- Pressure
BioSciences Inc. announced strong financial results for the second quarter
of 2018, demonstrating the company’s growth and stability
- Products
and services revenue increased for the tenth consecutive quarter (YoY)
while registering growth of 29 percent compared to Q2 2017
- Company
sets all-time first half fiscal year total revenue record
- A
partnership with Ohio State University will enable the company to seek
expansion in new industries like food, beverages, pharmaceuticals and
cosmetics
Pressure BioSciences Inc. (OTCQB: PBIO) recently announced
its financial results for the second quarter of 2018, highlighting one of the
most successful periods in the history of the company. A leader in the
development and sale of pressure-based instruments, the company registered its
tenth consecutive quarterly increase (YOY) in products and services revenue. In
addition, the company marked another financial accomplishment – an all-time
record in total revenue for the first half of the fiscal year.
In a news release, Pressure BioSciences vice president of
finance and CFO Joseph L. Damasio said that, in addition to its six-month total
revenue record, its second quarter was just one percent away from the company’s
all-time quarterly record. He also noted that quarterly gross profit margins
went up by double digits year-over-year.
Products and services revenue for the second quarter of 2018
was $618,400 in comparison to $480,400 for the same period in 2017, an increase
of 29 percent. Sales of instruments went up from $346,900 in 2017 to $397,000
in 2018.
Total revenue for the period ended June 30, 2018, was
$638,800 in comparison to $540,400 for the second quarter of 2017, an increase
of 18 percent. This increase was fueled primarily by the significant growth in
products and services revenue.
The company’s financial report highlighted several
additional achievements for Pressure BioSciences. One of the most critical
accomplishments was converting $13.6 million of debt into equity. Additionally,
operating loss significantly dropped in Q2, going down to $920,900 from
$1,204,300 during the same period of 2017 (a 24 percent decrease). This was due
to the company’s sales growth and diminishing reliance on outside investor and
public relation firms, as well as the implementation of new sales and marketing
contracts.
Pressure BioSciences is also continuing to strengthen its
partnership with The Ohio State University for the development of a superior
method for the sterile processing of liquid food and beverages, via the use of
Pressure BioSciences’ patented Ultra Shear Technology (UST). Such a process
would obviate the need to put chemical additives in liquid food and beverages
and would allow them to remain in room temperature storage for extended periods
of time. An $891,000 grant from the U.S. Department of Agriculture recently
awarded to Ohio State is dedicated to the development of the UST technology
platform and confirms the U.S. government’s support of this cutting-edge
methodology for the preservation of perishable foods like milk and other dairy products.
As part of this award, $318,000 has been allocated to Pressure BioSciences for
the development of first-in-kind laboratory bench-top and manufacturing-scale
UST instruments, according to Pressure BioSciences president and CEO Richard T.
Schumacher.
Traditional food sterilization methodologies use prolonged
exposure to heat for the purpose of bacteria destruction. While such
sterilization does work, it adversely affects the look, nutritional value and
taste qualities of the item. The UST instruments to be developed by Pressure
BioSciences under the USDA-OSU award will rely on high pressure, very high
shear (tearing) forces and a very short exposure to high heat. PBIO and Ohio
State believe that this technology will enable the destruction of bacteria,
viruses and spores without affecting the taste or diminishing the nutritional
value of the food.
The potential uses of the UST technology platform, both
within and outside of the food industry, are expansive. Importantly, the USDA
grant will enable the company to develop and build the initial UST
instruments. With such equipment, Pressure BioSciences will not only be
able to work on the development of specific UST-enhanced food processing
applications, but on applications in pharmaceuticals, nutraceuticals,
cosmetics, industrial lubricants and many other potentially lucrative
industries as well.
Looking at the financial and operational achievements of
2018 to date, it certainly seems that the company has been doing things right
and is now on the path to profitability, a higher valuation and success. As
Schumacher noted in a news release, “We believe that the markets our patented,
pressure-based technology platforms serve have now expanded to include many
additional multi-billion-dollar areas, and that our recent developments have
positioned us well to take advantage of these exciting and potentially
lucrative opportunities.”
For more information, visit the company’s website at www.PressureBioSciences.com
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