South Easton, MA -- (ReleaseWire) -- 03/23/2017 --Pressure BioSciences, Inc. (OTCMKTS:PBIO) ("PBI" or the "Company") today announced financial results for the fourth quarter and fiscal year ended December 31, 2016, provided a business update, and offered limited guidance for FY2017.
Financial Results: Q4 2016 vs. Q4 2015
Products and services revenue was $365,262 in the fourth quarter of 2016 compared to $235,600 in the same quarter of 2015, a 55% increase. Sales of consumables were $50,054 for the fourth quarter ended December 31, 2016 compared to $29,521 for the same period in 2015, an increase of 70%. Grant revenue for Q4 2016 was $54,449 compared to $128,519 for the same period in 2015.
Total revenue for the fourth quarter ended December 31, 2016 was $419,711 compared to $364,119 for the same period in 2015, a 15% increase. This increase was due to products and services sales growth.
Operating loss for Q4 2016 was $1,177,205 compared to a loss of $935,746 for the same period in 2015. This increase was due primarily to inventory valuations and increases in marketing/IR activities, off-set by an increase in total revenue.
Income per common share – basic– was $0.10 for Q4 2016 compared to a loss per common share of $0.19 for the same period in 2015. Income per common share – diluted– was $0.03 for Q4 2016 compared to a loss per common share of $0.19 for the same period in 2015.
Financial Results: FY2016 vs. FY2015
Products and services revenue was $1,794,749 in the year ended December 31, 2016 compared with $1,409,991 in the year ended December 31, 2015, a 27% increase. Sales of consumables were $199,873 for the year ended December 31, 2016 compared to $146,408 for the same period in 2015, an increase of $53,465 or 37%. Grant revenue for fiscal year 2016 was $181,738 compared to $387,700 for the 2015 fiscal year.
Total revenue for the fiscal year ended December 31, 2016 was $1,976,487 compared to $1,797,691 for the same period in 2015, a 10% increase. This increase was due to products and services sales growth.
Operating loss for the year ended December 31, 2016 was $3,735,653 compared to a loss of $3,565,182 for the same period in 2015. This increase in operating loss was due primarily to increases in R&D, Sales and Marketing, and IR expenses, offset to a certain extent by an increase in total revenue.
Loss per common share – basic and diluted – was $0.10 for the year ended December 31, 2016 and $0.36 for the same period in 2015.
Financial and Operational Highlights: FY2016 & Q1 2017
- January 2016: SCIEX, a global life sciences leader and subsidiary of Danaher Corp, announced a co-marketing agreement with PBI to improve protein quantification in complex samples.
- February: SCIEX and Children's Medical Research Institute (Sydney, Australia) announced a partnership to advance the promise of precision medicine and stated they would benefit from SCIEX's collaboration with PBI and our PCT platform for increased protein quantitation and reproducibility.
- March: PBI participated in a SCIEX workshop on new innovations in industrialized proteomics, marking the first time the two companies had presented together under their co-marketing agreement.
- Q1 2016: $1.4M was received in a private placement of fixed-rate convertible debentures, bringing the total raised in our $5M PIPE to an over-subscribed $6.3M. All five PBI Board members participated.
- April: PBI was added to the high-performing Richmond Club Index.
- June: Scientists from six separate research groups made presentations at the American Association for Mass Spectrometry Annual Meeting on the compelling advantages of the PCT Platform.
- July: We announced the initial shipment of the next-generation Barocycler 2320EXTREME to the Australian cancer research group ProCan, a collaborator in the U.S.'s Cancer Moonshot initiative.
- September: PBI was invited, along with SCIEX, CMRI, Institute of Molecular Systems Biology (Zurich, CH), Beckman-Coulter, Ilumina, and Next-Bio to present at the Gala Opening of the ProCan cancer research center.
- October: We announced the close of a $2M line-of-credit under favorable terms to PBI shareholders.
- February 2017: We announced CE Marking for our new, next-generation Barocycler 2320EXTREME, giving us access to 31 countries in Europe that require the CE Mark prior to product commercialization in Europe.
- March: The Barocycler 2320EXTREME received the 2017 North American Excellence Award for "Best New Instrument for Sample Preparation" from Corporate America News, with a subscription list of over 135,000.
Mr. Richard T. Schumacher, President and CEO of PBI, commented: "Our accomplishments over the past year have set the stage for what we believe will be a very successful 2017. These accomplishments have let us enter the new year with a stronger balance sheet; a broader product offering; an award-winning, next generation instrument; important additions to our hard-working and talented staff; a larger customer base; and an expanded and enhanced sales and marketing capability."
Mr. Schumacher continued: "Our near-term goals are clear, focused, and attainable in 2017. We believe their achievement will subsequently position PBI to be a stronger, more valuable company. These goals include: (i) an up-list to the NASDAQ stock market in Q2 2017, (ii) measureable progress in completing and implementing a sound roadmap toward financial selfsufficiency and future growth and prosperity, (iii) continuation of the current expansion of our sales and marketing capabilities, and our reach into new countries, investigators, and fields-of-use; and (iv) a focus on sales, sales, and sales."
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. ("PBI") (OTCMKTS: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 bio-molecular 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 development and sales efforts are in the biomarker discovery, drug discovery and 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.
The Company will hold an Earnings Conference Call at 4:30 PM EDT on Wednesday, March 22, 2017. To attend this teleconference via telephone, Dial-in: (877) 407-8031 (North America), (201) 689-8031 (International). Verbal Passcode: PBIO Fourth Quarter and Fiscal Year 2016 Financial Call, ID 10291. Replay Number (877) 481-4010; (919) 882-2331 (International). Teleconference Replay Available for 30 days.
Forward Looking Statements
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," estimates," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. In evaluating these statements, you should specifically consider various factors. Actual events or results may differ materially. The Company's financial results for the year ended December 31, 2016 may not necessarily be indicative of future results. These and other factors may cause our actual results to differ materially from any forward-looking statement. These risks, uncertainties, and other factors include, but are not limited to, the risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
For more information about PBI and this press release, please click on the following website link: http://www.pressurebiosciences.com
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Source: Uptick Newswire