Pressure BioSciences (OTCQB: PBIO), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables and specialty-testing services to the worldwide biotechnology, biotherapeutics, nutraceuticals, cosmeceuticals, agriculture, and food & beverage industries, is reporting company financial results for the third quarter ended Sept. 30, 2023. The company also released a business update and limited guidance for the remainder of 2023. Highlights of the report include an increase in total revenue for the third quarter, which came in at $413,000, an increase of 187% from Q3 2022; instrument and consumable sales for the quarter totaled $398,700, an increase of 198% from $134,000 for the same quarter in 2022; operating loss for the quarter was down 5%, totaling $1,292,800 compared to $1,363,400 for third-quarter 2022; basic and diluted net loss per share was $(0.29) for Q2 2023 compared to $(1.21) for Q3 2022; and cash used from operations during the quarter was down 30%, reported at $732,400 vs. $1,053,100 for Q3 2022. Increases were also seen in the nine-month financial report. Corporate highlights include a study, which was published in a peer-reviewed journal, indicating that PBIO’s UltraShear nanoemulsion platform delivers CBD with unprecedented speed, efficiency, reliability and bioavailability, vastly outperforming other nanoprocessing methods; the signing of an exclusive distribution agreement with Bioscreen, a premier life sciences distributor in India; increased purchase orders for UltraShear Nano CBD topical spray from PBIO partner Veteran Service Team; and the fulfillment of PBIO’s initial round of Nano CBD orders beginning in October.
Looking forward, the company is exploring opportunities for the sale of noncore assets to help fund growth needs while supporting its current strategic focus on UltraShear platform development. PBIO has also begun discussions with several groups regarding the potential of seeking FDA approval for its UltraShear-processed Nano CBD. PBIO has scheduled an earnings conference call today at 4:30 p.m. ET. Those interested in the call may dial 1-888-506-0062 (in North America) or 1-973-528-0011 (international) and use the access code 783860. “Total revenue, instrument sales and consumable sales for the third quarter 2023 were significantly greater than sales for the comparable product categories in Q3 2022,” said PBIO director of marketing and sales John B. Hollister in the press release. “Cash used from operations in both Q3 2023, and in the nine months ended Sept. 30, 2023, was significantly less than cash used from operations in the comparable periods in 2022. Although these results are near record levels, we are nonetheless disappointed that revenue has not been significantly greater in 2023. Consequently, we are actively developing new, aggressive marketing and sales programs for 2024, ones that we believe will result in the ramping revenues that we expect to achieve, and that our shareholders deserve. We look forward to the release of these new programs, and to their expected positive impact on our financial results in 2024.”
To view the full press release, visit https://ibn.fm/uk6Bc
About Pressure BioSciences Inc.
Pressure BioSciences is a global leader in providing innovative, broadly enabling, high-pressure-based solutions for a range of industries, including biotechnology, pharmaceutical, nutraceutical, cosmeceutical and agrochemical, as well as food and beverage manufacturing. The company’s products utilize both constant and alternating pressure. PBIO’s patented enabling technology platform, Pressure Cycling Technology (“PCT”), utilizes alternating cycles of pressure to control biomolecular interactions (such as cell lysis and biomolecule extraction) safely and reproducibly. PCT-based products are beginning to be widely used for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil and plant biology, forensics, and counterbioterrorism applications. The company has recently expanded its market opportunities with the acquisition of the BaroFold(TM) patented technology platform, allowing PBIO to enter the biopharma contract services and GMP manufacturing equipment sector. PBIO has also developed the scalable and high-efficiency pressure-based UltraShear Technology(TM) platform, which allows for the creation of stable nanoemulsions of otherwise immiscible fluids. It also allows for the preparation of higher quality, homogenized, extended shelf-life or room-temperature-stable, low-acid liquid foods that cannot be effectively preserved using existing nonthermal technologies. The company’s commitment to innovation and cutting-edge technology has established PBIO as a leader in the high-pressure industry, providing unique and effective solutions to our customers. For more information, visit the company website at www.PressureBioSciences.com.
NOTE TO INVESTORS: The latest news and updates relating to PBIO are available in the company’s newsroom at http://ibn.fm/PBIO
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