NEW YORK (GenomeWeb News) – Pressure Biosciences reported after the close of the market Monday that its first-quarter revenues dipped 5 percent, which the firm said was due to two mid-Atlantic snowstorms in February.
The South Easton, Mass.-based firm reported total revenues of $290,813 for the three-month period ended March 31, compared to $306,762 for the first quarter of 2009.
The firm said its results were adversely affected by the two snowstorms, which hampered the efforts of its outside sales team. "Because we believe this was an atypical occurrence, we remain optimistic that revenue and installations for 2010 will exceed those for 2009," Pressure Biosciences Corporate Controller Joseph Damasio said in a statement.
The company placed 10 of its Pressure Cycling Technology Sample Preparation Systems during the quarter.
Pressure Biosciences reported a net loss for the quarter of $911,325, or $.49 per share, versus $224,246, or $.33 per share, for Q1 2009.
Its R&D spending dropped to $294,141 from $307,224, and its SG&A spending increased to 821,000 from $709,206.
Pressure Biosciences finished the quarter with $1.6 million in cash and cash equivalents.