BioHarvest Sciences Inc. Delivers Record Q2 Sales Order Results with Progress on All Fronts
10% quarter over quarter sales order growth in Israel
Strong performance metrics in the US after only six weeks in the market
Major Cannabis production development milestones achieved
VANCOUVER and REHOVOT, Israel, July 8, 2021 /PRNewswire/ -- BioHarvest Sciences Inc. ("BioHarvest" or the "Company") (CSE: BHSC) announces today that Q2/2021 sales orders in Israel have reached US $409,272 compared to US $371,944 in Q1/2021 and compared to US $44,600 in Q2/2020. These results represent a 10% increase over the previous quarter in 2021 and an 840% increase over the corresponding quarter in 2020. In Q2, the customer count grew by 5% compared to Q1 2021, and the average sale per customer reached US $182, representing an increase of 5% compared to Q1 2021.
In the USA, the direct-to-consumer launch is off to a very encouraging start. After the first six weeks, it is still early to provide sales order guidance for the US, but key metrics such as advertising click-through rates, purchase conversion rates, average $ sales, % of revenue in recurring subscription packages, and churn rates are already performing at very promising levels for a new brand launch. Further details of the results and a more in-depth understanding of the Q3 2021 activities will be provided at the Company's investor call at 2 PM Eastern time today. Interested investors and media are invited to register here:
The Company has recently accomplished a number of major milestones as part of its journey to unlock the secrets of plant biology and to commercialize its cannabis-based products in 1H 2022.
- First, BioHarvest announced its progress in optimizing the density of Trichomes, refining the drying process, and creating new measurement methods. (News Release dated June 8, 2021).
- In addition, the Company announced that its first Cannabis cell reservoir has now been continuously producing Cannabis Trichomes for two full calendar years. (News Release dated July 7, 2021). Watch CEO Ilan Sobel discuss the July 7 news release with Proactive Investors here.
These technological breakthroughs demonstrate the efficiency and reliability of the Company's BioFarming technology to produce the "flowering" stage of the Cannabis growth cycle at scale.
Ilan Sobel, CEO of BioHarvest, commented: "As a biotech innovator, our goal is to bring the benefits of our BioFarming platform technology to multiple verticals and geographies. The acceptance of VINIA®, as manifested in the stellar quarter sales orders in Israel and the encouraging performance metrics in the US, are important indicators of the prospects of the Company in general and, specifically, of the broad applicability of the Company's BioFarming technology platform. I am excited about the prospects of Bioharvest, given the opportunities stemming from our pipeline of BioFarming based nutraceutical and Cannabis products. I look forward to another record quarter for Q3."
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 also become a leading supplier of cannabis for both medicinal and legal recreational purposes. For more information visit: www.bioharvest.com.
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Forward-Looking Statements
Information set forth in this news release includes might include 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. In particular, there is no assurance we will be able to commercialize our first Cannabis products in the first half of 2022. Sales are dependent on market acceptance which is subject to consumer preferences that are constantly changing. For VINIA®, there is no assurance that the Israeli market results will translate directly into the US markets which may depend on different consumer preferences and more substantial marketing expenditures and resources. Delays and cost overruns may result in delays achieving our objectives obtaining market acceptance and regulatory approvals for geographic expansion is subject to risk and cannot be guaranteed. Projected sales of Cannabis will require the company to obtain production and / or export licensing which cannot be assured.
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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SOURCE BioHarvest Sciences Inc.
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