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## Elevai Labs Inc. Reports Strong Financial Results

### Elevai Labs Inc. Financial Performance
NEWPORT BEACH, Calif., March 29, 2024 (GLOBE NEWSWIRE) — Elevai Labs Inc. (NASDAQ: ELAB), a medical aesthetic company specializing in physician-dispensed skincare, has reported its financial results for the fourth quarter and full year ended December 31, 2023.

ÔÇ£This year has been pivotal for us, with our revenue more than doubling, itÔÇÖs a clear indicator of our market strength and customer trust,ÔÇØ stated Elevai Labs CEO, Jordan R. Plews, PhD. ÔÇ£We are proud to have increased our operating, production and supply chain efficiency as evidenced in the improvement of our gross margin and are excited to further advancements at the interface between aesthetics and biotechnology. This marks just the beginning of our ambitious vision for the future.ÔÇØ

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### Financial Results for the Three Months Ended December 31, 2023
– **Revenue:** Increased to $698,591 for the three months ended December 31, 2023, compared to $138,898 for the same period in 2022 and $554,654 for the preceding quarter, marking a 402.9% year-over-year increase and 25.9% quarter-over-quarter increase.
– **Gross Margin:** Stood at 66.1% for the three months ended December 31, 2023.
– **Operating Expenses:** Amounted to $1,542,639 for the same period, showcasing a significant increase both year-over-year and quarter-over-quarter.
– **Total Comprehensive Loss:** Reported as $708,508 on a GAAP basis for the three months ended December 31, 2023.

### Financial Results for the Full Year Ended December 31, 2023
– **Revenue:** Rose to $1,712,595 for the year ended December 31, 2023, compared to $766,277 for the previous year.
– **Gross Margin:** Stood at 66.2% for the full year 2023.
– **Operating Expenses:** Totaled $4,900,791 for the year ended December 31, 2023, signaling a substantial increase from the prior year.
– **Total Comprehensive Loss:** Recorded as $4,301,426 on a GAAP basis for the full year 2023.

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