，我們證明消費者的治療頻率是行業平均值的兩倍。

These results highlight the program's effectiveness in enhancing patient retention, increasing treatment frequency and fostering deeper consumer loyalty. By offering transparent pricing and consistent consumer savings, we are increasing value to practices and reinforcing Jeuveau as part of her routine beauty regimen. We're thrilled to have launched Club Evolus earlier this month, and I'm incredibly proud of the collaboration between our creative and digital innovation teams.

這些結果凸顯了該計劃在提高患者保留率、增加治療頻率和培養更深層的消費者忠誠度方面的有效性。透過提供透明的定價和持續的消費者節省，我們正在增加實踐的價值，並加強 Jeuveau 作為她日常美容養生的一部分。我們很高興在本月初推出了 Club Evolus，我對我們的創意和數位創新團隊之間的合作感到非常自豪。

At Evolus, we pride ourselves on our commitment to innovation. The dermal filler market presents a significant opportunity to enter the second largest category in aesthetics. Evolysse, our next-generation cold technology, is the first major innovation in hyaluronic acids in over a decade. With Evolysse Form and Smooth well into the FDA review process, we expect a US launch by September 2025.

在 Evolus，我們對創新的承諾感到自豪。真皮填充劑市場提供了進入美容第二大類別的重要機會。Evolysse 是我們的下一代冷技術，是十多年來透明質酸領域的首次重大創新。隨著 Evolysse Form 和 Smooth 順利進入 FDA 審查流程，我們預計將於 2025 年 9 月在美國上市。

Our customer-first approach and operational synergies between Jeuveau and Evolysse enables us to execute this launch efficiently while driving operating margin expansion. Now I'd like to turn the call over to Rui to share more details on the approval of Estyme.

我們以客戶至上的方式以及 Jeuveau 和 Evolysse 之間的營運協同效應使我們能夠高效地執行此次發布，同時推動營運利潤率的擴張。現在我想將電話轉給 Rui，分享有關 Estyme 批准的更多詳細資訊。

Thank you, David. We continue to make significant progress in expanding our product portfolio. And the European approval of Evolysse, branded as Estyme in Europe provides a natural complement to our flagship product, Jeuveau. In a space where we've not seen innovation over a decade, this HA line introduces a new cold technology. Our partner, Symatese, designed a novel manufacturing process that allows these gels to be created at near freezing temperatures.

謝謝你，大衛。我們在擴大產品組合方面繼續取得重大進展。Evolysse 獲得歐洲批准（在歐洲品牌為 Estyme）為我們的旗艦產品 Jeuveau 提供了天然的補充。在我們十多年沒有看到創新的領域，這條 HA 系列引進了一種新的冷技術。我們的合作夥伴 Symatese 設計了一種新穎的製造工藝，可以在接近冰點的溫度下製造這些凝膠。

By taking the thermal energy out of the cross-linking step, we're better able to preserve the naturally long hyaluronic acid chains, the essential building blocks of these gels. The Estyme HA gel line was approved in Europe under the new and more stringent medical device regulations. This portfolio includes four injectable HA gels across five indications. Our European offering now consists of Estyme Sculpt for mid-face volume restoration, Form for nasolabial folds, Smooth for both nasolabial folds and perioral fine lines and Lips for lip volume restoration. This portfolio addresses a wide range of aesthetic needs.

透過消除交聯步驟中的熱能，我們能夠更好地保留天然的長透明質酸鏈，這是這些凝膠的基本組成部分。Estyme HA 凝膠系列在歐洲獲得了新的、更嚴格的醫療器材法規的批准。該產品組合包括四種可注射透明質酸凝膠，涵蓋五種適應症。我們的歐洲產品現在包括用於修復中臉部體積的 Estyme Sculpt、用於法令紋的 Form、用於法令紋和口周細紋的 Smooth 以及用於修復唇部體積的 Lips。該產品組合滿足了廣泛的美學需求。

Sculpt offers unique tissue lifting capacity, positioning it well for premium -- for the premium mid-face restoration market. Lips, a very supple gel conforms the natural movement and configuration of lips and withstands shearing stress over time. The Form and Sculpt are versatile work [coarse] gels designed with rheological properties that allow for a broad range of applications. With these four gels, we will launch an experience program in Europe, partnering with leading aesthetic practitioners to gather real-world insights on each product. This will help us shape the commercial launch in Europe.

