Pressure BioSciences, Inc. (PBIO-OTC), a company that develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6 billion life sciences sample preparation market, announced financial results for the three-month period and fiscal year ended December 31, 2013, and provided a business update.
Financial Results for the Fourth Quarter 2013 and Fiscal Year
The Company achieved quarter and yearly revenue increases, compared to the same periods of 2012, while also achieving a decrease in operating expenses, reflecting PBI’s progress in its stated goal of developing a sound financial roadmap for current and future operations. With these results, the Company reported an increase in total revenue year over year for all four quarters of 2013.
Total revenue for the three months ended December 31, 2013, was $354,052, a 64% increase compared to $216,032 for the corresponding period in 2012. Revenue from the sale of products and services was $300,628, a 146% increase compared to the same period in 2012, while grant revenue was $53,424, compared to $93,747 for the same period in the prior year.
Operating loss for the fourth quarter of 2013 decreased to $0.9 million from over $1.1 million for the same period in 2012, a reduction of 20%. Contributing to this decrease was a 30% quarter over quarter decrease in general and administrative expenses of $268,105. Loss per common share (basic and diluted) was $0.16 for the 2013 fourth quarter compared to $0.10 for the same period in 2012, due primarily to the change in the fair value of the derivative instruments in the last quarter 2013.
Total revenue for the 2013 fiscal year ended December 31, 2013, was $1.5 million, a 21% increase compared to $1.2 million for the fiscal year 2012. For fiscal year 2013, revenue from the sale of products and services was $1.1 million (a 29% increase over 2012) and grant revenue was $456,610 compared to $428,909 for fiscal year 2012. Operating loss for the fiscal year 2013 decreased to $3.3 million from $3.5 million for 2012, a reduction of 4%. Loss per common share (basic and diluted) was $0.44 for 2013 compared to $0.43 for the same period in 2012.
During 2013, and the first three months of 2014, PBI achieved a number of notable financial and operational successes, including the following:
- Closing the first three tranches of its Series K PIPE, totaling $2.8 million (over its initial goal of $1.5 million) and its $2.0 million Series J PIPE
- Introducing the ultra-high pressure HUB880 instrument system on schedule
- Integrating its pressure cycling technology (PCT) platform with the dominant laboratory high-throughput robotic pipetting and automation footprint used worldwide.
In addition, the Company reported on independent studies that showed the potential capabilities of PBI’s instrument systems, including the following functionalities: (1) ability to generate new insights into protein structure and function for biomarker discovery and drug design; (2) ability to accelerate rape kit testing; (3) ability to generate a new understanding of diseases related to the gastrointestinal tract through non-invasive means; and (4) ability to offer application advantages in cancer, stem cell, and heart disease studies.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the life sciences sample preparation market. The Company’s PCT platform, which is able to apply high levels of hydrostatic pressure in a safe and controlled manner, aids researchers and scientists by giving them the laboratory equipment needed to improve the processing of samples. PBI’s primary application development targets the biomarker discovery, drug discovery and design, and forensics areas. The PCT platform can lead to higher-quality research in critical fields like cancer therapy testing, vaccine generation, and DNA analysis for things like processing rape kits. To date, the Company has installed over 250 PCT systems in approximately 160 sites worldwide.
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