BioHarvest Sciences Inc. (NASDAQ:BHST) reported a 62% year-over-year increase in fourth-quarter revenue, reaching $7.3 million, as the biotechnology company saw strong demand for its VINIA product lines and expanded its contract development and manufacturing organization (CDMO) services.
Full-year revenue nearly doubled to $25.2 million, with gross margins improving by 1,000 basis points to 55%.
Shares of BioHarvest were trading around 3.4% higher on Tuesday following the release of the results.
The company said in a statement accompanying the results that it expects first-quarter 2025 revenue of at least $7.8 million and aims to reach adjusted EBITDA breakeven in the second half of the year.
"Our VINIA product lines continued to outperform, surpassing 50,000 active subscribers," CEO Ilan Sobel said.
Sobel highlighted the success of the recently launched VINIA SuperFood Tea line and noted that the company's "VINIA Inside" strategy—expanding into functional beverages—was driving incremental consumer adoption.
BioHarvest also expanded its CDMO services, securing a partnership with Tate & Lyle to co-develop plant-based sweeteners. Sobel told shareholders that the deal is "a major validation" of the company’s Botanical Synthesis platform, which he said could lead to further partnerships in high-value biologic compounds.
Operating expenses increased to $5.8 million in the fourth quarter, driven by higher marketing and CDMO-related costs. However, marketing expenses fell as a percentage of revenue, from 50% a year ago to 40.4%.
The company's net loss narrowed to $3 million from $7.2 million in the year-ago quarter.