Evolus, Inc.

everyone, and thank you for standing by. Welcome to Evalyst's fourth quarter and full year 2024 earnings conference call. If you require operator assistance during the conference call, please press star zero. As a reminder, today's conference is being recorded and webcast live. All participants are in a listen-only mode. After the speaker's remarks, there will be a question and answer session. I would now like to turn the conference over to Nareg Sagarand, Vice President and Head of Global Investor Relations and Corporate Communications. Please go ahead.

Thank you, Operator, and welcome to everyone joining us on today's call to review Evelis' fourth quarter and full year 2024 financial results. Our fourth quarter and full year 2024 press release is now on our website at evelis.com. With me today are David Modazzetti, President and Chief Executive Officer, Louis Avalar, Chief Medical Officer and Head of R&D, and Sandra Beaver, Chief Financial Officer. 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 obligations to update them. 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. 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.evalus.com. With that, I'll turn the call over to our CEO, David Modazzetti.

Thank you, Narg, and good afternoon, everyone. 2024 was a transformative year for Evelis, marked by several key achievements that set the stage for 2025, starting with our objective of achieving profitability in Q4. I'm proud to say that not only did we achieve meaningful profitability in the fourth quarter, but we also delivered profitability for the full year, one year ahead of our stated goal. This profitability was enabled by revenue growth above 30% for the fifth consecutive year, further solidifying our position as the fastest-growing brand in our category. We ended 2024 with a U.S. market share approaching 14%, resulting in revenue above the top end of our original guidance. The combination of Givaud and now Evelisse brings together the fastest-growing toxin in the U.S. with the first innovation in HA technology in over a decade. In Q4, we obtained CE Mark approval for this theme line of HA injectable gels, followed by FDA approval in February 2025 for Evelisse Form and Evelisse Smooth. This approval expands our total addressable market in the U.S. by 78% and supports our 2025 revenue guidance of $345 to $355 million. marking our sixth consecutive year of over 30% growth. We continue to prioritize execution. In 2024, we added over 2,900 new accounts, bringing our total to more than 15,000 purchasing accounts, which represents half of the toxin market that is used above. On the consumer side, Eveless Rewards surpassed 1.1 million users, growing 40% over the prior year. Our international business also took a significant step forward. Our UK team celebrated two years on the market, achieving market share levels comparable to our second year in the U.S., reinforcing our confidence that our performance PD strategy extends beyond the United States. We also expanded our direct presence in Australia and Spain, where both markets are experiencing strong uptake. We now have a footprint in all of the key markets that will drive our path to $100 million in international revenue by 2028. Lastly, 2024 marked the third consecutive year we provided revenue and expense guidance. I'm proud of the team for their continued focus on execution, exceeding our top-line revenue guidance, while demonstrating prudent expense management, resulting in operating expenses coming in at the low end of our range. We take pride in our track record of meeting or exceeding our guidance each year, knowing that credibility is built over time. Looking ahead, the launch of Evelisse is a top priority. Since last year, we have strengthened our expertise in the HA category, made key strategic hires, and conducted over a dozen advisory meetings with key opinion leaders and customers. We captured insights on the current usage of HA products, their experience from prior product launches, and the value of our innovative ColdX technology brings to our customers and the patients. These insights, combined with additional market research, have shaped our launch plans, and we are prepared to commercialize Evelich early in Q2. The R&D team did an outstanding job delivering a differentiated clinical package and a first-in-class label, with the mention of weight loss as the cause of facial wrinkles. Rui will provide more details later in the call. Our digital strategy has already begun. With the Evelisse website and social media pages now live, we have also communicated the approval to our customer base. Our founding faculty and scientific advisors, some of whom were investigators in the Evelisse trials, will begin receiving shipments in the coming weeks to start using the product ahead of our broader Q2 rollout. At the end of March, we will host our national sales meeting to prepare our field organization for the launch of Evelisse. In early Q2, our focus will be on sampling and training providers to build confidence in the unique properties of Evelisse Form and Evelisse Smooth. As a result, we expect minimal revenue from Evelisse in Q2 with the majority of revenue expected in the back half of the year. Top of mind for our customers beyond the properties of the new HHLs is about our portfolio strategy. While we are not disclosing pricing specifics at this time for competitive reasons, I would like to share more about how we are integrating Evelisse into our portfolio. Our cash pay model enables us to offer a unique approach, and during launch, Evelisse will be seamlessly integrated into our existing portfolio of benefits, including co-branded media and consumer rewards. This will enable customers to earn co-branded media benefits on purchases of Evelisse in addition to Jeveaux. Our portfolio benefits is a differentiated offering in the space. Additionally, our advisors and investigators view Evelisse as a premium HHL with innovative technology and unique advantages over existing market-leading fillers. Our pricing strategy reflects this differentiation while keeping Evelisse in line with leading HA products. Importantly, in our research, 99% of existing GVO customers have expressed interest in trialing Evelisse, and half of accounts that have not previously worked with Evelisse are also interested. This presents a significant opportunity, not only for Evelisse, but also for GVO. By leveraging Javote's existing momentum, we are building a synergistic portfolio that provides a comprehensive solution for both customers and consumers and benefits from our existing platform. Beyond 2025, our long-term growth outlook remains strong. We are confident in our ability to achieve at least $700 million in revenue by 2028 with a non-GAAP operating income margin of at least 20%. driven by our efficient cash-paid business model and a relentless focus on digital and product innovation. I want to express my gratitude to our team, customers, and shareholders for their continued trust and support. With a record year behind us and an even more exciting future ahead, we look forward to the imminent launch of Evelisse and delivering another year of exceptional growth in 2025. Now I'd like to turn the call over to Rui to share more insights on our injectable HA gel line, Evelisse.