ELEVAI LABS, Inc. Reports Strong Preliminary Unaudited Financial Performance for Fiscal Year 2023, Highlighting Significant Revenue Growth and Expanding Global Reach
18 January 2024 - 1:07AM
InvestorsHub NewsWire
ELEVAI LABS, Inc.
Reports Strong Preliminary Unaudited Financial Performance for
Fiscal Year 2023, Highlighting Significant Revenue Growth and
Expanding Global Reach
NEWPORT BEACH, Calif., Jan. 17, 2024 -- InvestorsHub NewsWire --
ELEVAI LABS, INC., (NASDAQ: ELAB) a medical aesthetic company specializing
in physician-dispensed skincare, today announced certain
preliminary, unaudited management-prepared financial results for
the fiscal year ended December 31, 2023. These results are based on
the most current information available to management, are
unaudited, and subject to the completion of the Company's year-end
financial reporting processes, reviews, audit, and potential
adjustments that might result.
Key Financial Highlights:
-
Total Net Revenue for 2023: Over $1.635M
representing an increase of over 113% Year-over-Year (YoY) as
compared to 2022.
-
Total International Revenue: Over $213K
highlighting our expanding global footprint.
-
Gross Profit Margin: Over 67.8% representing an
increase of approximately 9.5% YoY, showcasing our enhanced
operational efficiency.
-
Account Growth: Over 75% growth in customer
accounts YoY, reflecting strong market trust and expanded customer
base.
Management Commentary:
Dr. Jordan R. Plews, Elevai's Chief Executive Officer commented,
"This year has been transformative for Elevai. Alongside our
transition to a public company our strategic initiatives in 2023
have resulted in the doubling of our revenue as well as increased
gross margins when compared to 2022. Our focus on the patient and
doctor experience, operational efficiency and market expansion has
not only driven this growth but also strengthened our position in
the regenerative skincare space. We are proud of our team's
continued hard work and commitment to excellence, which is
demonstrated in these preliminary results, and serves as the
foundation for continued growth."
About ELEVAI Labs
ELEVAI Labs, Inc. (NASDAQ: ELAB) is a medical aesthetics 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.elevaiskincare.com.
Forward-Looking Statements
Certain statements made in this press release are
"forward-looking statements'' within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified using words
such as "anticipate", "believe", "expect", "estimate", "plan",
"outlook", and "project" and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. These forward-looking statements reflect the
current analysis of existing information and are subject to various
risks and uncertainties. As a result, caution must be exercised in
relying on forward-looking statements. Due to known and unknown
risks, actual results may differ materially from the Company's
expectations or projections. The following factors, among others,
could cause actual results to differ materially from those
described in these forward-looking statements: (i) the failure to
meet projected research & development and production targets;
(ii) changes in applicable laws or regulations; and (iii) other
risks and uncertainties described herein, as well as those risks
and uncertainties discussed from time to time in other reports and
other public filings with the Securities and Exchange Commission
(the "SEC"). These statements are subject to uncertainties and
risks including, but not limited to, the uncertainties related to
market conditions and other factors discussed in the "Risk Factors"
section of the registration statement filed with the SEC. The
Company's SEC filings are available publicly on the SEC's website
at www.sec.gov. Any forward-looking statement made by us
in this press release is based only on information currently
available to the Company and speaks only as of the date on which it
is made. The Company undertakes no obligation to publicly update
any forward-looking statement, whether written or oral, that may be
made from time to time, whether because of new information, future
developments, or otherwise, except as required by law.
Media Contact
Brenda Buechler
Chief Marketing Officer
contact@elevailabs.com
Investor Relations
IR@elevailabs.com
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