Business
Elevai Labs Inc. Reports Financial Results for the Second Fiscal Quarter of 2024 and Provides Business Update
Achieves Robust Financial Performance with 74% Gross Margin and Strategic Public Offering, Bolstering Resources for Continued Growth and Innovation.Elevai
About this update from Pmgc Holdings Inc.
[{"type":"text","content":"Achieves Robust Financial Performance with 74% Gross Margin and Strategic Public Offering, Bolstering Resources for Continued Growth and Innovation.Elevai Enfinity™ Clinical Trials Showcase Breakthroughs in Skin Firmness, Tone, and Wrinkle Reduction, Reinforcing Leadership in Aesthetic Innovation.Elevai Biosciences Expands Patent Portfolio with EL-22, a Myostatin-Targeting Treatment for Obesity, Addressing Muscle Preservation in Weight Management NEWPORT BEACH, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Elevai Labs Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a pioneering force in medical aesthetics, today reported financial results for the second quarter ended September 30, 2024 and provided a business update. Financial Results for the Three and Six Months Ended June 30, 2024 $8 Million Public Offering: Elevai raised $8 million in a successful public offering to capitalize the business and support its strategic growth initiatives.Revenue decreased by 4.9% to $527,478 for the three months ended September 30, 2024 compared to revenue for the three months ended September 30, 2023. Revenue increased by 72.3% to $1,747,570 for the nine months ended September 30, 2024 compared to revenue for the nine months ended September 30, 2023.Gross margins of 74.7% for the three months ended September 30, 2024, and 73.2% for the nine months ended September 30, 2024, compared to 66.0% for the three months ended September 30, 2023 and 66.4% for the nine months ended September 30, 2023.Operating expenses of $1,313,738 for the three months ended September 30, 2024, and $5,290,718 for the nine months ended September 30, 2024, compared to $1,151,696 for the three months ended September 30, 2023 and $3,358,152 for the nine months ended September 30, 2023.Net loss of $1,501,257 for the three months ended September 30, 2024 and $4,310,998 for the nine months ended September 30, 2024. Elevai’s Chief Executive Officer and Chief Financial Officer, Graydon Bensler, stated: “Our third fiscal quarter was a period of meaningful and strategic progress for Elevai Labs and our subsidiaries, Elevai Skincare, Elevai Biosciences and Elevai Research. In this fiscal quarter we also strengthened our financial position with the successful completion of an $8 million public offering. We’re excited to continue building on this momentum as we head into the next fiscal q...