Evolus Inc (EOLS) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for standing by. Welcome to Evolus, first quarter earnings conference call. (Operator Instructions)

各位下午好，感謝各位撥冗等候。歡迎參加 Evolus 第一季財報電話會議。（接線員指示）

As a reminder, today's conference is being recorded and webcast live. (Operator Instructions)

提醒各位，今天的會議將被錄音，並以網路直播方式即時播出。（接線員指示）

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

現在我想將會議交給投資人關係與企業傳播副總裁暨主管 Nareg Sagherian。請開始。

Thank you, operator, and welcome to everyone joining us on today's call to review Evolus' first quarter financial results. Our first quarter press release is now on our website at evolus.com.

謝謝接線員，也歡迎各位參加今天的電話會議，一同回顧 Evolus 第一季財務結果。我們第一季新聞稿現已發布於 evolus.com。

With me today are David Moatazedi, President and Chief Executive Officer; and Tatjana Mitchell, Chief Financial Officer; and Rui Avelar, Chief Medical Officer and Head of R&D, is also with us for the Q&A portion of the call.

今天與我一同出席的有總裁兼執行長 David Moatazedi；財務長 Tatjana Mitchell；而醫務長暨研發主管 Rui Avelar 也將在問答環節與我們同在。

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 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。由於我們財報新聞稿與向 SEC 提交文件中所述之風險與不確定性，實際結果可能與前瞻性陳述有重大差異。這些前瞻性陳述係基於目前假設，我們不承擔更新之義務。

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.

此外，我們將討論若干非 GAAP 財務衡量指標。這些指標應與我們的 GAAP 結果一併考量，而非用以取代 GAAP 結果。GAAP 與非 GAAP 指標之調節表已包含於今日的財報新聞稿中。

As a reminder, our earnings release 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.

提醒各位，我們的財報新聞稿與 SEC 申報文件可於 SEC 官網及我們的投資人關係網站查閱。今日電話會議結束後，重播將於 investors.evolus.com 提供。

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

接下來，我將把電話會議交給我們的執行長 David Moatazedi。

Thank you, Nareg, and good afternoon, everyone. We started 2026 with strong momentum that carried over from the fourth quarter, resulting in our second consecutive quarter of positive adjusted EBITDA. Importantly, we achieved this in what is seasonally our lowest revenue quarter of the year and against our strongest prior year comparison. We view this as a clear validation of both the strength of the business and the benefits from the structural improvements we implemented in 2025.

謝謝你，Nareg，各位下午好。我們以強勁動能展開 2026 年，並延續自第四季的表現，使我們連續第二季達成正向調整後 EBITDA。更重要的是，我們是在一年中季節性收入最低的季度、且面對去年同期最強比較基期的情況下達成。我們認為這清楚驗證了業務的韌性，以及我們於 2025 年推動之結構性改善所帶來的效益。

At a market level, we are encouraged by what we are seeing across the category, with industry data and commentary signaling a global aesthetics market that remains healthy with continued growth and strong consumer engagement. We estimate that in the first quarter, the US toxin market grew in the low to mid-single digits, while the filler market demonstrated continued improvement and was flat to slightly down.

就市場層面而言，我們對整體品類所見到的情況感到鼓舞；產業數據與相關評論顯示，全球醫美市場仍維持健康，持續成長且消費者參與度強勁。我們估計第一季美國肉毒市場以低至中個位數成長，而填充劑市場持續改善，呈現持平至小幅下滑。

Against that backdrop, we maintained our Jeuveau US market share at 14% and delivered share gains with Evolysse, reflecting continued strong performance driven by execution and a differentiated commercial model.

在此背景下，我們將 Jeuveau 在美國的市占率維持在 14%，並透過 Evolysse 取得市占提升，反映出在執行力與差異化商業模式驅動下的持續強勁表現。

This is an important inflection point for Evolysse. Over the past year, we took deliberate actions to align our cost structure with the scale of the business and positioned the company for sustained profitability. The results we are delivering today reflect that work. We are now demonstrating that we can drive profitable growth while continuing to invest in expanding our portfolio.

這是 Evolysse 的重要轉折點。過去一年，我們採取審慎行動，使成本結構與業務規模相匹配，並讓公司具備可持續獲利的定位。我們今天交出的成果正反映了這些努力。我們現在正展現出能在持續投資擴充產品組合的同時，推動具獲利性的成長。

To start the year, we are tracking ahead of our operating profit assumptions, giving us the optionality to invest into growth-driving initiatives in the back half of the year. As we look ahead, our strategy is consistent and focused on building a scaled, multi-product aesthetics company, supported by a differentiated and increasingly durable business model.

年初至今，我們的表現優於原先的營業利潤假設，使我們在下半年得以選擇性投入推動成長的計畫。展望未來，我們的策略一貫且聚焦：打造具規模的多產品醫美公司，並以差異化且日益具耐久性的商業模式作為支撐。

Our long-term outlook through 2028 is grounded in executing our playbook each quarter, expanding account coverage, improving field productivity, deepening relationships with practices and consistently converting demand into repeat purchasing across the portfolio.

我們對 2028 年前的長期展望，建立在每一季落實我們的作戰手冊：擴大帳戶覆蓋、提升前線生產力、深化與診所的關係，並持續將需求轉化為跨產品組合的重複採購。

A key element of our differentiation, which has enabled us to achieve mid-teens market share for Jeuveau, is the competitive moat we have established for our performance beauty platform. At the foundation is our cash-pay model and ability to deliver a fully integrated experience for both customers and consumers.

我們差異化的一個關鍵要素，使我們得以讓 Jeuveau 達到約中十位數的市占率，是我們為「performance beauty」平台建立的競爭護城河。其基礎在於我們的現金自費（cash-pay）模式，以及為客戶與消費者提供完整整合體驗的能力。

Unlike traditional models, our leading digital ecosystem connects the entire platform. From practice engagement and product ordering to consumer acquisition, loyalty and repeat utilization, creating a level of connectivity and efficiency that is difficult to replicate and continues to drive repeat usage and momentum across the business. This platform is now powered to drive the portfolio bundle benefits.

不同於傳統模式，我們領先的數位生態系串聯整個平台。從診所互動與產品下單，到消費者獲取、忠誠度與重複使用，形成難以複製的連結性與效率，並持續推動重複使用與整體業務動能。此平台如今也具備驅動產品組合綁定（bundle）效益的能力。

And with international growth on a steady rise, the upcoming launch of the Estyme in Europe this quarter. And additional pipeline milestones ahead, we believe this differentiated commercial structure positions us to scale efficiently and execute with greater precision.

同時，隨著國際成長穩步上升，本季 Estyme 即將在歐洲上市，且後續還有更多研發管線里程碑，我們相信這種差異化的商業結構能讓我們更有效率地擴張，並以更高精準度執行。

At the same time, we are increasingly leveraging our digital ecosystem to drive efficiency and scale across the organization. Over the past year, we have embedded AI into core areas of the business, and we are now seeing those actions translate into tangible results.

與此同時，我們也日益運用數位生態系，提升全組織的效率與規模化能力。過去一年，我們已將 AI 嵌入業務核心領域，現在正看到這些行動轉化為具體成果。

Our unified data platform allows us to connect insights across the commercial organization, enabling more targeted engagement, improved field productivity and faster decision-making. What makes us particularly powerful is how tightly integrated these capabilities are within our operating model.

