BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) announced record sales of its flagship VINIA wellness supplement in the second quarter of 2022, with US$947,000 in revenue.
The company said that sales of VINIA, a clinically proven blood flow superfood, increased by 99% over the same year-ago quarter, and by 24% growth since the first quarter of 2022.
As a result, Vancouver-based BioHarvest is reiterating its guidance for year-on-year sales orders to reach between US$5 million to $7 million.
READ: BioHarvest Sciences reports 1Q sales of flagship nutraceutical VINIA product increased by triple digits year-on-year
The firm said it had started production of VINIA at a new 20 tons-per-year facility in Israel, which allows the company to support stronger sales growth. BioHarvest told shareholders that it continues to manage US VINIA sales orders in line with production capacity constraints, which will be alleviated early in the second half of 2022 with the increased manufacturing scale of the new facility.
Second-quarter sales orders in the US were up by 460% year-over-year to hit U$376,000, according to a release.
Outside of the US, Israeli sales were strong during the quarter, delivering US$571,000 for 39% growth over the comparable year-ago quarter and 26% growth from the previous quarter. Total customers in Israel grew at a record 51% in 2Q 2022 over Q1 2022. BioHarvest noted that June saw the highest ever average spend per order of US$203 in Israel.
"Our strong second-quarter results demonstrate our consistent growth and represent a validation of our major assumptions and performance so far," said CEO Ilan Sobel in a statement accompanying the results. "BioHarvest's strategy of growth remains well intact and its performance on all fronts validates its leadership in plant-based bio-technology."
Sobel told investors that the company’s accomplishments during the first half of 2022 give him confidence in delivering strong results in the second half of the year.
"I am equally satisfied and enthusiastic for how the unique, highly differentiated composition of our cannabis is opening the doors for the partnership discussions with multistate operators in the US,” the CEO added.
BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas