BioHarvest Sciences: Disrupting Billion-Dollar Categories with Plant-Based Products
2023-06-25
BioHarvest Sciences Inc. held its Q2 Marketing and Performance Update Conference Call on June 22, 2023, at 2:00 PM ET. The call was attended by Justin Meiklem, Ilan Sobel, and Brian Cornblatt from the company, while the conference call participants only included Justin Meiklem.
During the call, the management shared that the market outlook for the company is positive, with a focus on innovation and profitability. BioHarvest Sciences is at the cutting-edge intersection of three major trends - health and wellness, biotechnology, and sustainability, and is demonstrating significant thought leadership in the area of plant-based products and botanical synthesis. The company has two strategic pillars - nutraceutical and pharmaceutical, and is focusing on the nutraceutical pillar.
The Q1 performance update shows a three-fold increase in overall revenues, with nearly a five times growth in the US market. The company is focused on driving the business to profitability by the end of the year on a cash operating level. The key drivers of the business are optimizing revenue management and cost management to reach the break-even point and generate significant profits.
BioHarvest Sciences is focused on increasing gross profit margins through increased manufacturing scale and channel scaling, particularly on Amazon, Walmart.com, and eBay. The company aims to achieve an aggressive revenue target of 17 plus million through continued momentum build and a step up in marketing activities.
The company is making progress on strategic initiatives by focusing on their nutraceutical and pharmaceutical pillars, leveraging the power of plants and botanical synthesis to lead in the area of plant-based products. They have seen a three-fold increase in overall revenue in Q1 and nearly a five times growth in the US market. They are focused on driving the business to profitability by the end of the year on a cash operating level.
BioHarvest Sciences is disrupting billion-dollar categories with the power of their superior science, taste, and efficacy, anchored in their technology. They plan to bring new products to the market in the next 12 months.
In conclusion, BioHarvest Sciences is well-positioned to capitalize on the growing demand for plant-based products and botanical synthesis. With a focus on innovation, profitability, and strategic initiatives, the company is poised for continued growth and success in the coming years.