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Pressure BioSciences' Revenues Improve 9 Percent in Q1

NEW YORK (GenomeWeb) – Pressure BioSciences today reported its first quarter revenues were up 9 percent year over year despite not recording any grant revenues in the recently completed quarter.

For the three months ended March 31, the South Easton, Mass.-based firm posted $404,147 in revenues, up from $370,737 a year ago. While it had no grant revenues in Q1 2014, compared to $149,168 a year ago, revenues generated from the sales of its products and services and other revenues grew 82 percent to $404,147 from $221,569.

Consumables revenues were up 101 percent year over year, Pressure Bio CFO Richard Thomley noted in a statement.

The firm posted a net loss of $1.8 million, or $.25 per share, for the quarter, up from a net loss of $779,369, or $.11 per share, a year ago.

Its R&D expenditures contracted 6 percent to $231,088 from $246,458. Its SG&A costs increased 4 percent to $777,819 from $744,759.

Pressure Bio had $428,537 in cash and cash equivalents as of March 31.

"We believe 2014 revenue will continue to increase, and for the year will exceed our record revenue of 2013," Pressure Bio President and CEO Richard Schumacher said in a statement. "We believe this revenue ramp will be driven by sales from both existing and new products … from our expanding network of international distributors, and from grants currently being reviewed."