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Pressure Biosciences at major inflection point as revenues surge

Pressure BioSciences advanced after the provider of proprietary laboratory instruments and consumables reported a 56% jump in third-quarter revenue, buoyed by solid growth in products and services and grant revenue.
Pressure Biosciences at major inflection point as revenues surge
Revenue increased to $580,334 in the July-to-September quarter from $372,545 a year earlier, the South Easton, Massachusetts-based company said.

Pressure BioSciences (OTCMKTS:PBIO) advanced after the provider of proprietary laboratory instruments and consumables reported a 56% jump in third-quarter revenue, buoyed by solid growth in products and services and grant revenue.

Shares gained 4.5% to $0.265 at 12:27 pm in New York, expanding this year's gain to 5.2%.

Revenue increased to $580,334 in the July-to-September quarter from $372,545 a year earlier, the South Easton, Massachusetts-based company said.

Net loss attributable to common stockholders narrowed to $0.7mln, or $0.03 loss per diluted share, in the September quarter, from $1.0mln, or $0.07 loss per diluted share, in the year-earlier period.

Operating loss shrank to $0.7mln in the third quarter from $0.8mln year-over-year despite adding important new expenditures in both selling/marketing and research and development. 

No analyst estimates were available for comparison.

"The third quarter of 2015 was the most successful financial quarter in our history," the company quoted its chairman, Jeffrey Peterson as saying in the statement.

The company's products/services revenue rose 29.2% to $0.5 mln. Grant revenue was $0.1mln: there was no grant revenue in the comparable 2014 period.  

"We believe PBI has reached a major inflection point," chief executive Richard Schumacher said.

"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."  

Pressure BioSciences also provided a business update, including its efforts with Florida International University to develop an improved rape kit testing method, and retirement of variable rate debt.

The company also pointed to its continued expansion of its sales and marketing capabilities, its plan to pursue an up-list to a national exchange in early 2016,  and the suggested use of its patented PCT platform in personalized/precision medicine.

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