我們的統一數據平台使我們能串聯商業組織各項洞察，進而實現更精準的互動、更高的前線生產力與更快速的決策。特別強大之處在於，這些能力與我們的營運模式高度緊密整合。

Our commercial platform, including Evolus Rewards, practice engagement tools and ordering system create a continuous data loop that feeds directly into our AI capabilities. This allows our field organization to operate with greater precision and effectiveness with real-time insights at their fingertips that support everything from customer targeting to conversion.

我們的商業平台（包含 Evolus Rewards、診所互動工具與訂購系統）形成一個持續的數據循環，直接回饋至我們的 AI 能力。這讓前線團隊能以更高精準度與更佳成效運作，並可即時取得洞察，支援從客戶鎖定到轉換的各個環節。

Turning to the business, underlying demand remains healthy and consistent with the momentum we exited 2025. In addition to the customer expansion and strong reorder rates, we are seeing increasing traction from our portfolio bundling strategy.

回到業務面，基礎需求仍然健康，且與我們在 2025 年底所呈現的動能一致。除了客戶擴張與強勁的再訂購率之外，我們也看到產品組合綁定策略帶來的牽引力持續提升。

We are encouraged by the progress and momentum we are seeing across our accounts as customers adopt a more integrated approach to our portfolio. Given this is a structured six-month program, we look forward to providing a more comprehensive update following the second quarter.

我們對各帳戶所見到的進展與動能感到鼓舞，因為客戶正採用更整合的方式使用我們的產品組合。鑑於這是一個結構化的六個月計畫，我們期待在第二季結束後提供更全面的更新。

Importantly, this is a key driver of both growth and profitability. As a more streamlined organization, these capabilities allow us to scale the business more efficiently, which is a meaningful contributor to the operating leverage and profitability we are now delivering. This is not a trade-off between growth and efficiency. It's a reflection of a more intelligent and scalable model and a clear point of differentiation versus traditional approaches in the category.

重要的是，這同時是成長與獲利的關鍵驅動因素。作為更精簡的組織，這些能力讓我們能更有效率地擴大業務規模，並對我們目前所展現的營運槓桿與獲利能力做出重要貢獻。這不是在成長與效率之間取捨，而是更聰明、可規模化模式的體現，也是相較於該品類傳統作法的一個明確差異點。

Looking at our key performance indicators, they reinforce both the quality and demand, scalability of our commercial model. We're continuing to broaden our reach across practices. Total purchasing accounts increased by nearly 500 in the first quarter, and since launch, more than 18,000 customers have purchased from Evolus, including approximately 3,500 for Evolysse.

從我們的關鍵績效指標來看，它們進一步印證了我們商業模式的品質、需求與可擴展性。我們持續擴大對診所的觸及。第一季總採購帳戶數增加近 500 個；自上市以來，已有超過 18,000 名客戶向 Evolus 採購，其中約 3,500 名為 Evolysse。

US account penetration is now above 60%. Reorder rates remain approximately 71% and Evolus Rewards continues to expand, approaching 1.5 million members, up 27% year-over-year, with redemptions exceeding 255,000 in the quarter. These metrics reflect strong engagement and support our ability to translate demand into increasingly consistent financial performance.

美國帳戶滲透率現已超過 60%。再訂購率仍約為 71%，Evolus Rewards 也持續擴張，會員數接近 150 萬，年增 27%；本季兌換次數超過 255,000。這些指標反映出強勁的參與度，並支持我們將需求轉化為日益穩定的財務表現之能力。

On Jeuveau, we continue to see a brand that's building. In the first quarter, Jeuveau delivered $66.4 million in global revenue, with positive unit growth and pricing stability across both US and international markets. While reported revenue reflects normal seasonality and prior year timing dynamics, underlying demand remains intact.

就 Jeuveau 而言，我們持續看到品牌正在成長。第一季 Jeuveau 全球營收達 6,640 萬美元，在美國與國際市場皆呈現正向的銷量成長與價格穩定。雖然已報告營收反映正常季節性與去年同期的時點因素，但基礎需求仍然完好。

As we move through the first half of 2026, we expect to wrap around those dynamics from early 2025, resulting in high single-digit growth for Jeuveau over that period.

隨著我們走過 2026 年上半年，我們預期將逐步消化 2025 年初的相關時點因素，使 Jeuveau 在該期間呈現高個位數成長。

Beyond Jeuveau, our next phase of growth is being driven by portfolio expansion and increasing share of wallet within our accounts. In the US Evolysse is increasing our relevance with customers and contributing to an evolving revenue mix as we apply the same playbook that drove Jeuveau's success, education, training and discipline scaling.

在 Jeuveau 之外，我們下一階段的成長將由產品組合擴張，以及在既有帳戶中提升錢包占比所驅動。在美國，Evolysse 正提升我們對客戶的相關性，並在我們套用同一套推動 Jeuveau 成功的作戰手冊（教育、訓練與紀律性的規模化）之際，促成營收組合的演變。

Just this past weekend, we hosted 50 customers for a training program on our injectable products and the feedback on Evolysse was incredibly positive. We are seeing accounts repurchasing at higher volumes as they gain confidence in the uniqueness of the product benefits.

就在剛過去的週末，我們為 50 位客戶舉辦了針劑產品的培訓課程，而對 Evolysse 的回饋極為正面。隨著客戶對產品獨特效益的信心提升，我們看到帳戶以更高的採購量進行回購。

The excitement is also building around the upcoming FDA milestone for Sculpt, which further completes our HA portfolio and puts us in a strengthened competitive position against the HA market-leading companies. As previously stated, we expect to gain FDA approval for Sculpt in the fourth quarter of this year.

市場對 Sculpt 即將到來的 FDA 里程碑也愈發振奮，這將進一步完善我們的 HA 產品組合，並使我們在與 HA 市場領導公司的競爭中處於更強勢的地位。如先前所述，我們預期將於今年第四季取得 Sculpt 的 FDA 核准。

Internationally, we are extending that strategy with the mid-May launch of Estyme in Europe. Expanding our addressable market and building on the commercial foundation we've established with Nuceiva.

在國際市場方面，我們正透過 5 月中旬在歐洲推出 Estyme 來延伸該策略，擴大我們可觸及的市場，並在我們以 Nuceiva 建立的商業基礎上持續深化。

In Europe, we have the opportunity to introduce a full line of Estyme products, including the flagship Sculpt mid-face product, along with the US-approved Smooth & Form products and the Estyme Lips product, which is currently in US FDA trials.

在歐洲，我們有機會導入完整的 Estyme 產品線，包括旗艦產品 Sculpt（中臉適應症），以及已獲美國核准的 Smooth 與 Form 產品，還有目前正在美國 FDA 進行試驗的 Estyme Lips 產品。

The market learnings from these products in Europe will further support our launch strategy in the US. We also continue to take a disciplined approach to expanding our innovation pipeline. We are continuing to actively evaluate and pursue targeted, capital-efficient opportunities that complement our portfolio and leverage our existing commercial infrastructure. This is a natural extension of our strategy, an important component of our long-term growth, and positions us well to continue building a differentiated multi-product platform.

