Pressure BioSciences, Inc. Reports Strong Fourth Quarter and Fiscal Year 2013 Financial Results
South Easton, MA, April 1, 2014 -- Pressure BioSciences, Inc. (OTCQB: PBIO) (“PBI” or the “Company”) today announced financial results for the three-month period and fiscal year ended December 31, 2013 and provided a business update.
Total revenue for the fourth quarter of 2013 was $354,052 compared to $216,032 for the same period in 2012, a 64% increase. Revenue from the sale of products and services was $300,628 for Q4 2013 compared to $122,285 for the same period in 2012, a 146% increase. Grant revenue in Q4 2013 was $53,424 compared to $93,747 for the same period in the prior year. Sales of consumables were $52,968 for the three months ended December 31, 2013 compared to $18,624 for the same period in 2012, an increase of 184%.
Operating loss for the fourth quarter of 2013 decreased to $900,110 from $1,129,750 for the same period in 2012, a reduction of 20%. Contributing to this decrease in operating loss was a quarter over quarter decrease in general and administrative expenses of $268,105, or 30%.
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. The additional loss per common share was due primarily to the change in the fair value of the derivative instruments in Q4 2013.
Total revenue for the fiscal year 2013 was $1,503,288 compared to $1,238,217 for the fiscal year 2012, a 21% increase. Revenue from the sale of products and services was $1,046,678 for FY 2013 compared to $809,308 for FY 2012, a 29% increase. Grant revenue in FY 2013 was $456,610 compared to $428,909 for FY 2012. Sales of consumables were approximately $157,676 for FY 2013 compared to approximately $85,493 for FY 2012, an increase of 84%.
Operating loss for the fiscal year 2013 decreased to $3,327,192 from $3,463,642 for the fiscal year 2012, a reduction of 4%. Contributing to this decrease in operating loss were decreases in total operating expenses of $22,792 and increased gross margin of $113,658.
Loss per common share (basic and diluted) was $0.44 for 2013 compared to $0.43 for the same period in 2012.
Richard P. Thomley, Chief Financial Officer of PBI, said: “In addition to strong quarter over quarter (Q4 2013 vs. Q4 2012) revenue increases, both total revenue and products and services revenue showed substantive sequential increases for the year (FY 2013 vs. FY 2012), posting gains of 21% and 29%, respectively. We achieved these results while also decreasing operating expenses. We believe that our financial performance for the fourth quarter and fiscal year 2013 reflect PBI’s significant progress in our stated goal of developing a sound financial roadmap moving forward.”
Mr. Richard T. Schumacher, President and CEO of PBI, commented: “During 2013, and the first three months of 2014, we achieved a number of notable financial and operational successes, including:
• We closed the first three tranches ($2.8M) of our Series K PIPE (initial goal $1.5M)
• We released our ultra-high pressure HUB880 instrument system to the market on time (Q1 2014)
• We closed our $2.0M Series J PIPE, slightly over-subscribed at $2.035M
• We reported increases in total revenue for Q1, Q2, Q3, and Q4 2013 vs. same quarters in 2012
• We announced a Core Technology Breakthrough enabling our PCT Platform to develop integration with the dominant laboratory high-throughput robotic pipetting and automation footprint used worldwide
• We reported on independent studies that showed our novel instrument systems could potentially (i) generate new insights into protein structure and function (for biomarker discovery and drug design); (ii) greatly accelerate rape kit testing; (iii) generate a new understanding of diseases and disorders related to the gastrointestinal tract through non-invasive means; and (iv) offer advantages in cancer, stem cell, and heart disease studies.”
Mr. Schumacher continued: “We believe that our product and services revenue will continue to increase in 2014 and beyond; that the distinct advantages of our pressure cycling-based products will continue to be reported by scientists worldwide; that the number of applications and thus fields of use for our products will continue to increase; and that we will be successful in continuing to raise the funds as required, to help us achieve our goal of financial self-sufficiency and profitability, with steadily increasing shareholder value as we move forward.”
The Company will hold an Earnings Conference Call at 4:15 PM EDT on Tuesday, April 1, 2014. To attend this teleconference via telephone: Dial-in: (800) 875-3456 (U.S.); (800) 648-0973 (Canada); (302) 607-2001 (International). Verbal Passcode (to be given to the operator: VS78313). Conference ID: 880058.
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 biomolecular interactions. To date, we have installed over 250 PCT systems in approximately 160 sites worldwide. There are over 100 publications citing the advantages of the PCT platform over competitive methods, many from key opinion leaders. Our primary application development and sales efforts are in the biomarker discovery, drug discovery & design, and forensics areas. Customers also use our products in other areas, such as bio-therapeutics characterization, soil & plant biology, vaccine development, and counter-bioterror applications.
MassBio Membership gives you:
Purchasing power-MassBio negotiates a broad-based collection of services on behalf of member companies and passes the savings on to its members.
Networking and professional development-MassBio organizes and executes numerous conferences, committee meetings, and networking events throughout the year.
MassBio Signature Events-Attend our Investors Forum, Innovator Roundtables, Pharma Days, our Golf Classic Fundraiser, Policy Leadership Breakfast, and many others.
Public policy & Advocacy-As the state's leading advocate for our life science super cluster, we fight for public policy initiatives and tax incentives in Massachusetts and Washington, D.C., that will enable biotechnology companies to do their best work.
Economic development-MassBio provides expert advice and guidance to help companies find suitable locations and resources as they move to and grow in the Bay State. We make Massachusetts a better place for your business.
Visibility/Resources-Members are listed on a searchable directory that includes a profile and link to the company's website. We highlight your company's latest news by posting to our MassBio member news page. In addition, members can post job openings on our website free!
Educational incentives-We promote education, workforce development and lifelong learning through the MassBioEd Foundation. The foundation customizes training programs for companies and educational institutions and promotes science in the classroom through BioTeach. MassBio members receive a discount on courses offered by the foundation.