ELEVAI Labs Reports Q1 Earnings — Revenue Grows 330%
The company also reported an increase in gross margin from 68.9% to 72.5%.
ELEVAI Labs (NASDAQ: ELAB), a pioneering force in medical aesthetics, reported its financial results for the first quarter ended March 31, 2024.
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.
ELEVAI Labs CEO, Jordan R. Plews, PhD commented on the company’s Q1 earnings, stating:
“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.”
Shares of ELEVAI Labs (NASDAQ: ELAB) closed today’s trading session at $0.65, up +3.19%.
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