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Pressure BioSciences, Inc. Q1 2023 Financial Results Achieve All-Time Quarterly Record

SOUTH EASTON, MA / ACCESSWIRE / May 16, 2023 / Pressure BioSciences, Inc. (OTCQB:PBIO) (“PBIO” or the “Company”), a leader in the development and sale of broadly enabling, high pressure-based equipment, consumables, and specialty testing services to the worldwide biotherapeutics, nutraceuticals, cosmeceuticals, food & beverage, and other industries, today reported that record quarterly financial results for any fiscal quarter was achieved in the first quarter ended March 31, 2023. The Company also provided a business update and offered guidance for expected pivotal achievements through 2023.

The Company will hold an Earnings Conference Call at 4:30 p.m. ET on Tuesday, May 16, 2022. To attend this teleconference via telephone, Dial-in: (888) 506-0062 (North America) & (973) 528-0011 (International); ACCESS CODE: 873421. Replay Number (877) 481-4010 (North America) & (919) 882-2331 (International); REPLAY ACCESS CODE: 48473. Teleconference Replay Available for 30 days.

Financial Highlights: Q1 2023 vs. Q1 2022 (rounded to nearest hundredth, except EPS)

  • Total revenue for Q1 2023 was $740,600, an increase of 54% from $480,000 for Q1 2022.
  • Instrument sales for Q1 2023 were $427,500, an increase of 74% from $245,600 for Q1 2022.
  • Consumable sales for Q1 2023 were $66,400 compared to $40,000 for Q1 2022, an increase of 66%.
  • PBI Agrochem sales for Q1 2023 were $130,700 as compared to $83,300 for Q1 2022, an increase of 57%.
  • Operating loss for Q1 2023 was $3,637,700 compared to $1,086,300 for Q1 2022. This increase in operating loss was due to a non-cash expense of $1,480,900 for stock and warrant issuances to debt holders/professional services groups and to a non-cash expense of $1,430,200 for equity-based compensation awards.
  • Cash used from operations in Q1 2023 was $422,200 as compared to $756,300 in Q1 2022, a decrease of 44%.
  • Basic and diluted net loss per share was $(0.46) for Q1 2023, a decrease from $(0.48) from Q1 2022.

The Company reduced its cash burn from operations by 44% YoY to just $422,000 in the first quarter 2023, reflecting our ongoing focus on disciplined cash management. During Q1 of 2023, the Company issued several one-time stock issuances to certain debt holders and investor relations firms, to assist with critical corporate financing and development initiatives and public and private investor development. Management is confident that these investments will assist in focusing investor attention on our pivotal progress, as we proceed through commercialization of our UltraShear platform. During the quarter, the Company also issued stock options to employees and directors for the first time since 2019, recognizing the importance of incentive compensation in the retention of critical staff. The awards were issued at an above-market exercise price.

Q1 2022 and Recent Operational and Technical Highlights

  • May 9: Extended Consumer Testing Strongly Validates UltraShear Market Transforming Speed/Dosing Efficiency.
  • April 26: Company Updates Rapid Progress on Limited Offering of Exclusive UltraShear THC Licenses.
  • April 18: PBIO Announces Expansion into Strategic Manufacturing Facilities.
  • March 28: PBIO Reports Fresh Sales Momentum for PBI Agrochem.
  • March 22: PBIO Receives $1.5 Million Contract for UltraShear™ Nanoemulsified CBD.
  • March 1: Company Announces Exchange of Over $10 Million of Debt into Equity.
  • Feb 1: PBIO Receives Record Nearly $600,000 Single Order for 16 PCT Instruments.
  • Jan 27: PBIO and One World Products Announce Partnership in CBD-Nanoemulsion Sports Performance Drink.

Mr. John B. Hollister, Director of Marketing and Sales for PBIO, commented: “During the first quarter of 2023, the PBIO Team were terrifically effective in setting the stage for what we expect to be a year of rapid revenue growth, with significant expansion of both our customer base and product listing, strengthening of our financial framework, and recognition of our revolutionary UltraShear technology as the best-in-class nanoemulsion processing platform worldwide.”

Mr. Richard T. Schumacher, President and CEO of PBI, stated: “Our anticipated ramping and expansion of UltraShear commercialization activities is now underway. We plan to ship the first production batch of Nano-CBD to our Maryland distributor for commercial sale within a week. The second batch – to a distributor in Massachusetts – should follow before the end of May. In addition, we have achieved important progress in the development of the next generation of anti-aging skincare, with our successful high quality nanoemulsification of oil-based retinol. We continue to progress smoothly towards our announced goal of developing several high-impact, market-changing products with extraordinarily potent bioavailability that we believe have never been available or commercialized until now: nanoemulsified hair replacement products, nanoemulsified immune booster products, and nanoemulsified sleep enhancement products. To our team of investors and employees, we share gratitude and anticipation over this exciting time to be a PBIO shareholder!”

About Pressure BioSciences, Inc.

Pressure BioSciences, Inc. (OTCQB:PBIO) is a global leader in providing innovative, broadly enabling, high pressure-based solutions for a range of industries, including biotechnology, pharmaceutical, nutraceutical, cosmeceutical, and agrochemical, as well as food and beverage manufacturing. Our products utilizeboth constant and alternating pressure. Our patented enabling technology platform, Pressure Cycling Technology (PCT), utilizes alternating cycles of pressure to control bio-molecular interactions (such as cell lysis and biomolecule extraction) safely and reproducibly. PCT-based products are beginning to be widely used for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil & plant biology, forensics, and counter-bioterrorism applications. We have recently expanded our market opportunities with the acquisition of the BaroFold™ patented technology platform, allowing us to enter the bio-pharma contract services and GMP manufacturing equipment sector. We have also developed the scalable and high-efficiency pressure-based UltraShear Technology™ (UltraShear™) platform, which allows for the creation of stable nanoemulsions of otherwise immiscible fluids. It also allows for the preparation of higher quality, homogenized, extended shelf-life or room temperature-stable low-acid liquid foods that cannot be effectively preserved using existing non-thermal technologies. Our commitment to innovation and cutting-edge technology has established PBIO as a leader in the high-pressure industry, providing unique and effective solutions to our customers.