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$PBIO Pressure BioSciences, Inc. Reports Q1 2022 Financial Results

https://www.accesswire.com/701999/pressure-biosciences-inc-reports-q1-2022-financial-results

SOUTH EASTON, MA / ACCESSWIRE / May 19, 2022 / Pressure BioSciences, Inc. (OTCQB:PBIO) ("PBI" or the "Company"), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and specialty testing services to the worldwide biotechnology, biotherapeutics, nutraceuticals, cosmetics, agriculture, and food & beverage industries, today reported financial results for the first quarter ended March 31, 2022, provided a business update, and offered guidance for expected pivotal achievements through 2022.

Financial Highlights: Q1 2022 vs. Q1 2021 (rounded to nearest hundred except EPS)

Total revenue for Q1 2022 was $480,000, reduced 14% from $560,000 for Q1 2021.
Instrument sales for Q1 2022 were $465,000 compared to $553,800 for Q1 2021, down 19%.
Consumable sales for Q1 2022 were $40,000, a decrease of 61% from $102,000 for Q1 2021.
BaroFold/UST services in Q1 2022 were $15,000 compared to $6,100 for Q1 2021, an increase of 59%.
PBI Agrochem subsidiary had sales in Q1 2022 of $83,300, all new sales in a new segment, (no sales in Q1 2021).
Operating loss for Q1 2022 was $1,086,000 up 1% versus $1,075,000 for Q1 2021.
Basic and diluted net loss per share was $(0.48) for Q1 2022, an improvement from $(1.45) for Q1 2021.
Mr. John B. Hollister, Director of Sales and Marketing for PBI, commented: "Q1 2022 sales, while solid, fell short of Q1 2021's very strong Covid rebound performance. Lingering supply chain issues and some customer uncertainties have persisted in the market. We saw increases in our international sales, which is encouraging. Additionally, we have lately been experiencing notable increases in quote requests from our academic research customers. These usually have a slightly longer cycle time, as some orders may depend on grant funding, but this uptick in quotes bodes well for future demand. The increase in BaroFold services is driven by positive results achieved to date and expanding demand. Most importantly, our team has remained hyper focused on our commercialization plan and pathway for the UST platform throughout 2022."

Q1 2022 and Recent Operational and Technical Highlights

May 4. Company announces first nanoemulsions manufacturing agreement under new UST Early Access Program.
April 27. Company announces Early Access Program for UST nanoemulsion processing.
April 5. Company reports strong FY 2021 financial and operational results.
March 17. PBI updates stakeholders on key 2022 goals: UST commercialization, major revenue increase in 2H 2022, financial position improvement, and expected uplist to national market.
February 28: The Ohio State University announces successful commissioning of PBI's production-scale BaroShear UST MAX System for better processing of liquid foods and beverages within its College of Food, Agriculture and Environmental Sciences - achieving a key PBI commercialization milestone for its consortium with Ohio State to serve the food industry.
January 27: PBI's UST platform installed in the acclaimed Ohio State University Advanced Food Processing Technology Pilot Plant. Installation will help introduce the global food industry to the use of UST for the preparation of safer, more nutritious and appealing liquid foods and beverages.
Mr. Richard T. Schumacher, President and CEO of PBI, expanded: "Driven by demand from current and prospective customers, and integrating with our plan for the UST platform to be ready for broad-scale commercialization in 2023, we announced the release an Early Access Program for our UST processing platform late last month. In just two weeks since that announcement, we have (i) executed the first ever agreement to manufacture product for sale using our revolutionary UST platform for the preparation of high quality nanoemulsions; (ii) initiated negotiations with several additional groups for UST processing projects to begin this year (initially in the nutraceutical and cosmetics areas); (iii) begun to develop and expand the capabilities needed for a successful commercial launch, including upgrades in manufacturing, quality control, project management, and logistics; and (iv) started to supplement our technical, sales, and marketing areas."

Mr. Schumacher continued: "With current first strides and announcements of initial commercialization activities and agreements for our UST platform, our team and commercial partners are becoming palpably excited. We are setting the stage for a smooth ramping of commercialization activities as our initial production capacity comes online with planned production-scale BaroShear UST systems operational in both East and West Coast toll manufacturing locations, serving multiple market areas. In addition to our expected Q4 revenue surge from these tolling services, the resulting acceleration in new nanoemulsified products developed, market tested and advancing into commercial introductions by our customers should propel PBI for 2023 into our planned commercial model of leasing and licensing dedicated UST platforms installed in customer production sites. The Company expects to be profitable and cashflow positive by the end of 2023. As previously announced, we plan to pursue an uplist to a major US exchange as soon as possible in the intervening months."