BioHarvest Sciences Inc (NASDAQ:BHST, FRA:8MV0) reported an 8% jump in first quarter revenue as the company advanced several contract development and manufacturing organization (CDMO) projects and expanded its direct-to-consumer wellness business.
The company posted first quarter revenue of $8.5 million, up from $7.9 million a year earlier, while maintaining its full-year revenue guidance range of $42 million to $48 million
Gross margin improved slightly to 59% from 58% in the prior-year quarter. BioHarvest said its CDMO business recorded 135% year-over-year revenue growth during the quarter, supported by progress in fragrance and saffron-related Botanical Synthesis programs. Net loss for the quarter widened to $2.6 million, or $0.11 per diluted share, compared with a net loss of $2.3 million, or $0.13 per diluted share, in the same period last year.
Adjusted EBITDA loss was $1.2 million, in line with the prior year. Operating loss for the quarter totaled $1.8 million, compared with $1.7 million a year earlier. Sales and marketing expenses rose to $4.1 million from $3.7 million, primarily to support growth in the D2C business.