BioHarvest Sciences Inc published a year-end letter to shareholders, highlighting its 2022 production increases and issuing significant revenue projections for 2023.
“2022 saw us build foundational capabilities which have already proven to be highly impactful,” CEO Ilan Sobel said in the letter to shareholders.
“Not only did we unlock the secrets of cannabinoid cellular growth, which will enable the execution of a robust multi-pronged Cannabis strategy, we also achieved a 5X production capacity increase within 4 months of commencing manufacturing operations at our new VINIA facility, which facilitated a 5X corresponding US VINIA sales growth.”
READ: BioHarvest Sciences projects 2023 revenue to more than triple as its biotech innovation pays off
That’s going to pay off in a major way next year, Sobel said.
“I look forward with confidence to 2023, with the objective of driving 3X-3.5X revenue growth ($US17 million-20 million) ... and continued aggressive scaling as we introduce breakthrough disruptive products across both our polyphenol and cannabis verticals.”
The company added 21,000 new customers this year, Sobel said, which led to record revenue numbers in the fourth quarter.
“87% of our revenue in the US comes from customers purchasing packages of 3 months or more of VINIA and 24% of all revenue is derived by 6- and 12-month subscriptions, demonstrating the loyalty we are building with our customer base,” Sobel said.
VINIA is the company’s red grape supplement It contains the whole matrix of polyphenols contained in red grapes, which is aimed at improving cardiovascular health,
Looking ahead, BioHarvest plans to ramp up marketing for VINIA in 2023, including the formation of a customer recruitment channel.
“We now better understand the magnitude of the opportunity that exists for VINIA in the US as a superior therapeutic solution for consumers who appreciate the critical importance of having improved blood flow as part of ensuring the effective performance of their body's fundamental operating mechanism,” Sobel said.
“To reinforce this brand conversion model in 2023, we will target physicians and Integrative Medicine Specialists across the USA to form a critical VINIA customer recruitment channel which will provide further validation of our superior clinical based therapeutic approach,” he added.
Vancouver-based BioHarvest Sciences is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology: the first and only industrial-scale plant cell technology capable of producing active plant ingredients without the necessity to grow the plant itself.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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