Elevai Labs Inc. Reports Second Quarter 2024 Financial Results and Provides Business Update

NEWPORT BEACH, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) — Elevai Labs Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a pioneer in the field of medical aesthetics, today announced 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

• Income increased to $605,529 for the three-month period ended June 30, 2024 and to $1,220,092 for the six-month period ended June 30, 2024, representing a year-over-year increase of 91.3% and 165.6%, respectively.
• Gross margin 72.5% for the three-month period ended June 30, 2024 and 72.5% for the six-month period ended June 30, 2024, compared to 65.8% for the three-month period ended June 30, 2023 and 66.8% for the six-month period ended June 30, 2023.
• Operating costs 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 CEO and CFO Graydon Bensler stated, “We are excited about our second quarter 2024 results, with revenue growth and solid gross margin. The launch of Elevai Skincare’s B2B/B2C e-commerce platform and the formation of our subsidiaries are key steps in our strategy to streamline operations, maintain focus across the company, and ensure alignment across businesses. As we continue to pursue growth opportunities, we remain committed to identifying additional ways to enhance shareholder value through further strategic acquisitions and investments in biotechnology, cosmetics, health and wellness.”

Key corporate events in Q2

The company restructured its operations to include Elevai Biosciences Inc. and Elevai Skincare Inc. The company now operates a diversified portfolio of three wholly owned subsidiaries in the aesthetic medicine and biopharmaceutical sectors. All of the company’s revenues to date have been derived from the sale of skin care products through our Elevai Skincare business.

• Elevai Skincare Inc. specializes in developing and commercializing innovative skin care products, serving both the business to business (“B2B”) and business to consumer (“B2C”) markets in the U.S. and internationally. Visit our website at www.elevaiskincare.com.
• Elevai Biosciences Inc. is a biopharmaceutical company focused on the development and acquisition of cutting-edge aesthetic medicines. Our lead asset, EL-22, uses a first-in-class probiotic engineering approach to address the pressing obesity challenge of muscle preservation during weight loss regimens, including GLP-1 receptor agonists. Visit our website at www.elevaibio.com.
• Elevai Research Inc., based in Canada, currently engages in medical research and development, leveraging Canadian research grants and collaborating with leading Canadian universities to push the boundaries of innovation.

Corporate Update

• Corporate restructuring: Following the establishment of the company’s subsidiaries in late June 2024, Elevai began a corporate restructuring to increase efficiency and reduce operating costs in order to improve profitability while continuing to grow. This initiative is still ongoing; however, steps taken by management to date have reduced annual operating costs by an estimated $800,000.
• Grants: Elevai Research Inc. has received a research and development grant from MITACS Canada in April 2023 in the amount of Canadian Dollars (“CAD”) 90,000 through the MITACS Accelerate Program. This research program continues to be conducted in partnership with Dalhousie University. Elevai Research Inc. has received two installments of the grant totaling CAD 45,000.
• Elevai Skincare Online Store Introduction: In March 2024, Elevai launched its online e-commerce portal. This platform is an extension of our existing B2B relationships, enabling retail customers to select a doctor and order Elevai products directly online. The portal is available to both retail and business customers and offers benefits such as ease of ordering without a visit to the office, integration of social media and influencer campaigns, and detailed data collection for marketing and geotargeting. This initiative is in line with our strategy to simplify distribution operations and reduce operational costs.
• Initiation of the launch of the new Elevai Skincare product: Elevai S-Series Root Renewal System^TM will be a three-part hair and scalp care system that utilizes a first-in-class dual mechanism powered by exosomes and mitochondrial technology, which includes Elevai’s patented PREx™ and Yuva Bioscience’s Y100 mitochondrial technology. This innovative combination is designed to address common scalp and hair care concerns, such as thinning hair, by promoting scalp and hair vitality. The product line is formulated to be easy to use, cost-effective and science-backed, offering a new solution for men and women experiencing hair loss and thinning hair. We expect a soft launch of this product line this year.
• Elevai Biosciences is formed by the SAB team: Elevai Biosciences has begun the formation of its Scientific Advisory Board (“SAB”). Initially, we have appointed three distinguished metabolism scientists: Oriana Shirihai, MD, PhD, Eduardo Grunvald, MD, and Roger A. Fielding, PhD:
  • Orian Shirihai, MD, PhD. Dr. Shirihai is currently a Professor of Medicine at the University of California, Los Angeles (“UCLA”), where he also serves as the Director of the UCLA Metabolism Research Theme. Dr. Shirihai has over 180 publications in the field of obesity and metabolism, as well as multiple National Institutes of Health (NIH) funded projects as a Principal Investigator. Dr. Shirihai is a renowned researcher regularly invited as a keynote speaker at annual scientific conferences and has advised Johnson & Johnson, Bayer, AstraZeneca, and Pfizer, as well as other healthcare companies.
  • Roger A. Fielding, PhD, is a team leader and senior scientist on 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 a professor of nutrition at Tufts’ Friedman School of Nutrition Science and Policy, a 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 more than 300 peer-reviewed articles (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. He completed his residency at UCSD and earned his M.D. from the University of Washington School of Medicine.

About Elevai Labs, Inc.
Elevai Labs Inc. (NASDAQ: ELAB) specializes in medical aesthetics and biopharmaceutical development, with a focus on innovation in skin aesthetics and treatments for obesity and metabolic health. The company operates a diverse portfolio of three wholly owned subsidiaries in the medical aesthetics and biopharmaceuticals sectors, Elevai Skincare Inc., Elevai Biosciences Inc. and Elevai Research Inc. For more information, visit www.elevailabs.com.

Forecast statements

Statements in this press release that address 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,” “could” 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 solely on our current beliefs, expectations and assumptions about the future of our business, future plans and strategies, forecasts, anticipated events and trends, the economy, regulatory actions and future regulations and other future conditions. Because forward-looking statements are forward-looking, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are beyond our control. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from those expected. Accordingly, you should not place undue reliance on any of these forward-looking statements. These and other risks are described in more detail in Elevai’s filings with the U.S. Securities and Exchange Commission (the “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 in other documents filed or subsequently furnished to the SEC. Investors and security holders are encouraged to review these documents free of charge on the SEC’s website 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 as 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 Mann
[email protected]