MATLAB is a popular language for scientific computation. Effectively compiling MATLAB presents many challenges due to the dynamic nature of the language. We present McLab, an extensible compiler toolkit for the MATLAB and related languages. McLab aims to provide high performance execution of MATLAB on modern architectures while bringing modern programming concepts such as aspect-oriented programming and other extensions to MATLAB. McLab consists of several components. The first component is an extensible frontend to parse and analyze MATLAB as well as extensions to MATLAB. The second component, called McFor, is a compiler to translate a static subset of MATLAB to FORTRAN. The third component, McVM, is a virtual machine including a JIT compiler to execute MATLAB code. Finally we also provide language extensions such as AspectMatlab. We present the current state of the implementation of McLab and describe ongoing work and future directions of the project.