SOUTH EASTON, Mass., Nov. 12, 2015 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) (“PBI” or the “Company”), a leader in the development and sale of broadly enabling, pressure cycling technology (“PCT”)-based sample preparation solutions to the worldwide life sciences industry, today announced financial results for the three and nine-month periods ended September 30, 2015.
Mr. Jeffrey N. Peterson, Chairman of the PBI Board of Directors, commented: “The third quarter of 2015 was the most successful financial quarter in our history, and we believe a pivot point in our company’s financial progress. During this period, the significant performance improvements achieved by our CEO Ric Schumacher and his PBI team produced record total revenue and products/services revenue, while simultaneously posting a substantial decrease in quarterly operating loss. When combined with our previously reported 2015 record six-month results, products/services and total revenue also achieved record levels for the full nine-month period ending September 30, 2015. This growing momentum produced revenue in the first nine months of 2015 that exceeded total revenue for all of 2014.”
The Company also provided a business update, including (i) its efforts with Florida International University to develop an improved rape kit testing method, (ii) retirement of variable rate debt, (iii) continued expansion of its sales and marketing capabilities, (iv) its plan to pursue an up-list to a national exchange in early 2016, (v) and the suggested use of its patented PCT platform in personalized/precision medicine, e.g., in the discovery of biomarkers for the detection, control and/or prevention of diabetes, COPD-associated lung cancer, and stroke.
For the three months ended September 30, 2015, total revenue was $580,334 compared to $372,545 for the same period in 2014 (a 55.8% increase); these results were primarily driven by increases in products/services and grant revenue. Products/services revenue was $481,452 compared to $372,545 for the same quarter of 2014, an increase of 29.2%. Grant revenue for the 2015 third quarter was $98,882: there was no grant revenue in the comparable 2014 period.
Operating loss for the 2015 third quarter was $690,728, compared to $797,633 for the same period in 2014, a decrease of 13.4%. We are pleased to have achieved this significant decrease in operating loss in spite of adding important new expenditures in both selling/marketing and research and development. This decrease in operating loss was primarily due to the significant increase in total revenue, combined with tighter control of investor relations, legal, accounting, and other operating costs.
For the nine months ended September 30, 2015, total revenue was $1,433,572 compared to $1,084,156 for the same period in 2014 (a 32.2% increase); these results were primarily driven by increases in products/services and grant revenue. Products/services revenue was $1,174,391 compared to $1,084,156 for the same nine month period in 2014, an increase of 8.3%. Grant revenue for the nine months ended September 30, 2015 was $259,181: there was no grant revenue in the comparable 2014 period.
Operating loss for the first three quarters of 2015 was $2,629,436 compared to $2,426,756 for the same period in 2014. This increased operating loss reported for the first half of 2015 was significantly mitigated by the decrease in operating loss reported in Q3 2015, which was achieved by a combination of higher revenue and reduced expenses. We believe we will continue to see operating loss reductions in the coming quarters, due to expected continued increases in revenue and tight control of expenditures.
Loss per common share basic and diluted was $0.03 for the third quarter of 2015 compared to $0.07 for the same period in 2014. Loss per common share basic and diluted was $0.17 for the nine months ended September 30, 2015 compared to $0.35 for the same nine-month period of 2014.
Mr. Richard T. Schumacher, President and CEO of PBI, said: We offered guidance in late 2014 that 2015 would be a strong year in a number of important areas, including: (a) revenue growth, (b) introduction of new instruments, consumables, and applications, (c) addition of new key opinion leaders as users of the PCT platform, (d) increase in the installed base of instruments, (e) increase in the number of publications citing the advantages of the PCT platform, (f) improved financials, with a particular focus in cleaning up the balance sheet, and (g) preparation for an early 2016 up-list to a regulated exchange. I am very proud of the PBI team, for they have worked arduously all year, which has resulted in measurable progress on several of these challenging objectives, and the successful achievement of all of the rest.”
Mr. Schumacher continued: “We believe PBI has reached a major inflection point. Fortunately, we believe we are well-prepared to take full advantage of the opportunities and challenges that lie ahead. We also believe the growth and success shown in 2015 is a bellwether of things to come, and that 2016 will provide breakout well beyond those realized in 2015.”
SeeThruEquity Investor Conference
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Mr. Schumacher’s presentation will be at 11am EST on Thursday, November 12, 2015. Please use the following link to listen to the presentation in real time. The link will be live until February 10, 2016. http://wsw.com/webcast/seethru13/pbio
Earnings Call
The Company will hold an Earnings Conference Call at 4:30 PM EST on Tuesday, November 17, 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 Third Quarter 2015 Financial Conference Call, ID 13624992. For those unable to participate in the live teleconference, a replay will be available beginning on Wednesday, November 18, 2015, and will be accessible both by telephone and through the Company’s website until December 17, 2015. Replay Number: (877) 660-6853 (North America); (201) 612-7415 (International).
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.
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