- Significant milestone demonstrating sales momentum of VINIA®
- Further validation of the Botanical Synthesis Technology Platform
- Strong justification of the Direct-to-Consumer sales strategy
Vancouver, British Columbia and Rehovot, Israel--(Newsfile Corp. - September 6, 2023) - BioHarvest Sciences Inc, (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) ("BioHarvest" or "the Company") announces that US sales of its flagship product VINIA® in the month of August have crossed the USD 1Million per month line. This significant milestone marks a new inflection point in BioHarvest's journey and offers further validation of its Botanical Synthesis technology platform.
This milestone also demonstrates the power of the VINIA® brand. VINIA® continues to achieve a best-in-class verified customer rating of 4.8 out of 5 with over 2,700 verified reviews, demonstrating its significant positive impact to consumers' lives. With production capacity on the ascending curve, BioHarvest plans to leverage the sales momentum in order to reach the efficiencies of scale required to achieve profitability in the near term.
"What makes this milestone so outstanding is that it is being achieved while improving marketing efficiency. This gives us a strong shot of confidence in the future to come, as we prepare to bring additional products to market," stated CEO Ilan Sobel, adding, "We have built a powerful direct marketing and sales platform already capable of delivering over $1Million in monthly revenue with just one product SKU. I am looking forward to reaching new revenue milestones as we aggressively grow our product portfolio in the next 12 months."
All North American VINIA® packaged sales are "direct-to-consumer," and the product is exclusively available on www.vinia.com and on www.Amazon.com. VINIA® is the first commercially released product developed using BioHarvest's proprietary Botanical Synthesis platform, which can consistently produce patentable botanical compositions without growing the plant itself. The platform can elicit (increase) specific active phytochemicals to achieve concentrations many times what is found in nature, making this technology efficient and economic. VINIA® contains multiple polyphenols, including Piceid Resveratrol, with an amount in each daily 400mg capsule that is equivalent to 1,000 grapes, resulting in a powerful nutraceutical that has been clinically proven to significantly increase arterial dilation.
Live Corporate Webinar September 6, 2:30 PM ET
BioHarvest Sciences will hold a LIVE Shareholder presentation today, September 6th at 2:30pm Eastern Time. The interactive meeting will include a discussion of current and upcoming sales programs, the Q2 2023 results and an update on new product initiatives. All interested media and investors are welcome to register here: https://us02web.zoom.us/webinar/register/WN_-GLrw-xJRq-QItHf6Hvnyg
In Q2, the Company reported a net loss per share for the quarter of 0.6 cents USD per share, for a total of USD 2.85M. Based on the projected revenue growth rate and plans for increased VINIA production, the company is targeting cash flow break even in late 2023, and profitability in early 2024.
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 further information, please contact:
Dave Ryan, VP Investor Relations & Director Phone: 1 (604) 622 -1186
Email: info@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 reach break-even by Q4 2023 or profitability in Q1 2024, as that is dependent on a combination of factors such as supply chain efficiencies, input cost stability, marketing efficiencies and uncertain consumer preferences. Break even and profitability dates are estimates and there is no assurance they will occur when estimated as the timing is dependent on consumer acceptance and cost stability and other factors beyond company control.
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.
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