Pressure BioSciences, Inc. Reports Record Third Quarter and Year-to-Date 2015 Financial Results and Provides Business Update

Q3 Total Revenue Increases 55.8%, Products/Services Revenue Rises 29.2%, and Operating Loss Decreases by 13.4% Q/Q

Company Achieves Record Total and Products and Services Revenue for Both Quarterly and YTD Periods;

Total Revenue through Q3 2015 Exceeds Full Year 2014 Total Revenue

Company to Present at SeeThruEquity Conference in NYC at 11am EST Thursday, November 12, 2015

Financial Conference Call Scheduled for Tuesday, November 17, 2015 at 4:30 pm EST

Nov 16, 2015, 16:06 ET from Pressure BioSciences, Inc.

SOUTH EASTON, Mass., Nov. 12, 2015 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company"), a leader in the development and sale of broadly enabling, pressure cycling technology ("PCT")-based sample preparation solutions to the worldwide life sciences industry, today announced financial results for the three and nine-month periods ended September 30, 2015.

Mr. Jeffrey N. Peterson, Chairman of the PBI Board of Directors, commented: "The third quarter of 2015 was the most successful financial quarter in our history, and we believe a pivot point in our company's financial progress.  During this period, the significant performance improvements achieved by our CEO Ric Schumacher and his PBI team produced record total revenue and products/services revenue, while simultaneously posting a substantial decrease in quarterly operating loss. When combined with our previously reported 2015 record six-month results, products/services and total revenue also achieved record levels for the full nine-month period ending September 30, 2015. This growing momentum produced revenue in the first nine months of 2015 that exceeded total revenue for all of 2014."  

The Company also provided a business update, including (i) its efforts with Florida International University to develop an improved rape kit testing method, (ii) retirement of variable rate debt, (iii) continued expansion of its sales and marketing capabilities, (iv) its plan to pursue an up-list to a national exchange in early 2016, (v) and the suggested use of its patented PCT platform in personalized/precision medicine, e.g., in the discovery of biomarkers for the detection, control and/or  prevention of diabetes, COPD-associated lung cancer, and stroke.

For the three months ended September 30, 2015, total revenue was $580,334 compared to $372,545 for the same period in 2014 (a 55.8% increase); these results were primarily driven by increases in products/services and grant revenue. Products/services revenue was $481,452 compared to $372,545 for the same quarter of 2014, an increase of 29.2%.  Grant revenue for the 2015 third quarter was $98,882: there was no grant revenue in the comparable 2014 period.  

Operating loss for the 2015 third quarter was $690,728, compared to $797,633 for the same period in 2014, a decrease of 13.4%. We are pleased to have achieved this significant decrease in operating loss in spite of adding important new expenditures in both selling/marketing and research and development. This decrease in operating loss was primarily due to the significant increase in total revenue, combined with tighter control of investor relations, legal, accounting, and other operating costs. 

For the nine months ended September 30, 2015, total revenue was $1,433,572 compared to $1,084,156 for the same period in 2014 (a 32.2% increase); these results were primarily driven by increases in products/services and grant revenue. Products/services revenue was $1,174,391 compared to $1,084,156 for the same nine month period in 2014, an increase of 8.3%.  Grant revenue for the nine months ended September 30, 2015 was $259,181: there was no grant revenue in the comparable 2014 period.  

Operating loss for the first three quarters of 2015 was $2,629,436 compared to $2,426,756 for the same period in 2014. This increased operating loss reported for the first half of 2015 was significantly mitigated by the decrease in operating loss reported in Q3 2015, which was achieved by a combination of higher revenue and reduced expenses. We believe we will continue to see operating loss reductions in the coming quarters, due to expected continued increases in revenue and tight control of expenditures.  

Loss per common share – basic and diluted – was $0.03 for the third quarter of 2015 compared to $0.07 for the same period in 2014. Loss per common share – basic and diluted – was $0.17 for the nine months ended September 30, 2015 compared to $0.35 for the same nine-month period of 2014. 

