Pressure BioSciences, Inc. (OTCMKTS:PBIO) product and services revenues picked up in the third quarter to a record high and touched above $500mln for the first time in any quarter – while lower expenses helped lead to a lower operating loss, the company said on Wednesday.
In the three months ended Sept 30, revenue from products and services amounted to $500,949 compared with $481,452 in the same period of 2015.
This was a record high for products and services revenue in a quarter and marked the first time that products and services revenue exceeded half a million dollars in a financial quarter.
Revenue was driven primarily by the sale of instruments, which also set a record high with $383,789 for the quarter, compared to $340,084 (the previous record) for the same quarter of 2015.
“We expect grant revenue to begin to increase in the fourth quarter of 2016 and continue to increase into 2017. Total revenue decreased to $535,334 in the third quarter 2016 from $580,334 for the third quarter of 2015. This decrease was due to the decrease in grant revenue,” the company said in a statement.
Total operating costs and expenses fell to $987,141 versus $1.271mln a year earlier. The operating loss incurred was substantially down at $451,807 compared with $690,728 a year earlier.
“Although we continue to carefully control expenditures, this decrease in operating loss was primarily due to credits received from a professional service organization the Company no longer uses,” it said in the statement.
“We believe that had these credits not been received, operating loss for Q3 2016 would have been greater than the operating loss for Q3 2015, primarily because of discounts we offered to initial purchasers of our new next-generation Barocycler 2320EXTREME instrument, higher costs experienced in sales and marketing as we began to expand such capabilities, and costs associated with pursuing CE Marking for the new Barocycler 23230EXTREME. A CE Mark is required by dozens of countries in order to sell product in their country.”
Story by ProactiveInvestors