這些產品在歐洲市場的學習與洞察，將進一步支持我們在美國的上市策略。我們也持續以嚴謹的方式擴展創新研發管線。我們持續積極評估並推進具針對性、資本效率高的機會，以補強我們的產品組合並運用既有的商業基礎設施。這是我們策略的自然延伸，是長期成長的重要組成部分，並使我們能夠持續打造具差異化的多產品平台。

Stepping back, our priorities are clear. We're focused on executing our plan, maintaining discipline across our cost structure and investing in catalysts that will drive our next phase of growth. We are well capitalized to support existing business growth and investment pipeline opportunities. Based on our performance in the first quarter, we are reiterating our full-year outlook and remain confident in our ability to deliver double-digit revenue growth and achieve full-year adjusted EBITDA profitability in 2026.

回到整體來看，我們的優先事項非常清楚。我們專注於落實計畫，在成本結構上維持紀律，並投資於將推動下一階段成長的催化因素。我們資本充足，可支持既有業務成長與投資管線機會。基於第一季的表現，我們重申全年展望，並對於實現雙位數營收成長，以及在 2026 年達成全年調整後 EBITDA 獲利，仍具信心。

With that, I'll turn the call over to Tatjana to walk through the first-quarter financial results and our outlook.

接下來，我把電話會議交給 Tatjana，請她說明第一季財務結果與我們的展望。

Thank you, David. Our first quarter results reflect meaningful progress toward full-year adjusted EBITDA profitability. We are executing against our revenue plan while maintaining the expense discipline we established in 2025, and we are seeing the benefits of that structure flow through and expand our operating leverage over the course of 2026.

謝謝你，David。我們第一季的結果反映出朝向全年調整後 EBITDA 獲利邁出重要進展。我們在執行營收計畫的同時，維持 2025 年建立的費用紀律，並且在 2026 年的過程中看到該結構帶來的效益逐步體現，進一步擴大我們的營運槓桿。

For Q1, global net revenue was $73.1 million, representing a 7% increase over the prior year. This included $66.4 million of global Jeuveau revenue and $6.7 million from Evolysse. On Jeuveau, units increased in both the US and international markets, reflecting healthy underlying demand.

第一季全球淨營收為 7,310 萬美元，較去年同期成長 7%。其中包括 Jeuveau 全球營收 6,640 萬美元，以及 Evolysse 670 萬美元。就 Jeuveau 而言，美國與國際市場的銷售單位數皆增加，反映出健康的基本需求。

In the US, there were one-time revenue deferral dynamics that benefited the first quarter of 2025 and created a headwind in the first quarter of 2026. We expect second quarter US Jeuveau net revenue growth to more than offset the first quarter decline.

在美國市場，曾有一次性的營收遞延因素使 2025 年第一季受益，並在 2026 年第一季形成逆風。我們預期第二季美國 Jeuveau 淨營收成長將足以抵消第一季的下滑。

For the first half of 2026, our guidance implies high-single-digit year-over-year growth for global Jeuveau revenue. Supporting our expectation for total company revenue growth of 10% to 13% for the full year.

就 2026 年上半年而言，我們的指引意味著 Jeuveau 全球營收將呈現年增高個位數成長，並支撐我們對公司全年總營收成長 10% 至 13% 的預期。

Turning to gross margin, reported gross margin in the first quarter was 67% and adjusted gross margin was 68%, which excludes the amortization of intangibles. Regarding tariffs, a recent executive proclamation set a 15% tariff on certain pharmaceutical products in South Korea, including Jeuveau, with an effective date of September 29, 2026.

接著談毛利率。第一季公告毛利率為 67%，調整後毛利率為 68%，後者排除無形資產攤銷。關於關稅方面，近期一項行政公告對韓國特定藥品（包括 Jeuveau）設定 15% 的關稅，生效日為 2026 年 9 月 29 日。

We believe there is a pathway to mitigate or eliminate the impact of this tariff, and we are actively evaluating multiple options. In the near term. We have a plan to secure significant US inventory, supported by the product's three-year shelf life, which provides flexibility as we bridge to longer-term solutions.

我們相信有途徑可減輕或消除該關稅的影響，並正積極評估多種選項。短期內，我們有一項計畫可確保美國市場的可觀庫存，並利用產品三年的保存期限作為支撐，讓我們在銜接至長期解決方案時具備彈性。

We plan to provide an update by year-end as we gain greater clarity. Importantly, the announced tariffs do not impact or change our confidence in our 2026 outlook or long-term guidance.

隨著我們取得更明確的資訊，我們計畫在年底前提供更新。重要的是，已宣布的關稅不會影響或改變我們對 2026 年展望或長期指引的信心。

Moving to operating expenses. GAAP operating expenses for the first quarter were $55.7 million, compared to $55.1 million in the fourth quarter. As a reminder, the fourth quarter of 2025 included a $4.5 million benefit related to the revaluation of the contingent royalty obligation.

接著看營業費用。第一季 GAAP 營業費用為 5,570 萬美元，較第四季的 5,510 萬美元略增。提醒一下，2025 年第四季包含與或有權利金義務重估相關的 450 萬美元收益。

In Q1 2026, the revaluation impact was immaterial. Non-GAAP operating expenses for the first quarter were $49.1 million, compared to $53 million in the fourth quarter, reflecting continued discipline and the impact of structural cost actions we implemented last year.

在 2026 年第一季，重估影響不重大。第一季非 GAAP 營業費用為 4,910 萬美元，較第四季的 5,300 萬美元下降，反映出我們持續的紀律，以及去年採取的結構性成本措施所帶來的影響。

As a reminder, non-GAAP operating expenses exclude stock-based compensation, revaluation of the contingent royalty obligation and depreciation and amortization.

提醒一下，非 GAAP 營業費用不包含以股份為基礎的薪酬、或有權利金義務的重估，以及折舊與攤銷。

Within operating expenses, selling, general and administrative expenses for the first quarter were $52 million, compared to $54.7 million in the fourth quarter. This included $4.8 million of non-cash stock-based compensation similar to the prior quarter.

在營業費用中，第一季銷售、一般及行政費用為 5,200 萬美元，較第四季的 5,470 萬美元下降。其中包含 480 萬美元的非現金股份基礎薪酬，與前一季相近。

From a profitability standpoint. We generated positive adjusted EBITDA of $0.6 million in the first quarter, compared to a loss of $5.5 million in the prior-year period. This improvement reflects both revenue growth and improved cost efficiency as we continue to scale the business while maintaining disciplined expense management.

就獲利能力而言，我們第一季產生 60 萬美元的正向調整後 EBITDA，相較去年同期為虧損 550 萬美元。此改善反映營收成長與成本效率提升；我們在維持嚴謹費用管理的同時，持續擴大業務規模。

Turning to the balance sheet. We ended the first quarter with $49.8 million in cash and cash equivalents, compared to $53.8 million at the end of the fourth quarter. The primary uses of cash were interest and bonus payments, which were offset by the net proceeds from the line of credit.

