The following is a summary of the BioHarvest Sciences Inc. (BHST) Q3 2024 Earnings Call Transcript:
Financial Performance:
BioHarvest Sciences reported Q3 2024 revenue of $6.5 million, a 101% increase from the previous year, driven by strong VINIA sales.
Gross profit margin increased to 57%, reflecting a 1,200 basis point improvement year-over-year primarily due to increased manufacturing scale, improved yields, and cost reduction in downstream packaging.
Net losses totaled $2.7 million, or $0.16 per basic and diluted share, while adjusted EBITDA loss totaled $2 million.
Business Progress:
Continued growth in the VINIA subscriber base and successful launch of VINIA SuperFood functional tea lineup. Anticipated launches include VINIA Pro chews and hydration solutions targeting active consumers.
Expansion into additional markets with regulatory efforts underway, and a significant focus on digitization to optimize production and gross margin outcomes.
Development of the CDMO business unit, focusing on contract development and manufacturing of botanically synthesized molecules.
Opportunities:
Expansion into the Canadian market following recent regulatory approval, with further exploration into other strategic markets.
Broadening the product portfolio in direct-to-consumer business by introducing new VINIA Inside products such as functional coffees and teas.
Entry into hydration and wellness categories, leveraging superior science and clinical trial-backed efficacy.
Risks:
Challenges and delays related to the sourcing of critical raw materials for their CDMO business unit could impact project timelines and revenue recognition from these engagements.
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
