Evolus, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Q1 2020 Avalos Conference Call. As a reminder, today's conference is being recorded. I would like to introduce your host for today's conference, Mr. Ashwin Agarwal, Vice President, Finance, Investor Relations, and Treasury. Sir, please go ahead.

Thank you, Operator, and welcome to everyone participating on today's call. This call is also being broadcast live over the Internet at avalos.com. and a replay of the call will be available on the company's website for 30 days. With me today are David Moatazedi, President and Chief Executive Officer, Lauren Silvernail, Chief Financial Officer and EVP Corporate Development, Mike Jafar, Chief Marketing Officer, and Rui Avelar, Chief Medical Officer and Head of R&D. In our remarks today, we will include statements that are considered forward-looking statements within the meaning of United States security laws. in response to your questions. Forward-looking statements are based on management's current assumptions and expectations of future events and trends, which may affect the company's business, strategy, operations, or financial performance. A detailed discussion of the risks and uncertainties that the company faces is contained in its annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. Actual results may differ materially from those expressed in or implied by the forward-looking statements. The company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Additionally, the discussion today will include non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not act as substitute for or in isolation from our GAAP results. A reconciliation of GAAP to non-GAAP results may be found in our earnings release, Good afternoon. I hope you and your families are all doing well and staying safe and healthy. It goes without saying that we're in unprecedented times, and the environment in which we operate has rapidly evolved over the last two months due to the COVID-19 pandemic.

I'll close by sharing my views on the market recovery and why I believe we are well positioned to emerge a stronger company. Starting with our first quarter performance and prior to the COVID-19 impact, we observed continued momentum for the launch of Jeveau. In a quarter that historically has declined by double-digit percentages, Jeveau unit sales grew in the low single digits through mid-March, signaling continued high demand for our product. Our account base grew by greater than 15% in the quarter to over 4,100 accounts purchasing since launch, while reorder rates also continued to rise to 62%. By mid-March, as the crisis unfolded, most practices stopped seeing patients and our revenue declined accordingly. As a result, we elected to drive higher redemptions of our consumer coupons by allowing practices to redeem the coupons to book future GIVO treatments. We also extended the expiration date of the unredeemed $100 coupons from the end of the first quarter to the end of the second. While these changes resulted in higher gross-to-net adjustments to our revenue, this investment was designed to give our accounts the flexibility to use these coupons for consumers at a later date when their practices reopen. Lastly, in April, we announced a preemptive plan to conserve cash and significantly reduce our operating expenses, which Lauren will address momentarily. Based on our learnings from launch and considering the post-COVID environment, we have designed a more efficient business model with a heightened reliance on technology that we believe will continue to drive share penetration. Now let me pass the call over to Lauren, who will provide more color around our first quarter financials and our financial outlook. Lauren?