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Pressure Biosciences Posts Q3 Revenue Decline, but Products and Services Sales Rise

NEW YORK (GenomeWeb) – Pressure Biosciences today reported its revenues from products and services increased 14 percent year over year for the third quarter ended Sept. 30, as its overall revenues slipped 11 percent.

Total revenues, generated wholly from the sale of products and services, were $372,545, down 11 percent from $420,762 in Q3 2013. Products and services revenue in Q3 2013 was $327,958. Consumables sales were $52,000, nearly flat with $51,000 for Q3 2013.

The decrease in total revenues was due to $92,804 in grant revenue reported in Q3 2013 that wasn't repeated in Q3 2014.

"We have posted five consecutive quarters in which products and services revenue has increased over the same quarter [the] previous year, and seven consecutive quarters in which consumable sales have done the same," Richard Thomley, CFO of Pressure Bio, said in a statement. "[W]e believe this trend of quarter-over-quarter revenue increases will continue."

The South Easton, Mass.-based maker of sample preparation tools reported a net loss of $959,050, or $.07 per share, compared to a loss of $673,214, or $.06 per share, in Q3 2013.

The firm's R&D spending decreased 17 percent to $232,032 from $280,276, and its SG&A spending decreased slightly to $789,081 from $808,524.

Pressure Biosciences finished the quarter with $98,216 in cash and cash equivalents.

The firm recently announced an exclusive deal with Powertech Technology to distribute its pressure cycling instruments in China.