(NewsDirect)
BioHarvest Sciences CEO Ilan Sobel joinedSteve Darling from Proactive to reveal the company's 3Q 2023results, which demonstrate remarkable growth for its flagship product,VINIA.
The company achieved itsprojected $3.24 million in revenue for the quarter, representing a113% increase compared to the same quarter last year and an 18%increase compared to Q2 2023.
Sobelalso highlighted the significant improvement in the company'sgross profit margin, which reached 45% in Q3 2023 compared to 18% inQ3 2022 and 40% in Q2 2023. This margin is expected to continue torise as production scales up.
Inaddition, BioHarvest Sciences has seen substantial growth in its totalactive network of subscribers, which has increased by 213% compared toQ3 2022.
The company generates 90%of its revenue from subscriptions, with 95% of subscribers on plans of3 months or more, and 23% on plans of 6 months or more.
Furthermore, VINIA continues to expand itsproduct sales on Amazon.com, with Q3 Amazon revenue increasing by 84%over Q2 2023.
These positive results demonstrate the strongdemand for BioHarvest Sciences' innovative products and itssuccessful growth strategies.
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