Mr. Richard T. Schumacher, President and CEO of PBI, said: We offered guidance in late 2014 that 2015 would be a strong year in a number of important areas, including: (a) revenue growth, (b) introduction of new instruments, consumables, and applications, (c) addition of new key opinion leaders as users of the PCT platform, (d) increase in the installed base of instruments, (e) increase in the number of publications citing the advantages of the PCT platform, (f) improved financials, with a particular focus in cleaning up the balance sheet, and (g) preparation for an early 2016 up-list to a regulated exchange. I am very proud of the PBI team, for they have worked arduously all year, which has resulted in measurable progress on several of these challenging objectives, and the successful achievement of all of the rest."

Mr. Schumacher continued: "We believe PBI has reached a major inflection point. Fortunately, we believe we are well-prepared to take full advantage of the opportunities and challenges that lie ahead. We also believe the growth and success shown in 2015 is a bellwether of things to come, and that 2016 will provide breakout well beyond those realized in 2015."  

SeeThruEquity Investor Conference
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. They do not conduct any investment banking or commission based business. They are approved to contribute their research to Thomson Reuters One (First Call), CapitalIQ, FactSet, and Zacks and distribute their research to their database of opt-in investors. They also contribute their estimates to Thomson Estimates, the leading estimates platform on Wall Street. Since March 2011, they have initiated coverage on numerous NYSE, NASDAQ, TSX, and OTC companies in a variety of industries including technology, health care, consumer, energy and special situations and have hosted several investor conferences in New York City.

Mr. Schumacher's presentation will be at 11am EST on Thursday, November 12, 2015.  Please use the following link to listen to the presentation in real time. The link will be live until February 10, 2016. http://wsw.com/webcast/seethru13/pbio 

Earnings Call
The Company will hold an Earnings Conference Call at 4:30 PM EST on Tuesday, November 17, 2015. To attend this teleconference via telephone: Dial-in: (877) 407-8031 (North America); (201) 689-8031 (International). Verbal Passcode (to be given to the operator): PBI Third Quarter 2015 Financial Conference Call, ID 13624992. For those unable to participate in the live teleconference, a replay will be available beginning on Wednesday, November 18, 2015, and will be accessible both by telephone and through the Company's website until December 17, 2015. Replay Number: (877) 660-6853 (North America); (201) 612-7415 (International).

About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. ("PBI") (OTCQB: PBIO) develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6 billion life sciences sample preparation market. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions. To date, we have installed over 250 PCT systems in approximately 160 sites worldwide. There are over 100 publications citing the advantages of the PCT platform over competitive methods, many from key opinion leaders. Our primary development and sales efforts are in the biomarker discovery, drug discovery and design, and forensics areas. Customers also use our products in other areas, such as bio-therapeutics characterization, soil & plant biology, vaccine development, and counter-bioterror applications.

Forward Looking Statement
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," estimates," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. In evaluating these statements, you should specifically consider various factors. Actual events or results may differ materially. The Company's financial results for the quarter ended June 30, 2015 may not necessarily be indicative of future results. These and other factors may cause our actual results to differ materially from any forward-looking statement. These risks, uncertainties, and other factors include, but are not limited to, the risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law. 

For more information about PBI and this press release, please click on the following website link:
http://www.pressurebiosciences.com
Please visit us on Facebook, LinkedIn, and Twitter. 

 


PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)



