Elevai Labs Inc. Reports Second Quarter 2024 Financial Results and Provides Business Update
14 Agosto 2024 - 10:05AM
Elevai Labs Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a
pioneering force in medical aesthetics, today reported financial
results for the second quarter ended June 30, 2024 and provided a
business update.
Financial Results for the Three and Six
Months Ended June 30, 2024
-
Revenue increased to $605,529 for the three months
ended June 30, 2024, and $1,220,092 for the six months ended June
30, 2024, an increase of 91.3% and 165.6% respectively
year-over-year.
- Gross
margin of 72.5% for the three months ended June 30, 2024,
and 72.5% for the six months ended June 30, 2024, compared to 65.8%
for the three months ended June 30, 2023 and 66.8% for the six
months ended June 30, 2023.
-
Operating expenses of $1,847,867 for the three
months ended June 30, 2024, and $3,976,980 for the six months ended
June 30, 2024, compared to $1,261,680 for the three months ended
June 30, 2023 and $2,206,456 for the six months ended June 30,
2023.
- Net
loss of $1,412,491 for the three months ended June 30,
2024 and $2,809,741 for the six months ended June 30, 2024.
Elevai’s Chief Executive Officer and Chief
Financial Officer, Graydon Bensler stated: “We are excited about
our performance in the second quarter of 2024, marked by revenue
growth and a solid gross margin. The launch of the B2B/B2C Elevai
Skincare e-commerce platform and the establishment of our
subsidiaries are pivotal steps in our strategy to streamline
operations, maintain focus across the Company and ensure alignment
within various departments. As we continue to pursue growth
opportunities, we remain committed to identifying additional ways
to increase shareholder value through further strategic
acquisitions and investments in the biotech, cosmetic, health, and
wellness spaces.”
Q2 Corporate Highlights
The Company restructured its business with the
launch of Elevai Biosciences Inc. and Elevai Skincare Inc. The
Company now operates a diverse portfolio of three wholly owned
subsidiaries across the medical aesthetics and biopharmaceutical
sectors. All of the Company’s revenue to date has been derived from
the sales of skincare products through our Elevai Skincare
business.
- Elevai Skincare
Inc. specializes in developing and commercializing
innovative skincare products, catering to both business to business
(“B2B”) and business to consumer (“B2C”) markets in the US and
internationally. Please visit our website at
www.elevaiskincare.com.
- Elevai Biosciences
Inc. is a biopharmaceutical company focusing on the
development and acquisition of cutting-edge aesthetic medicines.
Our lead asset, EL-22, is leveraging a first-in-class engineered
probiotic approach to address obesity’s pressing issue of
preserving muscle while on weight loss treatments, including GLP-1
receptor agonists. Please visit our website at
www.elevaibio.com.
- Elevai Research
Inc., domiciled in Canada, is currently dedicated to
medical scientific research and development efforts, utilizing
Canadian research grants and partnering with leading Canadian
Universities to push the boundaries of innovation.
Corporate Update
-
Corporate Restructuring: Following the
establishment of the Company’s subsidiaries, at the end of June,
2024, Elevai began to undertake a corporate restructuring with the
aim of increasing efficiency and reducing operating costs to
improve profitability, while still pursuing growth. This initiative
remains ongoing; however, the steps management has taken thus far
has reduced annual operating expenses by an estimated
$800,000.
- Grant
Funding: Elevai Research Inc. received a research and
development grant from MITACS Canada in April 2023 for $90,000
Canadian dollars (“CAD”) through the MITACS Accelerate program.
This research program remains ongoing in collaboration with
Dalhousie University. Elevai Research Inc. has received two
installments of the grant for a total of $45,000 CAD.
- Elevai
Skincare E-commerce Launch: In March 2024, Elevai launched
its online e-commerce portal. This platform serves as an extension
of our existing B2B relationships, allowing retail customers to
select a physician provider and order Elevai products directly
online. The portal is available for both retail and business
customers and provides benefits such as ease of ordering without an
office visit, integration of social media and influencer campaigns,
and granular data collection for marketing and geo-targeting. This
initiative aligns with our strategy to simplify distribution
operations and reduce operating costs.
