Evolus Inc (EOLS) 2025 Q3 法說會逐字稿

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

各位下午好，感謝大家的耐心等待。歡迎參加Evolus第三季財報電話會議。（操作說明）提醒各位，今天的會議將進行錄音和網路直播。（操作說明）

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.

現在我謹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·薩格里安 (Nareg Sagherian)。請繼續。

Thank you, operator, and welcome to everyone joining us on today's call to review Evolus' third-quarter financial results. Our third-quarter press release is now on our website at evolus.com. With me today are David Moatazedi, President and Chief Executive Officer; Tatjana Mitchell, Chief Financial Officer; and Rui Avelar, Chief Medical Officer and Head of R&D.

謝謝接線生，歡迎各位參加今天這場關於 Evolus 第三季財務表現的電話會議。我們的第三季新聞稿現已發佈在公司網站 evolus.com 上。今天與我一同出席的有：總裁兼執行長 David Moatazedi；財務長 Tatjana Mitchell；以及首席醫療官兼研發主管 Rui Avelar。

Today's call will include forward-looking statements. Actual results may differ materially due to risks and uncertainties outlined in our earnings press release and the SEC filings. These forward-looking statements are based on current assumptions, and we undertake no obligation to update them.

今天的電話會議將包含前瞻性陳述。實際結果可能因我們在獲利新聞稿和提交給美國證券交易委員會的文件中概述的風險和不確定性而與預期有重大差異。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。

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 relief and SEC filings are available on the SEC's website and on our Investor Relations website. Following the conclusion of today's call, a replay will be available on our website at investors.evolus.com.

此外，我們也將討論一些非GAAP財務指標。這些措施應作為補充考慮因素，而不是取代我們的 GAAP 結果。今天的獲利報告中包含了GAAP與非GAAP指標的調節表。再次提醒各位，我們的獲利報告和提交給美國證券交易委員會的文件可在美國證券交易委員會網站和我們公司的投資者關係網站上查閱。今天的電話會議結束後，您可以在我們的網站 investors.evolus.com 上收聽回放。

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

接下來，我將把電話交給我們的執行長大衛·莫阿塔澤迪。

Thank you, Nareg, and good afternoon, everyone. Before we begin, I'd like to take a moment to welcome Tatjana Mitchell as our new Chief Financial Officer. Tatjana brings deep financial and operational expertise to Evolus, and she's made an immediate impact as we strengthen our focus on efficiency and long-term growth.

謝謝你，納雷格，大家下午好。在正式開始之前，我想藉此機會歡迎塔蒂亞娜·米切爾擔任我們的新財務長。Tatjana 為 Evolus 帶來了深厚的財務和營運專業知識，在我們加強對效率和長期成長的關注之際，她立即發揮了作用。

The third quarter marks an important transition for Evolus. And before I discuss the results, I want to take a moment to recognize the outstanding efforts of our team. Over the past we've successfully created or expanded a number of capabilities, solidifying the foundation for long-term growth.

第三季對 Evolus 而言是一個重要的轉型期。在討論結果之前，我想花一點時間來表揚我們團隊的傑出努力。過去，我們成功地創造或擴展了多項能力，為長期發展奠定了堅實的基礎。

Most notably our medical education platform has evolved into a comprehensive training ecosystem, working with world renowned experts in the field of aesthetics to engage more than 17,000 injectors here to date through cadaver lab in-office hands-on session, mobile training with our out of spots across 100 events, and digital webcast.

最值得一提的是，我們的醫學教育平台已經發展成為一個全面的培訓生態系統，與世界知名的美容領域專家合作，迄今為止已通過屍體實驗室辦公室實踐課程、在 100 場活動中開展的移動培訓以及數字網絡直播，吸引了超過 17,000 名註射人員參與。

Our [Evolus] consumer loyalty program has now grown to more than 1.3 million members, up 34% year on year, with nearly 70% returning customers, underscoring the strength of our consumer engagement. Our first-in-class Evolus co-branded media program has reached over 1,400 accounts year to date, and generated over 300 million media impressions through digital, billboard, and streaming campaigns further amplifying awareness of the Evolus brand.

我們的 [Evolus] 消費者忠誠度計畫目前已發展到超過 130 萬名會員，年增 34%，其中近 70% 為回頭客，這凸顯了我們強大的消費者參與度。我們首創的 Evolus 聯名品牌媒體計劃今年迄今已覆蓋超過 1400 個客戶，並透過數位、廣告看板和串流媒體活動產生了超過 3 億次的媒體曝光，進一步提高了 Evolus 品牌的知名度。

Our Evolysse is off to an incredible start. To date, more than 4,000 customers have completed hands on training, and the majority have purchased Evolysse. One of the key insights we've learned is that first training built familiarity and comfort with the product, while the second training is what drives meaningful adoption.

我們的 Evolysse 專案開局非常順利。迄今為止，已有超過 4,000 名客戶完成了實務培訓，其中大多數客戶購買了 Evolysse。我們學到的關鍵見解之一是，第一次培訓旨在建立對產品的熟悉度和舒適度，而第二次培訓才是真正推動產品普及應用的關鍵。

In fact, 75% of Evolysse revenue customer accounts that have participated in hands-on training. And we've seen a 100% increase in purchasing volume when an account is trained a second time. This clearly underscores the value of continued education in building product confidence and driving consistent use.

事實上，75% 的 Evolysse 收入客戶帳戶都參與了實務培訓。我們發現，當帳戶接受第二次培訓後，購買量增加了 100%。這清楚地表明了持續教育在建立產品信心和推動持續使用方面的價值。

Internationally, we entered two new markets this year, and our mature markets are continuing to grow at a very high rate . In the UK, our most mature direct market, we estimate that our market share closely mirrors the share uptake we experience in the US following launch.

今年，我們在國際市場上進入了兩個新市場，而我們成熟的市場也持續保持非常高的成長速度。。在英國這個我們最成熟的直接市場，我們估計我們的市場份額與我們在美國推出產品後所經歷的市場份額增長非常接近。

Lastly, despite the headwinds in the US aesthetic market, Jeuveau continues to outperform the category, with unit volume growing year to date and on track to continue that trajectory in a market that remains down single digits this year.

最後，儘管美國美容市場面臨諸多不利因素，Jeuveau 仍繼續跑贏同類產品，其銷量今年迄今持續增長，並預計在今年仍處於個位數下滑的市場中繼續保持這一增長勢頭。

Our above-market performance and disciplined expense management have positioned us to enter the next phase of our growth trajectory, achieving profitability in the fourth quarter of 2025 and positioning us for sustainable annual profitability beginning in 2026. We've rebate our expenses with the benefits reflected in our third-quarter results and remain well positioned to deliver sustainable profitability.

我們高於市場平均的業績和嚴格的費用管理，使我們得以進入成長軌蹟的下一個階段，在 2025 年第四季度實現盈利，並為從 2026 年開始的可持續年度盈利奠定了基礎。我們已透過第三季業績所反映的收益抵銷了各項支出，並維持了實現可持續獲利的良好基礎。

While the aesthetic market continues to face near-term challenges related to consumer spending, we're encouraged by early signs of stabilization and expect demand for injectables to continue to improve sequentially. Against this backdrop, Evolus continues to deliver results that demonstrate the strength of our strategy and resilience of our brand.

儘管醫美市場在短期內仍面臨與消費者支出相關的挑戰，但我們對市場穩定的早期跡象感到鼓舞，並預計注射類產品的需求將繼續逐週改善。在此背景下，Evolus 不斷取得成果，證明了我們策略的實力和品牌的韌性。

In the third quarter, our revenue increased 13% due to strong global Jeuveau demand and meaningful early contribution from Evolysse in the US. Following a challenging second quarter, Global Jeuveau performance in the third quarter reflected healthy demand as the business experience sequential revenue growth in what is typically a seasonally lower quarter. Jeuveau sales benefited from positive unit growth both in the US and internationally supported by record consumer demand through our Evolus rewards program.

第三季度，由於 Jeuveau 在全球範圍內的強勁需求以及 Evolysse 在美國的早期顯著貢獻，我們的營收成長了 13%。在經歷了充滿挑戰的第二季度之後，Global Jeuveau 在第三季度的業績反映了強勁的需求，因為該公司在通常季節性較低的季度實現了收入的環比增長。Jeuveau 的銷售額受益於美國和國際市場的積極銷售成長，這得益於我們 Evolus 獎勵計畫帶來的創紀錄的消費者需求。

As the market strengthens and the overall toxin category returns to grow, Jeuveau is poised to regain healthy momentum. We strengthened our 14% share of the US market year to date, reinforcing the synergy within our portfolio and our differentiated positioning as a leader in performance beauty.

