Elevai Labs Inc. Reports First Quarter 2024 Financial Results
May 15 2024 - 4:30PM
Elevai Labs Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a
pioneering force in medical aesthetics, today reported financial
results for the first quarter ended March 31, 2024.
Elevai Labs CEO, Jordan R. Plews, PhD stated,
"This quarter, Elevai Labs has demonstrated remarkable
year-over-year revenue growth while significantly improving our
gross margin, reflecting our commitment to optimizing production
and stringent cost management. We remain focused on sustainable
growth while enhancing our operational efficiencies and continuing
to invest in innovation. These results underscore our adaptability
and strategic foresight in meeting market demands."
Financial Results for the Three Months
Ended March 31, 2024
-
Revenue increased to $614,563 for the three
months ended March 31, 2024, compared to $142,820 for the three
months ended March 31, 2023 and $698,591 for the three months ended
December 31, 2023, a 330.3% increase year-over-year and 12.0%
decrease quarter-over-quarter.
- Gross margin of
72.5% for the three months ended March 31, 2024, compared to 68.9%
for the three months ended March 31, 2023.
- Operating expenses
for the three months ended March 31, 2024 were $2,129,113, compared
to $944,776 for the three months ended March 31, 2023 and
$1,542,639 for the three months ended December 31, 2023 a 125.4%
increase year-over-year and 38.0% increase quarter over
quarter.
- Total comprehensive
loss was $1,396,069 on a GAAP basis for the three months
ended March 31, 2024.
About Elevai Labs, Inc.
Elevai Labs Inc. (NASDAQ: ELAB) specializes in
medical aesthetics and biopharmaceutical drug development, focusing
on innovations for skin aesthetics and treatments tied to obesity
and metabolic health. Driven by a commitment to scientific
research, we aim to transform personal health and beauty. For more
information, please visit www.elevailabs.com.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements, including, but not limited to, the
Company's proposed Offering. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company's current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs, including the expectation that our shares of common stock
will start trading or that the Offering will be successfully
completed. Investors can find many (but not all) of these
statements using words such as "approximates," "believes," "hopes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"plans," "will," "would," "should," "could," "may" or other similar
expressions in this prospectus. The Company undertakes no
obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's registration statement and other filings with the
SEC.
For media inquiries, please contact:
Media and Product ContactBrenda BuechlerChief
Marketing Officercontact@elevailabs.com
Investor Relations Contact:Tyler Troup,
Circadian Group IRIR@elevailabs.com
Elevai Labs (NASDAQ:ELAB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Elevai Labs (NASDAQ:ELAB)
Historical Stock Chart
From Jul 2023 to Jul 2024