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- 17% quarter-over-quarter growth with record VINIA® global sales orders in Q4 of USD 825k
- 485% year-over-year growth with total sales orders of USD 2.4M in 2021
- Continued success in VINIA® US pilot with USD 325k in sales orders in Q4, a 27% growth over Q3
BioHarvest Sciences Inc. (CSE: BHSC) ("BioHarvest" or the "Company") today announces another strong quarter of sales growth for VINIA®, its nutrient-rich red grape supplement created through the Company's proprietary BioFarming technology, in both Israel and the United States. The USD 825k of sales orders in Q4 from its direct-to-consumer ecommerce business represents a 17% increase over Q3 and are triple the sales orders from the same quarter in 2020. VINIA® sales orders in 2021 amounted to USD 2.4M, a nearly sixfold increase over 2020.
In Israel, where VINIA® is becoming synonymous with cardiovascular health and wellness, BioHarvest reported record sales orders of USD 501k in Q4, representing growth of 11% over Q3 and 84% over Q4 2020 - and total sales orders in 2021 were USD 1.73M, representing a 325% year-on-year growth.
Q4 sales orders in the ongoing US pilot program, launched in May 2021, totaled USD 325k, representing 27% growth over Q3 2021 and yielded a total sales order figure of USD 652k for the year.
VINIA® Sales Orders (USD) - by Country by Quarter Q4 2020 - Q4 2021
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Moreover, sales and marketing metrics in the US point clearly to increasingly robust demand. Approximately 83% of 2020 sales and 89% of orders at www.vinia.com are derived from subscriptions packages with approximately 70% of subscriptions accounting for recurring payment packages of 3 months or more, demonstrating a significant opportunity to build a scalable, sustainable, and profitable business.
To continue to drive the company's leadership in global e-commerce and marketing, BioHarvest has hired Jared Turner as VP of Global E-Commerce. Turner, who joined in December, brings over 15 years of relevant leadership experience in building end-to-end Nutraceutical e-commerce businesses. Under his stewardship, the commercial team is poised to achieve further sales growth in VINIA® as well as other products that will be introduced in 2022, including Cannabis.
"I am very proud of the sales results achieved in the last quarter and for the entire year," said CEO, Ilan Sobel. "Combined with the scientific and technological accomplishments we posted, 2021 was an outstanding year. The sales and marketing team has demonstrated unique capabilities to successfully grow the business. We eagerly look forward to scaling our US pilot once our technology transfer to our new 20 ton/year VINIA® manufacturing facility is successfully completed, enabling us to reach optimal production levels. I anticipate another year of record sales in 2022, positively impacting the health and wellness of tens of thousands of satisfied customers."
BioHarvest further expanded the applicability of its proprietary technology in 2021, which allows it to harvest nutrients and active ingredients without growing plants, with the announcement in December that the Company had developed the capability to produce a meaningful amount - 10 kilograms - of full-spectrum Cannabis biomass without growing the plant itself.
In November, BioHarvest appointed renowned Canadian astronaut Chris Hadfield to its board of advisors as part of a drive to leverage its biotech technology platform to provide essential nutrition and active ingredients for space exploration and potential settlement in space.
About BioHarvest Sciences Inc.
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 industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets. Visit: www.bioharvest.com.
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: dave@bioharvest.com
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Forward-Looking Statements
Information set forth in this news release includes 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. There is no assurance that the Israeli market results will translate directly into the U.S. markets which may depend on different consumer preferences and more substantial marketing expenditures and resources. There is no assurance that strong sales metrics experienced to date will result in future demand or that proposed additional marketing expenditures will result in increased sales. Markets for nutraceuticals are unpredictable and subject to changes in consumer tastes and trends as well as economic factors beyond our control. There is no assurance the BioFarming technology will make a significant impact on multiple verticals of life -science based businesses in general or in the bio-space industry. Delays and cost overruns may result in delays achieving our objectives obtaining market acceptance, and regulatory approvals for geographic expansion is subject to risk and cannot be guaranteed. There is no assurance that the ability to produce a commercial sized biomass will result in the Company entering into commercial production of Cannabis by H1 2022. There is no assurance of the imminent commissioning of the superfruit facility or the conversion of the two tons VINIA® facility to Cannabis production in the first half of 2022. These things are subject to construction and approval delays and uncertainties that may be beyond the control of BioHarvest. Projected sales of Cannabis will require the Company to obtain production and/or export licensing which cannot be assured.
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.
Readers are cautioned that sales alone do not give an accurate picture of the financial position of the company and should be read in the context of the Company's annual and quarterly financial statements.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109227
