NEWPORT BEACH, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- 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 ...