Sculpt 具有獨特的組織提拉能力，非常適合優質的中面部修復市場。嘴唇，一種非常柔軟的凝膠，符合嘴唇的自然運動和形狀，並能承受長期的剪切應力。Form 和 Sculpt 是多功能工作[粗]凝膠，具有流變特性，可用於廣泛的應用。借助這四種凝膠，我們將在歐洲推出體驗計劃，與領先的美容從業者合作，收集對每種產品的真實見解。這將幫助我們制定在歐洲的商業發布。

In the US, our Evolysse line remains on track with Smooth and Form well into the FDA review process and anticipated approval and launch by September 25 -- by September 2025 or earlier. We plan to submit the Sculpt application next year, targeting approval in 2026, followed by Lips in 2027. Now I'll turn it over to Sandra for the financials.

在美國，我們的 Evolysse 系列 Smooth 和 Form 仍順利進入 FDA 審查流程，預計將於 9 月 25 日（2025 年 9 月或更早）獲得批准和上市。我們計劃明年提交 Sculpt 申請，目標是在 2026 年獲得批准，隨後是 Lips，在 2027 年獲得批准。現在我將把財務事宜交給桑德拉。

Thank you, Rui. Our financial results this quarter are a testament to the underlying operating strength of our business. I would like to congratulate the Evolus team for delivering another quarter of above-market sales growth and efficient operating expense management. Turning to the results. Global net revenues for the third quarter were $61.1 million, a 22% increase compared to the third quarter of 2023.

謝謝你，瑞。我們本季的財務表現證明了我們業務的基本營運實力。我要祝賀 Evolus 團隊又實現了高於市場水平的四分之一銷售成長和高效的營運費用管理。轉向結果。第三季全球淨收入為 6,110 萬美元，較 2023 年第三季成長 22%。

As anticipated, revenue growth in the first half of the year will exceed the second half. This quarter, U.S. product revenues are approximately 95% of sales with a customer reorder rate of approximately 70%. Sales growth in the third quarter was primarily driven by higher volumes, while our price remains strong. We expect international revenue contribution will continue to increase as international toxin growth outpaces the U.S.

預計，上半年收入成長率將超過下半年。本季度，美國產品收入約佔銷售額的 95%，客戶再訂購率約為 70%。第三季的銷售成長主要是由銷售增加所推動的，而我們的價格仍然強勁。我們預計，隨著國際毒素成長超過美國，國際收入貢獻將持續增加。

Our reported gross margin for the third quarter was 68.9% and our adjusted gross margin, which excludes the amortization of intangibles, was 70.2%, in line with our full year guidance. GAAP operating expenses for the third quarter were $76.6 million compared to $74.6 million in the second quarter. Non-GAAP operating expenses for the third quarter were $49.6 million compared to $46.7 million in the second quarter. Included in our third quarter operating expenses were modest increases related to our preparations for the 2025 launch of Evolysse. As expected, operating expenses in the second half of the year will exceed those in the first half.

我們報告的第三季毛利率為 68.9%，調整後毛利率（不包括無形資產攤銷）為 70.2%，與我們全年指引一致。第三季 GAAP 營運費用為 7,660 萬美元，而第二季為 7,460 萬美元。第三季非 GAAP 營運費用為 4,960 萬美元，而第二季為 4,670 萬美元。我們第三季的營運費用包括與我們為 2025 年推出 Evolysse 做準備相關的小幅增長。預計下半年營業費用將超過上半年。

Reported selling, general and administrative expenses for the third quarter were $52.5 million compared to $50.2 million recorded in the second quarter. This quarter, SG&A expenses included $5.2 million of noncash stock-based compensation compared to $5.8 million in the second quarter. Non-GAAP operating loss in the third quarter was $6.7 million compared to the Q2 non-GAAP operating income of $1.1 million. As a reminder, performance is impacted by seasonally lower revenue in Q3 as compared to Q2. We remain on track to be profitable in the fourth quarter of 2024 and for the full year 2025.

