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Pressure Bio Cuts Q2 Net Loss as Total Revenues Dip, Product Sales Climb

NEW YORK (GenomeWeb) – Pressure BioSciences reported Thursday that its total revenues for the second quarter fell 14 percent year over year, though its product sales were up 56 percent. It also trimmed its net loss for the quarter.

The South Easton, Mass.-based maker of sample preparation tools brought in total revenues of $307,464 for the three months ended June 30, down from $357,736 for the second quarter of 2013. Revenues from the previous year included $161,214 in grant revenue not recognized in the most recent quarter.

Pressure Bio's product sales jumped to $307,464 from $196,522 year over year.

The firm cut its net loss for the quarter to $603,187, or $.05 per share, from $1.1 million, or $.10 per share.

Its R&D spending declined slightly to $253,238 from $260,408, while its SG&A expenses fell 12 percent to $766,530 from $871,525.

During the quarter Pressure Bio launched its bench-top, high-throughput pressure cycling technology-based instrument, the Barozyme HT48, which is designed to work with standardized, high-throughput, liquid-handling robotic and analytical systems that are currently installed in "tens of thousands of biological research labs worldwide," according to Pressure Bio President and CEO Richard Schumacher.

"With the addition of this important automation compatibility feature, we believe the Barozyme HT48 has the potential to significantly fuel growth and increase revenue for existing and new PCT-based applications and products, and to greatly facilitate future strategic partnership discussions," he added in a statement.

Pressure Bio finished the quarter with $9,369 in cash and cash equivalents.