- Elevai
Skincare New Product Launch Initiation: The Elevai
S-Series Root Renewal SystemTM will be a three-part hair and
scalp care system that utilizes a first-in-class dual mechanism
powered by exosomes and mitochondrial technology that incorporates
Elevai’s proprietary PREx™ and Yuva Bioscience’s Y100 mitochondrial
technology. This innovative combination is designed to address
common scalp and hair care concerns, such as the appearance of
thinning hair, by promoting scalp and hair vitality. The product
line is formulated to be easy to use, cost-effective, and
scientifically backed, offering a new solution for men and women
experiencing hair loss and thinning hair. We are expecting to soft
launch this product line later this year.
- Elevai
Biosciences forms SAB Team: Elevai Biosciences has started
the formation of its Scientific Advisory Board (“SAB”). We have
initially appointed three distinguished metabolic scientists, Orian
Shirihai, MD, PhD, Eduardo Grunvald, MD, and Roger A. Fielding,
PhD:
- Orian Shirihai,
MD, PhD. Dr. Shirihai is currently Professor of Medicine at the
University of California, Los Angeles (“UCLA”), where he also
serves as Director of the UCLA Metabolism Research Theme. Dr.
Shirihai has over 180 publications in the field of obesity &
metabolism, along with multiple National Institutes of Health (NIH)
funded projects as Principal Investigator. Dr. Shirihai is a
renowned researcher regularly invited as a keynote speaker at
annual scientific conferences and has consulted for Johnson &
Johnson, Bayer, AstraZeneca and Pfizer, among other healthcare
companies.
- Roger A.
Fielding, PhD, serves as Team Lead and Senior Scientist of the
Nutrition, Exercise Physiology, and Sarcopenia (“NEPS”) Team at the
Jean Mayer USDA Human Nutrition Research Center on Aging at Tufts
University. He is also Professor of Nutrition at Tufts’ Friedman
School of Nutrition Science and Policy, Professor of Medicine at
Tufts University School of Medicine and the Associate Director of
the Boston Claude D. Pepper Older Americans Independence Center. He
has published over 300 peer-reviewed papers (H-index 115).
- Dr. Eduardo
Grunvald, MD, is the Director of the Weight Management Program at
the University of California, San Diego (“UCSD”) and a professor in
the Department of Medicine. He is board certified in internal
medicine and obesity medicine. He completed his residency at UCSD
and earned his medical degree from the University of Washington
School of Medicine.
About Elevai Labs, Inc.Elevai Labs Inc.
(NASDAQ: ELAB) specializes in medical aesthetics and
biopharmaceutical drug development, focusing on innovations for
skin aesthetics and treatments tied to obesity and metabolic
health. The Company operates a diverse portfolio of three wholly
owned subsidiaries across the medical aesthetics and
biopharmaceutical sectors, Elevai Skincare Inc., Elevai Biosciences
Inc., and Elevai Research Inc. For more information please visit
www.elevailabs.com.
Forward-Looking Statements
Statements contained in this press release
regarding matters that are not historical facts are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. Words such as
“believes,” “expects,” “plans,” “potential,” “would” and “future”
or similar expressions such as “look forward” are intended to
identify forward-looking statements. Forward-looking statements are
made as of the date of this press release and are neither
historical facts nor assurances of future performance.
Instead, they are based only on our current
beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy, activities of
regulators and future regulations and other future conditions.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results.
Therefore, you should not rely on any of these forward-looking
statements. These and other risks are described more fully in
Elevai’s filings with the United States Securities and Exchange
Commission (“SEC”), including the “Risk Factors” section of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023, filed with the SEC on March 29, 2024, and its other
documents subsequently filed with or furnished to the SEC.
Investors and security holders are urged to read these documents
free of charge on the SEC’s web site at www.sec.gov. All
forward-looking statements contained in this press release speak
only as of the date on which they were made. Except to the extent
required by law, the Company undertakes no obligation to update
such statements to reflect events that occur or circumstances that
exist after the date on which they were made.
Media Contact:Makenzie
Manncontact@elevailabs.com
Elevai Labs (NASDAQ:ELAB)
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