隨著市場走強，整個毒素品類恢復成長，Jeuveau有望重獲健康發展動能。今年迄今為止，我們鞏固了在美國市場 14% 的份額，強化了我們產品組合內部的協同效應，以及我們作為功能性美容領域領導者的差異化定位。

With Evolysse, we continue to lay the foundation for adoption and scale, delivering $5.7 million revenue in the third quarter, and $15.5 million since launch, marking the strongest HA-filler debut in over a decade. Demand for Evolysse increased sequentially over the run rate approximately $5 million after factoring for initial stocking by accounts in our last quarter.

憑藉 Evolysse，我們繼續為推廣和規模化奠定基礎，第三季度實現了 570 萬美元的收入，自上市以來累計收入達 1550 萬美元，創下十多年來 HA 填充劑首秀最強勁的紀錄。考慮到上一季各客戶最初的庫存，Evolysse 的需求量較上季成長約 500 萬美元。

We're particularly excited about the performance of Evolysse as feedback from customers has been exceptional, highlighting the products handle in their practice. This further validates our beauty for strategy to build a full facial aesthetic portfolio under a single trusted brand. Through this launch, we targeted our highest volume Jeuveau accounts and gained valuable insights that will aid us as we now expand our focus to a broader customer base in the fourth quarter.

我們對 Evolysse 的表現感到格外興奮，因為客戶的回饋非常出色，強調了該產品在其實踐中的出色表現。這進一步驗證了我們打造一個值得信賴的單一品牌下的完整臉部美學產品組合的策略是正確的。透過此次推廣，我們瞄準了 Jeuveau 交易量最大的客戶，並獲得了寶貴的見解，這將有助於我們在第四季度將重點擴展到更廣泛的客戶群。

Our launch-to-date strategy was focused on establishing Evolysse as a differentiated product independent from Jeuveau, and we intentionally avoided bundling during this initial phase. As we approach six months of experience with Evolysse on the market and its practices are now planning for the new year, the fourth quarter is the right time to bring the value of our two portfolios products together.

到目前為止，我們的上市策略重點是將 Evolysse 打造成一款與 Jeuveau 不同的、獨立於 Jeuveau 的產品，我們有意避免在初始階段進行捆綁銷售。隨著 Evolysse 在市場上累積了近六個月的經驗，並且我們的業務部門正在為新的一年做準備，第四季度是把我們兩個產品組合的價值結合起來的合適時機。

This quarter we've introduced our first Evolus that grow across both Jeuveau and Evolysse. This initiative enables us to compete more directly against competitive bundles and drive market share gains across the portfolio. In the third quarter we expanded our customer base by adding nearly 500 new purchasing accounts, bringing our total to more than 17,000, 2,000 of which are now also purchasing Evolysse.

本季我們推出了首款可在 Jeuveau 和 Evolysse 中運行的 Evolus 產品。這項舉措使我們能夠更直接地與競爭對手的產品組合競爭，並推動整個產品組合的市場份額成長。第三季度，我們新增了近 500 個採購帳戶，擴大了客戶群，使我們的客戶總數超過 17,000 個，其中 2,000 個客戶現在也正在購買 Evolysse。

Our Evolus rewards consumer loyalty program remains a central growth driver, fueling both repeat use and brand engagement. Total redemption grew 34% compared to the prior-year quarter. New redemption for the quarter were record 244,000 of which approximately 68% came from existing consumers. Jeuveau and Evolysse are building lasting consumer loyalty which fuels the sustainable growth and property of our portfolio.

我們的 Evolus 獎勵消費者忠誠度計畫仍然是核心成長驅動力，促進了重複使用和品牌參與。與上年同期相比，總贖回量增加了 34%。本季新增兌換量達到創紀錄的 244,000 次，其中約 68% 來自現有消費者。Jeuveau 和 Evolysse 正在建立持久的消費者忠誠度，這推動了我們投資組合的可持續成長和收益。

In parallel with our commercial execution, we see the key regulatory milestones with the submission of our PMA to the US FDA for Evolysse Sculpt, our advanced injectable HHL for mid-face volume restoration. We expect FDA review to follow the standard PMA pathway, with potential approval anticipated in the second half of 2026. We also remain on track for a broader launch of Estyme in Europe in the first half of 2026.

在商業執行的同時，我們也看到了關鍵的監管里程碑，即向美國 FDA 提交了 Evolysse Sculpt 的 PMA 申請，Evolysse Sculpt 是我們用於中面部容量恢復的先進注射 HHL。我們預計 FDA 的審查將遵循標準的 PMA 途徑，並預計在 2026 年下半年獲得批准。我們仍按計劃在 2026 年上半年在歐洲更廣泛地推出 Estyme。

Before I close, I'd like to address the recent developments related to tariffs. We've taken proactive measures to mitigate potential tariff impact on pharmaceuticals, including Jeuveau. We will provide additional clarity once a trade agreement with South Korea and pharmaceuticals tariffs are finalized. But the current timeline gives us a valuable window to strategically plan and prepare for any changes. We remain confident in our ability to navigate these dynamics effectively without disruption to our customers or our financial performance.

在結束演講之前，我想談談最近與關稅相關的進展。我們已採取積極措施，減輕關稅對藥品（包括 Jeuveau）的潛在影響。我們將在與韓國的貿易協議和藥品關稅最終確定後提供更明確的資訊。但目前的進度安排為我們提供了一個寶貴的窗口期，讓我們能夠進行策略規劃，並為任何變化做好準備。我們仍有信心有效應對這些變化，不會對我們的客戶或財務表現造成乾擾。

In summary, our third-quarter results reflect above-market growth, financial discipline, and the early benefits of our expanding portfolio. With Jeuveau performing steadily, Evolysse building scale, Estyme on track for launch in 2026, and a resetting of our expense base, Evolus remains well positioned to achieve sustainable profitability and long-term growth.

總而言之，我們第三季的業績反映了高於市場平均的成長、財務紀律以及我們不斷擴大的業務組合帶來的早期效益。Jeuveau 表現穩定，Evolysse 規模不斷擴大，Estyme 預計將在 2026 年按計劃推出，並且我們調整了費用基礎，因此 Evolus 仍然處於實現可持續盈利和長期增長的良好位置。

With that, I'll turn it over to Rui for an update on Evolysse and our recent Sculpt submission.

接下來，我將把麥克風交給 Rui，讓他介紹一下 Evolysse 的最新情況以及我們最近提交的 Sculpt 專案。

Thank you, David. Since the launch of Form and Smooth here in the US, the feedback continues to be consistent. This line of gels are described as being efficient in that a given amount of product goes a long way. They have a low inflammatory profile and are very versatile.

謝謝你，大衛。自從 Form and Smooth 在美國推出以來，收到的回饋一直都很一致。此系列凝膠的特點是高效，用量少，效果好。它們發炎反應低，用途廣泛。

On the development side, Evolysse Sculpt is our HH injectable that targets the premium, mid-phase volume market and it's currently making its way through the FDA process. In August, the first disclosure of the data was presented. The study compared Sculpt to Restylane-Lyft in a prospective double blind randomized trial, and enrolled 304 patients in the 3 to 1 ratio. Using a validated 5 point scale, patients with moderate, severe, or extreme mid-face volume deficit were eligible for treatment, then followed up for 24 months.

在研發方面，Evolysse Sculpt 是我們針對高階、中等容量市場的注射型 HH 產品，目前正在接受 FDA 的核准。8月份，首次公佈了這些數據。研究採用前瞻性雙盲隨機試驗，比較了 Sculpt 和 Restylane-Lyft，並以 3:1 的比例招募了 304 名患者。使用經過驗證的 5 分制量表，中度、重度或極重度中臉部容量不足的患者符合治療條件，然後進行 24 個月的追蹤。

The primary endpoint was non-feriority design measured at six months and looked at the difference in mean change in mid-face volume deficit scores after treatment. Patients are treated in the cheek area, and the mean volume of HA product used was 1.8 milligrams per cheek or 3.7 milligrams per patient.

主要終點是六個月時的非劣效性設計，並檢視了治療後中臉部容積不足評分平均變化的差異。患者接受臉頰部位的治療，平均每面頰使用 1.8 毫克 HA 產品，或每位患者使用 3.7 毫克 HA 產品。

The primary endpoint of non-feriority was met. The confidence in intervals demonstrated both non-inferiority and statistical superiority. The corresponding p-value also demonstrated statistical superiority at less than 0.001. The secondary endpoint looked at responder rate of each treated cheek, defined as at least a 1 point improvement on the scale. At six months, 83% of cheeks treated with Restylane-Lyft responders compared to 91% in the Evolysse Sculpt group with the p-value that reached the level of statistical significance at 0.015.

