Evolus, Inc.

Good afternoon, everyone, and thank you for standing by. Welcome to Ebolus' first quarter earnings conference call. If anyone requires operator assistance during the conference, please press star zero or your telephone keypad. 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 Narek Iskeren, Vice President, Head of Investor Relations, Corporate Communications. Please go ahead.

Thank you, Operator, and welcome to everyone joining us on today's call to review Evelis' first quarter financial results. Our first quarter press release is now on our website at evelis.com. With me today are David Modizzetti, President and Chief Executive Officer, Tatiana Mitchell, Chief Financial Officer, and 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. We started 2026 with strong momentum that carried over from the fourth quarter, resulting in our second consecutive quarter of positive adjusted EBITDA. Importantly, we achieved this in what is seasonally our lowest revenue quarter of the year and against our strongest prior year comparison. We view this as a clear validation of both the strength of the business and the benefits from the structural improvements we implemented in 2025. At a market level, we are encouraged by what we are seeing across the category, with industry data and commentary signaling a global aesthetics market that remains healthy, with continued growth and strong consumer engagement. We estimate that in the first quarter, the U.S. toxic market grew in the low to mid single digits, while the filler market demonstrated continued improvement and was flat to slightly down. Against that backdrop, we maintained our GVOU US market share at 14% and delivered share gains with Evalys, reflecting continued strong performance driven by execution and a differentiated commercial model. This is an important inflection point for Evalys. Over the past year, we took deliberate actions to align our cost structure with the scale of the business and position the company for sustained profitability. The results we are delivering today reflect that work. We are now demonstrating that we can drive profitable growth while continuing to invest in expanding our portfolio. To start the year, we are tracking ahead of our operating profit assumptions, giving us the optionality to invest into growth-driving initiatives in the back half of the year. As we look ahead, our strategy is consistent and focused on building a scaled, multi-product aesthetics company supported by a differentiated and increasingly durable business model. Our long-term outlook through 2028 is grounded in executing our playbook each quarter, expanding account coverage, improving field productivity, deepening relationships with practices, and consistently converting demand into repeat purchasing across the portfolio. A key element of our differentiation, which has enabled us to achieve mid-teens market share for Jouveau, is the competitive moat we've established for our performance beauty platform. At the foundation is our cash pay model and ability to deliver a fully integrated experience for both customers and consumers. Unlike traditional models, our leading digital ecosystem connects the entire platform. From practice engagement and product ordering to consumer acquisition, loyalty, and repeat utilization, creating a level of connectivity and efficiency that is difficult to replicate and continues to drive repeat usage and momentum across the business. This platform is now powered to drive the portfolio bundle benefits. And with international growth on a steady rise, the upcoming launch of Esteem in Europe this quarter, and additional pipeline milestones ahead, we believe this differentiated commercial structure positions us to scale efficiently and execute with greater precision. At the same time, we are increasingly leveraging our digital ecosystem to drive efficiency and scale across the organization. Over the past year, We have embedded AI into core areas of the business, and we are now seeing those actions translate into tangible results. Our unified data platform allows us to connect insights across the commercial organization, enabling more targeted engagement, improved field productivity, and faster decision-making. What makes us particularly powerful is how tightly integrated these capabilities are within our operating model. Our commercial platform, including Eveless Rewards, practice engagement tools, and ordering systems, create a continuous data loop that feeds directly into our AI capabilities. This allows our field organization to operate with greater precision and effectiveness, with real-time insights at their fingertips that support everything from customer targeting to conversion. Turning to the business. Underlying demand remains healthy and consistent with the momentum we exited 2025. In addition to the customer expansion and strong reorder rates, we are seeing increasing traction from our portfolio bundling strategy. We are encouraged by the progress and momentum we are seeing across our accounts as customers adopt a more integrated approach to our portfolio. Given this is a structured six-month program, we look forward to providing a more comprehensive update following the second quarter. Importantly, this is a key driver of both growth and profitability. As a more streamlined organization, these capabilities allow us to scale the business more efficiently, which is a meaningful contributor to the operating leverage and profitability we are now delivering. This is not a tradeoff between growth and efficiency. It's a reflection of a more intelligent and scalable model and a clear point of differentiation versus traditional approaches in the category. Looking at our key performance indicators, they reinforce both the quality and demand scalability of our commercial model. We're continuing to broaden our reach across practices. Total purchasing accounts increased by nearly 500 in the first quarter, and since launch, more than 18,000 customers have purchased from Evalys, including approximately 3,500 for Evalys. U.S. account penetration is now above 60%, Reorder rates remain approximately 71%, and Eveless Rewards continues to expand, approaching 1.5 million members, up 27% year-over-year, with redemptions exceeding 255,000 in the quarter. These metrics reflect strong engagement and support our ability to translate demand into increasing consistent financial performance. On Juveau, we continue to see a brand that's building. In the first quarter, Jabot delivered 66.4 million in global revenue, with positive unit growth and pricing stability across both U.S. and international markets. While reported revenue reflects normal seasonality and prior year timing dynamics, underlying demand remains intact. As we move through the first half of 2026, we expect to wrap around those dynamics from early 2025 resulting in high single-digit growth for Jeveau over that period. Beyond Jeveau, our next phase of growth is being driven by portfolio expansion and increasing share of wallet within our accounts. In the U.S., Avalis is increasing our relevance with customers and contributing to an evolving revenue mix as we apply the same playbook that drove Jeveau's success, education, training, and discipline scaling. Just this past weekend, we hosted 50 customers for a training program on our injectable products, and the feedback on Evelisse was incredibly positive. We are seeing accounts repurchasing at higher volumes as they gain confidence in the uniqueness of the product benefits. The excitement is also building around the upcoming FDA milestone for Skoll, which further completes our HA portfolio and puts us in a strengthened competitive position against the HA market-leading companies. As previously stated, we expect to gain FDA approval for Sculpt in the fourth quarter of this year. Internationally, we're extending that strategy with the mid-May launch of Esteem in Europe, expanding our addressable market and building on the commercial foundation we've established with NuSeva. In Europe, we have the opportunity to introduce a full line of Esteem products, including the flagship Sculpt mid-phase product. along with the U.S. approved Smooth and Form products and the EsteemLips product, which is currently in U.S. FDA trials. The market learnings from these products in Europe will further support our launch strategy in the U.S. We also continue to take a disciplined approach to expanding our innovation pipeline. We are continuing to actively evaluate and pursue targeted, capital-efficient opportunities that complement our portfolio and leverage our existing commercial infrastructure. This is a natural extension of our strategy, an important component of our long-term growth, and positions us well to continue building a differentiated multi-product platform. Stepping back, our priorities are clear. We're focused on executing our plan, maintaining discipline across our cost structure, and investing in catalysts that will drive our next phase of growth. We are well capitalized to support existing business growth and invest in pipeline opportunities. Based on our performance in the first quarter, we are reiterating our full year outlook and remain confident in our ability to deliver double-digit revenue growth and achieve full year adjusted EBITDA profitability in 2026. With that, I'll turn the call over to Tatiana to walk through the first quarter financial results and our outlook.