SOUTH EASTON, Mass., May 18, 2015 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) (“PBI” or the “Company”), a leader in the development and sale of broadly enabling sample preparation solutions using pressure cycling technology (“PCT”)-based instruments and consumables to the worldwide life sciences industry,today announced financial results for the three-month period ended March 31, 2015 and provided a business update.
Total revenue for the first quarter of 2015 was $440,134 compared to $404,147 for the same period in 2014, a 9% increase. Revenue from the sale of products and services was $359,364 for Q1 2015 compared to $404,147 for the same period in 2014, a decrease of 11%. Grant revenue in Q1 2015 was $80,770 compared to $0 for the same period in the prior year. Sales of consumables were $39,835 for the three months ended March 31, 2015 compared to $54,612 for the same period in 2014, a decrease of 27%.
Operating loss for the first quarter of 2015 was $874,819 compared to $782,366 for the same period in 2014, an increase of 12%. Operating expenses in Q1 2015 were higher than 2014 levels primarily due to increased spending on investor relations programs.
Loss per common share (basic and diluted) was $0.11 for the 2015 first quarter compared to $0.25 for the same period in 2014. The loss per common share in 2014 included a $1,280,066 deemed dividend on a convertible preferred stock issued in that quarter.
Mr. Richard P. Thomley, Chief Financial Officer of PBI, said: “Unfortunately, there were no grants to work on last year. Consequently, our R&D staff was asked to support the Company’s sales and marketing efforts, to a certain extent. The results were clear: we reported record products and services revenue in 2014 that were 29% greater than 2013, the previous record year.”
Mr. Thomley continued: “As announced, we were recently awarded a $1 million NIH grant for the development of an enhanced DNA sample preparation method for next generation sequencing (“NGS”). This required us to refocus the time and effort of our R&D staff, which resulted in a small, negative impact on product and services revenue in Q1 2015. We believe this impact will be short-lived, as we have already begun to expand and improve our sales and marketing capabilities, as previously announced. Thus, over the rest of this year, we believe we have the best of both worlds our R&D staff will be funded by the government to develop new products for future sales in the area of DNA NGS, while we concomitantly plan to bring into PBI experienced sales and marketing personnel to focus on significantly increasing our revenue in 2015 and beyond.”
Mr. Richard T. Schumacher, President and CEO of PBI, commented: “In addition to record quarterly revenue for the 2015 first quarter, we achieved other key successes in Q1 2015, including:
- Sale of the first Barozyme HT48 high-throughput system within three months of its initial evaluation.
- Award of a $1 million NIH SBIR Phase II Grant to develop a high pressure-based DNA Shearing System for Next Generation Sequencing applications.
- Release of PCT-HD, the “Next Generation Protein Preparation System” via two separate presentations at a major international scientific meeting in March 2015.
- Agreement to collaborate with the Southern University at New Orleans for improving and extending applications of the PCT platform for DNA detection in forensic samples.”
Mr. Schumacher continued: “We believe total revenue in 2015 will likely exceed $2 million (a 50% increase over 2014) and that total revenue will include significant increases in instrument and consumable sales. We expect these increases will be driven by the additional sales and marketing personnel we are committed to hire. We further believe that our new high-throughput Barozyme HT48 instrument and PCT-HD consumable will help us secure a marketing and distribution deal with one or more major strategic partners.”
Mr. Schumacher concluded: “In addition to our focus on sales, product development, and the securing of one or more strategic partnerships, we have also been focused on the development of a sound financial roadmap through which we don’t just survive but actually thrive as we work to develop PBI into the successful, profitable company we believe it soon will become.”
Earnings Call
The Company will hold an Earnings Conference Call at 4:30 PM EDT on Wednesday, May 20, 2015. To attend this teleconference via telephone: Dial-in: (877) 407-8031 (North America); (201) 689-8031 (International). Verbal Passcode (to be given to the operator): PBI First Quarter 2015 Financial Conference Call. Replay Number (Toll Free): 1-877-660-6853. Replay Number (International): 1-201-612-7415. Conference ID#: 13610586. Replay Available Until June 20, 2015 at 11:59 PM EDT.
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 application development and sales efforts are in the biomarker discovery, drug discovery & 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.
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.
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