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Elevai Labs Inc Announces Financial Results for the Quarter Ended September 30, 2023
Company Records Record Quarterly Revenues NEWPORT BEACH, Calif., Dec. 11, 2023 (GLOBE NEWSWIRE) -- Elevai Labs Inc. (NASDAQ: ELAB), a medical aesthetic
About this update from Pmgc Holdings Inc.
[{"type":"text","content":"Company Records Record Quarterly Revenues\nNEWPORT BEACH, Calif., Dec. 11, 2023 (GLOBE NEWSWIRE) -- Elevai Labs Inc. (NASDAQ: ELAB), a medical aesthetic company specializing in physician-dispensed skincare, today reported financial results for its Q3 2023 fiscal quarter, ended September 30, 2023. “We are proud to announce a record setting quarter for Elevai marked by exceptional growth in both revenue and gross profit,” said Jordan Plews, Elevai’s Chief Executive Officer. “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.” Financial Results for The Three Months Ended September 30, 2023 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 11.0 percentage points 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. About ELEVAI Labs, Inc. ELEVAI Labs Inc. (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 www.eleva...