BioHarvest Sciences Q2 Revenue Surpasses $6 Million; CEO Discusses Growth and New Product Success

BioHarvest Sciences CEO Ilan Sobel joined Steve Darling from Proactive to discuss the company’s impressive financial and operational results for the second quarter of 2024. For the first time, BioHarvest Sciences reported revenue surpassing the $6 million mark, reaching $6.03 million. This represents a 119% increase compared to the $2.8 million reported in the same quarter the previous year, and a 13% sequential growth from the first quarter of 2024. Sobel highlighted that the company's gross margins improved to 52% in the second quarter, up from 40% in the same period the previous year. This improvement is attributed to ongoing margin optimization efforts. In the U.S., total subscribers to the VINIA® product line increased by 135% compared to the same quarter in the previous year. A major contributor to this growth was the VINIA business, which set a new record for monthly sales orders in May 2024, achieving $2 million in sales—a 101% increase compared to May 2023. The company anticipates that revenues in the third quarter of 2024 will be at least $6.5 million. Additionally, Sobel shared exciting news about the company's VINIA® Superfood Coffee and Decaf Coffee. This "functional" coffee product line, which integrates BioHarvest's VINIA Red Grape Superfood into a premium coffee in Keurig-compatible pod format, has surpassed $1 million in cumulative sales since its launch in December 2023. The company is also planning to introduce new Nespresso-compatible pods before the end of the year, further expanding its product offerings and market reach. #proactivinvestors #cse #bhsc #otcqb #cnvcf #pharma #biotech #hearthealth #BioHarvestSciences, #IlanSobel, #RevenueGrowth, #NasdaqListing, #FinancialResults, #MarketingEfficiency, #ProductLaunch, #CoffeeProducts, #TeaProducts, #BusinessGrowth, #InvestorInterest, #BusinessStrategy, #FinancialForecast, #MarketExpansion, #CorporateDevelopment, #ManagementFocus, #EarningsReport, #StockMarket, #InvestmentOpportunity, #CorporateNews