What happened
Shares of Evolus (EOLS +4.87%) were up by 27.1% for the week as of Friday afternoon, according to data provided by S&P Global Market Intelligence. The medical aesthetics company specializes in using neurotoxins as aesthetic therapies.
The company's shares rose after the company released preliminary fourth-quarter and year-end numbers on Wednesday. The stock closed at $8.65 last Friday, when it reached a 52-week high of $11.04. Over the past 12 months, the stock is up more than 104%. It hit a 52-week low of $5.06.
So what
The company said in its announcement that it expected fourth-quarter revenue of $43.6 million, up 26% year over year, and full-year revenue of $148.6 million, up 49% over 2021. The company also added guidance of full-year revenue for 2023 of between $180 million and $190 million.
Now what
Perhaps the biggest news was that the company said it expected to show a profit in the fourth quarter, the first quarter it has been profitable since its initial public offering in April 2021. The company's lead product, Jeuveau/Nuceiva, is a Botox competitor, and the company sees potential annual revenue of $500 million by 2028 from Jeuveau/Nuceiva.
That's probably not puffery considering that AbbVie, the maker of Botox, saw $699 million in Botox therapeutic sales and $637 million in Botox cosmetic sales in the third quarter alone. While Botox continues to do well, Evolus is focusing on marketing the product to a younger audience and seems to be making strides there.
Evolus won't get there without a lot of competition, however. Revance Therapeutics got approval from the Food and Drug Administration in September for another neuromodulator, Daxxify, to treat wrinkles.
