Elevai Labs Inc. Reports Financial Results for the Third Fiscal Quarter of 2024 and Provides Business Update
Elevai Labs (NASDAQ: ELAB) reported Q3 2024 financial results with mixed performance. Revenue decreased 4.9% to $527,478 for Q3 2024, while nine-month revenue increased 72.3% to $1.7M. The company achieved improved gross margins of 74.7% in Q3 2024, up from 66% in Q3 2023. Operating expenses increased to $1.3M in Q3, resulting in a net loss of $1.5M.
The company completed an $8 million public offering to support growth initiatives. Key developments include preclinical advancements in obesity treatment with EL-22 and EL-32, positive clinical results for Elevai Enfinity™, and expansion of their patent portfolio. Research partnerships with Yuva Biosciences and Dalhousie University strengthened their position in hair restoration and exosome technology.
Elevai Labs (NASDAQ: ELAB) ha riportato i risultati finanziari del terzo trimestre 2024 con un rendimento misto. Il fatturato è diminuito del 4,9% a $527.478 per il terzo trimestre 2024, mentre il fatturato nei nove mesi è aumentato del 72,3% a $1,7 milioni. L'azienda ha ottenuto miglioramenti dei margini lordi del 74,7% nel terzo trimestre 2024, in aumento rispetto al 66% nel terzo trimestre 2023. Le spese operative sono aumentate a $1,3 milioni nel terzo trimestre, portando a una perdita netta di $1,5 milioni.
L'azienda ha completato un offerta pubblica di 8 milioni di dollari per supportare le iniziative di crescita. I principali sviluppi includono progressi preclinici nel trattamento dell'obesità con EL-22 ed EL-32, risultati clinici positivi per Elevai Enfinity™ e l'espansione del loro portafoglio brevetti. Le collaborazioni di ricerca con Yuva Biosciences e l'Università di Dalhousie hanno rafforzato la loro posizione nella restaurazione dei capelli e nella tecnologia degli eseomi.
Elevai Labs (NASDAQ: ELAB) reportó resultados financieros del tercer trimestre de 2024 con un desempeño mixto. Los ingresos disminuyeron un 4,9% a $527,478 para el tercer trimestre de 2024, mientras que los ingresos en nueve meses aumentaron un 72,3% a $1,7 millones. La compañía logró un margen bruto mejorado del 74,7% en el tercer trimestre de 2024, frente al 66% en el tercer trimestre de 2023. Los gastos operativos aumentaron a $1,3 millones en el tercer trimestre, lo que resultó en una pérdida neta de $1,5 millones.
La compañía completó una oferta pública de 8 millones de dólares para apoyar las iniciativas de crecimiento. Los desarrollos clave incluyen avances preclínicos en el tratamiento de la obesidad con EL-22 y EL-32, resultados clínicos positivos para Elevai Enfinity™, y la expansión de su cartera de patentes. Las asociaciones de investigación con Yuva Biosciences y la Universidad de Dalhousie fortalecieron su posición en la restauración del cabello y la tecnología de exosomas.
Elevai Labs (NASDAQ: ELAB)는 2024년 3분기 재무 결과를 발표하며 혼합된 성과를 보고했습니다. 2024년 3분기 매출은 4.9% 감소하여 $527,478에 달했으며, 9개월 매출은 72.3% 증가하여 $1.7M에 도달했습니다. 회사는 2024년 3분기에 74.7%의 개선된 총 이익률을 달성했으며, 2023년 3분기에는 66%였습니다. 운영 비용은 3분기에 $1.3M로 증가했으며, 이로 인해 $1.5M의 순손실이 발생했습니다.
회사는 성장 사업을 지원하기 위해 800만 달러의 공모를 완료했습니다. 주요 개발 사항으로는 EL-22 및 EL-32를 통한 비만 치료의 전임상 발전, Elevai Enfinity™에 대한 긍정적인 임상 결과, 그리고 그들의 특허 포트폴리오 확대가 있습니다. Yuva Biosciences 및 달하우지 대학교와의 연구 파트너십은 모발 복원 및 엑소좀 기술에서의 위치를 강화했습니다.
