NEW YORK (GenomeWeb) – Pressure BioSciences reported today an 8 percent year-over-year increase in revenues for the first quarter, driven by growth in sales of both instrument systems and consumables.
For the three-month period ended March 31, Pressure Bio's revenues increased to $551,357 from $510,478 the year before. Instrument sales were up 19 percent year over year to $396,095 from $332,016, while sales of consumables jumped 43 percent to $63,264 from $44,234. Grant revenues fell nearly 55 percent in Q1 2017 to $25,359 from $56,128 a year ago, although the company said it expects these revenues to increase over the remaining quarters this year.
Pressure Bio's net loss in Q1 decreased to $5.6 million, or $.18 a share, from $6.0 million, or $.26 a share, in the same period last year.
R&D spending the the quarter dropped 21 percent year over year to $263,456 from $335,270, while SG&A costs rose 10 percent to $1.1 million from $1.0 million.
Pressure Bio finished the first quarter with $121,438 in cash and cash equivalents.
"During the first quarter, we made significant progress on our clearly defined 2017 goals to develop a clear and sustainable path to profitability and financial self-sufficiency; enhance and expand our current sales and marketing capabilities with the hiring of a minimum of four field sales directors, plus an external lead-generation service and internal operational personnel; and achieve an up-list to the Nasdaq stock exchange by or before the end of the 2017 second quarter," Pressure Bio President and CEO Richard Schumacher said in a statement.