NEW YORK (GenomeWeb News) – Pressure BioSciences today announced a 17 percent increase in third-quarter revenues as grant revenues rose 57 percent.
For the three months ended Sept. 30, the sample prep technology firm reported total revenues of $372,103, up from $317,427 a year ago, falling short of Wall Street estimates of $420,000.
While grant revenues for the third quarter rose to $177,373 from $112,843 a year ago, sales of its Pressure Cycling Technology products and services dipped to $194,730 from $204,584 in the third quarter of 2009, a 5 percent decline.
In a statement, the company said that during the third quarter it installed 15 Barocycler instruments, compared to 20 a year ago. Sales of PCT-related consumables rose to $22,000 for the quarter, compared to $18,000 a year ago.
Pressure BioSciences President and CEO Richard Schumacher said the firm's attention is on leveraging the installed based of PCT systems and driving up consumable sales.
"Our focus remains in the area of sample preparation for mass spectrometry and forensics, where we have had the most success in closing accounts over the past year, where we believe the advantages of PCT are clear, and where we believe the benefits of PCT exceed those of competitive methods," he said.
The firm's net loss for the quarter improved to $597,670, or $0.26 per share, down 21 percent from a loss of $753,449, or $0.35 per share, a year ago, and beating analyst estimates of a loss of $0.36 per share.
Pressure Bio's R&D costs in the quarter increased 40 percent to $382,054 from $273,286, while its SG&A costs increased 3 percent to $746,351 from the year-ago total of $724,228.
According to Schumacher, Pressure Bio is in discussions with potential co-marketing and co-development partners, and "we are optimistic that an agreement will be finalized soon." It also is evaluating financing options for the company.
"We are confident that we will successfully close on one of these options in the near future," he said.
As of Sept. 30, the company had $948,550 in cash and cash equivalents. It also reported $20,011 in restricted cash and $248,000 in short-term investments.