BioHarvest Sciences (BHSC) is reporting record first-quarter sales of its VINIA product in Israel.
Sales orders of the product in the first quarter of 2021 reached an all-time high of US$377,756. That number represents a 17 per cent increase over sales orders in the fourth quarter of 2020 and a 668 per cent increase over the first quarter of 2020.
VINIA is a proprietary bio-superfood developed by BioHarvest.
One packet of VINIA contains 40 milligrams of polyphenols, including 5 milligrams of resveratrol to support heart health and improve blood circulation.
The company says the results in the Israeli market, with a relatively small population of 9 million, are in line with "achieving or exceeding the higher end of the $1.4- 1.5 million guidance range" for 2021 projected sales orders in Israel.
The company cites that the average dollar purchase amount for first-time customers is $169. That number far exceeds the cost of acquisition of these customers.
“I am proud of the company’s achievements in the last quarter. I made a commitment to all BioHarvest stakeholders to build a professional team and bring “Best in Class” talents to support all the facets of a fully operational company. The sales results of Q1 are a testimony to their talent, which has allowed the company to grow from an R&D organization into one that has all the elements needed to bring highly differentiated wellness products to the end consumer.
I look forward to the company continuing its momentum in Israel during Q2 and beyond and to disrupting the U.S. market shortly, with the launch of VINIA in that region," said BioHarvest CEO Ilan Sobel.
Based in Vancouver, BioHarvest Sciences is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology.
BioHarvest Sciences is down 1.02 per cent on the day, with shares of the company trading at C$0.48 at 11:09 am ET.