接著看資產負債表。我們第一季末的現金及約當現金為 4,980 萬美元，較第四季末的 5,380 萬美元下降。現金主要用途為利息與獎金支付，並由信用額度的淨融資款項所抵銷。

As a reminder, in addition to the approximately $50 million in cash, we have access to an additional $120 million in capital. $100 million on our long-term debt facility with Pharmakon and $20 million on the revolving credit facility. Our existing term loan does not mature until mid-2030. Over the past two quarters, cash usage was modest at approximately $3 million in aggregate. Our current cash trajectory supports ongoing operating expenses. While the incremental facilities provide optionality for potential pipeline development opportunities.

提醒一下，除約 5,000 萬美元現金外，我們還可取得額外 1.2 億美元資金：其中 1 億美元來自與 Pharmakon 的長期債務融資額度，2,000 萬美元來自循環信用額度。我們現有的定期貸款要到 2030 年年中才到期。過去兩個季度的現金使用合計約 300 萬美元，幅度不大。我們目前的現金走勢可支應持續的營運費用；而額外的融資額度則為潛在的研發管線開發機會提供選擇性。

Overall, we believe this provides sufficient liquidity and flexibility to execute our strategy, invest in growth, and progress toward meaningful free cash flow generation over time. Finally, we have recently terminated our add-to-market equity facility, which was never utilized, reinforcing our confidence in our current capital position.

整體而言，我們認為這為執行策略、投資成長，以及隨時間推進至具意義的自由現金流創造，提供了充足的流動性與彈性。最後，我們近期已終止我們的隨市發行（ATM）股權融資機制，該機制從未使用，進一步強化我們對目前資本狀況的信心。

Turning now to guidance. Our full-year 2026 outlook remains unchanged. We continue to expect total net revenue of $327 million to $337 million, adjusted gross margin of 65.5% to 67%. Non-GAAP operating expenses of $210 million to $216 million, and a low to mid-single-digit adjusted EBITDA margin for the full year.

接著談指引。我們 2026 年全年展望維持不變。我們仍預期全年淨營收為 3.27 億至 3.37 億美元，調整後毛利率為 65.5% 至 67%，非 GAAP 營業費用為 2.10 億至 2.16 億美元，以及全年調整後 EBITDA 利潤率為低至中個位數。

The first quarter results strengthen our confidence in delivering full-year profitability. Importantly, our long-term outlook through 2028 is unchanged, including our expectations for continued double-digit revenue growth, significant margin expansion, and increasing operating leverage as we scale the business.

第一季結果強化了我們對達成全年獲利的信心。重要的是，我們至 2028 年的長期展望維持不變，包括我們對持續雙位數營收成長、顯著的利潤率擴張，以及隨著業務規模擴大而提升營運槓桿的預期。

With that, I'll turn it back to David for closing remarks.

接下來，我把時間交回給 David 做結語。

Thank you, Tatjana. We are very pleased with our start to 2026. The first quarter reflects exactly where we want to be as a company, delivering revenue growth while generating profitability. Importantly, this performance validates the operating model we've been building. We are scaling the business through performance above market, making investments to further expand our portfolio while driving improved profitability within a disciplined framework.

謝謝你，Tatjana。我們對 2026 年的開局非常滿意。第一季的表現正是我們希望公司所處的位置：在實現營收成長的同時創造獲利。重要的是，這樣的表現驗證了我們一直在打造的營運模式。我們透過優於市場的表現來擴大業務規模，在嚴謹的框架下進行投資以進一步擴展產品組合，同時推動獲利能力提升。

We're also in a strong financial position. We have the liquidity to execute our strategy and invest in growth. As it relates to tariffs, we are taking a proactive approach. Our goal is to eliminate any long-term impact and our strategy is straightforward, create flexibility in the near-term while we evaluate structural solutions. We will provide updates as we gain greater clarity.

我們的財務狀況也相當穩健。我們具備充足的流動性來執行策略並投資成長。就關稅而言，我們採取主動因應的方式。我們的目標是消除任何長期影響，而我們的策略很直接：在評估結構性解決方案的同時，於短期內建立彈性。隨著我們獲得更清晰的資訊，我們將提供最新進展。

Finally, we are reiterating both our 2026 and long-term financial guidance. We look forward to updating you on our progress throughout the year. Operator, you may now begin the Q&A.

最後，我們重申 2026 年以及長期的財務指引。我們期待在全年持續向各位更新我們的進展。接線員，您現在可以開始問答環節。

(Operator Instructions)

（接線員指示）

Annabel Samimy, Stifel.

Annabel Samimy，Stifel。

Hi, everyone. Thanks for taking my question, and thanks for the details here. I just had some questions on the Evolysse launch. How do you find the headwinds of the filler market impacting the launch and is bundling, helping, with increasing volumes here, is any of the bundling taking away from net sales? Can you help us understand the dynamics there a little bit?

大家好。謝謝讓我提問，也謝謝你們提供這些細節。我想就 Evolysse 的上市問幾個問題。你們如何看待填充劑市場的逆風對上市的影響？綑綁銷售是否有助於提升這裡的出貨量？綑綁銷售是否有任何部分會侵蝕淨銷售額？能否協助我們更了解其中的動態？

You've talked about how sentiment seems to be turning, but growth in the market doesn't seem to be turning positive. So I'm just trying to sort of reconcile those two points.

你們提到市場情緒似乎正在轉好，但市場成長看起來並沒有轉為正成長。所以我只是想試著調和這兩點。

Annabel, this is David. I'll take questions from the category for fillers. I'd say, especially coming off this weekend where we have 50 clinicians here, the sentiment is turning more positive. And when I'm speaking with clinicians now, I'm consistently hearing that the interest in HA's is rising again, that they're seeing their utilization rising.

Annabel，我是 David。我來回答填充劑品類的問題。我會說，尤其是剛過的這個週末我們在這裡有 50 位臨床醫師，市場情緒確實正在變得更正面。而且我現在與臨床醫師交流時，持續聽到他們對 HA（玻尿酸）的興趣又在上升，他們也看到自身的使用量正在增加。

So although we may still be in a market than any year-on-year basis could be down slightly, it's a market improvement from the category that we're operating in one or two years ago, and that puts Evolysse in a really favorable position. That being said, keep in mind the competitive set has been in the market and well established for a number of years, not just in the US, most of these products were launched in Europe. Over a decade prior to entering this market.

因此，雖然我們可能仍處於一個以年對年來看略為下滑的市場，但相較於我們一到兩年前所處的品類環境，這已是市場改善，而這讓 Evolysse 處於非常有利的位置。話雖如此，請記得競品組合已在市場上深耕並建立多年，不僅在美國，多數產品在進入美國市場之前十多年就已在歐洲上市。

So they're well-established brands with a lot of history in terms of how to use the products and a full line of products that they're supporting clinics with. And so that's been the opportunity for Evolysse. As we're getting in and we're exposing clinicians to the product and they're gaining more experience and trialing it and then getting additional trainings on the product, we're seeing that their confidence is rising and the reorder rates are increasing in terms of the amount that they're purchasing once they get that experience in the education.

因此它們是非常成熟、歷史悠久的品牌，在產品使用方式上累積了大量經驗，並且有完整的產品線來支援診所。這也正是 Evolysse 的機會。當我們進入市場、讓臨床醫師接觸產品，他們累積更多使用經驗並進行試用，接著再接受更多產品訓練時，我們看到他們的信心提升，且在獲得經驗與教育後，他們的再訂購率提高，也就是一旦有了這些經驗與教育，他們購買的數量會增加。

So we feel very good about the trajectory that Evolysse is on. We also recognize that we're not operating in the mid-face segment of the market, which is a sizable part of the HA category.

