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Pressure Biosciences Q2 Revenues Up 24 Percent

NEW YORK (GenomeWeb) – Pressure Biosciences reported today that its second quarter revenues rose 24 percent on strong growth in sales of instruments and consumables.

For the three-month period ended June 30, Pressure's revenues climbed to $510,963 from $413,104 in the year-ago quarter. Product and services revenue rose 42 percent to $474,187 from $333,575, driven by a 43 percent rise in instrument sales to $311,345 and a 29 percent jump in consumable sales to $72,773. The gains were slightly offset by a decline in grant revenues to $36,776 from $79,529 year-over-year.

Pressure reported Q2 income of  $961,829, or $.00 per share, from a year-ago loss of $1.4 million, or $.07 a share.

The company's R&D spending in the quarter rose 10 percent to $321,428 from $291,402, primarily due to its efforts to complete the development of the Barocycler 2320Extreme mass spectrometry protein sample prep instrument, and work with a contract manufacturer to build the first five instrument systems prior to the end of the second quarter. Pressure's SG&A expenses, meanwhile, were essentially flat at $1.0 million.

At the end of the second quarter, Pressure had cash and cash equivalents totaling $71,632.

Having hit a number of key goals including the elimination of floorless debt and securing a co-marketing partner for its sample prep systems in Sciex, Pressure is now aiming to focus on its sales and marketing efforts during the remainder of 2016, President and CEO Richard Schumacher said in a statement.

The company also said it continues to plan to up-list its shares to the Nasdaq or the New York Stock Exchange from the OTC markets.