SeeThruEquity reckons Pressure BioSciences (OTCQB:PBIO) looks on pace to match its 2015 annual estimate of $1.9mln in revenue, with growth in products and services augmented by a return of grant revenues.
The independent equity research firm issued an update on Pressure, which provides technology for the preparation stage of lab testing in life science research, following recent results.
"We were pleased to see PBIO not only meet, but exceed its top line guidance for 3Q15," Ajay Tandon, chief executive of SeeThruEquity, said.
At the end of last quarter, management stated that the company should generate at least $500,000 in 3Q15 due to growing products and services revenue and in light of recent shipments and customer order activity, said SeeThruEquity.
Third-quarter top line results came in above $500,000, with revenues of $580,334 up 55.8% annually, a record for the company.
"This has been the trend for PBIO recently. At the beginning of the year, we noted that PBIO management guided for 2015 to be a watershed year for the company in which revenues would begin to achieve critical mass due to growth both from new products and services as well as grants.
Specifically, PBIO looks on pace to match our estimate of $1.9mln in revenue, with growth in products and services augmented by a return of grant revenues."
Based on the results and expectations for the near future, SeeThruEquity is maintaining its price target of $1.57 per share.
Shares of the South Easton, Massachusetts-based company rose 10.6% to $0.26 at 12:27 p.m. in New York.