因此我們對 Evolysse 的發展軌跡感到非常樂觀。我們也認知到，我們目前並未涵蓋市場中的中臉（mid-face）細分領域，而那是 HA 品類中相當可觀的一部分。

Sculpt will be an important product in there, and we've mentioned many times before that we've used the Sculpt product to be the flagship product in this line that will play an important role. The other part that will play an important role, of course, is the bundling, and we piloted in the fourth quarter of last year a growth rebate that performed very well in a small subset of clinics.

Sculpt 將會是該領域的重要產品，我們也多次提到，我們將以 Sculpt 作為這條產品線的旗艦產品，扮演重要角色。當然，另一個同樣重要的部分是綑綁銷售。我們在去年第四季於一小部分診所試行了一項成長回饋（growth rebate），表現非常好。

We rolled that out in January, and it's a six-month program, very similar in timeline to the competitive set, that's an important part of the conversation because clinics that move more of their business over to our portfolio are making trade-offs against the portfolio bundles of the competitive set, and we'll be in a position to give you more color from a quantitative standpoint. Coming out of our Q2 earnings call.

我們在一月將其推廣上線，這是一個為期六個月的方案，在時間安排上與競品組合非常相似。這是對話中很重要的一點，因為把更多業務轉向我們產品組合的診所，必然要在競品的產品組合綑綁方案之間做取捨；而我們也將能在第二季財報電話會議後，從量化角度提供更多細節。

But I can tell you that we are tracking those customers that have expressed an interest in participating in our portfolio growth rebate, and we're seeing very good uptake around that group of customers. And so we do feel that we're on the right track with the product, and Evolysse is a very important part of that conversation overall.

但我可以告訴你，我們正在追蹤那些表達有意願參與我們產品組合成長回饋方案的客戶，並且看到這群客戶的參與度非常高。因此我們確實認為產品策略走在正確的軌道上，而 Evolysse 也是整體對話中非常重要的一環。

Just follow-up on the rebate. Is the functioning of your rebate different from your competitors, and is it more of a direct cash savings than a rebate that goes towards forward sales? Like is it an easier rebate for them to wrap their economics around?

再追問一下回饋方案。你們的回饋機制與競爭對手不同嗎？它更像是直接的現金節省，而不是用於未來採購的回饋嗎？也就是說，對他們而言是否更容易理解並納入經濟效益評估？

I think that the rebate itself operates in a similar fashion in terms of they earn that amount back on their account, just like they would with the competitive set. Probably the part that makes it easier to execute is it's purely a function of their growth with Evolus.

我認為回饋本身在運作方式上相當類似，也就是他們在帳戶上賺回相應金額，和競品組合的方式一樣。可能更容易執行的部分在於，它完全取決於他們在 Evolus 的成長。

We designed it as a partnership rebate for clinics that want to partner more closely with us. That growth rebate gives them an additional incentive to cover the cost of making that conversion to bring their portfolio business over to us and in those increments of $75,000 and $150,000 incremental purchasing over what they purchased during that same period the year prior. As it relates to the accounting for it, I'll let Tatjana provide some comments.

我們把它設計成一種合作夥伴回饋，提供給希望與我們更緊密合作的診所。這項成長回饋提供額外誘因，用以抵消他們進行轉換、把產品組合業務轉向我們所需的成本；門檻是相較於前一年同期間的採購額，分別增加 75,000 美元與 150,000 美元的增量採購。至於會計處理，我請 Tatjana 補充說明。

So I think your question around is the portfolio rebate a drag on net sales, it is not, and we've designed both the pricing tiers and the portfolio rebate to really be able to maintain a healthy margin rate. In terms of the net sales, that really is driven by that dynamic of last year.

所以我想你問的是，產品組合回饋是否會拖累淨銷售額；答案是不會。我們在設計定價級距與產品組合回饋時，目的就是要能維持健康的毛利率。至於淨銷售額，主要是受到去年那個動態所驅動。

So as you may know, we deferred revenue for Consumer Rewards Program for CBM, and then we also recognize revenue upon delivery. And in any given quarter, this pretty much washes out and doesn't impact year-over-year growth rates. It just so happened at last year, Q1, there was a pretty good pickup, and we did not see that this Q1, and that is really where you've seen that net sales impact this quarter.

如你所知，我們針對 CBM 的消費者獎勵計畫（Consumer Rewards Program）做了遞延收入處理，並在交付時認列收入。在任何一個季度，這基本上會相互抵銷，不會影響年對年成長率。只是去年第一季剛好有相當不錯的拉貨（pickup），而今年第一季沒有出現同樣情況，這就是你在本季看到淨銷售額受到影響的原因。

Got it. All right. Thank you for the clarity. Appreciate it. Thank you.

了解。好的，謝謝你們釐清說明。很感謝。謝謝。

Marc Goodman, Leerink.

Marc Goodman，Leerink。

David, you gave us a sense that in the US, the business seems to be -- the market seems to be improving a little bit. Can you give us a sense of what's going on in OUS? Both toxins and fillers, what the dynamic is there, maybe just country by country?

David，你提到在美國業務看起來——市場似乎正在小幅改善。你能否談談美國以外（OUS）的情況？無論是肉毒毒素或填充劑，那邊的動態如何？也許可以按國家逐一說明？

And then just secondly, Hugel came into the US market last year as a competitor. Anything that they're doing differently today than they were doing six months ago? Just curious how well they're kind of breaking in.

第二點，Hugel 去年進入美國市場成為競爭對手。他們現在有做什麼與六個月前不同的事嗎？我只是好奇他們的切入進展如何。

Marc, so I'll start with the OUS business. As we talked about in our full-year earnings call from last year, our OUS business continues to perform incredibly well. If you double-click into any of those markets, the revenue is nearly doubling.

Marc，我先從 OUS 業務談起。正如我們在去年全年財報電話會議中提到的，我們的 OUS 業務持續表現非常出色。如果你深入看任何一個市場，營收幾乎都在倍增。

And our most mature market, being the UK, was also on a very fast growth clip. And so we feel that we have a lot of momentum. Across the markets in Europe and especially considering UK is the first market to be approaching double-digits. Those other markets are several years behind the UK in terms of the timing that we entered them directly. So we just see a lot of growth potential going forward.

而我們最成熟的市場——英國——也仍維持非常快速的成長速度。因此我們認為動能很強。在歐洲各市場中，尤其考量英國是第一個即將接近雙位數（double-digits）的市場；其他市場在我們直接進入的時間點上，比英國晚了好幾年。因此我們看到未來仍有很大的成長潛力。

And with that greater scale, we have an increasing presence now in Europe as well. And that infrastructure we're able to leverage to launch Estyme. As a matter of fact, in two weeks. I'll be back in Europe for the launch of Estyme with over 100 of our top customers across Europe that will be coming in to learn about the entire line.