Elevai Labs (NASDAQ: ELAB) a annoncé les résultats financiers du troisième trimestre 2024 avec des performances mitigées. Le chiffre d'affaires a diminué de 4,9 % pour atteindre 527 478 $ au 3e trimestre 2024, tandis que le chiffre d'affaires sur neuf mois a augmenté de 72,3 % pour atteindre 1,7 M$. L'entreprise a réalisé une amélioration de la marge brute à 74,7 % au 3e trimestre 2024, contre 66 % au 3e trimestre 2023. Les charges d'exploitation ont augmenté à 1,3 M$ au 3e trimestre, entraînant une perte nette de 1,5 M$.
L'entreprise a finalisé une offre publique de 8 millions de dollars pour soutenir ses initiatives de croissance. Les développements clés comprennent des avancées précliniques dans le traitement de l'obésité avec EL-22 et EL-32, des résultats cliniques positifs pour Elevai Enfinity™, et l'expansion de leur portefeuille de brevets. Les partenariats de recherche avec Yuva Biosciences et l'Université de Dalhousie ont renforcé leur position dans la restauration capillaire et la technologie des exosomes.
Elevai Labs (NASDAQ: ELAB) berichtete über die finanziellen Ergebnisse des 3. Quartals 2024, die gemischte Leistungen aufwiesen. Der Umsatz fiel um 4,9% auf $527.478 im 3. Quartal 2024, während der Umsatz in neun Monaten um 72,3% auf $1,7 Millionen stieg. Das Unternehmen erreichte im 3. Quartal 2024 verbesserte Bruttomargen von 74,7%, im Vergleich zu 66% im 3. Quartal 2023. Die Betriebskosten stiegen auf $1,3 Millionen im 3. Quartal, was zu einem Nettoverlust von $1,5 Millionen führte.
Das Unternehmen hat eine Öffentliche Platzierung von 8 Millionen Dollar abgeschlossen, um Wachstum Initiativen zu unterstützen. Zu den wichtigsten Entwicklungen gehören präklinische Fortschritte bei der Behandlung von Fettleibigkeit mit EL-22 und EL-32, positive klinische Ergebnisse für Elevai Enfinity™ und die Erweiterung ihres Patentportfolios. Forschungskooperationen mit Yuva Biosciences und der Dalhousie Universität stärkten ihre Position in der Haarrestaurierung und in der Exosom-Technologie.
- Successful completion of $8M public offering strengthening financial position
- Gross margin improvement to 74.7% in Q3 2024 from 66% in Q3 2023
- Nine-month revenue growth of 72.3% to $1.7M
- Expansion of patent portfolio with EL-22 for obesity treatment
- Q3 2024 revenue declined 4.9% to $527,478
- Operating expenses increased to $1.3M in Q3 2024 from $1.15M in Q3 2023
- Net loss of $1.5M for Q3 2024
- Operating expenses rose significantly to $5.29M for nine months vs $3.36M in prior year
Insights
The Q3 2024 results present a mixed financial picture. While quarterly revenue declined
The successful
The company's research pipeline shows promising developments. EL-22 and EL-32's focus on preserving muscle mass while targeting fat reduction positions Elevai strategically in the booming GLP-1/obesity market. This approach addresses a critical gap in current weight loss treatments, where muscle loss is a significant concern.
The expansion of the skincare portfolio with clinical validation of Elevai Enfinity™ and the new S-Series Root Renewal System™ demonstrates scientific rigor in product development. The partnership with Yuva Biosciences and the identification of over 800 proteins in their exosome technology suggests strong potential for therapeutic applications in skin health and regeneration.
