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Revenue Growth: 99% increase for the full year 2024, reaching $25.2 million.
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Q4 2024 Revenue: $7.3 million, a 62% year-over-year increase.
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Gross Margin: Improved by 600 basis points to 57% in Q4 2024; full year 2024 gross margin increased by 1,000 basis points to 55%.
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Net Loss: $3 million for Q4 2024, or $0.17 per share, compared to a net loss of $7.2 million or $0.53 per share in Q4 2023.
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Operating Expenses: Decreased to 80% of revenue in Q4 2024 from 107% in Q4 2023.
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General and Administrative Expenses: Reduced to 20% of revenue in Q4 2024 from 34% in Q4 2023.
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Cash and Cash Equivalents: $2.4 million as of December 31, 2024, down from $5.4 million as of December 31, 2023.
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Adjusted EBITDA: $1.8 million loss in Q4 2024, compared to a $2.4 million loss in Q4 2023.
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Active Subscribers: Over 50,000 for the Vinnea product as of February 2025.
Release Date: March 31, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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BioHarvest Sciences Inc (NASDAQ:BHST) achieved a strong revenue growth of 99% for the full year 2024, reaching $25.2 million.
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The company successfully listed on the NASDAQ, enhancing its credibility and market reach.
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Vinnea, the flagship product, has over 50,000 active subscribers and maintains a high subscription revenue rate.
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Gross margins improved significantly, increasing by 1,000 basis points year-over-year to 55% in 2024.
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The company has developed a robust infrastructure for its CDMO division, signing multiple contracts, including a notable partnership with Tate and Lyle.
Negative Points
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Net losses for the fourth quarter of 2024 totaled $3 million, indicating ongoing financial challenges.
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Cash and cash equivalents decreased to $2.4 million as of December 31, 2024, from $5.4 million the previous year.
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Operating expenses increased due to higher marketing spend and CDMO service division costs.
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The company faces potential risks and uncertainties related to its forward-looking statements and industry prospects.
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There is a dependency on the successful commercialization of new products and compounds, which involves regulatory and clinical trial challenges.
Q & A Highlights
Q: Can you provide an update on the CDMO contracts, particularly with Tate and Lyle, and how these contracts have influenced interest in other deals? A: Ilan Sobel, CEO: We've made significant progress with Tate and Lyle, having sourced our key plant and completed critical tissue culture work. This milestone has spurred interest in other CDMO contracts. We've also signed a deal with a NASDAQ-listed pharmaceutical company, focusing on developing a specific enzyme. The pipeline is robust, and the Tate and Lyle deal has validated our capabilities, increasing deal flow across various industries.