非劣效性這一主要終點已達到。信賴區間顯示了非劣效性和統計上的優越性。相應的 p 值也顯示出統計上的優越性（小於 0.001）。次要終點考察了每個接受治療的臉頰的反應率，定義為在評分量表上至少提高 1 分。六個月時，接受瑞藍麗瑅治療的臉頰有 83% 的患者有療效，而接受 Evolysse Sculpt 治療的患者有療效的有 91%，p 值達到統計學顯著性水平 0.015。

Following the patient's increasing separation across the efficacy metrics over time between the two groups favoring Evolysse Sculpt over the control. A 1 point change on the validated volume deficit scale represents a clinically meaningful improvement. Looking at patients with at least a 1 point change as assessed by the blinded evaluator, at 24 months for the studies' end, 8% of Lyft patients were responders compared to 29% of Sculpt patients, over a threefold difference at the end of two years.

隨著時間的推移，兩組患者在療效指標上的差距越來越大，Evolysse Sculpt 組優於對照組。在經過驗證的容量不足量表上，1 分的變化代表著臨床上有意義的改善。在研究結束時（24 個月），由盲法評估員評估，對於至少有 1 分變化的患者，Lyft 患者的反應率為 8%，而 Sculpt 患者的反應率為 29%，兩年後兩者相差超過三倍。

The pattern was similar when looking at the global aesthetic improvement scale as assessed by the patients themselves. At 24 months, 13% of Lyft patients who -- responders compared to 29% of Sculpt patients. Treatment-related adverse events between the two groups were similar, a serious adverse event in either of the groups during the trial. As mentioned, the PMA for Sculpt was submitted in the third quarter this year, and we anticipate FDA approval in the second half of 2026. Lastly, the Lyft HA injectable trial is fully enrolled, ongoing, and we anticipate its approval and launch in 2027.

從患者自身評估的整體美觀改善程度來看，情況也類似。24 個月時，Lyft 患者的反應率為 13%，而 Sculpt 患者的反應率為 29%。兩組患者在治療過程中出現的不良事件相似，試驗期間兩組均未發生嚴重不良事件。如前所述，Sculpt 的 PMA 申請已於今年第三季提交，我們預計將於 2026 年下半年獲得 FDA 批准。最後，Lyft HA 注射試驗已全面完成招募，正在進行中，我們預計該藥物將於 2027 年獲得批准並上市。

For that, I'll turn over to Tatjana to walk you through the financial details.

為此，我將把麥克風交給塔蒂亞娜，讓她為大家詳細介紹財務細節。

Thank you, Rui, and thank you, David, for the warm welcome. Over the past 60 days, I have had the opportunity to get to know the Evolus team and spend time with some of our customers. It's been energizing to see firsthand what makes this company unique, and I wanted to share a few observations before we move into the results.

謝謝Rui，也謝謝David的熱情歡迎。在過去的60天裡，我有機會了解了Evolus團隊，並與我們的一些客戶共度了一段時間。親眼見證這家公司的獨特之處令人振奮，在介紹結果之前，我想先分享一些觀察心得。

First, Evolus has a highly differentiated business in a multi-billion dollar aesthetics market. We have built meaningful relationships with both customers and consumers. Our ability to connect with both groups, driving customer growth and retention, while deepening consumer loyalty, gives us a multitude of levers to drive performance. Based on my experience and scale consumer businesses, Evolus is still in the early stage of realizing our full potential.

首先，Evolus 在價值數十億美元的美容市場中擁有高度差異化的業務。我們與客戶和消費者都建立了有意義的關係。我們能夠與這兩個群體建立聯繫，推動客戶成長和留存，同時加深消費者忠誠度，這為我們提供了多種提升業績的手段。根據我的經驗和規模消費品業務來看，Evolus 仍處於發揮全部潛力的早期階段。

Second, the fundamentals of our business are strong. We have built productive long-term partnerships with Daewoong and Symatese. And our expense base has been successfully re-based following the second quarter, all while continuing to deliver on our revenue targets. This position does well to drive operating leverage and profitability going forward.

其次，我們業務的基本面很強勁。我們與大熊科技和賽邁特斯科技建立了富有成效的長期合作關係。第二季之後，我們的支出基礎已成功調整，同時我們也持續實現了收入目標。該職位有利於提升未來的營運槓桿和獲利能力。

Third, we operate in a high-growth category with long-term secular tailwinds. Our strategy of building a facial aesthetics portfolio under one trusted brand provides a strong foundation for continued expansion and innovation. We are confident in delivering profitability with our current portfolio, while actively pursuing strategic business development opportunities to expand our pipeline.

第三，我們所處的產業屬於高成長產業，並且具有長期的利多因素。我們以一個值得信賴的品牌打造臉部美學產品組合的策略，為持續擴張和創新奠定了堅實的基礎。我們有信心透過現有產品組合來獲利，同時積極尋求策略性業務發展機會，以擴大我們的產品線。

And finally, I've been impressed by the strength of the Evolus culture. The grit and focus on impact that I have seen across the organization are what makes me confident in our ability to deliver on our long-term goals.

最後，我對Evolus文化的強大力量印象深刻。我在整個組織中看到的堅韌不拔的精神和對影響力的關注，讓我對我們實現長期目標的能力充滿信心。

I'm joining Evolus at a pivotal moment, one where the foundation is strong, the opportunities is clear, and the team is focused on execution. I look forward to partnering with David and the leadership team to drive profitable growth and long-term value for our shareholders. With that, I'm pleased to share our third-quarter financial results.

我加入 Evolus 的時機非常關鍵，公司基礎穩固，機會明確，團隊專注於執行。我期待與大衛和領導團隊合作，推動獲利成長，為股東創造長期價值。在此，我很高興與大家分享我們第三季的財務表現。

Global net revenue for the third quarter was $69 million, an13% increase over the third quarter of 2024. The [overall] growth in the third quarter was driven by a combination of the introduction of Evolysse and growth in global Jeuveau. And on a sequential basis, sales growth in the third quarter was driven by accelerating the demand for Jeuveau, increasing underlying demand for Evolysse, and continued strength in the international business.

第三季全球淨收入為 6,900 萬美元，比 2024 年第三季成長 13%。第三季整體成長是由 Evolysse 的推出和 Jeuveau 全球業務成長共同推動的。從環比來看，第三季的銷售成長得益於 Jeuveau 需求的加速成長、Evolysse 潛在需求的增加以及國際業務的持續強勁。

Net revenue for the third quarter of 2025 included $63.2 million of global Jeuveau revenue, and $5.7 million of Evolysse revenue. Our reported gross margin for the third quarter was 66.5%, and adjusted gross margin was 67.6%, which excludes the amortization of intangibles.

2025 年第三季淨收入包括 Jeuveau 全球營收 6,320 萬美元和 Evolysse 營收 570 萬美元。我們第三季報告的毛利率為 66.5%，調整後的毛利率為 67.6%（不包括無形資產攤提）。

Earlier, we touched on the topic of tariffs. There have been recent announcements related to potential tariffs on pharmaceutical products. At this time, the impact on Jeuveau is still being evaluated, sending additional guidance by the administration. Current inventory levels will sustain us through the first quarter of 2026, and therefore, Jeuveau will not be subject to any near-term tariff impact.

之前我們談到了關稅問題。最近有消息稱，可能對藥品徵收關稅。目前，對 Jeuveau 的影響仍在評估中，政府將發布進一步的指導意見。目前的庫存水準足以支撐我們到 2026 年第一季度，因此，Jeuveau 近期不會受到任何關稅的影響。

Separately, under the recently announced trade agreement with the European Union, Evolysse is subject to a 15% tariff that began August 7. This tariff has been fully incorporated into our outlook and has a minimal impact on our financials. We continue to actively monitor global trade agreements and remain focused on mitigating any potential future exposure while ensuring stable supply for our customers.

另外，根據最近宣布的與歐盟的貿易協議，Evolysse 自 8 月 7 日起需繳納 15% 的關稅。此關稅已完全納入我們的預期，對我們的財務狀況影響甚微。我們將繼續積極關注全球貿易協定，並持續致力於降低未來可能面臨的風險，同時確保為客戶提供穩定的供應。

Moving now to operating expenses. GAAP operating expenses for the third quarter were $57.3 million, up from $55.5 million in the second quarter. As a note on the sequential comparison, Q2 2025 GAAP operating expenses benefited from a $3.9 million reduction related to the revaluation of the contingent royalty obligations. Non-GAAP operating expenses for the third quarter were $49.7 million compared to $54 million in the second quarter. As a reminder, non-GAAP operating expenses exclude stock-based compensation, revaluation of the contingent royalty obligation, and depreciation and amortization.