NEWPORT BEACH, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- In a release earlier today by Elevai Labs Inc. (NASDAQ: ELAB), please note that in the headline and first paragraph, the financial results are from the company's third fiscal quarter of 2024, not the second fiscal quarter as previously stated; as such, the header over the first bullet list should note the financial results as being from the three and nine months ended September 30, 2024, rather than the three and six months ended June 30, 2024 as previous stated. The corrected release follows:
Elevai Labs Inc. Reports Financial Results for the Third 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 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
Elevai Labs Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a pioneering force in medical aesthetics, today reported financial results for the third quarter ended September 30, 2024 and provided a business update.
Financial Results for the Three and Nine Months Ended September 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 by72.3% 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, and73.2% for the nine months ended September 30, 2024, compared to66.0% for the three months ended September 30, 2023 and66.4% 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
Operational Updates
Elevai Biosciences
- Preclinical Advancements for EL-22 in Obesity Treatment: Elevai Biosciences engaged KCRN Research, Inc., a renowned contract research organization, to support regulatory submissions for EL-22—a novel myostatin-targeting treatment for obesity. EL-22 aims to mitigate muscle loss, a common side effect of GLP-1 medications, by preserving muscle mass while reducing fat mass. This approach leverages EL-22’s novel myostatin pathway blockage, promising an innovative and complementary solution for the weight-loss market.
- Preclinical Data for EL-32: Additional studies validated EL-32, a myostatin/activin-A blocker, which has shown promise in improving grip strength, body composition, and motor function, further positioning Elevai to address muscle preservation needs in obesity. Based on the preclinical data from our licensing partner, Elevai believes that EL-32 has the potential to treat obesity in combination with GLP-1 by preserving muscle mass while decreasing fat mass. The Company intends to conduct additional animal studies to advance EL-32 towards an Investigational New Drug (IND) application. Full preclinical data is expected to be shared at a future scientific conference.
- Patent Filings for EL-22: Elevai Biosciences expanded its patent portfolio with filings for EL-22 as a myostatin-targeting treatment in obesity, reinforcing Elevai’s leadership in clinical innovation for muscle preservation in weight management.
Elevai Skincare
Product Innovation and Clinical Research
- Elevai Enfinity™ Clinical Study: A 12-week study of Elevai Enfinity™ showed improvements in skin firmness, tone, and wrinkle reduction, with full results to be published soon.
- Hair Restoration Research: Research led by Carly Klein confirmed Elevai’s exosome technology aids hair recovery by reducing inflammation and reversing miniaturization, supporting the launch of the new Elevai S-Series Root Renewal System™.
- Ongoing Clinical Study with Dr. Jennifer Pearlman: Elevai partnered with Dr. Pearlman to assess the combined effects of Elevai empower™ and Elevai enfinity™ exosome serums with an energy device, aiming to validate the benefits for skin rejuvenation over 12 weeks.
- Collaboration with Yuva Biosciences: Elevai’s partnership with Yuva Biosciences yielded the Elevai S-Series Root Renewal System™, integrating YuvaBio® Y100™ mitochondrial technology for hair and scalp vitality. BosleyMD® has lauded the Y100 technology as “one of the biggest innovations in hair loss we’ve seen in twenty-five years,” marking its first successful application in their new product line. Elevai Labs’ integration of this technology into the Elevai S-Series Root Renewal System™ is expected to set a new standard in hair care, offering a scientifically validated, easy-to-use, and cost-effective solution for both men and women.
Elevai Research
- Advancement in Exosome Technology: Elevai Research Inc. announced preliminary positive research data highlighting the potential of its proprietary exosome technology for skin health applications. The study, in partnership with Dalhousie University, identified over 800 proteins in Elevai's exosomes associated with wound healing, immunomodulation, and extracellular matrix remodeling, suggesting their potential to counteract skin aging effects such as thinning, loss of elasticity, and wrinkle formation.
- Exosome Research Presentation: Michelle Combe from Dalhousie University presented research at the Precision Medicine EV Forum 2024 in Cambridge, UK, on exosome protein variability. The study, co-authored by Elevai’s Dr. Jordan Plews, explored how process conditions impact proteins linked to wound healing and immune function, advancing insights for skincare innovation
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.
IR Contact:
IR@ElevaiLabs.com
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