Evolus Set For Promising 2024: Analysts Maintain Positive Outlook On Botox Alternative Maker

Tuesday, Evolus Inc EOLS released preliminary fourth quarter 2023 revenue of approximately $61 million, up 40% Y/Y -and a 22% increase sequentially versus the consensus of $56.97 million, driven primarily by higher volumes from market share gains.

Total net revenues for full-year 2023 were approximately $202 million, up 36% Y/Y and above the company’s guidance of $194 million-$198 million and the consensus of $198.03 million, according to data from Benzinga Pro.

Also Read: Botox And Similar Injections Have Associated Risks: Consumer Group Pushes for Stronger Warnings.

For the fiscal year 2024, the aesthetics company expects revenues of $255 million-$265 million, up 26%-31% Y/Y, versus consensus of $264.44 million.

Evolus expects non-GAAP operating income to be positive in 2025 and continues to project that its existing liquidity will fund current operations.

Evolus anticipates submitting Premarket Approval applications for the first two Evolysse dermal filler products with the FDA by mid-year 2024 and expects regulatory approvals for the remaining Estyme dermal filler products in Europe in 2H of 2024.

Needham reiterates a Buy rating with a price target of $22. The analyst highlights that the robust growth of Jeuveau, propelled by strong customer and consumer demand, along with the underestimated near-term profitability of EOLS, are key but undervalued aspects of this aesthetic-focused investment.

HC Wainwright writes that trading at 2.5x EV/EBITDA with revenues growing >25%, there is room for multiple expansions as investors gain confidence in the company’s growth profile. It keeps a Buy rating with a price target of $27

Cantor Fitzgerald highlights that EOLS has demonstrated robust operational execution and market share growth in the U.S. neurotoxin market with Jeuveau, along with expanding its presence in Europe with Nuceiva. The preliminary results and 2024 outlook indicate strong performance, positioning EOLS favorably for the upcoming year.

Stifel highlights EOLS’ effective marketing strategies and efficient partnership structuring as it builds a fully rounded aesthetics portfolio.

Price Action: EOLS shares were up 21.24% at $12.50 at last check Wednesday.

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