BioHarvest Sciences reports record 2Q sales orders in Israel

BioHarvest Sciences Inc (CSE:BHSC) has reported record second-quarter sales orders in Israel. 

For the period ended June 30, 2021, the company said sales orders reached US$409,272, compared to US$371,944 in the 1Q of 2021 and US$44,600 in the 2Q of 2020. 

These results represent a 10% month-over-month increase and an 840% year-over-year jump, respectively.

READ: BioHarvest Sciences sets out to win over the American consumer with its first nutraceutical product VINIA

BioHarvest launched its flagship product VINIA in 2017 in Israel, where the nutraceutical product is made. In early June 2021, the company entered the US market with VINIA.

VINIA is a supplement based on the skin of red grapes, containing a rich complex of polyphenols designed to increase the dilation of arteries to improve blood flow, physical energy, and mental alertness. The product is developed via the company’s unique technology — the first and only industrial-scale plant cell process capable of producing active plant ingredients without the necessity to grow the plant itself.

In the 2Q, the company also said its customer count grew by 5% month-over-month, and the average sale per customer reached US$182, another 5% month-over-month increase.

BioHarvest noted that its direct-to-consumer launch in the US “is off to a very encouraging start.” 

After the first six weeks, the company said it is still early to provide sales order guidance for the US, but key metrics such as advertising click-through rates, purchase conversion rates, average dollar sales, percentage of revenue in recurring subscription packages, and churn rates are already performing “at very promising levels” for a new brand launch. 

“As a biotech innovator, our goal is to bring the benefits of our BioFarming platform technology to multiple verticals and geographies,” said BioHarvest CEO Ilan Sobel in a statement.

“The acceptance of VINIA, as manifested in the stellar quarter sales orders in Israel and the encouraging performance metrics in the US, are important indicators of the prospects of the Company in general and, specifically, of the broad applicability of the Company’s BioFarming technology platform. I am excited about the prospects of Bioharvest, given the opportunities stemming from our pipeline of BioFarming based nutraceutical and Cannabis products. I look forward to another record quarter for Q3.”

Major milestones

The company also said it has recently accomplished a number of major milestones as part of its journey to unlock the secrets of plant biology and to commercialize its cannabis-based products in the first half of 2022.

Firstly, BioHarvest announced its progress in optimizing the density of Trichomes, refining the drying process, and creating new measurement methods.

In addition, the company announced that its first Cannabis cell reservoir has now been continuously producing cannabis Trichomes for two full calendar years. 

These technological breakthroughs demonstrate the efficiency and reliability of the company’s BioFarming technology to produce the “flowering” stage of the cannabis growth cycle at scale.

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Story by ProactiveInvestors

Source: http://www.proactiveinvestors.com/companies/news/954528/bioharvest-sciences-reports-record-2q-sales-orders-in-israel-954528.html