BioHarvest Sciences reports 113% year over year increase in revenue on strong sales of VINIA
Vancouver
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December 05, 2023 01:28 PM Eastern Standard Time
BioHarvest Sciences CEO Ilan Sobel joined Steve Darling from Proactive to reveal the company's 3Q 2023 results, which demonstrate remarkable growth for its flagship product, VINIA.
The company achieved its projected $3.24 million in revenue for the quarter, representing a 113% increase compared to the same quarter last year and an 18% increase compared to Q2 2023.
Sobel also highlighted the significant improvement in the company's gross profit margin, which reached 45% in Q3 2023 compared to 18% in Q3 2022 and 40% in Q2 2023. This margin is expected to continue to rise as production scales up.
In addition, BioHarvest Sciences has seen substantial growth in its total active network of subscribers, which has increased by 213% compared to Q3 2022.
The company generates 90% of its revenue from subscriptions, with 95% of subscribers on plans of 3 months or more, and 23% on plans of 6 months or more.
Furthermore, VINIA continues to expand its product sales on Amazon.com, with Q3 Amazon revenue increasing by 84% over Q2 2023.
These positive results demonstrate the strong demand for BioHarvest Sciences' innovative products and its successful growth strategies.
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