- 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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