ELEVAI Labs Posts Q3 2023 Earnings, Reports Record Quarterly Revenue
The Company Reported Record Revenue in Q3, Which Increased 75.23% Compared to Last Quarter and 28.35% Year-Over-Year
ELEVAI Labs (NASDAQ: ELAB), a medical aesthetic company specializing in physician-dispensed skincare, today reported its fiscal 2023 Q3 financial results.
ELEVAI CEO Jordan Plews Ph.D. commented on the company’s Q3 financial results, stating:
Also Read: ELEVAI Labs Expands Into European Market With Signing of New Partnership
Q3 2023 Financial Results:
- 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% 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.
Shares of ELEVAI Labs (NASDAQ: ELAB) last traded at $1.85 per share.
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