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Pressure BioSciences Q2 Revenues Up 6 Percent

NEW YORK (GenomeWeb) – Pressure BioSciences today reported that its second quarter revenues rose 6 percent, primarily due to higher grant revenues and instrument sales.

For the three months ended June 30, Pressure Bio's revenues grew to $540,372 from $510,963 in the same quarter last year. Grant revenues jumped 63 percent to $59,972 from $36,776, while instrument sales rose 11 percent to $346,882 from $311,345. Products and services revenues rose 1 percent to $480,400 from $474,187 the year before. Consumables sales, however, fell 28 percent to $52,365 from $72,773 in Q2 2016.

"We made significant progress in several important areas during the second quarter," Pressure Bio CFO Joseph Damasio said in a statement. "We continued to show quarter-over-quarter growth in total revenue, products and services revenue, and instrument sales."

Pressure Bio posted a second quarter net loss of $583,760, or $.54 per share. It posted a year-ago net profit of $961,829 and loss per share of $.03.

R&D spending in the quarter declined 25 percent to $241,783 from $321,428, while SG&A costs climbed 20 percent to $1.2 million from $1.0 million.

The company finished the second quarter with cash and cash equivalents of $201,333.

President and CEO Richard Schumacher said that the company has recently hired a new five-member sales force that is expected to be in the field by the end of September and have "increasing impact on sales starting in Q3." He also added that the company also expects its ongoing efforts to upgrade the software on its Barocycler 2320EXT sample prep system to GMP/GLP compliance will open up a significant market opportunity for the system in the design, development, validation, manufacture, and quality control of biological drugs.

Pressure Bio also said this week that it has requested the withdrawal of a registration statement to offer $12.5 million in stock and warrants that was filed with the US Securities and Exchange Commission in late December. Following a reverse stock split enacted in June to satisfy the Nasdaq's requirements for initial listing on the exchange and due to market conditions, "it was determined last week to not proceed with the offering," Chairman Jeffrey Peterson said. "We believe that the offering is no longer in the best interests of shareholders."

Further, the company did not provide specific estimates for revenue growth for the coming quarters, but did say it expects total revenues as well as revenues from products and services and from grants will continue to increase through the rest of 2017.

Pressure Bio's shares fell about 1 percent to $4.36 in afternoon trading on the OTC market.