第三季報告的銷售、一般和管理費用為 5,250 萬美元，而第二季為 5,020 萬美元。本季的 SG&A 費用包括 520 萬美元的非現金股票薪酬，而第二季為 580 萬美元。第三季非 GAAP 營運虧損為 670 萬美元，而第二季非 GAAP 營運收入為 110 萬美元。提醒一下，與第二季相比，第三季的業績受到季節性收入下降的影響。我們仍有望在 2024 年第四季和 2025 年全年實現盈利。

Both non-GAAP operating expenses and non-GAAP operating income exclude stock-based compensation expense, revaluation of the contingent royalty obligation and depreciation and amortization. Turning to the balance sheet. With our consistent operating performance, we continue to be efficient in our use of cash. We ended the third quarter with $85 million in cash compared to $93.7 million at June 30, 2024. We had a single-digit cash burn with our third quarter cash use of $8.7 million, representing continued progress towards cash generation.

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。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。截至第三季末，我們的現金為 8,500 萬美元，而截至 2024 年 6 月 30 日為 9,370 萬美元。我們第三季的現金消耗量為 870 萬美元，現金消耗量為個位數，這表明我們在現金產生方面不斷取得進展。

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 are targeting 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 injectable hyaluronic acid gels that begins in 2025. This equates to a compounded annual growth rate of 28% since 2023 on a total addressable market of approximately $6 billion today, growing to approximately $10 billion by 2028. Additionally, by leveraging our highly synergistic existing infrastructure, we expect to expand operating margins and target at least 20% 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，以及我們於2025 年開始的新型注射透明質酸凝膠系列的貢獻不斷成長。這相當於自 2023 年以來複合年增長率為 28%，目前可尋址市場總額約為 60 億美元，到 2028 年將增至約 100 億美元。此外，透過利用我們高度協同的現有基礎設施，我們預計將擴大營業利潤，並目標到 2028 年至少提高 20%。

With that context in mind, I'd like to summarize our 2024 guidance. We narrowed our total net revenue guidance range to between $260 million and $266 million, representing year-over-year growth of 29% to 32%, approximately 95% of which will come from sales in the US and the balance from international markets. Adjusted gross profit margin in the range of 68% to 71%. Non-GAAP operating expenses between $185 million and $190 million, positive non-GAAP operating income on a consolidated basis for the fourth quarter of 2024 and the full year of 2025.

考慮到這一背景，我想總結一下我們的 2024 年指導。我們將總淨收入指引範圍縮小至 2.6 億美元至 2.66 億美元之間，年增 29% 至 32%，其中約 95% 將來自美國銷售，其餘來自國際市場。調整後毛利率在68%至71%之間。非 GAAP 營運費用在 1.85 億美元至 1.9 億美元之間，2024 年第四季和 2025 年全年的合併非 GAAP 營運收入為正。

It is worth noting that within the year 2025, profitability may not be sustained every quarter due to the launch of Evolysse. Now let me turn the call back to the operator to begin Q&A.

值得注意的是，2025年之內，由於Evolysse的推出，獲利能力可能無法維持每季。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) And our first question comes from Annabel Samimy, Stifel.

謝謝。我們現在將進行問答環節。（操作員說明）我們的第一個問題來自 Annabel Samimy，Stifel。

Hi, all. Thanks for taking my question. So a few here. So I want to just ask you on Evolysse and the future launch. Clearly, you're going to be leveraging your digital platform. But I'm getting questions on whether it's going to be leveraged in the same way as far as volume discounts and using the algorithms the way you did with the toxin to help practices plan out their economics on other products? Or is it primarily focused on loyalty tiers, co-branding, et cetera, et cetera?

