NEW YORK (GenomeWeb News) – Pressure BioSciences today reported that its fourth quarter revenues increased 64 percent year over year as revenues derived from products and services more than doubled.
The South Easton, Mass.-based sample preparation products firm reported total revenues of $354,052 for the three months ended Dec. 31, 2013, compared to $216,032 for Q4 2012. Its revenues from products and services jumped to $300,628 from $122,285, while grant revenue declined to $53,424 from $93,747.
The company posted a net loss applicable to common shareholders of $2 million, or $.16 per share, compared to a loss of $1.1 million, or $.10 per share, for the fourth quarter of 2012.
Its R&D spending in the quarter climbed to $248,284 from $189,988, while its SG&A expenses declined to $802,418 from $1 million.
For full-year 2013, Pressure Bio brought in total revenues of $1.5 million, up roughly 25 percent from $1.2 million in 2012. Its products and services revenue increased to around $1 million from $809,308, and its grant revenue was up slightly to $456,610 from $428,909.
Its net loss applicable to common shareholders was $5.2 million, or $.44 per share, up from a loss of $4.4 million, or $.43 per share, for 2012.
Pressure Bio's R&D spending for the year was $1 million, up from $965,623, while its SG&A spending decreased to $3.2 million from $3.3 million.
The firm finished the year with $31,417 in cash and cash equivalents.
Richard Schumacher, president and CEO of Pressure Bio, said in a statement, "We believe that our product and services revenue will continue to increase in 2014 and beyond; that the distinct advantages of our pressure cycling-based products will continue to be reported by scientists worldwide; that the number of applications and thus fields of use for our products will continue to increase; and that we will be successful in continuing to raise the funds as required, to help us achieve our goal of financial self-sufficiency and profitability, with steadily increasing shareholder value as we move forward."
In Tuesday afternoon trade on the OTC market, shares of Pressure Bio were up nearly 15 percent at $.63.