BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) has provided a corporate update in a letter to shareholders, noting that 2023 was a pivotal year for the company, highlighted by robust revenue growth, gross margin expansion and the launch of incremental product lines that will most efficiently monetize its patented Botanical Synthesis technology platform.
The biotech firm said its first product, VINIA, is expected to drive record 2023 revenues of at least $12.4 million, which represents growth of at least 125% when compared to revenues of $5.5 million in 2022.
"Our technology platform has much broader applications that enable us to establish clear business pillars in the areas of food nutrition, nutraceuticals, cosmeceuticals, and pharmaceuticals - addressing key unmet consumer needs," BioHarvest Sciences CEO Ilan Sobel wrote.
"Looking ahead, we will advance commercial initiatives in each of these areas in a capital-efficient manner, all while concurrently diversifying our business and monetizing our technology platform," he added.
Sobel also stated that BioHarvest executed on several strategic initiatives in 2023, all with the goal of growing sales and achieving profitability in 2024.
The company added that to further enhance growth, it will expand geographically into the Canadian market where BioHarvest recently received regulatory approval, with additional regulatory efforts underway in Europe and China.
As well, Sobel noted the company anticipates bringing an olive-derived product to the market in the second half of 2024, targeting liver and joint health.
BioHarvest Sciences is a leader in Botanical Synthesis, leveraging its patented technology platform to grow the active ingredients in plants, without the need to grow the underlying plant.
The company is currently focused on leveraging its botanical synthesis technology to develop the next generation of science-based and clinically proven therapeutic solutions, within two major business verticals - nutraceutical health and wellness products such as dietary supplements, and development of plant cell-based Active Pharmaceutical Ingredients (APIs) that focus on specific medical indications.