Evolus (NASDAQ:EOLS) stock gained about 7% in Tuesday’s after-hours of trading, spurred by the company’s strong preliminary Q4 net revenue numbers and a positive 2024 outlook. Meanwhile, Wall Street analysts see significant upside potential in EOLS stock based on the average price target.
Evolus is a performance beauty company focused on developing a range of aesthetic products. It launched Jeuveau, its Botox competitor, in the U.S. in May 2019.
EOLS: Preliminary Sales Numbers
Evolus expects to achieve net revenue of approximately $61 million in Q4, reflecting year-over-year and sequential growth of 40% and 22%, respectively. Moreover, it exceeds analysts’ net sales forecast of 56.97 million. As for 2023, the company expects to deliver revenue of $202 million, up 36% over the prior year. Evolus projects its 2024 sales to be in the range of $255 million to $265 million, up 26-36% year-over-year.
The company’s robust preliminary sales figures highlight its solid operational strength and substantial market share gains. This is driven by the company’s strong presence in the U.S. neurotoxin market, primarily led by Jeuveau, and the expansion of the Nuceiva brand in Europe.
Furthermore, Evolus diversified its portfolio by introducing late-stage dermal fillers set to launch in the U.S. and Europe in 2025. This expansion will likely expand its total addressable market by 78% to approximately $6 billion.
Is Evolus Stock a Buy?
Based on Wall Street analysts’ ratings, Evolus stock is a buy. EOLS stock has gained over 23% in one year. Further, it has five unanimous Buy recommendations for a Strong Buy consensus rating.
Analysts’ average price target of $23 implies a stellar 120.5% upside potential from current levels.
