Dave Johnson from Caligan Partners on Evolus (EOLS) (podcast #128)
Dave Johnson from Caligan Partners discusses his thesis on Evolus (EOLS). Evolus is a one product company. Their product, Jeuveau, is a Botox competitor exclusively focused on the cosmetics market, and Dave thinks the market is underpricing Jeuveau's strong growth potential.Caligan's website: https://www.caliganpartners.com/Chapters0:00 Intro2:15 Caligan background8:15 EOLS Overview13:00 What does Dave see in EOLS that the market is missing?19:30 Why can EOLS take share versus Botox26:00 Why is EOLS focusing only on Cosmetics29:30 Is M&A in EOLS's future?33:15 EOLS acquisition targets and funding one37:30 Getting operating leverage and hitting cash flow breakeven40:15 What happens if we go into a recession?43:25 What does pricing look like?47:45 Does Daxxify's approval impact the market?52:45 Will new entrants impact pricing for tox?57:15 Closing thoughts