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Pressure BioSciences reports 20% bump in 4Q sales, expects continued growth in its main business

Gains were driven by advances in its product and services unit
Lab equipment
The company has increased expenses to bolster sales team

Pressure BioSciences Inc. (OTCMKTS:PBIO), a life-science group that makes laboratory devices, saw a 20% bump in sales for the fourth quarter as its product and services business continues to grow.

Revenue in the period grew to US$502,708, helped by the product and services unit, which expanded by 25%. Revenue for 2017 climbed as well, to US$2.2mln from US$1.9mln a year earlier.

Chief Executive Officer Richard Schumacher said in March that the firm is poised for growth following a two-year worldwide co-marketing and distribution deal with ISS Inc.

READ: Pressure BioSciences chief presents rosy view of growth prospects in podast interview

Pressure BioSciences, which makes instruments that utilize pressure to control bio-molecular interactions, said in a statement Tuesday that accompanied its fourth-quarter earnings that it expects “continued double-digit” growth rates in its product and services business.

“We believe the accomplishments of the past several years have set the stage for future success,” Schumacher said. “We remain very, very excited about 2018.”

While operating loss widened in the fourth quarter, it was on higher expenses linked to expanding the company’s sales team, the Massachusetts-based firm said in a statement. The loss per common share was US$2.37 vs. income of US$3.13 a share in the year-earlier period.

Pressure BioSciences's sales of instruments rose 55% to US$317,498 in the quarter and 21% to US$1.46mln for the full year. Revenue for consumables gained 20% to US$60,108 in the quarter, while it climbed 30% to US$260,331 for the year.

The shares added 1.3% to US$3.80 as of 1:10 p.m. on Thursday.

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