BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) has announced that first-quarter 2023 revenue for its flagship VINIA product climbed 209% year over year to US$2.2 million, as the company says its sales metrics continue to improve and increased marketing efficiency has been achieved during the period.
The biotech firm also noted that it is reiterating both its announced revenue guidance of US$17 million plus for the year and that it is targeting to be cash flow “break-even” by 4Q 2023.
“We made some tough decisions in 1Q which aimed at building a healthy and profitable business,” BioHarvest Sciences CEO Ilan Sobel said in a statement.
“I strongly believe that the renewed focus resulting from these decisions is paying off and is yielding the desired results both in growth and ultimately in near term profitability,” he added.
As well, BioHarvest said its gross margins for the quarter increased to 37% from 26% a year earlier, while its net loss improved to US$752,000 from US$2.13 million in 1Q 2022.
The company added that it is focused on the continued improvement of gross profit margins with increased manufacturing scale, on the introduction of new drying technologies to optimize yield levels, and on implementing additional cost-reduction measures.
Furthermore, BioHarvest stated that it plans to introduce new products such as VINIA Functional Coffee by year-end, which the company believes will not only fuel revenue growth but would also further increase production and marketing efficiency.
BioHarvest is a biotech company that 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.
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