Evolus, Inc.

Good afternoon, everyone, and thank you for standing by. Welcome to Evelus's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, today's conference call is being recorded in webcast live. All participants are in a listen-only mode, and after the speaker's remarks, there will be a question and answer session. I'd like to turn the conference call over to Narek Zagarian, 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 Evelus' fourth quarter and full year 2025 financial results. Our fourth quarter and full year 2025 press release is now on our website at evelus.com. With me today are David Modazzetti, President and Chief Executive Officer, and Tatiana Mitchell, Chief Financial Officer. Rui Avalar, Chief Medical Officer and Head of R&D is also with us for the Q&A portion of the call. 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 obligation 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. Before reviewing our 2025 performance and outlining our objectives for 2026, I would like to take a step back and provide a broader perspective around our performance beauty strategy. As we enter our seventh year as a commercial stage company, I'm proud of the fact that we are redefining the category through a beauty-first lens. We are the first company with a neurotoxin dedicated exclusively to cash-based aesthetics and free from reimbursement dynamics. This approach enables deeper alignment with our customers and allows us to build differentiated, long-term partnerships with aesthetic practices, partnerships that are increasingly translating into measurable share gains. The key piece of that strategy is Evaluts, the first program in the industry that rewards practices with co-branded media investment tied to purchase volumes. As our customers grow with us, we reinvest to drive awareness for both our products and their practices, strengthening the partnership and reinforcing shared success. We've also focused on increasing patient retention through Evaluts rewards. the first SMS-based loyalty program in aesthetics, and the only consumer loyalty program co-branded with Clinix. The program is designed to drive repeat visits and build lasting relationships between practices and patients. Over the past six years, Analyst Rewards has grown to more than 1.4 million treated patients, reinforcing brand preference and contributing to sustained share expansions. In the fourth quarter, we successfully piloted our new portfolio growth rebate, which officially launched at our national sales meeting in January. This growth rebate is designed to reward practices for growing with Evalys across our expanding portfolio of products, further increasing our strategic importance within each account and strengthening our competitive position. Education remains another cornerstone of our model. We have built a world-class medical education platform with broad reach and comprehensive curriculum that includes CME programs, live broadcasts, cadaver labs, preceptorships, and small group hands-on trainings. In 2025 alone, we provided hands-on trainings to over 14,000 clinicians directly in their clinics. This year, we are elevating that platform further and we'll be hosting top-tier clinicians with new flagship training events at MLS headquarters. These immersive two-day trainings will be focused on anatomy, clinical training, and business support for high-volume practices. Most importantly, we continue to build a world-class portfolio of differentiated products. GIVO, our flagship neurotoxin, remains a strong and growing product. We continue to advance the science supporting its unique precision profile and differentiation, including an independent study published last year in JAMA demonstrating fast onset, the highest peak effect, and the longest duration of the toxin study. This represents the second head-to-head study validating Gervaux's advantages. Clinicians who trial the product recognize the differentiation. which has supported our capture of over 14% U.S. market share to date. We continued to gain share in 2025, even in a declining procedural environment, demonstrating the resilience and competitiveness of the brand. In 2025, we also introduced the first new HA technology in over a decade with Evalys. Our first two formulations are now on the market and we expect FDA approval of Evely Sculpt, our flagship mid-phase volume product, in the fourth quarter. Our proprietary Coldex technology creates a natural HA formulation, which successfully demonstrated a longer duration of effect against one of the market-leading brands. Customers are reporting strong satisfaction, noting the gel's efficiency and forgiving depth of placement. allowing injectors to achieve a more subtle, natural looking result. To date, more than 3000 customers have purchased Evelisse, expanding our presence within accounts and increasing our overall share of injectable spend. As we enter the second phase of launch in the second quarter of 2026, we will be initiating a large sampling and experience program, which we expect to broaden the adoption of Evelisse. Internationally, We also continue to make significant progress. Last year, we entered France with our partner Cimites, transitioned Germany to a direct model in the fourth quarter, and delivered strong growth across existing markets. As a result, we now operate in nine countries outside the United States with international revenue nearly doubling year over year. In key markets such as the UK, we are approaching double-digit market share, reflecting the strength of our positioning outside the U.S. Turning to operating performance, 2025 was a unique year for the aesthetics market, and only the third time in 25 years that U.S. injectable procedural volumes declined. Despite that backdrop, Evalus delivered 12% full-year revenue growth, marking our sixth consecutive year of double-digit growth. We exited the year on an accelerating growth rate of 14% in the fourth quarter, supported by top-line growth across all product lines in the U.S. with Jovo and Evelisse, as well as our international business. Mid-year, we made the right decision to rebase our expense structure and align the organization for durable, profitable growth. The benefits of these actions were evident in the second half of the year, where we achieved meaningful operating leverage. That structural reset and expense base positions us for 2026, where we expect to deliver on our revenue guidance while growing non-GAAP operating expenses at a modest 0% to 3% and expanding operating leverage to result in a low to mid-single-digit adjusted EBITDA margin. Our strategy remains consistent. We are building a global performance beauty company centered on differentiated brands for the cash pay consumer. In 2026, we look forward to introducing a theme in Europe in the second quarter, expect FDA approval to heavily sculpt in the fourth quarter, and continue actively engaging in pipeline opportunities. We are deeply committed to driving profitable growth going forward and continue to target revenue between $450 and $500 million, with 13% to 15% adjusted EBITDA margins in 2028. This outlook is meaningfully supported by the strengthening U.S. Juveau share to the mid-teens, scaling U.S. Evelisse share into the high single digits, and the international business growing to more than 15% of total revenue. With that, I'll turn it over to Tatiana to walk through the financial details.