大家好。感謝您提出我的問題。所以這裡有一些。所以我想問一下有關 Evolysse 和未來發布的問題。顯然，您將利用您的數位平台。但我收到的問題是，是否會像對待毒素一樣以同樣的方式利用批量折扣和演算法來幫助實踐規劃其他產品的經濟效益？或者它主要關注忠誠度等級、聯合品牌等等？

And then on fillers, since it's not tied to medical use, do you have -- do other competitors have, I guess, more flexibility to work with price in a more competitive environment? So I guess trying to understand a little bit about how you're using the platform and then dynamics of fillers.

然後在填充劑方面，由於它與醫療用途無關，我猜其他競爭對手是否有更大的靈活性，可以在更具競爭性的環境中處理價格問題？因此，我想嘗試了解您如何使用該平台，然後了解填充物的動態。

Great. Thank you for the questions, Annabel. Let me start with the filler part, and then I'll talk about our digital platform. Fillers in the US are all used for cosmetic purposes.

偉大的。謝謝你的提問，安娜貝爾。讓我從填充部分開始，然後我會談談我們的數位平台。在美國，填充劑全部用於美容目的。

So as it relates to the difference in pricing, I think they have the latitude with filler products to adjust pricing as needed, unlike toxins, where, as you know, they're linked to the therapeutic side with the existing toxins on the market. So there is that difference. That being said, because we're a cash-pay portfolio, we have the halo of being able to utilize our co-branded media and services like that because our entire platform is cash-pay based.

因此，由於它與定價差異有關，我認為他們可以根據需要調整填充劑產品的定價，這與毒素不同，正如你所知，它們與市場上現有毒素的治療方面相關。所以這是有差別的。話雖這麼說，因為我們是現金支付投資組合，所以我們擁有能夠利用我們的聯合品牌媒體和服務的光環，因為我們的整個平台都是基於現金支付的。

That's not the case with the other competitors in the space because they carry a product line that has a therapeutic link on the toxin side, they carry some of the challenges of being able to operate like a cash-pay business. So pricing isn't directly impacted, but other services are.

該領域其他競爭對手的情況並非如此，因為他們的產品線與毒素方面有治療聯繫，他們面臨著能夠像現金支付業務一樣運作的一些挑戰。因此，定價不會直接受到影響，但其他服務會受到影響。

As it relates to our digital platform, look, we will be using the current digital platform to launch Evolysse. That includes everything from our Evolus app where the majority of our transactions go through that program. It includes our Evolus Rewards program, which you just heard eclipse 1 million consumers. Consumers that earn on Evolysse will get benefits on our consumer loyalty as well. And of course, that includes pricing.

因為它與我們的數位平台相關，所以我們將使用目前的數位平台來推出 Evolysse。這包括我們的 Evolus 應用程式中的所有內容，我們的大部分交易都透過該程式進行。其中包括我們的 Evolus 獎勵計劃，您剛剛聽說該計劃使 100 萬消費者黯然失色。在 Evolysse 上賺錢的消費者也將受益於我們的消費者忠誠度。當然，這包括定價。

Now as it relates to pricing, we're not in a position to go any deeper on how exactly we'll execute that. We, of course, view this product as a very competitive product against the market leaders, and we'll look at the overall value proposition in such a way that we believe gives us the ability to offer this to our customers as a differentiated product while we continue to drive uptake with both Evolysse and Jeuveau. And I think our digital platform will play a key role in doing that.

現在，由於它涉及定價，我們無法更深入地了解我們將如何執行它。當然，我們認為該產品是相對於市場領導者而言非常有競爭力的產品，我們將以這樣一種方式看待整體價值主張，即我們相信我們有能力將其作為差異化產品提供給客戶，同時我們繼續推動Evolysse 和Jeuveau 的採用。我認為我們的數位平台將在這方面發揮關鍵作用。

Okay. Got it. And if I could just follow up on one other question. I guess it's not common for you to narrow guidance. Is there anything -- any specific pressure you saw this quarter, which is typically light anyway that would give you reservations already into 4Q?