隨著規模擴大，我們在歐洲的能見度也在提升。我們也能運用這套基礎設施來推出 Estyme。事實上，就在兩週後。我將回到歐洲，與來自歐洲的 100 多位頂尖客戶一起參與 Estyme 的上市活動，他們將前來了解完整產品線。

And then we think that's a significant advantage because one -- we'll be one of just a handful of companies that have both a neurotoxin and a hyaluronic acid in Europe, but two, because they'll benefit from having our flagship Sculpt product as part of the line.

接著我們認為這是一項顯著的優勢，因為第一——我們將成為歐洲少數同時擁有神經毒素與玻尿酸（HA）的公司之一；第二，因為他們將受益於把我們的旗艦 Sculpt 產品納入產品線的一部分。

As a matter of fact, we've been engaged with about 30 or so clinicians throughout Europe in an experience program for the last year, and it's very clear that the Sculpt product is the product that is highly differentiated from even the mature products that are available in Europe, and that's a far more competitive market. So as we go across, I know you asked for country by country, as we go across all the markets. We're seeing really great uptake. There isn't a single market that we're not seeing healthy growth in. And I think the team over there in international is just very focused.

事實上，過去一年我們透過一個體驗計畫，已與歐洲約 30 位左右的臨床醫師合作；而且非常清楚的是，Sculpt 產品即使相較於歐洲已相當成熟、現有的產品，也仍具高度差異化，而歐洲是一個競爭更激烈的市場。因此，當我們橫跨——我知道你問的是逐國別——當我們橫跨所有市場時，我們看到非常好的採用/導入動能。沒有任何一個市場不是呈現健康成長。我認為國際團隊在那邊也非常專注。

And we have in-market country heads that are seeing a lot of success. We're excited to see what Estyme will do overall for that business over the next several years as we aspire to continue to build that business to approach roughly 15% of our overall revenue.

而且我們在各國都有在地的國家負責人，正看到許多成功。我們也很期待 Estyme 在未來幾年對整體業務的帶動效果，因為我們的目標是持續打造該業務，使其占我們整體營收約 15%。

And then as we look to the US, look, I'd say that the US market just overall, we continued to gain headwind -- gain market share in the category. We talked about the shares being steady in the first quarter, but even through last year with the entry of a new competitor, we obviously saw a lot of heavy sampling initially, and then you start to see the purchasing that follows from that competitor.

接著看美國市場，我會說美國整體市場方面，我們持續獲得順風——持續在該品類中提升市占。我們談到第一季市占維持穩定，但即使去年有新競爭者進入，我們一開始明顯看到大量試用/派樣，之後就開始看到該競爭者由試用帶動的採購。

And despite that, we continued to gain momentum in the market, and we do believe that this year would be much of the same. As we look at that, we expect another competitive entry to enter in the back half of the year, once again, sort of rinse and repeat, meaning heavy sampling. And then ultimately, there'll be the need to drive that pull-through into revenue, right, from samples.

即便如此，我們仍持續在市場上累積動能，我們也相信今年大致會是相同的情況。展望未來，我們預期今年下半年還會有另一個競爭性產品進入；同樣地，某種程度上就是重複一遍，也就是大量派樣。最終，仍需要把這些樣品轉化為營收的拉動（pull-through），對吧，從樣品轉成收入。

So I don't have a whole lot to add in terms of anything different that I'm seeing in the field. I'd just say that the shares appear to be relatively stable as you look at them sequentially from the fourth quarter into the first quarter, we're not seeing any major share shift dynamics.

所以就我在第一線看到的情況而言，沒有太多不同可以補充。我只會說，從第四季到第一季按季來看，市占看起來相對穩定，我們沒有看到任何重大的市占變動動態。

Thank you.

謝謝。

Uy Ear, Mizuko Securities.

Uy Ear，瑞穗證券。

Hey, guys. Yeah, thanks for taking our questions. So maybe just help us understand a little bit or whether -- I think it's where you kind of guided to high single-digit for the first half of the year for Jeuveau. Is it fair then, I guess, to think about that perhaps there's a rebound or re-acceleration sequentially going into Q2?

嗨，各位。是的，謝謝回答我們的問題。那也許請幫我們理解一下——或者說，我想你們對 Jeuveau 上半年給的指引是高個位數成長。那這樣是否可以合理地理解為，進入第二季（Q2）時，按季會出現反彈或再加速？

And secondly, if math is correct, does the high single digit first half growth for Jeuveau, are you kind of blessing the consensus, which is roughly at $71 million for the second quarter?

第二，如果我的數學沒算錯，Jeuveau 上半年高個位數成長，是否等於你們在某種程度上認可市場共識，也就是第二季大約 7,100 萬美元？

Hi, thank you for the question. Yeah, so I think as you probably realize, what we're seeing this year in quarter-over-quarter revenue, Q1 versus Q4 and what you can expect for Q2 versus Q1 is really normal seasonality.

嗨，謝謝你的提問。是的，我想你可能也意識到，我們今年看到的按季營收變化——第一季相較第四季，以及你可以預期第二季相較第一季——其實就是很正常的季節性。

And what we saw last year was really unusual. So in Q1, we had this dynamic where we had a pickup from the revenue deferral. In Q2, we really took a hit for the market slowing down. We're also launching a release. So all of these things were happening last year that make for kind of an interesting comparison. But then when you just take across the first half of the year, what you will see is what we guided to, which is Global Jeuveau will show high single-digit revenue growth year-over-year.

而我們去年看到的情況其實非常不尋常。去年第一季，我們有遞延收入回轉帶來的拉動；第二季，市場放緩讓我們受到明顯衝擊；同時我們也在推出一個版本/釋出。因此去年同時發生了這些事情，使得比較起來有點複雜。但如果你把焦點放在上半年整體，你會看到的就是我們所給的指引：全球 Jeuveau 的營收將呈現年增高個位數成長。

Okay, thanks. Thank you.

好的，謝謝。謝謝。

Navann Ty, BNB Paribas.

Navann Ty，法國巴黎銀行（BNP Paribas）。

Hi, thanks for taking my question. Maybe a follow-up on fillers, if you have seen some further signs of recovery in Europe and in the US. How our fillers are doing versus biostimulators?

嗨，謝謝回答我的問題。也許追問一下填充劑（fillers）：你們是否在歐洲與美國看到更多復甦跡象？我們的填充劑相較於生物刺激劑（biostimulators）表現如何？

And then on competition, what are your assumptions on competitive launches, maybe after the [Etraniboti] FDA CRL? Thank you.

另外關於競爭，在 [Etraniboti] 的 FDA CRL（完整回覆函）之後，你們對競品上市時程的假設是什麼？謝謝。

Sure. Thanks for the questions, Navann. I think the filler market in Europe certainly has been a bit more resilient than what we've seen in the US, and that has more to do with the economic backdrop in Europe, which has just been a bit stronger, and that's reflecting the growth rates, not just on the fillers, but the toxin market as well.

好的，謝謝你的問題，Navann。我認為歐洲的填充劑市場確實比我們在美國看到的更具韌性，這更多與歐洲的經濟背景有關——整體稍微更強——而這也反映在成長率上，不僅是填充劑，毒素市場也是如此。

In our year-end call, we made the comment that we estimated that the HA market in Europe may have turned positive by year-end. And so it's too early for us to give you any visibility to how the first quarter played out specifically in Europe. But we do believe that it's in line with where it ended in Q4, if not potentially improved.

