SOUTH EASTON, Mass., April 1, 2015 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) (“PBI” or the “Company”) today announced financial results for the fiscal year ended December 31, 2014, provided a business update, and offered limited guidance for FY2015.
Financial Results: FY2014 vs. FY2013
Products and services revenue was $1,350,150 for the year ended December 31, 2014 compared to $1,046,678 for the same period in 2013, an increase of 29%. Sales of consumables were $167,380 for FY2014 compared to $157,676 for FY2013, an increase of almost 6%. Grant revenue for fiscal year 2014 was $24,594 compared to $456,610 for the 2013 fiscal year.
Total revenue for the fiscal year ended December 31,2014 was $1,374,744 compared to $1,503,288 for the same period in 2013, an 8.6% decrease. This decrease in total revenue ($128,544) was primarily due to the loss of $432,016 in grant revenue in the year ended December 31, 2014, offset to a significant degree by the $303,472 increase in products and services revenue, as stated.
Operating loss for the year ended December 31, 2014 was $3,338,350 compared to a loss of $3,327,192 for the same period in 2013. Although total revenue was down for the year in 2014, attributable primarily to the loss of $432,016 in grant revenue, we were able to offset the lost margin through continuing increases in products and services revenue combined with strict control of operating costs.
Loss per common share basic and diluted was $0.44 for the year ended December 31, 2014 and for the same period in 2013.
Operating Highlights: 2014
a) Professor Ruedi Aebersold, an international authority in proteomics based at ETH Zurich, presented a breakthrough method to permit quantification of thousands of proteins in needle biopsy samples in 12 hours at a major international scientific meeting. The method was enabled by PBI’s pressure cycling technology (“PCT”) platform. The Company estimates that there are millions of needle biopsy samples analyzed worldwide every year.
b) We unveiled our much anticipated high-throughput PCT-based instrument (the “Barozyme HT48") and placed three of these first-in-class, bench-top instrument systems in the laboratories of key opinion leaders in the U.S. for evaluation and feed-back.
c) We announced the release and initial sale of the Barocycler HUB880, an unprecedented ultra-high pressure bench-top instrument system capable of consistently reaching pressures approaching 100k psi.
d) We announced a collaboration to develop a front-end, sample preparation method for Parabase Genomics targeted next generation sequencing (“NGS”) platform.
e) We announced a partnership with Powertech Technology Company Ltd, to develop the China market for PBI’s PCT Platform. Powertech has a strong distribution and support network of 20 offices, 60 sales/marketing/service/engineering staff, and multiple sub-dealers throughout China.
f) We announced the engagement of IssuWorks to review strategic and financing alternatives, including the possible spin-off of vertical market applications into new, stand-alone businesses. IssuWorks was founded by noted Wall Street executives, including David Weild (former Vice Chairman of NASDAQ and former President of PrudentialSecurities.com; Mr. Weild is considered the “Father” of the JOBS Act) and Ed Kim (former biotech analyst at major Wall Street firms and former head of new products at NASDAQ).
g) We completed several PIPE financings during the year that resulted in the receipt of over $3 million from accredited investors as well as from current PBI warrant holders.
Mr. Richard P. Thomley, Chief Financial Officer of PBI, said: “Revenue from products and services increased almost 30% in FY2014, compared to FY2013. We believe products and services revenue will grow at an even greater rate in 2015, due in part to the 2014 release of two new instrument systems (Barozyme HT 48 and the HUB880) and a new consumable (micro-Pestle). This anticipated revenue growth in our core products and services area, combined with revenue now being received from the recently awarded and announced $1,000,000 NIH SBIR II DNA grant, lead us to believe that our target of $2 million dollars in total revenue for FY2015 is realistic.”
Mr. Richard T. Schumacher, President and CEO of PBI, commented: “We believe the accomplishments of the past several years, combined with the planned expansion of our marketing and sales capabilities, position us well for success in 2015, and beyond. Our near-term goals are clear, focused, and attainable. We believe the achievement of our goals should position PBI to be a stronger, and even more exciting and valuable company than we are today.”
Near-Term Goals: FY2015
a) Achieve measureable progress in completing and implementing a sound roadmap toward financial self-sufficiency and future growth and prosperity.
b) Increase products and services sales and/or total revenue over same quarter prior year.
c) Complete the Barozyme HT48 commercialization plan Phase II (shipment of systems to evaluation sites) in Q2.
d) Continue the Barozyme HT48 commercialization plan Phase III (initial sales of high throughput systems) with increasing numbers of systems sold quarter over quarter.
e) Secure a strategic marketing and distribution partner for the Barozyme HT48 high throughput system and for the NMR and EPR PCT-based sample preparation systems.
f) Make measurable progress on the possible spin-off of selected PCT applications into new, stand-alone businesses designed to generate a revenue stream and favorable visibility for PBI.
g) Implement an expanded marketing campaign for the recently released, patent-pending micro-Pestle consumable.
h) Continue to expand our sales and marketing capabilities and our reach into new countries, investigators, and fields-of-use.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (“PBI”) (OTCQB: PBIO) develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6 billion life sciences sample preparation market. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions. To date, we have installed over 250 PCT systems in approximately 160 sites worldwide. There are over 100 publications citing the advantages of the PCT platform over competitive methods, many from key opinion leaders. Our primary development and sales efforts are in the biomarker discovery, drug discovery and design, and forensics areas. Customers also use our products in other areas, such as bio-therapeutics characterization, soil & plant biology, vaccine development, and counter-bioterror applications.
Earnings Call
The Company will hold an Earnings Conference Call at 4:30 PM EDT on Wednesday, April 1, 2015. To attend this teleconference via telephone, Dial-in: (877) 407-8031 (North America), (201) 689-8031 (International). Verbal Passcode: PBI First Quarter 2015 Financial Conference Call, ID 13606011. Replay Number (877) 660-6853; (201) 612-7415 (International). Teleconference Replay Available for 30 days. InComm IQueue: http://pir.incommconferencing.com. Use any user name of your choice.
Forward Looking Statements
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” estimates,” “predicts,” “projects,” “potential” or “continue” or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. In evaluating these statements, you should specifically consider various factors. Actual events or results may differ materially.
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