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Pressure Biosciences Q3 Revenues Fall 8 Percent

NEW YORK (GenomeWeb) – Pressure Biosciences reported yesterday a nearly 8 percent drop in third quarter revenues as increased instrument sales failed to offset a decline in grant revenues.

For the three-month period ended Sept. 30, Pressure's revenues fell to $535,334 from $580,334 in the same quarter last year. Instrument sales were up nearly 13 percent to $383,789 from $340,084 a year ago, but the increase was  more than offset by a decline in grant revenues to $34,385 from $98,882.

Pressure's Q3 net loss grew to $945,207, or $.03 per share, from a year-ago net loss of $657,928, or $.03 per share. Shares used to calculate the loss per share in the third quarter 2016 were approximately 29.4 million, compared with roughly 20.7 million in the same quarter last year.

R&D spending in the quarter fell to $268,317 from $355,574. The year-ago figure includes the cost of research performed by a customer on Pressure's behalf. SG&A costs, meanwhile, shrank 35 percent to $455,930 from $705,684.

At the end of the third quarter, Pressure had cash and cash equivalents totaling $41,939.

Following the recent achievement of several milestones, including the launch of the next-generation Barocycler 2320Extreme mass spectrometry protein sample prep instrument, Pressure is now focused on expanding and enhancing its "current financial, operational, and technical capabilities, and … [finding] additional ways to help ensure that our progress is seen and understood by the worldwide financial and investor communities," Pressure President and CEO Richard Schumacher said in a statement. 

Doing so, he added, "may include, among other things, additions to staff, independent agents, distributors, and consultants focused primarily in sales and marketing."