Evolus rebounds after $50 mln stock offering

Evolus

11/03/2024 14:54

** Shares of Evolus  EOLS.O  up 3.6% at $14.56 on Mon as
medical aesthetics firm raises $50 mln of equity
    ** Co early Mon announced pricing of ~3.6 mln share offering
at $14.07 with Leerink Partners and Stifel as jt bookrunners
    ** EOLS on Fri closed down 4.9% at $14.07
    ** Late Thurs, co said Q4 total net rev increased 40% yr/yr
to $61 mln driven primarily by higher volumes of Jeuveau, an
injection to treat wrinkles
    ** Evolus also reaffirmed 2024 FY net rev guidance of
$255-$265 mln (26%-31% growth from 2023), adding expects to
achieve profitability in Q4 2024 and for FY2025, and remains
fully funded with existing liquidity
    ** It had cash of ~$63 mln at end-Dec, compared to $38.7 mln
at end-Sept
    ** Evolus on Mon said intends to use net proceeds from stock
offering to fund growth of Jeuveau, launch activities for its
dermal filler, Evolysse, and other purposes
    ** Co had ~57.8 mln shares outstanding at end-Dec
    ** With move on the session, EOLS up ~39% YTD and has gained
~80% over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))