Vancouver, British Columbia and Rehovot, Israel–(Newsfile Corp. – November 25, 2024) – BioHarvest Sciences Inc. (NASDAQ: BHST) (CSE: BHSC) (FSE: 8MV0) (“BioHarvest” or the “Company”), a company pioneering its patented Botanical Synthesis technology platform, today reported its financial and operational results for the third quarter ended September 30, 2024. Third Quarter & Subsequent 2024 Operational Highlights All figures stated in this news release are in U.S. dollars unless stated otherwise. Management Commentary Ilan Sobel, Chief Executive Officer of BioHarvest, said: “The third quarter of 2024 delivered continued progress in our Products and CDMO business segments – highlighted by continued outperformance on the topline as we doubled down on growth, with third quarter revenue of $6.5 million driven by continued momentum in our VINIA® subscription business and a strong response to our incremental coffee product line, resulting in over a 100% increase in Products revenue. We continued to make steady progress with our Contract Development and Manufacturing Organization (CDMO) Services Business Unit as well, with a highly focused pipeline of impactful prospective customers, some of which we expect to announce in the near-term. “In our Products division, revenue was driven by our core nutraceutical capsule business and additional ‘VINIA® Inside’ products. VINIA® Superfood Coffee, which is part of the Hot Beverage line-up, received a strong response from our customers, contributing to revenue growth and aging down our customer base. We continued to focus on our innovation pipeline of “VINIA® Inside” products in the quarter as well and are incredibly excited to have announced the launch of our functional VINIA® SuperFood teas just earlier today. “Ongoing margin optimization initiatives – such as the recent digitization of manufacturing – continue to increase efficiencies across the organization, with gross margins increasing 1,200 basis points to 57% in the third quarter of 2024, as compared to 45% in the same year-ago quarter. While geopolitical events impacted margins due to increased air freight costs and the delayed implementation of certain cost-saving measures, we believe we are well positioned to see notable margin improvements throughout the first half of 2025. We remain laser focused on further enhancing manufacturing margins as we scale, leaning in on growth, and on driving further marketing efficiencies in our end-to-end e-commerce value chain. “During the third quarter we continued to advance our CDMO division with two established customers and a strong pipeline of potentially near-term prospects. We are scaling rapidly to meet current and anticipated demand, making investments in R&D infrastructure and talent to underscore our commitment to executing for our current and future customers. Each deal we announce reflects our thoughtful and measured approach to only allocating our research bandwidth to impactful CDMO customers with the highest probability to deploy world-changing molecules. This is particularly important as the bulk of our monetization potential comes on the backend in the form of royalties on future commercial sales of any molecule we may develop, which could provide a recurring revenue base over the long term. “Looking ahead, we expect continued strong growth and margin improvement in our Products division on rising VINIA® sales and a growing portfolio of incremental products such as coffees and teas. In our CDMO division, we are making steady progress on our contracted research projects while concurrently building out our future B2B sales pipeline. With our listing to the Nasdaq Global Market now complete, we believe we are well positioned to unleash the power of a ‘VINIA® Inside’ strategy that we believe will help drive sustainable, long-term value creation for our shareholder partners,” concluded Sobel. Third Quarter 2024 Financial Results All figures stated in this news release are in U.S. dollars unless stated otherwise. Total revenues for the third quarter of 2024 increased 101% to $6.5 million – which exceeded management’s prior revenue guidance – as compared to $3.2 million in the third quarter of 2023. The increase was largely attributable to over 128% growth in total VINIA® subscribers year-over-year. Gross profit increased 157% to $3.7 million, or 57% of total revenues, in the third quarter of 2024, as compared to $1.4 million, or 45% of total revenues, in the same year-ago quarter. The increase in gross margin was primarily attributable to the benefits of increased manufacturing scale, improved manufacturing yields, and cost reductions in downstream packaging and delivery costs. Total operating expenses for the third quarter totaled $5.8 million in the third quarter, an increase of 67% as compared to the same year-ago quarter. The increase in operating expenses was primarily due to increased marketing spend, expenses related to new product launches, and higher expenses from the CDMO services division. Net loss for the third quarter of 2024 totaled $2.7 million, or $0.16 per basic and diluted share, as