ELEVAI Labs Posts Q3 2023 Earnings, Reports Record Quarterly Revenue

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:

“We are proud to announce a record-setting quarter for Elevai marked by exceptional growth in both revenue and gross profit. 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.”

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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Elevai Labs Inc. is a paid client of Wealthy VC.

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