接下來是營運費用。第三季 GAAP 營運費用為 5,730 萬美元，高於第二季的 5,550 萬美元。需要說明的是，2025 年第二季 GAAP 營運費用因或有特許權使用費義務的重估而減少了 390 萬美元。第三季非GAAP營運費用為4,970萬美元，而第二季為5,400萬美元。提醒一下，非GAAP營運費用不包括股權激勵費用、或有特許權使用費義務的重估以及折舊和攤提。

This quarter, non-GAAP operating expenses also excludes $1.4 million in restructuring charges, primarily consisting of onetime severance benefits for impacted employees. These restructuring expenses are related to the strategic cost structure optimization announced in August.

本季非GAAP營運費用還不包括140萬美元的重組費用，主要包括向受影響員工支付的一次性遣散費。這些重組費用與8月宣布的策略成本結構優化有關。

Within operating expenses, selling general and administrative expenses for the third quarter was $52.8 million compared to $56.7 million in the second quarter. This included $5 million of non-cash stockbased compensation compared to $4.3 million in the prior quarter. Non-GAAP operating loss in the third quarter was $3.1 million compared to non-GAAP operating loss of $6.7 million in Q3 of 2024.

在營運費用中，第三季的銷售一般及行政費用為 5,280 萬美元，而第二季為 5,670 萬美元。其中包括 500 萬美元的非現金股票補償，而上一季為 430 萬美元。第三季非GAAP營業虧損為310萬美元，而2024年第三季非GAAP營業虧損為670萬美元。

The better-than-expected third-quarter result was due to operating expense reduction, and in part, to the timing of our largest customer event of the year which moves from Q3 to Q4. As a result of this timing shift, the associated costs of the customer event will be recognized in the fourth quarter rather than the third, while the full year impact remains unchanged.

第三季業績優於預期，部分原因是營運費用減少，部分原因是因為我們一年中最大的客戶活動從第三季移至第四季。由於時間上的調整，與客戶事件相關的成本將在第四季度而不是第三季確認，而全年的影響保持不變。

Lowest non-GAAP operating expenses and non-GAAP operating income excludes stockbased compensation expense, revaluation of the contingent royalty obligation, depreciation and amortization, and restructuring charges. Non-GAAP operating income also excludes amortization of intangible assets.

最低的非GAAP營業費用和非GAAP營業收入不包括股權激勵費用、或有特許權使用費義務的重估、折舊和攤銷以及重組費用。非GAAP營業收入也不包括無形資產攤銷。

Turning to the balance sheet. We ended the third quarter with $43.5 million in cash, as compared with $61.7 million at the end of the second quarter. The decrease in cash during the quarter was primarily driven by our decision to pull forward inventory purchases ahead of potential tariffs on pharmaceuticals.

接下來看一下資產負債表。第三季末，我們持有現金 4,350 萬美元，而第二季末為 6,170 萬美元。本季現金減少的主要原因是我們在藥品可能加徵關稅之前提前採購了庫存。

Looking ahead, underpinned by our strong third-quarter performance, our outlook for 2025 remains unchanged and includes the following: reiterating total net revenue between $295 million and $305 million, representing 11% to 15% growth over 2024 results. We continue to expect Evolysse revenue contribution to be between 10% and 12% of total revenue for the full-year 2025. Full-year non-GAAP operating expenses still remain between $208 million and $213 million.

展望未來，在強勁的第三季業績支撐下，我們對 2025 年的展望保持不變，其中包括：重申總淨收入在 2.95 億美元至 3.05 億美元之間，比 2024 年的業績增長 11% 至 15%。我們仍預期 Evolysse 在 2025 年全年的營收貢獻將佔總營收的 10% 至 12%。全年非GAAP營運費用仍維持在2.08億美元至2.13億美元之間。

Non-GAAP operating income between $5 million and $7 million in Q4 2025, which includes the timing of costs related to our customer event that shifted from the third quarter to the fourth quarter. In addition to our continued expectation to achieve profitability in the fourth quarter of 2025, we also remain on track to achieve sustainable annual profitability beginning in 2026.

2025 年第四季非 GAAP 營業收入在 500 萬美元至 700 萬美元之間，其中包括與我們的客戶活動相關的成本，該活動從第三季度轉移到了第四季度。除了我們繼續預期在 2025 年第四季度實現盈利外，我們也將繼續朝著從 2026 年開始實現可持續年度盈利的目標穩步前進。

With that, I will now turn the call back to David for closing comments.

接下來，我將把電話轉回給大衛，請他做總結發言。

Thank you, Tatjana. Our double-digit growth reflects the strength of our business fundamentals and the consistency of our execution. We're a company operating with focus and efficiency, maintaining financial discipline while advancing on one of the most differentiated injectable pipeline in aesthetics.

謝謝你，塔蒂亞娜。我們兩位數的成長反映了我們強勁的業務基本面和我們始終如一的執行力。我們是一家以專注和高效營運為宗旨的公司，在保持財務紀律的同時，不斷推進美容領域最具差異化的注射劑產品線之一。

As we move into the fourth quarter, we're deepening customer engagement with the introduction of our Evolysse portfolio bundle which aligns incentives and drives growth across our injectable portfolio. With Jeuveau in the number three share position and gaining on the market leader, Evolysse in the early stages of scaling, and the team set to launch in Europe in the first half of 2026, we are well positioned to deliver sustainable growth, profitability, and long-term shareholder value.

隨著我們進入第四季度，我們將透過推出 Evolysse 產品組合來加深客戶參與度，該組合協調激勵措施並推動我們注射劑產品組合的成長。Jeuveau 目前市佔率排名第三，正在追趕市場領導者；Evolysse 處於規模擴張的早期階段；團隊計劃於 2026 年上半年在歐洲推出產品。因此，我們有能力實現永續成長、獲利能力和長期股東價值。

Operator, you may now be getting the Q&A.

操作員，您現在可能正在接收問答環節。

(Operator Instructions)

（操作說明）

Annabel Samimy, Stifel.

Annabel Samimy，Stifel。

Great recovery on the quarter. I just want to ask you some questions about I guess the filler dynamic on Evolysse, how much of what you're seeing for Evolysse includes a headwind for stalking versus seasonality versus, say, market sentiment. I guess maybe some macro commentary could be useful here. Like, for example, has sentiment shifted -- is sentiment still poor for fillers? Or are you seeing meaningful headwind for free product for injector to trial? And could you potentially quantify any of this?

本季實現了強勁復甦。我想問你一些關於 Evolysse 填充動態的問題，你認為 Evolysse 的哪些因素導致了追蹤行為的逆風，哪些因素導致了季節性因素，以及市場情緒等因素。我想，或許在這裡進行一些宏觀層面的評論會很有幫助。例如，市場情緒是否發生了變化──市場對填充類產品的態度是否依然低迷？或者，您看到免費產品供噴油者試用面臨明顯的阻力？您能否對其中任何一項進行量化？

And I guess from here, can you sort of give us a better sense of what we can expect of the cadence. And then just so -- that was a lot of questions but one more on this. I guess you mentioned there were about 4,000 trained and 2,000 have adopted, I believe. Do you have any metrics for the time that it takes to go from like, say, first training to second training into adoption? How should we think about the conversion of those patients -- or those physicians who've initial trained?

那麼，您能否讓我們更了解節奏方面的情況呢？然後，就這樣——問題很多，但關於這個問題還有一個問題。我想你之前提到大約有 4000 人接受了培訓，其中 2000 人已經採用了相關技術。你們有沒有衡量從第一次訓練到第二次訓練再到最終採用所需時間的指標？我們應該如何看待這些患者的轉變——或那些最初接受過培訓的醫生的轉變？

Great. All really good questions, Annabel, around Evolysse. And I'll try to maybe demand (technical difficulty) it for you for just a minute. If we take a couple steps back, the one thing I'd say is when we launched, we focused initially on our core Evolus customers. And I'm really proud that in our first six months, when we look at our Jeuveau revenue, half of our revenue for Jeuveau has purchased Evolysse.

