NEW YORK (GenomeWeb) – Pressure Biosciences reported on Wednesday that its total fourth quarter revenues in 2016 rose 15 percent, as an increase in products and services revenues was softened by a decrease in grant revenues.
For the three months ended Dec. 31, 2016 the lab instruments and consumables manufacturer reported revenues of $419,711, up from $364,119 a year earlier.
Products and services revenues rose 55 percent to $365,262 from $235,600 in the same quarter of 2015. Sales of consumables rose 70 percent year over year to $50,054 from $29,521. Grant revenues for Q4 fell 58 percent year over year to $54,449 from $128,519 in Q4 2015.
The company reported a net income of $3.2 million, or $.03 per share, compared to a net loss of $4.0 million, or $.19 per share, a year earlier.
For the recently completed quarter, Pressure Bio used 104.4 million shares to calculate its profit on a per-share basis, compared to 21.5 million shares used to calculate its per-share loss a year ago.
R&D costs for the quarter rose 14 percent to $257,996 from $226,396 in Q4 2015, while SG&A expenses rose 20 percent to $1.2 million from $1.0 million.
For full-year 2016, the firm reported that total revenues rose 10 percent to $2.0 million from $1.8 million in 2015.
Products and services revenues rose 27 percent to $1.8 million from $1.4 million last year. Sales of consumables rose 37 percent to $199,873 from $146,408. Grant revenues for 2016 fell 53 percent to $181,738 from $387,700.
"Our accomplishments over the past year have set the stage for what we believe will be a very successful 2017," Pressure President and CEO Richard Schumacher said in a statement. "These accomplishments have let us enter the new year with a stronger balance sheet; a broader product offering; an award-winning, next-generation instrument; important additions to our hardworking and talented staff; a larger customer base; and an expanded and enhanced sales and marketing capability."
The company's net loss for the year narrowed to $2.7 million, or $.10 per share, from $7.4 million, or $.36 per share, a year ago.
R&D costs for the year rose 9 percent to $1.2 million from $1.1 million in 2015, while SG&A expenses rose 3 percent to $3.7 million from $3.6 million.
Pressure Bio ended the year with $138,363 in cash and cash equivalents.
For 2017, Schumacher said the company's goals include "an up-list to the Nasdaq stock market in Q2 2017; measurable progress in completing and implementing a sound roadmap toward financial self-sufficiency and future growth and prosperity; continuation of the current expansion of our sales and marketing capabilities, and our reach into new countries, investigators, and fields-of-use; and a focus on sales."
Pressure Bio's shares rose nearly 6 percent to $.27 in afternoon trading on the OTC market.