Evolus (EOLS)
Sells a cosmetic-only neurotoxin and hyaluronic-acid filler line directly to physicians on a cash-pay basis.
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Sells a cosmetic-only neurotoxin (Jeuveau, marketed abroad as Nuceiva) and a newer hyaluronic-acid filler line (Evolysse) directly to physicians, dermatologists, and medspas on a cash-pay basis, with no insurance reimbursement anywhere in the business. Both product lines are manufactured under exclusive license by single external suppliers, and revenue remains concentrated in the United States.
Spun out of ALPHAEON Corporation in 2012, the business sells directly into the cash-pay aesthetics market, billing physicians, dermatologists, plastic surgeons, and medspas rather than insurers.
Its founding product, Jeuveau, is a neurotoxin developed solely for cosmetic use, approved for U.S. sale in 2019 and manufactured under exclusive license by a South Korean supplier, then sold internationally as Nuceiva. A hyaluronic-acid filler line, Evolysse, licensed from a French partner, reached the U.S. market in 2025, broadening the portfolio beyond a single product for the first time.
A direct U.S. sales organization and a proprietary patient loyalty program drive repeat purchases, complemented by distributor relationships abroad.
Both product lines rely on single external manufacturers, and a legal settlement obligates an ongoing sales-based royalty to a former litigation counterparty into the early 2030s. Revenue remains concentrated in the United States.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Feb 4, 2026 | Mizuho Securities | Target | Target: $19 | Target: $15 |
| Jan 22, 2026 | BTIG | Reiterate | Rating: —Target: — | Target: $13 |
| Jan 13, 2026 | Stifel Nicolaus | Target | Target: — | Target: $17 |
| Dec 1, 2025 | Mizuho Securities | Target | Target: $25 | Target: $19 |
| Aug 6, 2025 | Needham | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $45.2M · Total debt $164.8M · Total assets $248.0M · Shareholders' equity −$30.9M
- Revenue
- $84.1M
- Operating income
- −$4.5M
- Net income
- −$8.1M
No dividends on record.
| Institutions | 73.96% | 48.85M shares | |
|---|---|---|---|
| 168 holders · as of Jun 30, 2026 | |||
| Insiders | 13.06% | 8.63M shares | |
| 12 holders · as of Sep 4, 2026 | |||
| Other | 12.98% | 8.57M shares | |
| remainder | |||
66.05M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Timothy P. LynchInsider | 9.73% | 6.43M | filed Feb 17, 2026 |
Nantahala Capital Management, LLCInstitution | 8.48% | 5.60M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.33% | 4.84M | as of Jun 30, 2026 |
Soleus Capital Master Fund, L.P.Institution | 5.27% | 3.48M | filed Aug 31, 2026 |
First Manhattan Co.Institution | 5.05% | 3.33M | filed Feb 15, 2022 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 2, 2026 | David Moatazedi | director, officer: See Remarks | −105,108 | $9.04 |
| Mar 20, 2026 | David Moatazedi | director, officer: See Remarks | −13,669 | $4.75 |
| Mar 20, 2026 | Rui Avelar | officer: See Remarks | −3,119 | $4.75 |
| Mar 17, 2026 | Rui Avelar | officer: See Remarks | −29,996 | $4.89 |
| Mar 17, 2026 | David Moatazedi | director, officer: See Remarks | −116,720 | $4.89 |
