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Pressure Bio Q1 Revenues Increase 21 Percent

NEW YORK (GenomeWeb News) – Pressure BioSciences today said that its first-quarter revenues jumped 21 percent year over year as its product revenues increased 34 percent.

The South Easton, Mass.-based firm said that it recorded $370,737 in total revenues for the three months ended March 31, compared to $305,661 in the first quarter of 2012. Revenues from its Pressure Cycling Technology products, services, and other led the revenue growth in the quarter, reaching $221,569, up from $164,772 a year ago.

The company added that PCT-based consumables revenues grew to $27,200 from $16,600 a year ago.

Grant revenues rose 6 percent year over year to $149,168 from $140,889.

Net loss applicable to common shareholders was $1.4 million, or $0.11 per share, compared to a net loss of $1.1 million, or $0.14 per share, a year ago. The firm used 12.1 million shares to calculate the net loss per share figure in the recently completed quarter, compared to 7.7 million shares in the year-ago period.

R&D spending was cut 9 percent to $246,458 from $271,611 a year ago, while SG&A expenses dropped 19 percent to $744,759 from $920,438.

Pressure Bio exited the first quarter with $167,910 in cash and cash equivalents.

Last week, the company reported that full-year 2012 revenues increased 21 percent year over year, but said in its Form 10-K filed with the US Securities and Exchange Commission that it may not have enough funds to finish out the month.

In a statement today, Pressure Bio CFO Conrad Mir said, "Our financial performance for the first quarter of 2013 bolstered PBI's significant progress in reaching our stated goal of developing a sound financial roadmap moving forward."

Company President and CEO Richard Schumacher added, "We remain very excited about our prospects for 2013. We believe that PCT product sales will continue to increase, that we will continue to manage our operating expenses, and that the short and long-term financing strategies we have spent the past few months developing will be successfully implemented.

"In addition, we also believe that we will successfully release several new, important products to the market in 2013. Finally, we believe that the combination of all of these achievements will result in a stronger company, resulting in a positive effect on the value of PBI for all of our shareholders," he said.