在我們的年終電話會議上，我們提到我們估計歐洲的 HA 市場可能在年末已轉為正成長。因此，現在要我們具體說明第一季在歐洲的表現還太早。但我們確實相信其表現與第四季結束時大致一致，甚至可能有所改善。

And despite the war that's going on and potentially the energy crisis, we haven't seen any meaningful change in terms of demand in Europe associated with potential any economic risks there. So the business overall continues to be strong. As it relates to our assumptions, we did open the year saying we expected two new competitive entrants.

而且儘管戰爭仍在進行、也可能有能源危機，我們並未看到與歐洲潛在經濟風險相關、在需求面出現任何有意義的變化。因此整體業務仍然強勁。至於我們的假設，我們在年初就表示我們預期會有兩個新的競爭者進入。

We all read the news from AbbVie about the delay to the Bonti. In fairness, we had not estimated any impact for the existing market from short-acting product entering the category. So it doesn't change our assumptions as it relates to revenue for the full year.

我們都看到了 AbbVie 關於 Bonti 延後的新聞。坦白說，我們原本就沒有把短效產品進入該品類對既有市場造成的影響納入估算。因此，這不會改變我們對全年營收的假設。

And we do continue to expect that Galderma will introduce their new liquid toxin in the back half of the year. And as they have a final FDA response date expected sometime in the summer.

而我們仍預期 Galderma 將在今年下半年推出他們新的液態毒素產品；他們的 FDA 最終回覆日期預計在夏季的某個時間點。

Thank you.

謝謝。

Douglas Tsao, HC Wainwright.

Douglas Tsao，HC Wainwright。

Hi, good afternoon. Thanks for taking the time and the questions. I guess, David, it sounds like, you feel pretty good about the environment in the US market, and obviously, both from your results as well as competitors, things seem strong.

嗨，午安。謝謝撥冗與回答問題。我想，David，聽起來你對美國市場環境感覺相當不錯；而且顯然從你們的結果以及競爭對手的表現來看，整體似乎都很強勁。

I guess just when you step back and think about the macro environment, obviously, we're looking at gas prices seeming to be higher every day, and it seems unlikely they're going to come down anytime soon. I'm just curious sort of how we should think about sort of stress testing the macro environment. In terms of the broader sort of aesthetics market?

我想退一步從總體環境來看，顯然我們看到油價似乎每天都在變高，而且看起來短期內不太可能下降。我只是好奇，我們應該如何思考對總體環境做壓力測試（stress testing），就更廣泛的醫美市場而言？

I think the consumer was really tested last year with all the shifts that took place in the overall environment. And what you're seeing now as we wrap around on what was a really challenging base in the front half of last year that even though there's some puts and takes, if you will, in the news, the media, consumer sentiment, in the end, you're left with a value-conscious consumer that is continuing to come in and seek treatment. I'm spending a lot of time both in the market and talking to clinicians, and what I continue to hear is that business continues to be stable.

我認為消費者在去年確實因整體環境的各種變化而受到很大考驗。而你現在看到的是，當我們繞回到去年上半年那個非常具挑戰性的基期時，即便新聞、媒體、消費者情緒之間有一些拉鋸，最終你看到的是一位重視性價比（value-conscious）的消費者，仍持續前來尋求治療。我花了很多時間在市場上並與臨床醫師交流，而我持續聽到的是：業務仍然維持穩定。

And continues to be strong on a year-on-year basis, despite some of what we're reading in the backdrop. So I think we feel pretty good about the trends we're seeing. We're also getting visibility into the start of the second quarter. And we feel really good about the trends that we've started out with that continue to be strong. And so we're not seeing any signs that reflect that slowing.

而且在年對年基礎上仍然強勁，儘管我們在背景面讀到一些訊息。因此，我們對所看到的趨勢感覺相當不錯。我們也已能看到第二季初期的情況。我們對第二季開局的趨勢感覺非常好，且仍然強勁。因此我們沒有看到任何反映需求放緩的跡象。

And perhaps the last part of it that is important is we have visibility to transactional data through our Evolus Rewards program, and that's to the day. We get a daily view of that utilization of product, clinic level, and we continue to see strength in overall redemptions in the Evolus Rewards program. So we feel confident that the market continues to be on a strong road to continue to recover, as we saw in the fourth quarter, again in the first quarter, and we're seeing it now as we start the second quarter as well, and we're more than a month into it.

而且或許最後一個重要的部分是，我們透過我們的 Evolus Rewards 計畫能掌握交易數據的可視性，而且是精確到每天。我們每天都能看到產品的使用情況（utilization），到診所層級；我們也持續看到 Evolus Rewards 計畫整體兌換（redemptions）的強勁表現。因此，我們有信心市場仍走在持續復甦的強勁道路上——正如我們在第四季看到的、在第一季再次看到的，而現在在第二季開始時我們也同樣看到，而且我們已經進入第二季一個多月了。

And that's really helpful, David. And I guess just as a follow-up, when we think about the filler market, which I think one of your lead competitors reported numbers in the first quarter that were down just a little bit. And I'm just trying to understand because I think there have been a few things going on in the filler market. Some of it has been macro-related just because it's a higher price point product. There have also been some product-specific issues, right, in terms of adverse events for that product.

這真的很有幫助，David。我想再追問一下，當我們思考填充劑（filler）市場時，我記得你們的一家主要競爭對手在第一季公布的數字只是小幅下滑。我只是想理解，因為我認為填充劑市場有幾件事同時在發生。其中一部分是宏觀因素相關，因為這是較高價位的產品。另外也有一些產品本身的特定問題，對吧，例如該產品的不良事件（adverse events）。

And so, within that, do you have a sense whether sort of what we're seeing from some of the other players are related to their particular product portfolios versus just sort of filler fatigue, which I think we've talked about? And how do you sort of combat that or how does that inform your own strategy as the Evolysse launches sort of gain some momentum?

因此，在這樣的背景下，你是否能判斷我們從其他業者看到的情況，究竟是更多與他們各自的產品組合有關，還是只是所謂的「填充劑疲乏」（filler fatigue）——我想我們之前談過？你們要如何應對？或者這如何影響你們自身的策略，尤其是當 Evolysse 的上市逐步累積動能之際？

Sure. Yes, we have a lot of data points to reference, right? Better sets reporting. We look at a lot of third-party data as well and rely heavily on conversations that we have with a number of clinics. And they all point to the same thing, which is the market is in some stage of recovery and rebound.

當然。是的，我們有很多可參考的數據點，對吧？同業（peer set）公布的數據。我們也看很多第三方數據，並且高度依賴我們與多家診所的對話。而這些都指向同一件事：市場正處於某個階段的復甦與反彈。

Not clear yet whether we've turned to positive market growth, but we're getting very close, which is consistent with our views coming into the year. And keep in mind, we're benefiting from a significant tailwind of GLP-1 patients that once they achieve their desired weight, they have an interest in entering aesthetics. There are a few areas in particular that they're interested in, and one of those is replacing their lost volume that's created from that weight loss in the face.

