Elevai Labs Inc Announces Financial Results for the Quarter Ended September 30, 2023
December 11 2023 - 8:15AM
Elevai Labs Inc. (NASDAQ: ELAB), a medical aesthetic company
specializing in physician-dispensed skincare, today reported
financial results for its Q3 2023 fiscal quarter, ended September
30, 2023.
“We are proud to announce a record setting
quarter for Elevai marked by exceptional growth in both revenue and
gross profit,” said Jordan Plews, Elevai’s Chief Executive Officer.
“In Q3, our revenue grew over 75% over the previous quarter and
this growth is a testament to the effectiveness of our sales
strategy and our team’s hard work.
“Looking ahead, we remain committed to investing
in the growth and scale of Elevai while maintaining our focus on
operational efficiencies. Additionally, with our recent transition
to a public company and the completion of our IPO, we are
well-positioned to support the ongoing expansion and development of
Elevai.”
Financial Results for The Three Months
Ended September 30, 2023
-
Revenue increased to $554,654 for the three
months ended September 30, 2023, compared to $432,122 for the three
months ended September 30, 2022 and $316,530 for the three months
ended June 30, 2023, a 28.35% increase year-over-year and 75.23%
increase quarter-over-quarter.
-
Gross margin of 66% for the three months ended
September 30, 2023, an increase of approximately 11.0 percentage
points compared to the three months ended September 30, 2022.
-
Operating expenses for the three months ended
September 30, 2023 were $1,151,696, compared to $709,531 for the
three months ended September 30, 2022 and $1,261,681 for the three
months ended June 30, 2023, a 62% increase year-over-year and 8.7%
decrease quarter over quarter.
-
Net loss and comprehensive loss was $782,660
on a GAAP basis for the three months ended September 30, 2023.
About ELEVAI Labs, Inc.
ELEVAI Labs Inc. (NASDAQ: ELAB) is a medical
aesthetic company developing cutting-edge physician-dispensed skin
care applications. The company solves unmet needs in the medical
aesthetics space through a combination of cutting-edge
science-driven and next-generation consumer applications. ELEVAI
Labs develops topical aesthetic skin care cosmetic products for the
physician-dispensed market, with a focus on leveraging a
proprietary stem cell exosome technology. For more information
visit www.elevaiskincare.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 ContactBrenda BuechlerChief Marketing
Officercontact@elevailabs.com
Elevai Labs (NASDAQ:ELAB)
Historical Stock Chart
From May 2024 to Jun 2024
Elevai Labs (NASDAQ:ELAB)
Historical Stock Chart
From Jun 2023 to Jun 2024