Evolus Reports Fourth Quarter and Full Year 2017 Financial Results
March 29 2018 - 7:30AM
Evolus, Inc. (NASDAQ:EOLS) (“Evolus” or the “Company”), a medical
aesthetics company focused on delivering advanced aesthetic
procedures and treatments to physicians and consumers, today
reported financial results for the fourth quarter and full year
ended December 31, 2017.
2017 and Recent Business Highlights:
- Raised $60 million through the sale of 5 million shares of
common stock at a price of $12.00 per share in the Company’s
IPO;
- Phase III comparative trial met primary endpoint, demonstrating
non-inferiority of prabotulinumtoxinA, a 900 kilodalton (kDa)
neuromodulator, against Botox; data presented at American Academy
of Dermatology 2018 Annual Meeting;
- Received U.S. Food and Drug Administration (FDA) acceptance for
review of Biologics License Application (BLA) for DWP-450 for
treatment of glabellar lines in adult patients;
- European Medicines Agency (EMA) acceptance for review of the
Company’s Marketing Authorization Application (MAA) for DWP-450 for
treatment of glabellar lines in adult who find these lines to have
an important psychological impact;
- Health Canada accepted for review the Company’s New Drug
Submission (NDS) for DWP-450 for treatment of glabellar lines in
adult patients.
“2017 was a transformative year for Evolus. We completed our
comprehensive five-study clinical development program for DWP-450
and submitted our BLA to the FDA for potential U.S. regulatory
approval, for which we expect a decision in 2018. Additionally, we
have submitted the product for regulatory approvals in both Europe
and Canada,” said Murthy Simhambhatla, CEO of Evolus. “Importantly,
the proceeds from our IPO in the first quarter of 2018 will enable
us to continue advancing our programs while developing the
commercial infrastructure necessary to support the anticipated
launch of DWP-450. We expect that this product, if approved, will
represent an important step toward our goal of bringing advanced
procedures and treatments to physicians and consumers within the
large and growing aesthetics market.”
Fourth Quarter and Full Year 2017 Financial
Results
Operating expenses in the fourth quarter of 2017 were $2.9
million, a decrease of 23% from $3.7 million in the fourth quarter
of 2016. Operating expenses for the full year 2017 were $11.7
million, a decrease of 41% from $20.0 million for the full year
2016. The decrease was primarily attributable to a reduction in
clinical trial costs associated with completion of our Phase III
clinical trials and a reduction in related expenses allocated to
the Company from ALPHAEON Corporation, the Company’s sole
shareholder prior to the IPO.
Net income for the fourth quarter of 2017 was $4.4 million or
$0.25 basic net income per share and $0.24 diluted net income per
share, compared with a net loss of $3.7 million, or $0.23 basic and
diluted net loss per share, for the fourth quarter of 2016. The net
income reported for the fourth quarter of 2017 was primarily
attributable to a favorable re-measurement of a deferred tax
liability resulting from a decrease in corporate tax rates under
the December 22, 2017 Tax Cuts and Jobs Act. Net loss for the full
year 2017 was $4.5 million or $0.27 basic and diluted net loss per
share, compared with a net loss of $20.1 million or $1.21 basic and
diluted net loss per share for the full year 2016.
About Evolus, Inc.
Evolus is a medical aesthetics company dedicated to bringing
advanced aesthetic procedures and treatments to physicians and
consumers. Evolus focuses on the self-pay aesthetic market and its
lead product candidate, DWP-450, is an injectable 900 kDa purified
botulinum toxin type A complex.
Forward-Looking Statements
Statements made in this press release that relate to future
plans, events, financial results, prospects or performance are
forward-looking statements as defined under the Private Securities
Litigation Reform Act of 1995. While they are based on the current
expectations and beliefs of management, such forward-looking
statements are subject to a number of risks, uncertainties,
assumptions and other factors that could cause actual results to
differ materially from the expectations expressed in this press
release, including the risks and uncertainties disclosed in Evolus’
Registration Statement on Form S-1 and in subsequent reports filed
by Evolus with the Securities and Exchange Commission, all of which
are available online at www.sec.gov. All statements, other than
statements of historical fact, are statements that could be deemed
forward-looking statements, including statements containing the
words “planned,” “expect,” “believes,” “strategy,” “opportunity,”
“anticipates,” “outlook,” “designed,” and similar words. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Except as
required by law, Evolus undertakes no obligation to update or
revise any forward-looking statements to reflect new information,
changed circumstances or unanticipated events.
Evolus Contacts:
Investor Contact:Lee Roth & Brian JohnstonThe Ruth Group
Tel: +1 646-536-7000Email: IR@Evolus.com
Media Contact:September Riharb, Vice President, Marketing Tel:
+1-805-764-6300Email: September.Riharb@Evolus.com
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