好的。知道了。如果我可以跟進另一個問題。我想您縮小指導範圍的情況並不常見。有沒有什麼——您在本季度看到的任何具體壓力（通常情況下壓力很小）會讓您對第四季度有所保留？

Annabel, thanks so much for the question. Yes, it is actually typical for us to narrow guidance as we enter into the fourth quarter, right? So as we have only one quarter left in the year, we did the same last year at this time where we narrowed the range given that there's less time in the year to deliver on the guidance. So it's not any indication of any concern. We're very confident in the guidance we've given. We just typically narrowed it as we get into the last quarter.

安娜貝爾，非常感謝你的提問。是的，當我們進入第四季度時，我們實際上會縮小指導範圍，對吧？因此，由於今年只剩下四分之一的時間，我們去年也做了同樣的事情，鑑於一年中實現指導的時間較少，我們縮小了範圍。所以這並不表示有任何擔憂。我們對所提供的指導非常有信心。當我們進入最後一個季度時，我們通常會縮小範圍。

Thank you. Our next question comes from Marc Goodman with Leerink Partners.

謝謝。我們的下一個問題來自 Leerink Partners 的 Marc Goodman。

This is Madhu on the line for Marc. We were just wondering, could you give us a sense of what you're seeing for the overall toxin market in terms of trends and now that your -- some of your competitors have reported as well? And then any anecdotes from the quarter in terms of how your marketing and promotion efforts are resonating would be great as well.

我是 Madhu，正在接聽馬克的電話。我們只是想知道，您能否讓我們了解一下您對整個毒素市場的趨勢以及現在您的一些競爭對手也已報告的情況？然後，本季度有關您的行銷和促銷工作如何引起共鳴的任何軼事也將很棒。

Great. Overall market trends, I think we're seeing what you would expect, meaning the third quarter is typically the lower season of the year, and you see that relative step down in terms of revenue across the board. I think we're really pleased with the toxin market overall continues to be resilient. We do see a market that's growing, especially relative to some of the other procedures in aesthetics where we've seen further slowdown. So we feel good about it on that level.

偉大的。整體市場趨勢，我認為我們看到了您所期望的，這意味著第三季度通常是一年中的淡季，您會看到收入全面下降。我認為我們對整體毒素市場持續保持彈性感到非常滿意。我們確實看到了一個正在成長的市場，特別是相對於我們看到進一步放緩的一些其他美容手術。所以我們在這個層面上感覺很好。

And our promotional activities are continuity of what we've been doing in the front half of the year. So there was nothing unique to the third quarter specifically to call out relative to the activity we had in the market or our competitive set. I think what you're seeing is a traditional seasonality. Now of course, as we have this conversation, we're in the middle of what is typically the strongest quarter of the year. And so it's a very different picture as you enter the fourth quarter because consumers are coming in to get treated during the holiday season, and we expect the fourth quarter, of course, to be the strongest quarter of the year, which you see that reflected in the guidance that we provided to you. So I think we're seeing some of the typical trends you would expect to see at this time.

我們的促銷活動是我們上半年所做工作的延續。因此，與我們在市場或我們的競爭環境中的活動相比，第三季沒有什麼特別值得關注的地方。我認為你看到的是傳統的季節性。當然，當我們進行這次談話時，我們正處於一年中通常最強勁的季度中期。因此，當你進入第四季度時，情況就會截然不同，因為消費者在假期期間前來享受待遇，我們預計第四季度當然將是一年中最強勁的季度，你會看到這一點在我們為您提供的指導中。因此，我認為我們正在看到您目前期望看到的一些典型趨勢。

Thank you so much.

太感謝了。

Thank you. Our next question comes from Navann Ty, BNP Paribas.

