Q1 sales orders in line to achieve or exceed revised annual projections.
Vancouver, British Columbia--(Newsfile Corp. - April 7, 2021) - BioHarvest Sciences Inc. (CSE: BHSC) ("BioHarvest" or the "Company") announced today that sales orders of VINIA® in Q1/2021 reached an all-time high of US$ 377,756, representing a 17% increase over Q4/2020 sales orders, and a 668% increase over Q1/2020. The total number of VINIA® purchase orders in Q1/2021 also reached a new high of 2,190, an increase of 45% versus Q4/2020.
The results in the Israeli market, with a relatively small population of 9 million, are in line with achieving or exceeding the higher end of the US$ 1.4- 1.5 million guidance range revised on March 18th, 2021 for 2021 projected sales orders in Israel.
The company cites that the average dollar purchase amount for first-time customers is US$ 169, which far exceeds the cost of acquisition of these customers, resulting in the healthy unit economics required to deliver a profitable Direct-to-Consumer business. The consistent traction achieved by VINIA® highlights the recognition by the Israeli consumer of the quality and efficacy of VINIA®, resulting from its leadership position of being the only dietary supplement product containing piceid resveratrol from red grapes with high levels of solubility and bioavailability.
The accumulated knowledge and experience from the launch of VINIA® in the Israeli market will benefit the Company’s imminent launch of VINIA® in the US market. The BioHarvest marketing team is leveraging this experience to optimize the consumer messaging and the customer acquisition process to achieve a successful launch in the US market. As part of that e-commerce launch, BioHarvest plans to make a significant investment to establish the VINIA® brand and to communicate its unique properties.
“I am proud of the Company’s achievements in the last quarter”, said Ilan Sobel, CEO of BioHarvest, and added “I made a commitment to all BioHarvest stakeholders to build a professional team and bring “Best in Class” talents to support all the facets of a fully operational company. The sales results of Q1 are a testimony to their talent, which has allowed the Company to grow from an R&D organization into one that has all the elements needed to bring highly differentiated wellness products to the end consumer. I look forward to the Company continuing its momentum in Israel during Q2 and beyond and to disrupting the US market shortly, with the launch of VINIA® in that region.”
The company reminds shareholders that the Q1, 2021 BioHarvest Sciences Shareholder Update is April 8, 2PM EST / 11AM PST. All shareholders, media, and interested investors are welcome to join. All registrants will be emailed a recording of the session.
Register at: https://app.livestorm.co/st-financial/q1-shareholder-update-april-8?type=detailed
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About BioHarvest Sciences Inc.
Based in Vancouver BC, BioHarvest Sciences Inc. is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology. It is the first and only industrial-scale plant cell technology capable of producing the active plant ingredients without the necessity to grow the plant itself. The Company’s technology is non-GMO and has already been validated by VINIA®, the red grapes cells functional food/dietary supplement produced and sold by BioHarvest Sciences Inc. The Company plans to generate significant revenue within the global nutraceutical ingredients and dietary supplements market with VINIA® and other Super Fruit Nutraceutical products. Further, by adapting this technology to the Cannabis plant, and building adequate production capacity, BioHarvest Sciences Inc.’s objective is to become a leading supplier of Cannabis for both medicinal and legal recreational purposes. Visit: www.bioharvest.com.
BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer
For further information, please contact:
Dave Ryan, VP Investor Relations & Director
Phone: 1 (604) 622-1186
Email: dave@bioharvest.com
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Forward-Looking Statements
Information set forth in this news release includes forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There is no assurance we will achieve our 2021 projected sales guidance. Sales are dependent on market acceptance which is subject to consumer preferences that are constantly changing. There is no assurance that the Israeli market results will translate directly into US markets which may depend on different consumer preferences and more substantial marketing expenditures and resources. They can be no assurance that the launch of Vinia® will disrupt the US market. Projected sales of Cannabis will require the company to obtain production and/or export licensing which cannot be assured. Revenue numbers in this press release do not reflect financial statement numbers which include a 10% reserve for possible returns under the Company's 90 days money back guarantee.
All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
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