偉大的。安娜貝爾，你問的都是關於Evolysse的好問題。我會嘗試幫你解決（技術​​難題）這個問題，就一分鐘。如果我們回顧一下，我想說的是，在產品發布之初，我們最初專注於我們的核心 Evolus 客戶。我非常自豪的是，在我們成立後的前六個月裡，當我們查看 Jeuveau 的收入時，我們發現 Jeuveau 收入的一半都用於購買 Evolysse。

So I think our focus on that Evolus customer set has been very productive for us. To your point, the recipe that we've uncovered that's been effective is to expose them to the products sales force, bringing them in for training. One long hands-on training is very useful for them to have enough confidence to start trialing the product in their patients. But it really is consistently that second training that changes from trialing the product, or dabbling with it, to turning into an adopter. And that is really the key insight that we've gained over the last couple of quarters with this product.

所以我認為，我們專注於 Evolus 客戶群的做法對我們來說非常有成效。正如您所說，我們發現行之有效的方法是讓他們接觸產品銷售團隊，並帶他們來接受培訓。一次長時間的實務訓練對他們非常有幫助，可以讓他們有足夠的信心開始在病人身上試用產品。但真正能將人從試用產品或淺嚐輒止轉變為成為產品擁護者的，始終是第二次培訓。而這正是我們在過去幾季透過這款產品獲得的關鍵洞見。

We see a significant inflection point in those clinics when they get through that second training. As you imagine, the first quarter that we launched, we had very few that actually had the opportunity to get trained two times, and so we started to see that more in the third quarter. And you could expect a number of those training -- second trainings are booked in the fourth quarter. That's a very significant part of the uptick within our core group.

我們發現，這些診所在完成第二次訓練後，會出現一個重要的轉捩點。正如你所想，在我們啟動的第一個季度，真正有機會接受兩次培訓的人非常少，所以我們在第三季度開始看到這種情況有所改善。預計會有不少培訓－第二次培訓已安排在第四季。這是我們核心團隊績效成長中非常重要的一部分。

The second is, in the fourth quarter, now that we've learned this product, in Evolysse, so we're relying on our learnings here in the US to continue to adapt our launch. We've now opened the door for Evolysse to go wider beyond our current Evolus customer base. And so you'll see the results from us being able to replicate what we've done over the first 6 months with our core customer group to a broader audience of costumers, that's the second.

第二點是，在第四季度，既然我們已經了解了 Evolysse 這款產品，那麼我們將依靠我們在美國獲得的經驗來繼續調整我們的產品發布。現在，我們已經為 Evolysse 向更廣泛的客戶群拓展打開了大門，超越了我們目前的 Evolus 客戶群。因此，您將會看到，我們將前 6 個月在核心客戶群中取得的成果複製到更廣泛的客戶群中，這是第二點。

And then lastly, as you pointed out, on the full year, the HA market as we've read reports from our peers in the space, the market is down double-digits. It continues to be relatively challenged partly due to the macro environment. At the same time, Q3 is the seasonally low period for injectables as well. So you sort of have a compounding effect. If you roll in that, that's unique to the third quarter. Whereas in contrast, the fourth quarter, we expect will be the strongest quarter of the year, and we'll be now three quarters into our lot.

最後，正如您所指出的，就全年而言，根據我們從業內同行那裡了解到的報告，助聽器市場出現了兩位數的下滑。由於宏觀環境的影響，它仍然面臨相對較大的挑戰。同時，第三季也是注射劑的季節性淡季。所以這就產生了一種疊加效應。如果你把那件事算進去，那將是第三節獨有的。相比之下，我們預計第四季將是今年最強勁的季度，而我們現在已經完成了四分之三的周期。

So as you think about our guide for the full year, it reflects those market dynamics of those -- the fourth quarter being sort of the culmination now. Six months of experience. Our key learnings on the product and the benefit of the seasonality working favorably for us.

因此，在考慮我們全年的指導方針時，它反映了這些市場動態——第四季度現在可以說是達到頂峰。六個月的工作經驗。我們從產品中學到的關鍵經驗是，季節性因素對我們有利。

Marc Goodman, Leerink Partners.

馬克古德曼，Leerink Partners。

This is Alyssa Larios on from Marc Goodman. Just a few questions from us. Could you comment on the usage trends between Evolysse Smooth and Form and how those two different product lines are being used across the consumer base. And then can you give us an update on the advertising campaign, and remind us exactly what channel you're using, whether it's DTC or going directly to the clinics themselves.

這裡是艾莉莎·拉里奧斯，來自馬克·古德曼的報導。我們還有幾個問題。您能否評論一下 Evolysse Smooth 和 Form 的使用趨勢，以及這兩個不同的產品系列在消費者群體中的使用情況？然後，您能否向我們介紹廣告宣傳活動的最新進展，並提醒我們您具體使用的是哪個管道，是直接面向消費者的管道，還是直接面向診所的管道？

And then finally, you mentioned that you intentionally avoided bundling the filler and toxin in the initial phase. I'm just curious what the rationale was for doing that. If you can walk us through your thought process.

最後，您提到您在初始階段有意避免將填充劑和毒素捆綁在一起。我只是好奇這樣做的理由是什麼。如果您能向我們介紹一下您的思考過程就太好了。

Great. Why don't I start with bundling, the advertising, and then I'll comment on the usage, assuming the format. I'd like to really to add to this color because all three and I spent a lot of time with customers trying to understand how they do position that, and there are some interesting insights there.

偉大的。不如我先從捆綁銷售和廣告入手，然後再根據這種格式評論其使用情況。我真的很想補充這個顏色，因為我和這三位客戶花了很多時間與客戶交流，試圖了解他們是如何定位這個顏色的，這其中有一些有趣的見解。

So just on the bundling piece, it became very clear to us, as we're preparing for the launch of Evolysse, that customers weren't looking for us to bring a new product to market and sort of force it on them because they're customers that use our primary product, Jeuveau. And instead, following a number of Advisory Board meetings and looking at prior product launches, we chose to take a different route, which is let the product stand on its own and allow these customers a period of multiple quarters to learn through the product before we start to think about bringing our portfolio together.

所以，就捆綁銷售而言，在我們準備推出 Evolysse 的過程中，我們非常清楚地意識到，客戶並不希望我們推出新產品並強迫他們購買，因為他們是使用我們主要產品 Jeuveau 的客戶。相反，經過多次顧問委員會會議和對以往產品發布情況的回顧，我們決定採取不同的策略，讓產品獨立發展，並讓這些客戶有幾個季度的時間來了解產品，然後再考慮將我們的產品組合整合起來。

So it's very deliberate. In the first quarter that we launched, the product was entirely independent. In the second quarter, we introduced consumer loyalty. We didn't want to introduce that too early. We wanted the account to get comfort with the usage of the product before we expose consumers to the loyalty benefits. And now in our third quarter following launch, it's now the right time where customers are asking us about what the future of our portfolio is.

所以這是經過深思熟慮的。在產品推出的第一個季度，它是完全獨立的。第二季度，我們推出了消費者忠誠度計劃。我們不想過早引入這個功能。我們希望在向消費者展示忠誠度獎勵之前，先讓帳戶用戶熟悉產品的使用方法。現在，在產品發布後的第三個季度，客戶開始詢問我們產品組合的未來發展方向。

As you can imagine they are currently partnered with a larger company, and they commit to these larger portfolio purchases as part of their ongoing commitment to gain better, pricing. Today, by keeping them independent, there's no advantage to bringing the full portfolio under Evolysse. And so we provided this growth portfolio bundle offering in the fourth quarter as our first test of how we'll bring the portfolios together. And this will carry through into next year, and so this is our first attempt at doing that.

您可以想像，他們目前與一家更大的公司合作，並且他們致力於進行這些更大的投資組合收購，以此作為他們不斷努力獲得更好價格的一部分。如今，保持它們的獨立性，將整個產品組合納入 Evolysse 旗下沒有任何優勢。因此，我們在第四季度推出了這款成長型投資組合組合產品，作為我們將如何整合這些投資組合的首次測試。這項計劃將延續到明年，所以這是我們第一次嘗試這樣做。

And I can tell you that we test it in one of our larger customer meetings that Tatjana mentioned that was a result of the phasing of spend in the Q4, and it was very, successful in terms of the receptive -- reception we got to.

我可以告訴你們，我們在塔蒂亞娜提到的一次大型客戶會議上測試了它，這是第四季度支出分階段實施的結果，就我們得到的反饋而言，它非常成功。

But on the DCC side, our strategy is more focused around co-branded media. So all of the [at] clinic individually and we've been able to build a model with Evolysse where we do personalization and scale, and part of the personalization is around our co-branded media in the form of streaming TV spots, billboards within local markets. And the heaviest portion of it is digital media, that could be social, it could be search, and it does vary by market. And as I said, there are over 1,400 accounts that have participated in our co-branded media benefits.

但就 DCC 而言，我們的策略更著重於聯合品牌媒體。因此，我們與 Evolysse 合作，建立了一個能夠實現個人化和規模化的模式，其中一部分個人化體現在我們聯合品牌的媒體上，例如串流電視廣告、本地市場的廣告看板。其中佔比最大的是數位媒體，包括社群媒體、搜尋引擎等等，而且因市場而異。正如我所說，已有超過 1400 個帳號參與了我們的聯名品牌媒體推廣活動。

So it's not an insignificant portion of our customer base, but they have to meet certain purchasing criteria to gain those benefits. And so -- and then lastly, on the usage of Smooth and Form, both products have the same indication, which is the nasolabial fold, but the properties of the gel are very different. And we're learning more and more about their personality as injectors are generally purchasing both. We have very few that are entirely using one or the other, mainly because the [property] of Smooth, it's a softer gel, whereas the Form product provides more structure.

因此，這部分客戶在我們的客戶群中佔有相當大的比例，但他們必須滿足一定的購買條件才能獲得這些優惠。最後，關於 Smooth 和 Form 的使用，這兩種產品都適用於法令紋，但凝膠的特性卻截然不同。隨著注射者普遍同時購買這兩種產品，我們對它們的個性了解也越來越多。很少有人完全使用其中一種產品，主要是因為 Smooth 的特性是質地較軟的凝膠，而 Form 產品則提供了更強的結構。

And so our label maybe limited nasolabial fold, but of course the usage expands beyond that. And so what we're hearing consistently is where they're looking for a product to fill in areas more in -- to create more of a smoothing effect. That's where they're leaning towards Smooth. And when they're looking for greater structure in a product, that's where they're reaching for the Form. But all transfer to --

因此，我們的標籤可能僅限於法令紋，但其用途當然遠不止於此。因此，我們不斷聽到的是，他們正在尋找一種產品，可以更好地填充某些區域——以產生更平滑的效果。他們傾向於選擇 Smooth。當他們想要在產品中尋求更完善的結構時，他們就會選擇 Form。但所有轉移--

Sure, I'm just going to paraphrase a little bit. The indication's actually broader. The communication is medium to deep or wrinkles and folds, and the nasolabial fold is one example of that. You can all go into the Marionette lines, and if you look under that lower lip, sometimes there's a deep fold in there. It's called sub-mental fold. And there's a lot of versatility through these products. And when a clinician looks at a wrinkle or a fold, for example, [misoluo] fold's one example, they can look at it sufficient. Are they [bent], are they heavy, skin quality, try to use something more superficially. Then they'll reach for Smooth. It's got a real logical profile that's very soft and you can bring it up very superficial.

當然，我稍微改述一下。實際上，這跡象的範圍更廣。這種溝通方式屬於中度至深度皺紋和褶皺，法令紋就是其中一個例子。你們都可以看看木偶紋，如果仔細觀察下唇下方，有時會發現那裡有一道很深的皺紋。它被稱為頦下褶。這些產品用途非常廣泛。例如，當臨床醫生觀察皺紋或褶皺時，[misoluo]褶皺就是一個例子，他們可以充分地觀察它。它們是否彎曲，是否沉重，皮膚質量如何，嘗試使用更表面的東西。然後他們會選擇 Smooth。它的邏輯性很強，但又很柔和，你可以把它描述得非常膚淺。

If the strategy is different and you want to create a little bit more lift and you need some more lifting power, your strategy is going to be deeper, so you go into Form. And sometimes you combine the two. You layer them. You want something with more lift underneath and you want to smooth it out.

如果策略不同，你想增加一些提升力，需要更大的提升力，那麼你的策略就會更深，所以你要進入狀態。有時你會將兩者結合。將它們分層放置。你想要底部抬升力更強、表面更平滑的東西。

So that's one group. And then in Europe, Smooth's actually approved [parallel] fine lines and an off label here in the United States, but we're living in a global environment and people understand that that product can be used so superficially that it'll be used in parallel lines.

這是其中一組。然後在歐洲，Smooth 實際上批准了[平行]細紋，而在美國則是標籤外使用，但我們生活在一個全球化的環境中，人們明白該產品可以如此膚淺地使用，以至於會以平行紋的方式使用。

And the other thing that's come in that's been very interesting is a recurrent comment that we say, as I reach for a gel and I may go for something that needs more lifts, such as a form, and I get -- and this product's so forgiving that I can continue through different parts of the area. Or you can go superficial in the area that typically couldn't with the gel that has these properties.

另一個非常有趣的現像是，我們經常聽到這樣的評論：當我拿起凝膠，準備塗抹在需要更多提拉效果的部位，例如臉部輪廓時，我發現——這款產品非常溫和，我可以繼續塗抹在臉部的不同部位。或者，您可以使用具有這些特性的凝膠，在通常無法觸及的區域進行淺層塗抹。

So that's when the feedback so far for us that was kind of reassuring because it was very consistent with the feedback we got before we brought the product. And that's always nice to see that confirmation.

所以到目前為止，我們得到的回饋讓我們感到很欣慰，因為這與我們推出產品之前收到的回饋非常一致。看到這樣的確認總是令​​人高興的。

Navann Ty, BNP Paribas.

Navann Ty，法國巴黎銀行。

First, can you discuss in more detail the two, three action underlying the sequential growth for Jeuveau despite the seasonality, including that Evolus Day event and practices support and potential promotional activities and whether you expect similar action day.

首先，您能否更詳細地討論一下 Jeuveau 儘管存在季節性因素，但其持續增長背後的兩到三項行動，包括 Evolus Day 活動和實踐支持以及潛在的推廣活動，以及您是否預期會有類似的行動日。

And then second, you know that ad [v] commented on their Q3 call that their middle-income customers for Botox on the sidelines. So can you discuss the early signs of consumer stabilization that you are seeing.

其次，你知道廣告商[v]在他們的第三季電話會議上評論說，他們的肉毒桿菌注射的中等收入客戶處於觀望狀態。那麼，您能否談談您目前觀察到的消費者消費趨於穩定的早期跡象？

Sure. Thanks to question, Navann. I think what we saw in the second quarter as we commented before was a unique point at the end of the quarter where we saw pull back in customer purchasing that was really unique to the second quarter that we had observed before. We did not see that dynamic in the third. We maintained a consistent promotional effort. We -- and we always do, both on the consumer side, through our loyalty platform, where we did engage consumers that we saw stretching their intervals between treatment. But the way to bring them back down back into their normal routine.

當然。感謝Navann的提問。我認為，正如我們之前評論的那樣，我們在第二季度看到的是一個獨特的節點，即季度末客戶購買力的下降，這與我們之前觀察到的第二季度的情況截然不同。我們在第三場比賽中沒有看到這種變化。我們持續進行推廣活動。我們——而且我們一直都是這樣做的，無論是在消費者方面，還是透過我們的忠誠度平台，我們都與那些我們看到正在延長治療間隔的消費者進行了互動。但如何才能讓他們恢復正常的生活節奏呢？

We also were able to do some things in the market around the clinics with partnerships. We did have a partnership with consumer magazine, Allure, where there was a gift with purchase that consumers were able to partner with us on that did drive a lot of interest in our product. And then of course, now's the end of the fourth quarter as you pointed out, this is our annual 11th day which kicked off towards the end of October. And it's we're in the middle of it now. And it's a very important phase for us as our customers look at that annually.

我們也透過合作關係，在診所周圍的市場上開展了一些業務。我們曾與消費者雜誌《Allure》合作，透過購物贈禮的方式，讓消費者參與我們的活動中，這確實激發了人們對我們產品的濃厚興趣。當然，正如您所指出的，現在是第四季度的尾聲，今天是我們的年度第 11 天，該活動於 10 月底開始。而我們現在正處於其中。對我們來說，這是一個非常重要的階段，因為我們的客戶每年都會關注這一點。

Uy Ear, Mizuho Securities.

Uy Ear，瑞穗證券。

Congrats on the positive quarter here. So maybe a question on -- could you maybe just tell us the split between US and ex-US sales for Jeuveau. And maybe also kind of help us understand, I think you indicated that you strengthen your 14% market share. Maybe just help us understand what you mean by that. As well as what are you kind of seeing I guess in terms of your customer base who are -- who could be different from what [AV] -- the custom base that AV or Galder may have.

