Evolus is a medical aesthetics company that sells injectable cosmetic products directly to aesthetic practitioners — dermatologists, plastic surgeons, and med spas. All products are cash-pay only, meaning Evolus operates entirely outside of insurance reimbursement. Evolus has two core products: Jeuveau, a botulinum toxin type A neurotoxin used to temporarily reduce frown lines, and Evolysse, a newer line of hyaluronic acid gels used to fill wrinkles and restore facial volume. Jeuveau is the primary revenue driver, and Evolysse launched in the U.S. in April 2025. Both products are licensed from third-party manufacturers — Jeuveau from South Korea's Daewoong and Evolysse from France's Symatese — while Evolus handles all commercialization. Evolus sells to over 17,000 U.S. purchasing accounts and runs a consumer loyalty program with over 1.3 million members that drives repeat patient visits. Evolus bears no manufacturing costs; its cost base is primarily sales force, marketing, and G&A. A mid-single-digit royalty on Jeuveau net sales through 2032 is a persistent gross margin drag. Both licensing agreements require minimum annual purchases to maintain exclusivity. Evolus' growth strategy centers on gaining Jeuveau share within the roughly 30,000 U.S. aesthetic accounts, scaling Evolysse adoption, expanding the Evolysse pipeline with Sculpt and Lips products, bundling Jeuveau and Evolysse to deepen account relationships, and expanding internationally.