Evolus Reports First Quarter 2020 Results and Provides Business Update

Evolus Reports First Quarter 2020 Results and Provides Business Update

Newport Beach, Calif., May 11, 2020 - Evolus, Inc. (Nasdaq: EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today reported financial results for the first quarter ended March 31, 2020 and provided a business update, including the impact of the COVID-19 pandemic.

The Evolus Response to COVID-19

On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. Evolus responded by taking the following actions:

"I am tremendously proud of the way our employees quickly responded to the challenges associated with the COVID-19 pandemic. We took decisive measures to help support our customers and strengthen our business with an increased reliance on our proprietary digital platform. Our efficient business model and innovative customer and consumer programs designed for the millennial segment are expected to drive continued share penetration," said David Moatazedi, President and Chief Executive Officer.

Mr. Moatazedi continued, "Prior to the COVID-19 impact, Jeuveau was on track to deliver another strong quarter. Prior to practices closing in mid-March, our unit sales were ahead compared to the same period in the prior quarter1. These sales trends reflect the successful launch trajectory of Jeuveau and are notable given our estimation that sales in our market historically decline by a double-digit percentage in the first quarter of the year2. Beginning in mid-March, we took several measures to help our customers and consumers. As a result of our proactive investment in additional coupon support in the first quarter of 2020, we recorded a gross-to-net sales adjustment of $10.2 million resulting in $10.5 million of net revenues."

First Quarter 2020 Financial Results

Key 2020 Business Highlights

2020 Financial Outlook

Conference Call Information

Management will host a conference call and webcast to discuss Evolus' financial results today at 4:30 p.m. ET. The dial-in numbers are +1 (866) 916-2317 for domestic callers and +1 (703) 925-2662 for international callers, and the conference ID is 1819528.

A replay of the call will be available following its completion through May 18, 2020. To access the replay, dial +1 (855) 859-2056 for domestic callers and +1 (404) 537-3406 for international callers and use the replay conference ID 1819528.

A live audio webcast of the call will be available on the Investor Relations page of the Evolus, Inc. website, investors.evolus.com. A replay of the webcast will be archived on Evolus' website for 30 days following the completion of the call.

Evolus is a performance beauty company with a customer-centric approach focused on delivering breakthrough products. In 2019, the U.S. Food and Drug Administration approved Jeuveau (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics and manufactured in a state-of-the-art facility using Hi-Pure technology. Jeuveau is powered by Evolus' unique technology platform and is designed to transform the aesthetic market by eliminating the friction points existing for customers today. Visit us at: www.evolus.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements that relate to the status of regulatory processes, future plans, events, prospects or performance and statements containing the words "plans," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," or other forms of these words or similar expressions, although not all forward-looking statements contain these identifying words. The company's forward-looking statements include, but are not limited to, statements made by Mr. Moatazedi related to the effectiveness of our customer and consumer programs, the efficiency of the company's business model and expectations for share gain and our financial outlook as well as the company's expectation that it has cash, cash equivalents and short term investments that will be sufficient to fund its operations for at least the next twelve months.

Forward-looking statements are based on current estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict.

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Other factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include uncertainties associated with the continued impact of COVID-19 on our business and the economy generally; the success of the launch of Jeuveau , customer and consumer adoption of Jeuveau , the efficiency and operability of our digital platform, competition and market dynamics, our ongoing legal proceedings and our ability to maintain regulatory approval of Jeuveau and other risks described in Item 8.01 Other Events in our Current Report on Form 8-K filed with the Securities and Exchange Commission on April 16, 2020 and in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission on February 25, 2020, all of which are available online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Evolus undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events. If the company does update or revise one or more of these statements, investors and others should not conclude that the company will make additional updates or corrections.

Use of Non-GAAP Financial Measures

Evolus' financial results are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release and the reconciliation tables included in the financial schedules below include non-GAAP operating expenses and non-GAAP loss from operations, which are calculated as GAAP operating expenses and GAAP loss from operations, excluding: (i) the revaluation of contingent royalty obligations, (ii) stock-based compensation expense, and (iii) depreciation and amortization. Management believes that non-GAAP operating expenses and non-GAAP loss from operations are useful in helping to identify the company's core operating performance and enables management to consistently analyze the period-to-period financial performance of the core business operations. Management also believes that non-GAAP operating expenses and non-GAAP loss from operations will enable investors to assess the company in the same

way that management assesses the company's current and future operations. The company's definitions of non-GAAP operating expenses and non-GAAP loss from operations have limitations as an analytical tool and may differ from other companies reporting similarly named measures. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.

For a reconciliation of our historical non-GAAP operating expenses and non-GAAP loss from operations presented herein to GAAP operating expenses and GAAP loss from operations, the most directly comparable GAAP financial measures, please see "Reconciliation of GAAP Operating Expenses and GAAP Loss from Operations to Non-GAAP Operating Expenses and Non-GAAP Loss from Operations" in the financial schedules below. In addition, this press release includes information regarding the company's expected non-GAAP operating expenses for the second, third and fourth quarters of 2020. Evolus has not provided a reconciliation of such forward-looking non-GAAP operating expenses to GAAP operating expenses, the most directly comparable GAAP financial measure, because, without unreasonable efforts, it is unable to predict with reasonable certainty the amount or timing of the non-GAAP adjustments that are used to calculate non-GAAP operating expenses, including any revaluation of contingent royalty obligation, stock-based compensation expense and depreciation and amortization. These adjustments are uncertain, depend on various factors that are beyond our control and could have a material impact on the company's forward-looking GAAP operating expenses.

Jeuveau is a registered trademark of Evolus, Inc.

Hi-Pure is a trademark of Daewoong Pharmaceutical Co, Ltd

1 Based on unit sales to customers comparison of October 1, 2019 to December 13, 2019 versus January 1, 2020 to March 15, 2020

2 Represents internal management estimates of U.S. aesthetic neurotoxin unit sales based on securities filings of competitive companies and third-party market research.

3 Represents cumulative statistics from the launch of Jeuveau in May 2019.

Evolus, Inc. Contacts:

Ashwin Agarwal, Evolus, Inc.

Vice President, Finance, Investor Relations & Treasury

Tel: +1-949-284-4559

Email: IR@Evolus.com

Crystal Muilenburg, Evolus, Inc.

Vice President, Corporate Communications & Public Relations

Tel: +1-949-284-4506

Email: media@evolus.com

Statements of Operations and Comprehensive Loss

(Unaudited, in thousands, except loss per share data)

Summary of Balance Sheet Data

(Unaudited, in thousands)

Reconciliation of GAAP Operating Expenses and GAAP Loss from Operations to

Non-GAAP Operating Expenses and Non-GAAP Loss from Operations