BioHarvest Sciences Inc (CSE:BHSC) (OTCMKTS:CNVCF) (FRA:8MV) said that sales orders for its flagship VINIA product, a red grape cell functional food and dietary supplement, has soared to an all-time high in Israel.
For the first quarter ended March 31, 2021, the company reported sales orders for VINIA of US$377,756, a 17% sequential sales gain over the fourth quarter of 2020.
The total number of VINIA purchase orders in the first quarter this year also totaled 2,190, an increase of 45%, compared to the fourth quarter of 2020.
BioHarvest said that the performance in the Israeli market, with a relatively small population of 9 million, is in line with “achieving or exceeding” the higher end of the US$1.4-US$1.5 million guidance range revised on March 18, 2021, for projected sales orders in Israel this year.
The company noted that the average dollar purchase amount for first-time customers is US$169, which far exceeds the cost of acquisition of these customers, resulting in the healthy unit economics required to deliver a profitable Direct-to-Consumer business.
“I am proud of the company’s achievements in the last quarter,” BioHarvest CEO Ilan Sobel said in a statement. “I made a commitment to all BioHarvest stakeholders to build a professional team and bring best in class talents to support all the facets of a fully operational company. The sales results of Q1 are a testimony to their talent, which has allowed the company to grow from an R&D organization into one that has all the elements needed to bring highly differentiated wellness products to the end consumer.”
Sobel said he is looking forward to BioHarvest continuing its momentum in Israel during the second quarter, and to “disrupting the US market shortly with the launch of VINIA.”
VINIA is a proprietary red grape cell product containing the entire matrix of polyphenols contained in red grapes. “These polyphenols have been scientifically validated to provide significant health benefits,” according to the company.
“The accumulated knowledge and experience from the launch of VINIA in the Israeli market will benefit the company’s imminent launch of VINIA in the US market,” said BioHarvest.
In addition, the company said its marketing team is leveraging the experience in Israel to “optimize the consumer messaging” when it launches in the US market. As part of that e-commerce launch, BioHarvest said it plans to make “significant investments” to establish the VINIA brand.
BioHarvest Sciences said it will update shareholders on its first quarter on April 8, 2.00pm ET/11.00am PST.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
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