Pressure Biosciences Inc (PBIO)

[Louied91]

$PBIO Pressure BioSciences, Inc. Reports Q4 and FY 2022 Financial Results, Provides Business Update, and Offers Guidance for a Strong 2023

https://www.accesswire.com/749226/Pressure-BioSciences-Inc-Reports-Q4-and-FY-2022-Financial-Results-Provides-Business-Update-and-Offers-Guidance-for-a-Strong-2023

Company Pivots Strongly into Revolutionary UltraShear Platform, Achieving Measurable Progress and Traction, Including Expected Record Revenue in Q1 2023

Investor Call Scheduled for Tuesday, April 18, 2023 at 4:30 p.m. ET

SOUTH EASTON, MA / ACCESSWIRE / April 14, 2023 / Pressure BioSciences, Inc. (OTCQB:PBIO) ("PBI" or the "Company"), a global leader in the development and sale of broadly enabling, high-pressure-based products and services to the life sciences and other industries, reported financial results for the fourth quarter and fiscal year ended December 31, 2022, provided a business update, and offered guidance for a strong 2023, beginning with record revenue in the 2023 first quarter.

Financial Results: Q4 2022 vs. Q4 2021 (rounded to nearest thousand, except EPS)

Total revenue for Q4 2022 was $607,000 compared to $315,000 for Q4 2021, an increase of 93%.
Instrument sales for Q4 2022 were $230,000 compared to $116,000 for Q4 2021, an increase of 98%.
Consumable sales for Q4 2022 were $92,000 compared to $83,000 for Q4 2021, an increase of 11%.
PBI Agrochem subsidiary sales in Q4 2022 were $71,000 compared to $12,000 for Q4 2021, an increase of 500%.
Operating loss for Q4 2022 was $1,546,000 compared to $1,221,000 for Q4 2021, an increase of 27%, including an increase in PBI Agrochem inventory reserves of $640,000.
Basic and diluted net loss per share was $(0.38) for Q4 2022, improved from $(0.57) for Q4 2021.
Financial Results: FY 2022 vs. FY 2021 (rounded to nearest thousand, except EPS)

Total revenue for 2022 was $1,729,000 compared to $2,002,000 for 2021, a decrease of 14%.
Instrument sales for 2022 were $724,000 compared to $1,047,000 for 2021, a decrease of 31%.
Consumable sales for 2022 were $257,000 compared to $274,000 for 2021, a decrease of 6%.
PBI Agrochem subsidiary sales in 2022 were $165,000 compared to $29,000 for 2021, an increase of 466%.
Operating loss for 2022 was $4,898,000 compared to $4,185,000 for 2021, an increase of 17%, including an increase in our PBI Agrochem inventory reserves of $640,000.
Basic and diluted net loss per share was $(1.68) for 2022, improved from $(3.42) for 2021.
Director of Sales and Marketing for PBI, Mr. John B. Hollister, commented: "Impacts of the Covid pandemic supply chain disruptions and economic gyrations undeniably challenged the full year results, while PBI was also deliberately executing on our announced pivot of resources and strategic focus onto our UltraShear Technology ("UST") platform. Nonetheless, Q4 of 2022 demonstrated a strong rebound in our traditional PCT platform investments, providing welcome underpinning to the revenue growth architecture we have been building for UST in 2023 and beyond, in our march towards significantly increased revenue and profitability."

2023 Operational and Technical Highlights:

Major progress in resolving UltraShear manufacturing capacity limitations within current facilities.
Early data from an on-going, expanded THC marketing study correlates with earlier study results: UST nano-THC oral spray delivering onset in 1-10 (mostly 3-5) minutes, compared to usual onset from typical current edibles at over 45-90 minutes.
Leading academics in cannabis research expected to publish study results of UST nanoemulsified CBD in April/May 2023, demonstrating definitive superiority in speed of action and total bioavailability over existing marketed products.
PBI planning for shipments in April against three UST CBD contracts (the $1.5M contract already announced, plus 2 new/additional contracts).
Beyond early opportunities in CBD/THD, multiple additional UST contract negotiations advancing quickly with announcements pending in cosmeceuticals and immune booster nutraceuticals.
The Company expects to release Q1 2023 results with record revenue exceeding any quarter in Company's history and is confidently advancing on announced plans for capacity expansion, balance sheet strengthening, and targeted uplist to NASDAQ or NYSE in 2023.
Mr. Richard T. Schumacher, President and CEO of PBI, added: "As we emerge from a challenging period of economic turbulence and strategic transition, our team has been executing strongly to bring our transformational UltraShear technology to bear on a series of major contract opportunities spanning diverse markets, from nutraceuticals to cosmeceuticals, food and beverages, agrochemicals, and more. We are confident that our pending Q1 2023 announcement of all-time record revenue for any quarter will be quickly superseded by our projected revenue growth through each succeeding quarter in 2023."

Mr. Jeffrey N. Peterson, PBI's Chairman, concluded: "The PBI team has demonstrated exceptional tenacity and skill in managing through revolutionary technology platform innovations, early customer cultivation, and successful product and market demonstrations. We are now positioned to secure major UltraShear processing contracts, particularly in the nutraceutical area. Beyond reaching this inflection point in revenue growth, Ric and his team have achieved a major improvement in restructuring the Company's balance sheet with the significant conversion of debt to equity recently announced. The Company remains focused on completing an up-list to NASDAQ or NYSE in 2023. We are grateful to our dedicated and patient investors and to the PBI team who have delivered us to this pivotal ascension in 2023."