BioHarvest Sciences Announces Record $2 Million Monthly Sales
BioHarvest Sciences has reported record monthly sales of $1.98 million for May 2024, driven by a 101% year-over-year increase in sales orders for its VINIA product. This growth was primarily fueled by strong subscription rates and the introduction of new products like VINIA Superfood Coffee.
The company has also surpassed 5,000 customer reviews, with an average rating of 4.8 out of 5. CEO Ilan Sobel highlighted the effectiveness of their Direct-to-Consumer strategy and the potential for further revenue growth through new product lines and marketing programs.
BioHarvest aims to achieve revenues of $5.7-6.0 million for Q2 2024 and is targeting a Nasdaq uplisting by the end of the year.
- Record monthly sales of $1.98M in May 2024.
- 101% year-over-year increase in sales orders.
- Strong subscription rates for VINIA product.
- Introduction of new products like VINIA Superfood Coffee.
- Surpassed 5,000 customer reviews with a 4.8/5 rating.
- Effective Direct-to-Consumer sales strategy.
- Expecting Q2 2024 revenues to be $5.7-6.0 million.
- Targeting Nasdaq uplisting by year-end.
- High dependency on VINIA product for sales growth.
- Uncertainty around the success of new product lines.
- Potential risk in achieving Nasdaq uplisting goal by year-end.
VINIA Subscription Growth Drives
Vancouver, British Columbia and Rehovot, Israel--(Newsfile Corp. - June 6, 2024) - BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCD) ("BioHarvest" or the "Company"), a company pioneering its patented Botanical Synthesis technology platform, today announced that VINIA®, the first commercialized product created on the Botanical Synthesis platform, set a record for monthly sales orders in May 2024 of US
Sales growth in BioHarvest's Products division was primarily driven by strong VINIA® subscription rates, with significant growth in its core nutraceutical capsule business combined with additional "VINIA® Inside" products, such as the recently launched VINIA® Superfood Coffee, which is part of the Hot Beverage line up. This sales performance demonstrates the effectiveness of the company's Direct-to-Consumer sales strategy and delivered a steady increase in the number of both new customers and total subscribers.
The growing VINIA® subscriber base is driven by high customer satisfaction, as evidenced by the 5,000+ online reviews on www.vinia.com which rate their VINIA® experience as 4.8/5. In addition to reviews, customers can submit video testimonials, and positive customer feedback is a key component in both word-of-mouth and corporate marketing programs.
BioHarvest encourages all customers to leave honest and uncensored feedback. Customers receive a 30-day supply when they submit a review, whether positive or negative.
"We are committed to create products with superior efficacy based on superior science, and VINIA's subscriber growth rate and industry leading 4.8 out of 5 review rating is testament to the power of real science," said Ilan Sobel, Chief Executive Officer of BioHarvest Sciences. "Our record sales in May 2024 validate the power of our recurring revenue model and our confidence in the sustainable growth capabilities of our direct marketing and sales platform. As we expand our Direct-to-Consumer Products strategy, we see multiple opportunities to further expand our revenue by adding new 'VINIA Inside' delivery systems. This includes the upcoming completion of our Hot Beverage Strategy for 2024, where we will introduce Nespresso compatible coffee pods and a range of teas, featuring Breakfast and Green teas, available in both Keurig compatible pods and tea bags. We are also formulating and testing VINIA® Hydration Powder and Skincare products, which will be the Company's first Sports Performance and Skin Health products.
"We are layering in several new marketing programs in early June, which taken in tandem with additional VINIA® products in the near-term product pipeline, and with the ramp-up of our CDMO Services Business Unit, positions us for robust and sustainable growth in the quarters ahead. Looking to this second quarter of 2024, we continue to expect revenues to be in the range of
About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCD) (FSE: 8MV) is a leader in Botanical Synthesis, leveraging its patented technology platform to grow plant-based molecules, without the need to grow the underlying plant. BioHarvest is leveraging its botanical synthesis technology to develop the next generation of science-based and clinically proven therapeutic solutions within two major business verticals; as a contract development and production organization (CDMO) on behalf of customers seeking complex molecules, and as a creator of proprietary nutraceutical health and wellness products, which includes dietary supplements. To learn more, please visit www.bioharvest.com.
Forward-Looking Statements
Information set forth in this news release might include forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Launching new products is subject to risks and uncertainties including the risk that the market will not accept the product or that government approvals required for sale or import of the products will not be obtained. There is no assurance that the Company will maintain or improve current financial performance, as revenues and margins are dependent on a combination of factors such as supply chain efficiencies, input cost stability, marketing efficiencies and uncertain consumer preferences. Revenue projections are estimates and there is no assurance will occur when estimated as the timing is dependent on consumer acceptance and cost stability and other factors beyond company control. For the CDMO Services Business Unit, there is no assurance of additional future contracts, and readers are cautioned that increased revenue is not necessarily an increase in net income or profitability as costs will likely increase as well.
Although the Company believes that it will be able to meet the requirements for Nasdaq listing, there is no assurance that a listing will occur as listing will be subject to the company being able to meet listing criteria, including being registered under US Securities Laws, a history of trading at certain price levels, and financial and share distribution requirements. Some of these requirements may be affected by matters beyond the control of the company such as conditions impacting markets generally or changes in requirements.
All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
This release has been reviewed and approved by Dave Ryan, VP Investor Relations, who accepts responsibility for its contents.
BioHarvest Corporate Contact:
Dave Ryan, VP Investor Relations & Director
+1 (604) 622-1186
info@bioharvest.com
Investor Relations Contact:
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
+1 (949) 259-4987
BHSC@mzgroup.us
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211907
FAQ
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