BioHarvest Sciences Announces Record Preliminary Third Quarter 2024 Financial Results
BioHarvest Sciences announced record preliminary Q3 2024 financial results with revenue reaching $6.5 million, representing a 100% increase from Q3 2023. The company provided Q4 2024 revenue guidance of at least $7.2 million, projecting 60% year-over-year growth. Q3 gross margins are expected at 53-56% with net losses of $2.5-2.8 million. The company is in final stages of its Nasdaq Global Market uplisting application, targeting completion by year-end. Growth is driven by VINIA subscriptions and new product launches, including a functional VINIA SuperFood Tea line planned for November 2024.
BioHarvest Sciences ha annunciato risultati finanziari preliminari record per il terzo trimestre del 2024, con entrate che hanno raggiunto 6,5 milioni di dollari, rappresentando un aumento del 100% rispetto al terzo trimestre del 2023. L'azienda ha fornito una guida per le entrate del quarto trimestre del 2024 di almeno 7,2 milioni di dollari, proiettando una crescita del 60% su base annua. Si prevede che i margini lordi del terzo trimestre siano compresi tra il 53% e il 56%, con perdite nette di 2,5-2,8 milioni di dollari. L'azienda si trova nelle fasi finali della sua richiesta di quotazione nel Nasdaq Global Market, puntando al completamento entro la fine dell'anno. La crescita è guidata dagli abbonamenti a VINIA e dai lanci di nuovi prodotti, inclusa una linea di tè funzionale VINIA SuperFood pianificata per novembre 2024.
BioHarvest Sciences anunció resultados financieros preliminares récord para el tercer trimestre de 2024, con ingresos que alcanzaron 6,5 millones de dólares, lo que representa un aumento del 100% en comparación con el tercer trimestre de 2023. La empresa proporcionó una guía de ingresos para el cuarto trimestre de 2024 de al menos 7,2 millones de dólares, proyectando un crecimiento del 60% interanual. Se espera que los márgenes brutos del tercer trimestre sean del 53-56% con pérdidas netas de 2,5-2,8 millones de dólares. La empresa está en las etapas finales de su aplicación para la cotización en el Nasdaq Global Market, con el objetivo de completarla a finales de año. El crecimiento está impulsado por las suscripciones a VINIA y nuevos lanzamientos de productos, incluida una línea de té funcional VINIA SuperFood prevista para noviembre de 2024.
BioHarvest Sciences는 2024년 3분기 예비 재무 결과를 발표하며 매출이 650만 달러에 달해 2023년 3분기 대비 100% 증가했다고 전했습니다. 이 회사는 2024년 4분기 매출 가이드를 최소 720만 달러로 제시하며, 전년 대비 60% 성장할 것으로 예상하고 있습니다. 3분기 총 매출 총이익률은 53-56%로 예상되며, 순손실은 250만-280만 달러에 이를 것으로 보입니다. 이 회사는 연말까지 완료할 Nasdaq Global Market 상장 신청의 마지막 단계에 있습니다. 성장은 VINIA 구독 및 2024년 11월로 예정된 기능성 VINIA SuperFood 티 라인의 신제품 출시로 이루어지고 있습니다.
BioHarvest Sciences a annoncé des résultats financiers préliminaires records pour le troisième trimestre 2024, avec des revenus atteignant 6,5 millions de dollars, représentant une augmentation de 100 % par rapport au troisième trimestre 2023. L'entreprise a fourni des prévisions de revenus pour le quatrième trimestre 2024 d'au moins 7,2 millions de dollars, prévoyant une croissance de 60 % d'une année sur l'autre. Les marges brutes du troisième trimestre devraient se situer entre 53 % et 56 %, avec des pertes nettes de 2,5 à 2,8 millions de dollars. L'entreprise est dans la phase finale de sa demande de cotation sur le Nasdaq Global Market, visant une finalisation d'ici la fin de l'année. La croissance est alimentée par les abonnements à VINIA et le lancement de nouveaux produits, y compris une ligne de thé fonctionnel VINIA SuperFood prévue pour novembre 2024.
BioHarvest Sciences hat rekordverdächtige vorläufige Finanzzahlen für das dritte Quartal 2024 angekündigt, wobei die Einnahmen 6,5 Millionen Dollar erreichten, was einem Anstieg von 100% im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen gab eine Umsatzprognose für das vierte Quartal 2024 von mindestens 7,2 Millionen Dollar ab und erwartet ein Wachstum von 60% im Jahresvergleich. Die Bruttomargen für das dritte Quartal werden auf 53-56% geschätzt, mit Nett Verlusten von 2,5-2,8 Millionen Dollar. Das Unternehmen befindet sich in den finalen Phasen seiner Antragstellung für die Nasdaq Global Market-Notierung, mit dem Ziel, dies bis zum Jahresende abzuschließen. Das Wachstum wird durch VINIA-Abonnements und die Einführung neuer Produkte vorangetrieben, einschließlich einer funktionalen VINIA SuperFood Tee-Linie, die für November 2024 geplant ist.
- Record Q3 2024 revenue of $6.5M, showing 100% YoY growth
- Strong Q4 2024 revenue guidance of minimum $7.2M, representing 60% YoY growth
- Healthy gross margins of 53-56%
- Progress towards Nasdaq Global Market uplisting
- Product line expansion with VINIA SuperFood Tea launch
- Q3 2024 net losses of $2.5-2.8M
- Expected loss per share of approximately $0.15
Management Guides Fourth Quarter Revenues to Grow to at Least
Vancouver, British Columbia and Rehovot, Israel--(Newsfile Corp. - October 23, 2024) - BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) ("BioHarvest" or the "Company"), a company pioneering its patented Botanical Synthesis technology process, today preannounced preliminary financial results for the three months ended September 30, 2024. The Company anticipates record revenue of at least
The company advises that it is at the final stages of review by Nasdaq of its listing application. Nasdaq has advised that the Company can meet the Market Value Of Listed Securities Standard for listing on the higher-tier Nasdaq Global Market and the Company has determined to uplist its application to that market.
In addition, management has provided revenue guidance of at least
Quarterly Revenues Q3 2023 to Q3 2024. Includes Preliminary Revenue Estimate for Q3 2024 and Forecasted Revenue for Q4 2024
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Ilan Sobel, Chief Executive Officer of BioHarvest, said: "The third quarter of 2024 was highlighted by continued momentum in our VINIA subscription business, further bolstered by a strong response to our incremental coffee product line. Third quarter revenues set a record at
"As we look towards the fourth quarter of 2024, we continue to complete all required filings regarding our Nasdaq application, with the goal of achieving an uplisting by year-end. On the back of strong momentum across both of our business units and with several incremental VINIA products in the pipeline, I look forward to unleashing the power of our 'VINIA Inside' strategy."
Summary of Preliminary Third Quarter Financials.
BioHarvest anticipates that third quarter revenues will be
Third Quarter 2024 Earnings Call
Third quarter 2024 financials will be released by the filing due date of November 14, 2024, and BioHarvest will announce a Third Quarter 2024 Earnings call concurrent with that release. An additional Shareholder Update event at the end of November will also be scheduled, date to-be-announced.
About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV0) 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.
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 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 responsibilities for its contents.
BioHarvest Corporate Contact:
Dave Ryan, VP Investor Relations
+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/227522
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