(NewsDirect)
BioHarvest Sciences CEO Ilan Sobel joined Steve Darling from Proactive to share the company's impressive financial and operational results for the fourth quarter and full year ended December 31, 2023. Revenue surged by 131% to $12.7 million in 2023, compared to $5.5 million in 2022, with fourth quarter revenue growing by 85% to $4.5 million. Notably, gross margins for the fourth quarter improved to 51%, up from 27% in the same period of 2022, and full-year gross margins rose to 45%, from 22% in 2022.
In the US market, BioHarvest Sciences experienced significant growth, with new customer and subscriber counts more than doubling. Despite this growth, marketing costs increased by only 48%, while customer churn and cost of acquisition decreased, indicating improved efficiency in customer acquisition and retention strategies.
Looking ahead, Sobel provided revenue guidance for the first and second quarters of 2024, expecting revenues to range between $5.2-$5.3 million and $5.7-$6.0 million, respectively. The company also launched a new 'Hot Beverage' lineup in December 2023, starting with VINIA® Functional Coffees, with additional VINIA® products in the pipeline.
In a strategic move towards broader market access, BioHarvest Sciences is working towards listing on the Nasdaq Exchange in the United States. To meet Nasdaq's minimum share price requirements, the company plans to seek shareholder approval for a share consolidation of 35-1 at its Annual and Special General Meeting on May 27, 2024. Additionally, the company aims to enhance corporate governance by adding an additional independent director to meet Nasdaq requirements. These initiatives underscore BioHarvest Sciences' commitment to unlocking greater shareholder value and expanding its presence in the US market.
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