NEW YORK (GenomeWeb News) – Pressure BioSciences saw revenues in its third quarter climb 7 percent year over year as revenues derived from its Pressure Cycling Technology grew 10 percent, the company said today.
The South Easton, Mass.-based firm said that total revenues reached $420,762 for the three months ended Sept. 30, compared to $391,616 a year ago. Revenues from PCT products, services, and other were $327,958, compared to $297,867 a year ago, while grant revenues narrowed to $92,804 from $93,749.
Consumables sales increased 84 percent year over year, Pressure Bio said, to $51,450 from $27,993.
The firm's third quarter net loss was reduced to $673,214, or $.06 per share, from a net loss of $796,038, or $.09 per share, in the year-ago period.
It increased its R&D spending 13 percent to $280,276 from $247,717, and its SG&A costs 12 percent to $808,524 from $721,730.
Pressure Bio had $66,680 in cash and cash equivalents at the end of the quarter, it said.
"We have now reported three consecutive quarters with total revenue exceeding the prior year period," the firm's Acting Chief Financial Officer Richard Thomley said in a statement. "And with the strong start we have had in the first five weeks of Q4, we believe that Q4 2013 will be the fourth consecutive quarter that total revenue exceeds the prior-year period."