BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) announced that sales of its flagship product VINIA increased to record levels in May 2024 due to strong subscription rates and the successful introduction of new products, such as VINIA Superfood Coffee.
This surge was fueled by BioHarvest Sciences' effective Direct-to-Consumer sales strategy, which led to a significant rise in new customers and subscribers.
VINIA, developed on the patented Botanical Synthesis platform, achieved record monthly sales orders of US$1.98 million in May 2024, marking a 101% increase compared to May 2023.
BioHarvest said that its customer satisfaction remains high, with over 5,000 online reviews on www.vinia.com rating the VINIA experience at 4.8/5.
"Our record sales in May 2024 validate the power of our recurring revenue model and our confidence in the sustainable growth capabilities of our direct marketing and sales platform,” BioHarvest CEO Ilan Sobel said in a statement.
“As we expand our Direct-to-Consumer Products strategy, we see multiple opportunities to further expand our revenue by adding new 'VINIA Inside' delivery systems.”
Sobel highlighted the upcoming completion of its 2024 Hot Beverage Strategy, which will include the introduction of Nespresso-compatible coffee pods and a variety of teas, such as Breakfast and Green teas, available in both Keurig-compatible pods and tea bags.
Additionally, the company is formulating and testing VINIA Hydration Powder and Skincare products, marking its first foray into Sports Performance and Skin Health products.
Looking ahead, BioHarvest said it expects Q2 2024 revenues to be between $5.7 million and $6 million and aims for a Nasdaq uplisting by year-end.