謝謝。我們的下一個問題來自法國巴黎銀行的 Navann Ty。

Can you discuss maybe the recent pricing trends of Jeuveau as well as market share? And if possible, can you provide your initial thoughts on market outlook for 2025 for US toxins, please?

您能談談 Jeuveau 最近的定價趨勢以及市場份額嗎？如果可以的話，您能否提供您對 2025 年美國毒素市場前景的初步想法？

Thanks, Navann, for the questions. As it relates to your first question on recent pricing trends and market share, I think as we've noted, since the launch of Jeuveau, we've been able to continue to opportunistically increase our price, and we continue to appreciate higher price in the market as we've seen higher adoption in the market alongside continuing to increase share, right? We've increased our market share 2 points per year in the last three years in a row. We exited the third quarter around 13% share, and we remained very stable at that share rate as we delivered -- outpaced the market growth in terms of our Q3 performance. So pricing trends for us remain very strong, as we noted in the call and potentially even slightly up as well as strong market share adoption on top of that.

謝謝納文提出的問題。由於這涉及到您關於近期定價趨勢和市場份額的第一個問題，我認為正如我們所指出的，自Jeuveau 推出以來，我們一直能夠繼續機會主義地提高我們的價格，並且我們繼續欣賞更高的價格市場，因為我們已經看到市場的採用率不斷提高，並且份額不斷增加，對嗎？過去三年，我們的市佔率每年增加 2 個百分點。我們第三季的份額約為 13%，並且我們在交付時保持了非常穩定的份額——就第三季度的業績而言，我們的成長速度超過了市場成長。因此，正如我們在電話會議中指出的那樣，我們的定價趨勢仍然非常強勁，甚至可能略有上漲，而且市場份額的採用率也很高。

As far as 2025 and the market outlook on your second question, I think it's a bit early to call in terms of our own projections for 2025, obviously, the market itself for toxin remains really strong, right? We continue to see, call it, mid-single to high single-digit growth on a healthy sort of consumer adoption of the procedure. We do expect that to continue.

至於 2025 年和第二個問題的市場前景，我認為就我們自己對 2025 年的預測而言，現在下結論還為時過早，顯然，毒素市場本身仍然非常強勁，對嗎？我們繼續看到，隨著消費者對該程序的健康採用，中個位數到高個位數的成長。我們確實希望這種情況能夠持續下去。

Our next question comes from Douglas Tsao, H.C. Wainwright.

我們的下一個問題來自 Douglas Tsao, H.C.溫賴特。

Just really quickly, in terms of the guidance, we saw you sort of took down the upper end of the range a little bit. And I'm just curious what led to that sort of incremental step of conservatism?

就指導而言，很​​快，我們看到您稍微降低了範圍的上限。我只是好奇是什麼導致了這種漸進式的保守主義？

Yes. Doug, as you know, we raised the guidance range last quarter in Q2, bringing up the floor by $5 million. We maintain high confidence in that decision to raise. So I don't think interpreting this change as any lack of confidence. It really was simply having better granularity and visibility with one quarter left to go and enabling us to give the market a little more clarity on the tighter range.

是的。道格，如您所知，我們在第二季上季度提高了指導範圍，將下限提高了 500 萬美元。我們對籌集資金的決定保持高度信心。所以我不認為將這種變化解釋為缺乏信心。這實際上只是在還剩四分之一的時候擁有更好的粒度和可見性，使我們能夠讓市場在更窄的範圍內更加清晰。

Okay. That's helpful. And just broadly, in terms of the near-term macro environment, I mean, it continues to sound good. Have you seen anything competitively over the last couple of quarters that sort of is affecting sort of how you're thinking about the market?

好的。這很有幫助。總的來說，就近期宏觀環境而言，我的意思是，它聽起來仍然不錯。在過去的幾個季度中，您是否看到任何競爭性因素影響了您對市場的看法？

Doug, this is David. We really haven't seen anything different competitively from what we've been seeing over the last several quarters. I think it's a continuity of the same trends that we've been seeing. And so we think the fourth quarter will be reflective of sort of the same dynamics as well exiting the year with the exception that we'll obviously see a new entrant, which we've talked about with Hugel. We expect that they're going to be entering the market in some fashion later this month with a more broad launch expected early next year.

