BioHarvest Unveils New Consumption Categories for its Flagship Product VINIA
- Celebrating two years since launch of VINIA® into the US
- New categories have potential for significant impact on financial results starting in Q1/2024
Vancouver, British Columbia and Rehovot, Israel--(Newsfile Corp. - June 21, 2023) - BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE:8MV) ("BioHarvest" or "the Company") has unveiled a plan to enter new consumption categories where VINIA will be incorporated to create unique and highly differentiated products for the Food & Beverage and the Nutraceuticals markets.
VINIA's success in the first two years since its 2021 US launch is not only celebratory in terms of significant revenue growth and market penetration, but also for the important data accumulated from the use of the VINIA product by over 35,000 consumers. Through thorough analysis of this data, the Company has identified significant opportunities to drive strongly differentiated and winning product propositions anchored in VINIA and its blood flow benefits which can disrupt three major categories that consumers are actively engaging in on a regular basis. These 3 categories include:
- Functional Coffee and Decaffeinated Coffee Pods category: Represents an estimated total market consumption of 2.6 billion Coffee Pods annually in North America*
- Protein Bar category: The North American Protein Bar Market is valued at an estimated 2.5 Billion USD and growing at a CAGR of
6.7% ** - Electrolytes Beverage Market: Represents a potential 15.3 Billion USD opportunity in North America***
BioHarvest announces that it has now identified a strategic manufacturing partner within each of these categories, each of whom has already successfully integrated VINIA into unique delivery systems that deliver a superior taste experience while maintaining VINIA's superior science and functionality that combine to improve blood flow.
Scott McCune, former Head of Global Sports & Entertainment Marketing at the Coca-Cola Company, commented "BioHarvest is making a smart strategic move in extending the reach of VINIA by availing the product through additional consumption occasions that fit into different lifestyles and habits, such as sports and the important coffee drinking ritual. BioHarvest's superior science gives them the authority and confidence to support all their highly differentiated claims across their new product line up and disrupt the new categories they are entering".
"Our Botanical Synthesis continues to take us to new horizons - moving from one SKU to 10 SKUs in the course of the next 12 months will be a game changer for BioHarvest" said Ilan Sobel, CEO, adding "The scalability we achieve in our E-commerce platform will be enhanced almost 10-fold, with our Superior Science, Superior Taste, and Superior Efficacy reflecting the obvious unique features of these new products. We are setting the stage for continued growth acceleration in 2024 as we implement the right strategies to optimize the financial performance of the Company."
BioHarvest believes that VINIA can enter these new categories without substantial additional R&D investment, and that this will achieve several key strategic imperatives over the next 18 months, including:
1) Broadening the addressable market to include additional age ranges as well as lifestyles
2) Increasing top line revenue to achieve double digit quarter over quarter growth
3) Leveraging the existing manufacturing capacity by potentially doubling the production output
4) "Premium-izing" the VINIA portfolio by launching differentiated higher margin profits versus the current base product
5) Increasing marketing efficiencies by cross selling products across the new portfolio
6) Improving bottom line profitability and cash flow performance
Q2 Marketing and Product Update Event -Thursday, June 22, 2PM ET
To learn more about the planned products and timing of introduction, please join the Q2 Update Zoom conference on June 22nd at 2pm EDT. Register here: https://us02web.zoom.us/webinar/register/WN_48UxbdppR5GfBHwGnKyCgg
About BioHarvest Sciences
BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at an industrial scale, without the need to grow the plant itself. BioHarvest is currently focused on leveraging its botanical synthesis technology to develop the next generation of science-based and clinically proven therapeutic solutions, within two major business verticals - nutraceutical health and wellness products such as dietary supplements, and development of plant cell-based Active Pharmaceutical Ingredients (API's) that focus on specific medical indications.
BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer
For investor information, please contact:
Investor Relations
Phone: 778.686.3855
Email: info@bioharvest.com
For VINIA information, please contact:
VINIA Customer Success Team
Phone: 1.888.882.2023
Email: hello@vinia.com
Sources:
*Coffee Pods and Capsules Market: Information by Type (Pods, And Capsules), Distribution Channel (On-Trade, Off-Trade), and Region - Forecast till 2030, ReAnIn - Global Functional Coffee Market Report 2019-2029, YouGov Coffee Poll - conducted on September 21 - 25, 2022 among 1,000 U.S. adult citizens.
**Market research Future - Protein Bars Market Research Report 2022-2030
*** PRECEDENSE RESEARCH - Electrolyte Drinks Market (By Type: Isotonic, Hypotonic, Hypertonic; By Packaging: PET Bottles, Cartons, Beverage Cans, Tetra pack, Pouches & Sachets; By Distribution Channels: Online, Offline) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030
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 additional products will result in increased revenues in Q1 2024 or beyond, or that the new products will generate quarter over quarter growth, as this is based on assumptions about consumer acceptance which is subject to risks and uncertainties beyond the control of the company, including changes in consumer preferences available marketing funds and potential completion from similar products.
All forward-looking statements are inherently uncertain and actual results may be affected by 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.
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