• Skincare Division Achieves New Sales Milestone, Enters Holiday Season with Strong Momentum
  
• Strategic Restructuring Efforts Contributes to Achieving Record Monthly Sales and Sets Stage for Positive Projections for Year-End Growth
  

NEWPORT BEACH, Calif., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Elevai Labs Inc. (Nasdaq: ELAB) (“Elevai”, “Elevai Labs” or the “Company”), a diversified holding company, announces that its wholly owned subsidiary, Elevai Skincare Inc. (“Elevai Skincare”), has achieved a record-breaking month in sales for 2024, marking a significant milestone for the Company. This achievement underscores the success of transformational restructuring efforts led by Elevai Labs’ new executive team and the adoption of a performance-driven culture.

The milestone comes as the Elevai Skincare division heads into the holiday season with strong momentum, strengthened by strategic initiatives that have streamlined operations, enhanced productivity, and positioned the brand for continued growth. Elevai’s management expressed its appreciation for the hard work and dedication of the Elevai Skincare operations team and sales force, who have demonstrated resilience in adapting to the newly implemented performance-based culture.

Since taking leadership of Elevai Labs, the parent company of Elevai Skincare, in the third quarter of 2024, the new management team has prioritized operational efficiency, strategic sales growth, and a high-performance sales culture. These efforts culminated in the highest monthly revenue figures for Elevai Skincare in 2024, exceeding the previous four months average sales by 65%, paving the way for strong year-end performance. The new management team’s focus on cost management and strategic initiatives has delivered higher revenue while reducing operating expenses, reaffirming their commitment to operational improvements with a desire to reach positive net profits.

Key drivers of success include:

• Sales Culture Transformation: Performance-based incentives and a results-oriented environment have driven motivation and accountability across the sales team.
• Optimized Budgets and Marketing Strategies: Stringent budgeting and accountability measures have ensured efficient resource allocation. By prioritizing impactful campaigns, the sales team has strengthened relationships with core physician-dispensed channels and driven disciplined, sustainable growth.
• Integrated Marketing and Sales Objectives: Improved collaboration between marketing and sales teams has aligned campaigns with sales goals, enhancing lead generation and conversion outcomes.
• Targeted Training Programs: Comprehensive training programs for both the sales team and physician-dispensed customers have bolstered advanced product knowledge, improved patient recommendation strategies, and strengthened clinic partnerships.

Preliminary unaudited sales data for Elevai Skincare for November 2024 reflects revenue of $300K significantly higher than monthly figures earlier in the year:

• July: $160K
• August: $199K
• September: $168K
• October: $198K

Positioned for Continued Growth
Elevai Skincare’s strong performance aligns with the Company’s overarching goal of creating shareholder value through operational excellence and strategic growth across its subsidiaries. With strong momentum entering the holiday season, the Company is well-positioned to drive further success as it closes out the year.

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.

About Elevai Skincare Inc.

A subsidiary of Elevai, Elevai Skincare is a medical aesthetics company developing and commercializing cutting-edge physician-dispensed skin and hair care applications that focuses on science-backed applications for the physician-dispensed market, utilizing cutting-edge technologies to redefine skincare and hair care, including its stem cell exosome technology. For more information, please visit elevaiskincare.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 risks and uncertainties include, among others: Elevai’s limited operating history and historical losses; Elevai’s ability to raise additional funding to complete the development and any commercialization of its product candidates; Elevai’s dependence on the success of its product candidates EL-22 and EL-32; that Elevai may be delayed in initiating, enrolling or completing any clinical trials; competition from third parties that are developing products for similar uses; Elevai’s ability to obtain, maintain and protect its intellectual property; Elevai’s dependence on third parties in connection with manufacturing, clinical trials and preclinical studies; and Elevai’s expectations regarding its growth, strategy, progress and the design, objectives and timing of its studies. 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