Evolus is a Newport Beach based cash-pay aesthetics company that has turned a licensed neurotoxin into a share-taking franchise, and this quarter it converted that franchise into its third and fourth product lines. The strategic move is from single-product dependence toward a multi-injectable platform, and the quarter is the first where that platform argument shows up in the numbers.
Net revenue of 84.1 million grew 21 percent over the year, the fastest pace in the portfolio's history. Adjusted EBITDA, the cash operating profit measure that strips out depreciation and stock compensation, swung from a prior year loss to a 4.7 million gain. That is the third straight positive quarter, and the underlying driver is selling more Jeuveau through the same sales force while holding general and administrative spending essentially flat.
Cash of 45.2 million against a 30.9 million stockholders deficit leaves the equity dependent on the debt stack and the launch calendar. The question the next two quarters answer is whether the hyaluronic acid franchise and the new skin quality product can carry the company past its first year of positive cash flow.