September 30,
2015


December 31,
2014

ASSETS





CURRENT ASSETS





Cash and cash equivalents


$76,875


$473,948

Accounts receivable


362,822


272,022

Inventories, net of $50,000 reserve at September 30, 2015 and December 31, 2014


808,843


850,552

Prepaid income taxes


7,381


7,381

Prepaid expenses and other current assets


74,396


104,204

Total current assets


1,330,317


1,708,107

Investment in available-for-sale equity securities


322,860


-

Debt issuance costs, net


533,403


-

Property and equipment, net


24,408


36,025

TOTAL ASSETS


$2,210,988


$1,744,132






LIABILITIES AND STOCKHOLDERS' DEFICIT





CURRENT LIABILITIES





Accounts payable


$834,812


$1,035,781

Accrued employee compensation


205,953


157,347

Accrued professional fees and other


837,052


719,432

Deferred revenue


101,421


27,117

Convertible debt, net of debt discount of $375,378 and $328,681, respectively


296,818


1,004,513

Other debt, net of discount of $4,676 and $0, respectively


246,036


80,480

Warrant derivative liability


1,541,130


159,875

Conversion option liability


2,227,330


590,341

Total current liabilities


6,290,552


3,774,886

LONG TERM LIABILITIES





Convertible debt, net of debt discount of $3,297,994


412,325


-

Deferred revenue


-


28,977

TOTAL LIABILITIES


6,702,877


3,803,863

COMMITMENTS AND CONTINGENCIES





STOCKHOLDERS' DEFICIT





Series D Convertible Preferred Stock, $.01 par value; 850 shares authorized; 300 shares issued and outstanding on September 30, 2015 and December 31, 2014 (Liquidation value of $300,000)


3


3

Series G Convertible Preferred Stock, $.01 par value; 240,000 shares authorized; 86,570 shares issued and outstanding on September 30, 2015 and December 31, 2014


866


866

Series H Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 10,000 shares issued and outstanding on September 30, 2015 and December 31, 2014


100


100

Series H2 Convertible Preferred Stock, $.01 par value; 21 shares authorized; 21 shares issued and outstanding on September 30, 2015 and December 31, 2014


-


-

 Series J Convertible Preferred Stock, $.01 par value; 6,250 shares authorized; 3,546 shares issued and outstanding on September 30, 2015 and December 31, 2014


36


36

Series K Convertible Preferred Stock, $.01 par value; 15,000 shares authorized; 11,416 shares issued and outstanding on September 30, 2015 and December 31, 2014


114


114

Common stock, $.01 par value; 100,000,000 shares authorized; 21,319,131 and 18,673,390 shares issued and outstanding on September 30, 2015 and December 31, 2014, respectively


213,192


186,734

Warrants to acquire common stock


5,347,054


5,253,566

Additional paid-in capital


25,594,074


24,617,564

Accumulated other comprehensive income


(76,687)


-

Accumulated deficit


(35,570,641)


(32,118,714)

Total stockholders' deficit


(4,491,889)


(2,059,731)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT


$2,210,988


$1,744,132

 

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 



For the Three Months Ended


For the Nine Months Ended

September 30,

September 30,



2015


2014


2015


2014

Revenue:









Products, services, other


$481,452


$372,545


$1,174,391


$1,084,156

Grant revenue


98,882


-


259,181


-

Total revenue


580,334


372,545


1,433,572


1,084,156










Costs and expenses:









Cost of products and services


209,804


149,065


575,780


461,124

Research and development


355,574


232,032


878,899


716,358

Selling and marketing


207,888


188,129


574,289


555,543

General and administrative


497,796


600,952


2,034,040


1,777,887

Total operating costs and expenses


1,271,062


1,170,178


4,063,008


3,510,912










Operating loss


(690,728)


(797,633)


(2,629,436)


(2,426,756)










Other (expense) income:









Interest expense


(1,584,830)


(179,942)


(2,831,106)


(658,255)

Other expense


-


(80,102)


(513,352)


(80,102)

Gain on extinguishment of embedded derivative liabilities


1,180,251


-


2,028,324


-

Change in fair value of derivative liabilities


437,379


98,627


515,410


(156,779)

Total other (expense) income


32,800


(161,417)


(800,724)


(895,136)










Net loss


(657,928)


(959,050)


(3,430,160)


(3,321,892)

Accrued dividends on convertible preferred stock


1,711


(43,362)


(21,768)


(97,955)

Deemed dividends on convertible preferred stock


-


-


-


(1,388,062)










Net loss applicable to common shareholders


($656,217)


($1,002,412)


($3,451,928)


($4,807,909)










Net loss per share attributable to common stockholders - basic and diluted


($0.03)


($0.07)


($0.17)


($0.35)










Weighted average common stock shares outstanding
used in the basic and diluted net loss per share c


20,737,827


15,238,466


19,771,323


13,648,795

 

Investor Contacts:
Richard T. Schumacher, President & CEO, PBI (508) 230-1828 (T)
Jeffrey N. Peterson, Chairman, PBI (650) 812-8121 (T)
Redwood Investment Group (714) 978-4425 (T)

SOURCE Pressure BioSciences, Inc.



RELATED LINKS

http://www.pressurebiosciences.com