ELEVAI Labs Posts Record Full Year 2023 and Q4 Earnings
ELEVAI Reported Record Revenue of $1.71 Million for the Full Year 2023, Up 123.5% Over the Previous Year
The company also reported record Q4 2023 revenue of $698,591, up 403% over the previous quarter.
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.
Commenting on the company’s Q4 and full-year 2023 earnings report, Elevai Labs CEO, Jordan R. Plews, Ph.D., stated:
“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. 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.”
Also Read: ELEVAI Labs Closes $6 Million NASDAQ IPO
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
ELEVAI Labs (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 ElevaiSkincare.com.
Investor Relations Contact:
Tyler Troup, Circadian Group IR
Email: IR@elevailabs.com
Media Inquiries:
Brenda Buechler, Chief Marketing Officer
Email: contact@elevailabs.com
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