Elevai Labs Inc. Reports Record Full Year 2023 and Fourth Quarter Financial Results
March 29 2024 - 11:00AM
Elevai Labs Inc. (NASDAQ: ELAB), a medical aesthetic company
specializing in physician-dispensed skincare, today reported
financial results for the fourth quarter and full year ended
December, 31, 2023.
“This year has been pivotal for us, with our
revenue more than doubling, it’s a clear indicator of our market
strength and customer trust,” stated Elevai Labs CEO, Jordan R.
Plews, PhD. “We are proud to have increased our operating,
production and supply chain efficiency as evidenced in the
improvement of our gross margin and are excited to further
advancements at the interface between aesthetics and biotechnology.
This marks just the beginning of our ambitious vision for the
future.”
Financial Results for the Three Months
Ended December 31, 2023
-
Revenue increased to $698,591 for the three
months ended December 31, 2023, compared to $138,898 for the three
months ended December 31, 2022 and $554,654 for the three months
ended September 30, 2023, a 402.9% increase year-over-year and
25.9% increase quarter-over-quarter.
-
Gross margin of 66.1% for the three months ended
December 31, 2023, compared to 67.2% for the three months ended
December 31, 2022.
-
Operating expenses for the three months ended
December 31, 2023 were $1,542,639, compared to $767,530 for the
three months ended December 31, 2022 and $1,151,696 for the three
months ended September 30, 2023, a 100.9% increase year-over-year
and 33.9% increase quarter over quarter.
-
Total comprehensive loss was $708,508 on a GAAP
basis for the three months ended December 31, 2023.
Financial Results for the Full Year
Ended December 31, 2023
-
Revenue increased to $1,712,595 for the year
ended December 31, 2023, compared to $766,277 for the year ended
December 31, 2022, a 123.5% increase year-over-year.
-
Gross margin of 66.2% for the year ended December
31, 2023, compared to 58.4% for the year ended December 31,
2022.
-
Operating expenses for the year ended December 31,
2023 were $4,900,791, compared to $2,238,350 for the year ended
December 31, 2022.
-
Total comprehensive loss was $4,301,426 on a GAAP
basis for the year ended December 31, 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
Investor Relations Contact:Tyler Troup,
Circadian Group IRIR@elevailabs.com
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