Q1 2025 Bioharvest Sciences Inc Earnings Call Transcript
Key Points
- Revenue rose 47% year-over-year to $7.9 million, exceeding the $7.8 million guidance.
- Gross margins improved by 227 basis points to 58.5%, driven by scale benefits and cost efficiencies.
- The VINIA product line saw significant growth, with over 50,000 active subscribers and a 90% recurring revenue rate.
- The company successfully launched new products, including VINIA SuperFood Tea and VINIA Daily 2X Formula Chews, expanding its product portfolio.
- BioHarvest Sciences Inc (BHST) has signed multiple CDMO customers, including a partnership with Tate & Lyle for developing plant-based sweeteners.
- Operating expenses increased to $6.3 million from $4.4 million, primarily due to higher marketing spend and CDMO division expenses.
- Net losses for the first quarter totaled $2.3 million, although this was an improvement from the previous year's $6.6 million loss.
- Adjusted EBITDA loss increased to $1.4 million from $1.1 million in the same year-ago quarter.
- General and administration expenses increased by 67% in the first quarter of 2025.
- Cash and cash equivalents were relatively low at $3.4 million, despite raising $3.9 million in debt financing.
Greetings, and welcome to the BioHarvest Sciences first-quarter 2025 corporate update conference call. (Operator Instructions) As a reminder, this conference is being recorded. Before we begin the formal presentation, I'd like to remind everyone that statements made on today's call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described on the call. Please refer to the company's regulatory filings for a list of associated risks, and we would also refer you to the company's website for more supporting industry information. In addition, throughout today's call, the company may refer to adjusted EBITDA, a non-IFRS financial measure, which it believes provides helpful information to investors about the performance of the business on an ongoing basis.
A reconciliation of adjusted EBITDA to its most directly comparable IFRS financial measure is included in today's earnings release, which is available on the BioHarvest
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