One of the companies which may come into focus this morning among investors is Pressure BioSciences Inc (OTCQB:PBIO) after it announced its financial results for the fiscal quarter that ended on September 30, 2022 yesterday.
On Tuesday, PBIO stock moved down 6.30% at $1.19 with more than 39K shares, compared to its average volume of 13K shares. The stock moved within a range of $1.0900 – 1.2600 after opening trade at $1.10.
In addition to that, the pressure based instruments manufacturing company came up with a key business update as well and noted that it expected to conclude 2022 strongly before attaining further growth that would attain profitability next year. First and foremost, investors could do well to look into the highlights of the financial results in order to make their minds up about the Pressure BioSciences stock.
Revenues actually dropped by as much as 72% year on year to $144,000 as opposed to $518,000 in the prior year period. The company managed to generate instrument sales to the tune of $134,000 and that reflected a considerable drop of as much as 66% from the $419,000 in instrument sales in the prior year period.
On the other hand, the company suffered an operating loss of as much as $1,363,000, and that reflected a higher figure by as much as 10% from the operating loss of $1,243,000 in the prior year period. Pressure BioSciences’ subsidiary unit PBI Argochem managed to generate sales of $1,0000 in the quarter, however, that was lower than the total sales of $17,000 in the prior year period.
The company noted that although the sales figures were well below expectations it expected a rebound in the next quarter. It was further noted that substantial recovery is already being seen in the current quarter.
That was announced by the company Director of Sales and Marketing John B Hollister. Hollister also announced that Pressure BioSciences had been focused throughout 2022 on the commercialization of the Ultra Shear Technology platform. He added that Pressure BioSciences was optimistic about the acceleration of revenues in the fourth quarter.
PBIO stock is trading below the 20-Day and 50-Day Moving averages of $1.23 and $1.28 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.66.