恭喜本季業績取得佳績。所以，或許我們可以問一個問題——您能否告訴我們 Jeuveau 在美國和美國以外地區的銷售額佔比？或許還能幫助我們理解，我想您曾表示要鞏固您14%的市佔率。或許您能解釋一下您這話是什麼意思嗎？另外，我想問您，就您的客戶群而言，您看到了什麼？這些客戶群可能與 [AV] 的客戶群有所不同—AV 或 Galder 的客戶群可能有所不同。

Yeah. Let's start with what we're seeing in terms of overall in the market. Obviously, the only two companies that report down the revenue and break out that level of details is both us and AV so through that, what we see is a market that, in the third quarter, likely declined by some small degree. And we continue to outpace. And you look at our year to date Jeuveau and the declining market, we've grown in terms of units, with probably most things you see our consumer rewards data where the overall redemption that's consumers [off], it's up over 30% year on year.

是的。讓我們先來看看目前市場的整體狀況。顯然，只有我們和AV這兩家公司會公佈營收並細分到如此詳細的級別，因此透過這些訊息，我們看到的是，第三季市場可能出現了一定程度的小幅下滑。我們繼續保持領先地位。看看我們今年迄今為止的 Jeuveau 業績，儘管市場下滑，但我們的銷量卻實現了成長。從消費者獎勵數據來看，整體兌換率（即消費者折扣）年增超過 30%。

So we continue to see very healthy demand for the product in these clinics, and we're continuing to, we believe, improve our presence there. Now that -- all at the same time we're establishing Evolysse in these clinics. So overall we feel very good about how Jeuveau is performed out of the third quarter, and we hope to see that momentum continue.

因此，我們繼續看到這些診所對該產品有非常健康的需求，我們相信，我們將繼續提高我們在那裡的市場份額。現在，我們正在這些診所同時推廣 Evolysse。總的來說，我們對 Jeuveau 在第三季的表現非常滿意，希望這種勢頭能夠繼續保持下去。

The second part was -- yeah, that was the 14%. Yeah, as far as the -- we don't do segment reporting on the toxin business. We -- so unfortunately, we won't be able to give you that color. But we did in the script make the comment that both the US and in the international business are growing positive in terms of units here today. So I think it gives you some color around if there's growth happening on both sides on top of Evolysse.

第二部分是──是的，那就是 14%。是的，至於——我們不做關於毒素業務的細分報告。所以很遺憾，我們無法為您提供那種顏色。但我們在劇本中確實提到，如今美國和國際市場的銷售量都在成長。所以我覺得，如果 Evolysse 頂部兩側都有生長，它就能呈現出一些色彩。

Okay. Can I sneak in another question? You're now going to bundle the product, maybe just help us stand the potential synergies that you could get from this. Do you expect -- in some of the accounts, I think, you're heavily penetrated and in terms of Jeuveau, do you expect greater penetration there? Or do you think that the synergies will work sort of -- greater synergies in in terms of Evolysse. Just help us understand the dynamic and the potential and the magnitude.

好的。我可以再問一個問題嗎？您現在打算將產品捆綁銷售，或許可以幫我們分析您可能從中獲得的潛在綜效。您認為—在某些帳戶中，您們的滲透率很高，而就 Jeuveau 而言，您認為您們的滲透率會更高嗎？或者你認為這種協同效應會起到一定作用——在 Evolysse 方面產生更大的協同效應。請幫助我們理解其中的動態、潛力和規模。

Yeah, I think my view is the portfolio bundle is a long play for us. This is a very early innings. We've been operating as a single-product company and without a bundle for seven years. And you've seen this establish Jeuveau. It's the fastest growing brand. The majority of those years since we entered the market. And we're the first company that -- to break through the double-digit mark outside of the initial two players to enter the space.

是的，我認為投資組合組合對我們來說是一項長期投資。這只是比賽的開始階段。七年來，我們一直以單一產品公司的形式運營，沒有推出捆綁銷售產品。你已經見證了 Jeuveau 的崛起。它是成長速度最快的品牌。自從我們進入市場以來的大部分年份。我們是第一家突破兩位數門檻的公司，而最初只有兩家公司進入這個領域。

We do believe this is a meaningful opportunity for Jeuveau. There are countless conversations that we've had with the clinics where there's Jeuveau usage in the limited by the downside risk they have by moving over more of their share to us on their total purchasing with some of the competitive products.

我們相信這對 Jeuveau 來說是一個意義非凡的機會。我們與許多診所進行了無數次對話，這些診所使用 Jeuveau 產品受到一些競爭產品的下行風險的限制，因為他們將更多份額的採購轉移到我們這裡。

The idea of a bundle unlocks and alleviates some of that pressure, and I think the reason I say it's a longer-term endeavor is it because Sculpt further unlocks it because it's further expand our portfolio within the HA space which is an important part of continuing to move more of the business over. So I view the fourth quarters -- the first of many quarters to come here. We'll start talking a little bit more about the advantage of the portfolio.

捆綁銷售的概念可以釋放並緩解一些壓力，我認為之所以說這是一項長期事業，是因為 Sculpt 進一步釋放了這種壓力，因為它進一步擴展了我們在 HA 領域的投資組合，這是繼續將更多業務轉移到該領域的重要組成部分。所以我認為第四季——未來眾多季度中的第一個季度——即將到來。接下來，我們將更詳細地討論一下投資組合的優勢。

Douglas Tsao, HC Wainwright.

Douglas Tsao，HC Wainwright。

Congrats on the progress. David, I guess I'm just curious, have you seen that effect yet in the marketplace, meaning, sort of accounts that were perhaps not purchasing Jeuveau because they were very defensive around sort of the bundle with allergen or AV, and now are beginning to be able to purchase Jeuveau as well as Evolysse. Or is that more of the sort of a comp?

恭喜你取得進展。David，我只是好奇，你是否已經在市場上看到了這種影響？我的意思是，那些以前可能因為擔心 Jeuveau 與過敏原或 AV 捆綁銷售而不敢購買 Jeuveau 的帳戶，現在開始能夠同時購買 Jeuveau 和 Evolysse 了。或者說，這更像是一種比較？

Yeah. We have had a combination of both inbound interest from accounts that where working with us on Jeuveau and they're interested in Evolysse and that opens the door for us to begin partnering with them. Now keep in mind, Evolysse is still early. So that some of those could be dabblers that will continue to expand their presence. And as a result of that, they started to dabble with Jeuveau. So that's one group of customers.

是的。我們收到了來自先前與我們合作開發 Jeuveau 的客戶的各種意向，他們對 Evolysse 很感興趣，這為我們與他們建立合作關係打開了大門。請記住，Evolysse 目前仍處於早期階段。因此，其中一些可能是淺嚐輒止者，他們會繼續擴大自己的影響力。因此，他們開始嘗試使用 Jeuveau。這是其中一組客戶。

Another group or customers that have been somewhat moderate users of Jeuveau and now with Evolysse they're looking at us differently and consistently in the conversation is the idea of having a mid-face product that bring in a differentiated mid-face product which is a big gap in a lot of portfolios in our industries. It's significant point in time to do that. So we viewed this if you will, in three stages, right?

另一群客戶，他們之前對 Jeuveau 的使用頻率不高，現在有了 Evolysse，他們開始以不同的眼光看待我們，並且在討論中始終關注的問題是，我們需要一款中面部產品，一款差異化的中面部產品，這在我們行業的許多產品組合中都是一個巨大的空白。現在正是做這件事的重要時刻。所以，我們可以分三個階段來看這個問題，對吧？

The first six months was establishing Evolysse. The next six months is starting to establish our portfolio value proposition, and then opening the doors to follow as Sculpt gets to approval and then we can really use that entire bundle to start to take advantage of it. So we've been deliberate about how we try to roll these out, especially to support our customers who helped us get here.

前六個月主要用來建立 Evolysse 公司。接下來的六個月我們將開始確立我們的產品組合價值主張，然後隨著 Sculpt 獲得批准，我們將打開後續的大門，屆時我們就可以真正利用整個產品組合來從中獲益。因此，我們一直在慎重考慮如何推出這些服務，尤其要支持那些幫助我們走到今天的客戶。

And as a follow-up, David, I'm just curious, on the co-branded marketing side is Jeuveau remaining the focal point, or have you had accounts inquire or begin to actually do co-branded marketing where Evolysse is the focus?

David，我還有一個後續問題，我很好奇，在聯合品牌行銷方面，Jeuveau 是否仍然是重點，或者是否有客戶諮詢或開始實際開展以 Evolysse 為重點的聯合品牌行銷？

Yeah. So the third quarter we started out co-branded media on Evolysse. Some of those co-branded media ads had mentioned of weight loss. As you know, we're the only hyaluronic acid that has mention of weight loss in our label. There's a lot of interest, some of those in our billboards now sitting around the US, some of them are digital media, and that was one that many (technical difficulty)

是的。所以第三季我們開始在 Evolysse 進行聯名品牌媒體宣傳。有些聯名品牌的媒體廣告提到了減肥。如你所知，我們是唯一一家在標籤上提及減肥功效的玻尿酸公司。很多人對此很感興趣，其中一些是我們目前在美國各地投放的廣告牌，有些是數位媒體廣告，而這正是許多人關注的焦點。（技術難題）

Apologies. We're having technical difficulty. Please hold.

