Evolus Inc (EOLS) stock was performing well on Wednesday. It gained 11.09% in the normal trading session and closed at $11.72 per share. but in the after-hours, it lost 12.97%.
EOLS shares have gained 176.42% over the last 12 months. Over the past three months, the stock has surged 102.42%, while over the past six months, it has added 179.71%.
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Let’s try to find out the reason behind its turnaround on Wednesday.
Pricing of Public Offering of Common Stock
On April 21, 2021, Evolus, Inc. announced the public offering price of $9.50 per share of its public offering of 9,000,000 shares of its common stock, before underwriting discounts and commissions.
A 30-day option is provided by Evolusto underwriters to buy up to an additional 1,350,000 shares of common stock. Evolus will get gross proceeds of $85.5 million approximately.
Recent financial results
On March 24, 2021, Evolus, Inc reported its financial results for the fourth quarter and full-year ended December 31, 2020.
Q4 2020 financial highlights
- For the fourth quarter of 2020, Evolus earned revenue of $20.6 million.
- Q4 2020 gross margin was 64.6%.
- GAAP operating expenses were $128.6 million for the reported quarter.
- Non-GAAP operating expenses were $25.5 million for Q4 2020.
- Evolus suffered a GAAP loss of $108.0 million from operations.
FY 2020 financial highlights
- Evolus total net revenues were $56.5 million for 2020 and compared to 2019 net revenues of $34.9 million.
- The gross margin was 67.6% for FY 2020.
- GAAP loss from operations was $$153.1 million for the reported year.
- Non-GAAP loss from operations was $54.0 million in 2020 compared to $81.1 million in 2019.
- It spent $209.6 million in GAAP operating expenses in FY 2020.
- In FY2020, Non-GAAP operating expenses were $92.3 million compared to $108.0 million in 2019.
- As of December 31, 2020, the company had cash, cash equivalents, and short-term investments of 107.6 million.
Evolus strengthened its financial position
On March 23, 2021, Evolus Inc received 5 million cash from its strategic partner Daewoong Pharmaceutical Co. Ltd and eliminate $10.5 million of current and potential future milestone payments.
Daewoong also converted its debt into Evolus common shares which result in reducing $40.5 million in convertible debt.
There is no other recent news except the price announcement of its common stock which could be the reason behind its turnaround on Wednesday. Otherwise, EOLS past stock market performance is much better.