目前還不清楚我們是否已轉為正向的市場成長，但我們非常接近了，這也符合我們在年初的看法。並且請記住，我們正受惠於 GLP-1 患者帶來的顯著順風：一旦他們達到理想體重，他們會對進入醫美（aesthetics）產生興趣。他們特別關注幾個領域，其中之一就是補回因臉部減重而造成的體積流失（lost volume）。

And people call it Ozempic phase. And that is a tailwind for the category. We know that we're seeing some of those patients starting to come in. Hasn't, of course, led to the tailwind that drives the category back to growth just yet. But it's not a question of if, it's a question of when. And I think that's what gives a lot of clinicians optimism is these consumers are new consumers coming into the category, and they will help fuel this HA market back to positive growth.

人們稱之為「Ozempic 臉」（Ozempic face）。這對該品類是一股順風。我們知道我們正看到其中一些患者開始進來。當然，這還沒有帶來足以推動品類重回成長的順風力道。但這不是會不會的問題，而是何時的問題。我認為這也是讓許多臨床醫師感到樂觀的原因：這些消費者是進入該品類的新消費者，他們將有助於推動這個 HA 市場回到正向成長。

And we feel very good about where this category is going over time. And it ultimately comes down to continuing to strengthen our position within that category set. And that's going to happen by continued focus on the differentiation of Evolysse with the training, the launch of the Sculpt product, and then our focus on bringing these products together through a competitive bundle that is effective against the competitive set.

我們對這個品類長期的走向感到非常樂觀。最終關鍵在於持續強化我們在該品類組合中的地位。而這將透過持續聚焦於 Evolysse 的差異化來實現，包括培訓、Sculpt 產品的上市，以及我們專注於透過具競爭力且能有效對抗競品組合的綑綁方案（bundle），把這些產品整合在一起。

Okay, great. Thank you.

好的，很棒。謝謝。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Hey, good afternoon. Thanks for taking the questions. Maybe I can just start on Estyme and with the launch coming up here in May, I guess, should we expect any initial stocking order similar to what we saw with Evolysse in the US in Q2 of last year?

嗨，午安。謝謝讓我提問。我想先從 Estyme 開始，隨著 5 月即將上市，我想問，我們是否應該預期會有類似於去年第二季你們在美國推出 Evolysse 時看到的初期鋪貨訂單（initial stocking order）？

Yeah, hi, Sam. That is a good question. And we do expect some, but just consider the size of that market, right, and Estyme launching in the middle of the quarter. So we would see some stocking, but it isn't going to be a meaningful impact to our Q2 growth.

是的，嗨 Sam。這是個好問題。我們確實預期會有一些，但也請考量那個市場的規模，以及 Estyme 是在季度中段上市。因此我們會看到一些鋪貨，但對我們第二季的成長不會造成顯著影響。

Okay, that's helpful. And maybe I can just use my follow-up here on any feedback or conversations you're having with the FDA on Sculpt, I know you guys have reiterated timelines for the Q4 approval, but curious if you're in communications with them and what you've been hearing?

好的，這很有幫助。那我用追問來問一下關於 Sculpt：你們與 FDA 的任何回饋或對話情況如何？我知道你們重申了第四季核准的時程，但我想了解你們是否正在與他們溝通，以及你們聽到的是什麼？

Yeah, I have Rui sitting right next to me, so why don't I turn it over to Rui to answer your question?

是的，Rui 就坐在我旁邊，所以我把問題交給 Rui 來回答。

Sure. It's one of -- it's a PMA, it's going through the regular PMA process where we get questions along the way and can also be interactive.

好的。這是一個——這是 PMA，正走一般的 PMA 流程，我們會在過程中收到問題，也可以進行互動式的溝通。

So we continue to say Q4 is -- we're hoping to have approval by the end of the year. And -- but something sometimes it will go faster, sometimes they hopefully go on timelines. Just as a reminder, Form and Smooth, we were also conserving timelines. But we got lucky there and things -- we got that approval earlier.

所以我們仍然說第四季——我們希望在年底前獲得核准。——但有時候會更快，有時候他們希望按時程走。提醒一下，Form 和 Smooth 當時我們也採取保守的時程預估。但我們那次運氣不錯，事情——我們更早拿到了核准。

Thank you.

謝謝。

Serge Belanger, Needham & Company.

Serge Belanger，Needham & Company。

Hi, good afternoon. Thanks for taking my questions. I guess for David, you talked a little bit about what sounds like an increasing appetite for BD and making additions to your product portfolio.

嗨，午安。謝謝讓我提問。我想問 David，你稍早談到你們似乎對 BD（業務開發）有日益增加的興趣，並希望擴充你們的產品組合。

And maybe just talk about what kind of products you're interested in and maybe how large of a transaction we could see here?

能否談談你們對哪些類型的產品感興趣，以及我們可能會看到多大規模的交易？

Yes, we're very active on the pipeline side. Rui sitting next to me has likely more experience than anyone in the aesthetic space and getting drugs through the FDA and devices through as well. And so we have the luxury, although we're still an earlier stage company commercially, we had the luxury of having a fully staffed organization of clinical development, regulatory, and that capability.

是的，我們在管線端非常積極。坐在我旁邊的 Rui，可能比任何人都更有醫美領域的經驗，無論是把藥物送進 FDA，或是把器材也送進去。因此，即便我們在商業化上仍屬較早期的公司，我們仍有這樣的優勢：我們擁有一個完整編制的臨床開發與法規團隊，以及相應的能力。

And I think that's well recognized within the industry, which is why we get a first look at assets, especially those that are more complex to develop. So I'll let Rui talk a little bit about where we spend a lot of our time looking at assets today.

我認為這在產業內也廣為認可，這也是為什麼我們能優先看到一些資產，特別是那些開發更複雜的資產。所以我讓 Rui 談談我們目前花很多時間在看哪些資產。

Yeah. So as earlier mentioned, biostimulators remain of high interest to us. And there are a number of assets out there. So we look at the various ones and look at strengths and weaknesses, just like what we did with SYMATESE and that HA. There were a number of HAs. We looked at them and we're glad we landed at there.

好的。如先前提到的，生物刺激劑（biostimulators）仍然是我們高度感興趣的領域，市面上也有不少資產。因此我們會看各種不同的選項，評估優缺點，就像我們當初評估 SYMATESE 的那款 HA 一樣。HA 有很多款，我們都看過，而我們很高興最後選定了那一款。

Skin quality remains something of high interest. In Europe, it's quite popular. There are a number of things bring into the United States higher bar of entry. And as far as we know, there's only one that's been approved thus far. And then things like hair continue to be an unmet need. I think there's a lot of opportunities and we've seen a very successful story out there right now.

皮膚品質（skin quality）仍然是我們高度感興趣的方向。在歐洲這非常受歡迎。有不少項目要引進美國，進入門檻更高。就我們所知，目前為止只有一項獲得核准。此外，像是頭髮（hair）相關仍然是未被滿足的需求。我認為這裡有很多機會，而且我們也看到目前市場上有一個非常成功的案例。

All right. Thank you. And with that, ladies and gentlemen, this does conclude our question-and-answer session, as well as today's teleconference. We thank you for your participation, and you may disconnect your lines at this time, and have a wonderful rest of your day.

好的，謝謝。各位女士、先生，問答環節以及今天的電話會議到此結束。感謝各位的參與，您現在可以掛斷電話，祝您今天剩餘時間愉快。