抱歉。我們遇到了技術故障。請稍等。

Sorry about that, we're back.

抱歉，我們回來了。

Hello?

你好？

Yes. We're back on. I think, David, we lost you mid-stream about the co-branded marketing.

是的。我們又回來了。大衛，我覺得我們剛才在講聯名品牌行銷的時候，你有點跟不上我們的想法了。

Yeah. My only comment there was we are seeing co and marketing on Evolysse in the form of billboards as well as digital with a number of them having the mention of weight loss, which is unique to our product. And as we mentioned on a prior call, the more you purchase from Evolysse, the more co-branded media dollars you earn. And then our team works with those clinics to choose which products they want to highlight between the two, Jeuveau and Evolysse. And you -- we started to introduce it in the third quarter in the market, and it's going to continue to rise as the end of the fourth quarter.

是的。我當時唯一的評論是，我們看到 Evolysse 的聯合行銷活動以廣告看板和數位廣告的形式進行，其中許多都提到了減肥，這是我們產品的獨特之處。正如我們在先前的電話會議中提到的，您從 Evolysse 購買的產品越多，您獲得的聯名媒體推廣費用就越多。然後我們的團隊與這些診所合作，從 Jeuveau 和 Evolysse 這兩個產品中，選擇他們想要重點推廣的產品。我們從第三季開始向市場推出這款產品，到第四季末，它的銷售量將持續成長。

Serge Belanger, Needham & Company.

Serge Belanger，Needham & Company。

David, first question is on ordering patterns. Like you mentioned earlier, sums and size of orders kind of dropped off at the end of the second quarter. Just curious what impact that had on inventory levels and the overall ordering pattern throughout 3Q. And maybe what you've seen in the early part of 4Q right now.

大衛，第一個問題是關於訂購模式的。正如你之前提到的，第二季末訂單金額和規模都有所下降。我只是好奇這會對第三季的庫存水準和整體訂貨模式產生什麼影響。或許你現在已經在第四季初看到了這種情況。

Secondly, I think Tatjana mentioned that the customer event was moved from 3Q to 4Q. I imagine that's the 11-day promote -- 11, yeah, 11-day promotion. What impact did that have on OpEx. And could that be another tailwind for 4Q Jeuveau sales?

其次，我認為 Tatjana 提到過，客戶活動從第三季移到了第四季。我猜那是為期 11 天的促銷活動——11 天，沒錯，11 天的促銷活動。這對營運成本產生了什麼影響？這是否會成為 Jeuveau 第四季銷售額的另一個利多因素？

The line is -- speaker line is still muted. Apologies, looks like we're experiencing more technical difficulties. Please hold. Apologies for the delay. I have these speakers back up.

線路顯示－揚聲器線路仍處於靜音狀態。抱歉，我們似乎遇到了更多技術問題。請稍等。很抱歉耽擱了這麼久。我還有備用音箱。

Serge, can you let me know where we cut off? Can you let me know where my response cut off.

塞爾吉，你能告訴我我們在哪裡結束嗎？請問我的回覆在哪裡戛然而止了？

I don't think we heard your response at all.

我想我們根本沒聽到你的回覆。

Okay. Apologies, we are dealing with some technical difficulties, but we are back on. So the question was around the customer event that moved from Q3 to Q4. That was the summit that we have for our largest customers. It was not the 11the day promotion. So the 11th day promotion, as David said, kicked off at the end of October and it's currently underway, and so there's no change in promotional cadence or any impact revenue.

好的。抱歉，我們遇到了一些技術問題，但現在已經恢復正常。所以問題在於客戶活動從第三季轉移到了第四季。那是我們為最大客戶舉辦的高峰會。這不是第11天的促銷活動。正如大衛所說，第 11 天促銷活動於 10 月底開始，目前正在進行中，因此促銷節奏沒有變化，收入也沒有受到影響。

Okay. And to your second part of your question around purchasing pattern, Serge, couple things that we pointed out coming out of the Q2 earnings call. One is that accounts were drawing down their inventory and we expected that to continue through the third quarter. And so what we're seeing were accounts that are carrying less inventory and purchasing more on an on-demand basis versus placing sort of larger volume orders that they had been placing before. But collectively, we saw them coming through strong just with -- over the course of more orders rather than the bigger volume ones.

好的。關於你提出的第二個問題，即購買模式，Serge，我們在第二季財報電話會議上指出了幾點。一是客戶正在減少庫存，我們預計這種情況會持續到第三季。因此，我們看到的情況是，一些帳戶的庫存減少，更多地按需採購，而不是像以前那樣下大批量訂單。但總體而言，我們看到他們表現出色，這體現在訂單數量較多，而不是訂單量較大。

Now, the fourth quarter is that the busiest season, so we expect that the purchase volumes are generally higher. They will be higher than they have been over the past two quarters, but we do expect that [inventory] --

第四季是銷售旺季，因此我們預期採購量通常會更高。它們將高於過去兩個季度的水平，但我們預計…[存貨] -

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Maybe I can move to the tariff mitigation strategies that you called out in the prepared remarks. So I'd love to hear any details I guess you could provide on potential offsets if we do get tariffs. I know it's a fluid situation, but would love your thoughts there. And you know maybe as a follow-up, you know if you know we do get potentially material rates, what's your ability I guess to build in the US manufacturing in the US, how long that could take to build out? Any thoughts that would be great.

或許我可以談談您在準備好的演講稿中提到的關稅緩解策略。所以，如果真的徵收關稅，我很想聽聽您能否提供一些關於潛在抵銷措施的細節。我知道情況瞬息萬變，但很想聽聽你的看法。你知道，作為後續問題，你知道，如果我們確實獲得了潛在的材料價格，那麼你在美國進行生產的能力如何？在美國進行生產需要多長時間才能建成？有什麼想法嗎？非常感謝。

Yeah. Sam, it's a great question on tariffs. Like you, we've also been watching this very closely, and I want to be careful not to get into too much detail here because it's harder to lay out plans when it's not entirely clear yet. The Korean trade agreement is nearing a close, so we're looking forward to seeing agreement finalized. But the pharmaceutical tariffs, and whether those continue to hold, are still not yet clear.

是的。山姆，你提出的關稅問題很好。和你們一樣，我們也一直在密切關注此事，我想謹慎一些，避免在這裡透露太多細節，因為在情況還不完全明朗的情況下，制定計劃會比較困難。韓朝貿易協定即將達成，我們期待看到協定最終敲定。但藥品關稅以及這些關稅是否會繼續實施，目前仍不清楚。

I can tell you that we have an incredible partnership with our partner, Daewoong, in Korea. They're very well aware of the impact of tariffs, the conversations we've had with them. And they've also been very supportive. As you see on one hand there's been a higher impact on our cash burn as a result of pulling forward inventory into the US that allows us and affords us the luxury of time to be able to get more clarity on some of these unknown items. But as you can imagine we're working through it in scenario planning.

我可以告訴大家，我們與韓國合作夥伴大熊公司建立了非常棒的合作關係。他們非常清楚關稅的影響，我們和他們也談過這個問題。他們也一直非常支持我。一方面，正如你所看到的，由於我們將庫存提前運往美國，我們的現金消耗受到了更大的影響，這讓我們有時間更清楚地了解一些未知事項。但正如你所想，我們正在透過情境規劃來解決這個問題。

So rather than going through each of those scenarios I can tell you that we have a partner that's committed. We have the luxury of time to work through this, and it's still unclear. Within that range of options, I would just say that we're open to exploring --

所以與其逐一列舉這些情況，我可以直接告訴你，我們有一個盡職的合作夥伴。我們有充足的時間來解決這個問題，但目前情況仍不明朗。在這些選項中，我想說我們願意探索各種可能性。--

Apologies. Looks like we lost them again. Please hold.

抱歉。看來我們又把他們弄丟了。請稍等。

There are no further questions at this time. I'd like to pass the call back over to Nareg Sagherian for details on an upcoming IR event. Nareg?

目前沒有其他問題了。我想把電話轉回給納雷格·薩格里安，讓他詳細介紹即將舉行的投資者關係活動。納雷格？

We hope to see many of you there. Thank you for joining us today.

我們希望在那裡見到你們中的許多人。感謝您今天蒞臨。

This concludes today's teleconference. 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了。