Elevai Labs Inc. Reports First Quarter 2024 Financial Results

NEWPORT BEACH, Calif., May 15, 2024 (GLOBE NEWSWIRE) -- 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 Contact
Brenda Buechler
Chief Marketing Officer
contact@elevailabs.com

Investor Relations Contact:
Tyler Troup, Circadian Group IR
IR@elevailabs.com