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 (GLOBE 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.

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