compared to a net loss of $1.7 million, or $0.13 per basic and diluted share, in the same year-ago quarter. Adjusted EBITDA loss – a non-IFRS measure – totaled $2.1 million, as compared to an adjusted EBITDA loss of $1.7 million in the same year-ago quarter. Cash and cash equivalents as of September 30, 2024, totaled $2.8 million, as compared to $5.4 million as of December 31, 2023. Earnings Conference Call BioHarvest Sciences will host an investor conference call and webcast at 4:30 p.m. Eastern time today to discuss the Company’s third quarter 2024 financial results, provide a corporate update, and conclude with a question-and-answer session from telephone participants. To participate, please use the following information: Third Quarter FY2024 Results Conference Call Date: Monday, November 25, 2024 Time: 4:30 p.m. Eastern time U.S./Canada Dial-in: 1-844-825-9789 International Dial-in: 1-412-317-5180 Conference ID: 10194495 Webcast: BHST Q3 FY2024 Earnings Conference Call Please dial in at least 10 minutes before the start of the call to ensure timely participation. A telephone playback of the call will be available through Monday, December 9, 2024. To listen, call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 10194495. A webcast replay will also be available by clicking here: BHST Q3 FY2024 Earnings Conference Call. About BioHarvest Sciences Inc. BioHarvest Sciences Inc. (NASDAQ: BHST) (CSE: BHSC) (FSE: 8MV0) is a leader in Botanical Synthesis, leveraging its patented technology platform to grow plant-based molecules, without the need to grow the underlying plant. BioHarvest is leveraging its botanical synthesis technology to develop the next generation of science-based and clinically proven therapeutic solutions within two major business verticals; as a contract development and production organization (CDMO) on behalf of customers seeking complex molecules, and as a creator of proprietary nutraceutical health and wellness products, which includes dietary supplements. To learn more, please visit www.bioharvest.com . Use of Non-IFRS Financial Measures This press release includes the following non-IFRS measure – Adjusted EBITDA, which is not a measure of financial performance under IFRS and should not be considered as an alternative to net income as a measure of financial performance. Adjusted EBITDA represents net income (loss) before interest, taxes, depreciation and amortization adjusted for stock-based compensation and fair value adjustment of convertible loan. The company believes this non-IFRS measure, when considered together with the corresponding IFRS measures, provides useful information to investors and management regarding financial and business trends relating to the company’s results of operations. However, this non-IFRS measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company’s business as determined in accordance with IFRS. In addition, the company’s non-IFRS measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore, investors should consider non-IFRS measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with IFRS. A reconciliation of Adjusted EBITDA to net income, its corresponding IFRS measure, is shown below. IFRS NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION (Unaudited) (U.S dollars in thousands) Forward-Looking Statements Information set forth in this news release might include forward-looking statements that are based on management’s current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Launching new products is subject to risks and uncertainties including the risk that the market will not accept the product or that government approvals required for sale or import of the products will not be obtained. There is never an assurance that any product set will successfully disrupt established product categories. There is no assurance that the Company will maintain or improve current financial performance, as revenues and margins are dependent on a combination of factors such as supply chain efficiencies, input cost stability, marketing efficiencies and uncertain consumer preferences. Revenue projections are estimates and there is no assurance will occur when estimated as the timing is dependent on consumer acceptance and cost stability and other factors beyond company control. For the CDMO Services Business Unit, there is no assurance of additional future contracts, and readers are cautioned that increased revenue is not necessarily an increase in net income or profitability as costs will likely increase as well. All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures. Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release. This release has been reviewed and approved by Dave Ryan, VP Investor Relations, who accepts responsibilities for its contents. BioHarvest Sciences Inc. Unaudited Interim Condensed Consolidated Statements of Financial Position U.S. dollars in thousands BioHarvest Sciences Inc. Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss U.S. dollars in thousands, except per share data BioHarvest Sciences Inc. Unaudited Interim Condensed Consolidated Statements of Cash Flows U.S. dollars in thousands To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231314 #distroAUSTIN, Texas — Texas’ education board voted Friday to allow Bible-infused teachings in elementary schools, joining other Republican-led states that pushed this year to give religion a larger presence in public classrooms. The curriculum adopted by the Texas State Board of Education, controlled by elected Republicans, is optional for schools to adopt, but they will receive additional funding if they do so. The materials could appear in classrooms as early as next school year. Republican Gov. Greg Abbott has voiced support for the lesson plans, which were provided by the state’s education agency that oversees the more than 5 million students in Texas public schools. The 15-member education board — 11 Republicans and four Democrats — approved the materials in an 8-7 vote. Parents and teachers who opposed the curriculum said the lessons will alienate students of other faith backgrounds. Supporters argued that the Bible is a core feature of American history and that teaching it will enrich students’ learning. The new Texas curriculum follows Republican-led efforts in neighboring states to give religion more of a presence in public schools. In Oklahoma, the state’s education chief has ordered a copy of the Bible in every classroom , and Louisiana wants to make all of the state’s public school classrooms post the Ten Commandments beginning next year. With the new curriculum, Texas would be the first state to introduce Bible lessons in schools in this manner, according to Matthew Patrick Shaw, an assistant professor of public policy and education at Vanderbilt University. The Texas Education Agency created its own instruction materials after a law passed in 2023 by the GOP-controlled Legislature required the agency to do so. The lesson plans were publicly released this spring. The material draws on lessons from Christianity more than any other religion in the proposed reading and language arts modules for kindergarten through fifth grade, which critics say would alienate students from different faith backgrounds and potentially violate the First Amendment. “This curriculum is not age-appropriate or subject-matter-appropriate in the way that it presents these Bible stories,” said Amanda Tyler, executive director of the Baptist Joint Committee for Religious Liberty. Children who would read the material, she said, “are simply too young to tell the difference between what is a faith claim and what is a matter of fact.” More than 100 people testified at a board meeting this week that rung with emotion from parents, teachers and advocates. “It is said that there are close to 300 common-day phrases that actually come from the Bible,” said Mary Castle, director of government relations for Texas Values, a right-leaning advocacy group. “So students will benefit from being able to understand a lot of these references that are in literature and have a way to be able to comprehend them.” Whether the lesson plans will be considered constitutional is up in the air if the curriculum passes, Shaw said. “The question is, how is Texas going to frame what is done here to avoid the establishment question or tackle it head-on?” he said. Lathan and Stengle write for the Associated Press.
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President-elect Donald Trump 's campaign promises have many wondering how his second presidency will impact everything from the economy to foreign affairs, but the youngest generation appears to be most optimistic about Trump's housing policies. In a new report from ConsumerAffairs, 39 percent of voters said they expected mortgage rates to improve under Trump's presidency. However, by generation, Gen Z was by far the most optimistic, at 44 percent. That's compared to 39 and 27 percent of millennials and Gen X respectively who said the same in the survey of 1,000 voters. Kevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, said Gen Z's optimism might be rooted in the naivety of youth rather than Trump's campaign. "Gen Z tends to focus on the present, often lacking the life experience to recognize that political promises are rarely fulfilled," Thompson told Newsweek . "Trump's rhetoric about lowering housing prices was just that—rhetoric. Housing prices are largely driven by supply and demand, factors that no president directly controls." Altogether, 43 percent of voters said Trump's policies will make homeownership more accessible for aspiring buyers, and one-third postponed a major financial decision while awaiting the election results. This might not be attached to the real economic reality, however, Thompson said. "Americans are overly optimistic if they believe long-term interest rates will drop significantly on their own," Thompson said. "With the U.S. grappling with an ever-growing debt burden, the bond market is signaling that fiscal discipline is needed. It's effectively choking off long-term borrowing until the country gets its financial house in order." Instead, Thompson said today's higher interest rates reflect the "new normal." "Gen Z grew up expecting near-zero rates indefinitely—an artificial condition that is now a key reason why housing has become so unaffordable," Thompson said. When it came to the economy, however, voters were still more concerned about its future (47 percent) than optimistic (44 percent). Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, said for many Gen Z-ers, the only economic comparison they have in their working years is the first Trump administration and Biden's presidency. "President Trump has stated his goal numerous times before and after the election of returning interest rates to where they were during his first term," Beene told Newsweek . "The reason why Americans outside of Gen Z may not be as optimistic is they've lived through more presidencies and realize there are many more factors at play with interest rates than who's in the White House." Realtor.com Chief Economist Danielle Hale previously told Newsweek Trump's impact on the housing market was a "toss-up," saying the chief problem is the lack of supply. There has been a shortage of between 2.5 and 7.2 million homes over the last decade, according to Realtor.com. "The Republican Party platform and President-elect Trump on the campaign trail acknowledged these challenges, shining a light on problems that many voters face daily," Hale said. "The proposals to tackle these challenges, however, are likely to have a mix of good and unintended, but negative, consequences for the housing market." Trump said previously he wanted to get rid of "unnecessary" housing development regulations, which can add more than $90,000 to the price of a new home. Trump and the Republican Party have also discussed making federal lands available for housing development. Still, there are concerns over how Trump's proposed tariffs could disrupt the larger housing market. "Falling mortgage rates would unlock homeowners who currently find moving untenable because their existing mortgage rate is so much lower than the market rate and also improve prospects for buyers by amplifying the buying power of their existing budgets," Hale said. "However, taken as a whole, the various Trump policies could have the impact of raising inflation, particularly impacts stemming from proposed tariffs and reductions in immigration."GREENWICH, Conn., Dec. 03, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO) today announced that Malcolm Wilson, chief executive officer, has informed the board of directors that he plans to retire in 2025. He will continue to lead the company during the executive search process for his successor. Brad Jacobs, chairman of the GXO Board of Directors, said, "Malcolm's countless contributions to GXO and its legacy parent XPO span nearly a decade. Under his leadership, GXO has added more than $3 billion of revenue and received global recognitions each year for innovation and workplace culture. Our incoming CEO will inherit a best-in-class management team and strong industry positioning, while Malcolm will embark on a well-deserved retirement. I fully support this decision and wish him all the best.” Since being named CEO in August 2021, Mr. Wilson has led GXO's growth to 130,000 employees and more than 200 million square feet of facility space in the Americas, Europe and Asia Pacific. During his tenure, GXO has acquired Clipper Logistics and Wincanton among others; increased revenue from $7.9 billion in 2021 to $11 billion in the twelve months ended September 30, 2024; increased adjusted EBITDA from $633 million in 2021 to $757 million in the twelve months ended September 30, 2024; and achieved a return on invested capital of more than 30% per year. Malcolm Wilson said, "My time at GXO has been the highlight of my three decades in logistics. We have an outstanding organization that embraces new technologies, keeping us at the forefront of the industry. I'm grateful to the team and our customers for their support - and I look forward to working with the Board to ensure the company is in excellent hands.” About GXO Logistics GXO Logistics, Inc. (NYSE: GXO) is the world's largest pure-play contract logistics provider and is capitalizing on the rapid growth of ecommerce and automation. GXO is committed to providing a world-class, diverse workplace for more than 130,000 team members in more than 970 facilities totaling approximately 200 million square feet. The company partners with the world's leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions. GXO is headquartered in Greenwich, Connecticut, USA. Visit GXO.com for more information and connect with GXO on LinkedIn , X , Facebook , Instagram and YouTube . Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "plans,” "continue,” "will,” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. Unknown or unpredictable factors could cause actual events to differ materially from the forward-looking statements expressed herein. Contacts Investors Chris Jordan [email protected] Media Matthew Schmidt [email protected]Mexico's lower house passes constitutional ban on e-cigarettes, vapes
SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Agilent Technologies Inc. (A) on Monday reported fiscal fourth-quarter earnings of $351 million. The Santa Clara, California-based company said it had profit of $1.22 per share. Earnings, adjusted for non-recurring costs, were $1.46 per share. The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.41 per share. The scientific instrument maker posted revenue of $1.7 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $1.67 billion. For the year, the company reported profit of $1.29 billion, or $4.43 per share. Revenue was reported as $6.51 billion. For the current quarter ending in January, Agilent expects its per-share earnings to range from $1.25 to $1.28. The company said it expects revenue in the range of $1.65 billion to $1.68 billion for the fiscal first quarter. Agilent expects full-year earnings in the range of $5.54 to $5.61 per share, with revenue ranging from $6.79 billion to $6.87 billion. Agilent shares have dropped slightly more than 3% since the beginning of the year, while the S&P's 500 index has risen 26%. In the final minutes of trading on Monday, shares hit $134.49, a climb of 6% in the last 12 months. This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on A at https://www.zacks.com/ap/APublished 10:26 pm Sunday, December 29, 2024 By Data Skrive Today’s NBA card features top teams in action. Among the seven games is the Cleveland Cavaliers facing the Golden State Warriors. Live coverage of all the NBA action today is available for you, with the info provided below. Sign up for NBA League Pass to get access to games, live and on-demand, and more for the entire season and offseason. Watch ESPN originals, The Last Dance and more NBA content on ESPN+. Use our link to sign up for ESPN+ or the Disney bundle. Not all offers available in all states, please visit BetMGM for the latest promotions for your area. Must be 21+ to gamble, please wager responsibly. If you or someone you know has a gambling problem, contact 1-800-GAMBLER .
WASHINGTON - Jimmy Carter, the 100-year-old former US president and Nobel peace laureate who rose from humble beginnings in rural Georgia to lead the nation from 1977 to 1981, has died, his nonprofit foundation said. Carter had been in hospice care since mid-February 2023 at his home in Plains, Georgia -- the same small town where he was born and once ran a peanut farm before becoming governor of the Peach State and running for the White House. Carter died "peacefully" at his home in Plains, "surrounded by his family," the Carter Center said in a statement. "My father was a hero, not only to me but to everyone who believes in peace, human rights and unselfish love," Chip Carter said in the statement. Outside the White House, where the flag was lowered to half-staff, tourist Yoni Neirman remembered Carter as a leader "who tried to do good things for this country and for people." "I think he was a real statesman, and that kind of person doesn't seem to exist, at least not in the near future," the Vermont resident said, adding that Carter was the first president she ever voted for. Carter was the longest-lived US president -- an outcome that seemed unlikely back in 2015 when the Southern Democrat revealed he had brain cancer. But the US Navy veteran and fervent Christian repeatedly defied the odds to enjoy a long and fruitful post-presidency, after four years in the Oval Office often seen as disappointing. During his single term, Carter placed a commitment on human rights and social justice, enjoying a strong first two years that included brokering a peace deal between Israel and Egypt dubbed the Camp David Accords. But his administration hit numerous snags -- the most serious being the taking of US hostages in Iran and the disastrous failed attempt to rescue the 52 captive Americans in 1980. He also came in for criticism for his handling of an oil crisis. Carter, known for his toothy smile, said basic Christian tenets such as justice and love served as the bedrock of his presidency. He taught Sunday school at Maranatha Baptist, his church in Plains, well into his 90s. In recent years, he had received various hospital treatments, including when he revealed in August 2015 that he had brain cancer and was undergoing radiation. As condolences came in, many focused on Carter's character, with President Joe Biden, in televised remarks, saying he "lived a life measured not by words, but by his deeds." "The rest of the world looks to us... and he was worth looking to." White House leaders past and future joined Biden in issuing remembrances, with Bill Clinton saying in a statement that Carter "worked tirelessly for a better, fairer world." George W. Bush said Carter's legacy would "inspire Americans for generations," and Barack Obama said the former leader "taught all of us what it means to live a life of grace, dignity, justice, and service." Donald Trump said Americans owed the Democrat "a debt of gratitude," later adding, in a second social media post, that "I strongly disagreed with him philosophically and politically."
Call for Compassionate Pardons by Rep. Jeffries
