NEW YORK (GenomeWeb News) – Pressure BioSciences today reported that its first-quarter revenues increased to $306,762 from $132,376 year over year.
The firm said that sales of its Pressure Cycling Technology products and services were $222,142 versus $81,473 in the comparable quarter of 2008. Pressure Bio said the sales growth was driven by the installation of 10 Barocycler instruments during the quarter, compared to seven such sales in Q1 2008.
Richard Schumacher, president and CEO of Pressure Bio, said that the firm has "now reported three consecutive quarters of double-digit growth of PCT Sample Preparation installations."
The firm's net loss for the quarter was $224,246, or $.10 per share, compared to a net loss of $1.3 million, or $.61 per share, for the first quarter of 2008.
Its R&D costs fell to $307,224 from $490,931 year over year, while its SG&A spending dropped to around $790,000 from $964,000.
Pressure Bio finished the quarter with $2.1 million in cash and cash equivalents.