道格，這是大衛。我們確實沒有看到任何與過去幾季所見不同的競爭情況。我認為這是我們所看到的相同趨勢的延續。因此，我們認為第四季度將反映出與今年相同的動態，但我們顯然會看到一個新進入者，我們已經與休格爾討論過這一點。我們預計它們將於本月稍後以某種方式進入市場，並預計在明年初進行更廣泛的推出。

And I guess, David, sort of along those lines, which is sort of what I was getting at, have you seen other competitors sort of act in anticipation of Hugel coming to market or take any proactive steps? And are you taking any proactive steps in preparation of that?

我想，大衛，沿著這些思路，這就是我的意思，你是否看到其他競爭對手在期待 Hugel 進入市場或採取任何積極措施？您是否正在採取任何積極的措施來為此做好準備？

Sure. Well, look, we're always well prepared when a new competitor enters the market, making sure that we understand both the science and the clinical data and that we're prepared to answer any questions that our customers have about Jeuveau or any competitive entrant. So we'll be well prepared as they enter the market. And unfortunately, I won't be in a position to give you more color on that. But I think you get a sense for our confidence in terms of the business performance based on the guidance range we've given.

當然。嗯，看，當新競爭對手進入市場時，我們總是做好充分準備，確保我們了解科學和臨床數據，並準備好回答客戶對 Jeuveau 或任何競爭對手的任何問題。因此，當他們進入市場時，我們將做好充分準備。不幸的是，我無法給你更多的資訊。但我認為，根據我們給予的指導範圍，您可以感受到我們對業務績效的信心。

It puts us in this range of the business growing in between 29% and 32% on the full year in 2024. And I think it's important to recognize that's coming off of growing 36% in 2023. And when you think about a market that's growing anywhere from mid- to high single digits, you're getting a sense for the relative overperformance of the business overall in the US and our confidence that, that's going to continue to sustain because of our differentiated strategy and the quality of the product.

這使我們的業務在 2024 年全年成長 29% 至 32% 之間。我認為重要的是要認識到這一數字將在 2023 年增長 36%。當您想到一個中位數到高個位數成長的市場時，您就會感覺到美國整體業務的相對優異表現，並且我們相信，由於我們的差異化，這種情況將繼續維持下去策略和產品品質.

And our last question comes from Balaji Prasad, Barclays.

我們的最後一個問題來自巴克萊銀行的巴拉吉·普拉薩德。

This is Mikaela on for Balaji. Just a quick one. How does JUVEDERM's decline cited by AbbVie in recent results influence your thoughts around your fillers launch heading into next year, if at all? Just really looking for any further color on filler market dynamics heading into next year.

這是巴拉吉的米凱拉。只是快一點。艾伯維（AbbVie）在最近的業績中提到的喬雅登（JUVEDERM）的下滑對您明年推出填充劑的想法有何影響（如果有的話）？只是真正尋找明年填料市場動態的進一步色彩。

Sure. Look, we're closely watching the filler category and listening to the various reports from the existing filler manufacturers. And we're seeing exactly what you're seeing, which is a category that has seen a bit of softness, partially driven by a slowdown in spending from the consumer and maybe partially impacted in the near term by some headwinds by GLPs that creates a pocketbook effect in the near term, although we do believe that's a tailwind for the category overall. That being said, look, it's a very large category. It's the second largest category in aesthetics.

