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Pressure Bio FY 2015 Revenues Up 31 Percent

NEW YORK (GenomeWeb) – Pressure Biosciences today reported a 31 percent increase in full-year 2015 revenues.

For the 12 months ended Dec. 31, the life sciences sample preparation technologies company recorded $1.8 million in total revenues, up from $1.4 million a year ago.

Products and services revenue was nearly flat at $1.4 million, the firm reported. Its instrument sales increased to $835,611 from $799,472. Consumables sales were down slightly from $167,380 to $146,408. Grant revenue jumped to $387,700, attributable to a Small Business Innovation Research Phase II grant from the National Institutes of Health awarded in February 2015.

The firm's net loss applicable to common shareholders widened to $7.4 million, or $.36 per share, compared to $6.3 million, or $.44 per share, in FY 2014. The loss per share was affected by a change in the number of shares outstanding, which increased following private placements in July and September.

Pressure Bio's R&D spending increased 16 percent to $1.1 million from $952,555 in 2014. The firm's SG&A spending increased 17 percent to $3.6 million from $3.1 million in 2014, driven by employee stock compensation.

The firm ended the quarter with $116,783 in cash and cash equivalents.