當然。看，我們正在密切關注填料類別並聽取現有填充物製造商的各種報告。我們所看到的正是您所看到的，該類別出現了一些疲軟，部分原因是消費者支出放緩，部分原因可能是短期內受到GLP 帶來的一些不利因素的影響，這些不利因素創造了儘管我們確實認為這對整個類別來說是有利的，但短期內會產生錢包效應。話雖如此，你看，這是一個非常大的類別。它是美學中的第二大類別。

We estimate this year, it's roughly a $1.8 billion market. So we expect to be entering a sizable space and one that we do believe that has a growth profile over the next handful of years. It's just going through a period of time where maybe it's feeling a bit more softness. So overall, we see a lot of opportunity here. And with the differentiation profile of Evolysse, given the number of advisory board meetings and customer meetings we've had, I can tell you there's a lot of interest in a product of this type of profile.

我們估計今年的市場規模約為 18 億美元。因此，我們預計將進入一個相當大的領域，我們確實相信在未來幾年內會有成長。只是經歷了一段時間，也許感覺變得更柔軟了。總的來說，我們在這裡看到了很多機會。考慮到 Evolysse 的差異化特徵，考慮到我們召開的顧問委員會會議和客戶會議的數量，我可以告訴您，人們對這種類型的產品很感興趣。

This cold HA manufacturing is very different, and it preserves the natural HA strands in a way that customers see is differentiated from other products that they're using. So we're looking forward to putting this product in their hands and letting them use the product.

這種冷 HA 製造方式非常不同，它以一種與他們使用的其他產品不同的方式保留了天然 HA 鏈。所以我們期待著把這個產品放到他們的手中並讓他們使用這個產品。

And our question comes from Serge Belanger, Needham & Co.

我們的問題來自於 Serge Belanger, Needham & Co.。

This is [John] on for Serge today. First, with the early launch of Estyme in Europe, I guess, now underway, can you provide any color on the extent of this early access program and whether we could expect any significant contributions prior to the broader launch in the back half of 2025?

這是[約翰]今天為Serge 做的。首先，隨著Estyme 在歐洲的早期推出，我想，現在正在進行中，您能否提供有關此早期訪問計劃的範圍的任何信息，以及我們是否可以在2025 年下半年更廣泛的推出之前期待任何重大貢獻？

Yes. As it relate s to the launches of the fillers, right, I think we've signaled the bulk of the costs will come around the launch in the U.S., right, as we look to 2025. And then in the quarters in which we are launching the product, we're likely to see more impact to our financials in those quarters. The early experience trials that we'll be running within Europe for Estyme are relatively modest in terms of investment, and they don't have any impact on our operating expense outlook for this year at this time.

是的。由於它與填充劑的推出有關，對，我認為我們已經表示大部分成本將圍繞在美國的推出，對，我們展望 2025 年。然後，在我們推出該產品的季度中，我們可能會看到這些季度對我們的財務狀況產生更大的影響。我們將在歐洲為 Estyme 進行的早期體驗試驗在投資方面相對溫和，目前對我們今年的營運費用前景沒有任何影響。

Thank you for all 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.

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. We're in the fifth year since we launched Jeuveau, and we continue to grow at multiples above the market. We remain well positioned for long-term success with a scalable cash-pay model and an innovative product portfolio. We are committed to delivering profitability in the fourth quarter of 2024 and full year 2025. We're on track to achieving at least $700 million in net revenue and at least 20% non-GAAP operating margin by 2028, enabled by our disciplined financial management and strategic investments.

謝謝。自從 Jeuveau 推出以來，我們已進入第五個年頭，並且我們繼續以高於市場的倍數成長。憑藉可擴展的現金支付模式和創新的產品組合，我們仍處於長期成功的有利地位。我們致力於在 2024 年第四季和 2025 年全年實現盈利。透過我們嚴格的財務管理和策略投資，到 2028 年，我們預計將實現至少 7 億美元的淨收入和至少 20% 的非 GAAP 營業利潤率。

Our leadership in performance beauty is only strengthening, and we are unwavering in our commitment to deliver -- to delivering substantial lasting value to our shareholders.

我們在業績美方面的領導地位只會不斷增強，我們堅定不移地致力於為股東創造持久的價值。

Thank you. This concludes today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。