REDONDO BEACH, CA--(Marketwired - Nov 21, 2016) - SECFilings.com, a leading financial news and information portal offering free real time public company filing alerts, announces an article covering Pressure BioSciences Inc.'s (OTCQB: PBIO) recently announced financial results, how these record results were achieved, and where the company is headed in the near future.
Pressure BioSciences recorded record product and service revenue that increased 4% to $500,949 during the third quarter driven by a 13% increase in instrument sales. At the same time, PBIO also reported product and services revenue for the first nine months of FY 2016 at $1,429,487, an increase of 22% over the same period in FY 2015. Operating losses also narrowed by 34.6% to $451,807 during the third quarter 2016, which brought operations losses down 2.8% to $2,558,848 for the nine-month ended September 30 2016, as the company marches towards profitability.
These financial results follow several other milestones that the company has completed over the past few quarters, including its co-marketing agreement with SCIEX (a leading provider of analytical instrumentation to the life science industry), the elimination of nearly $3 million in floorless debt, the release of the company's next-generation instrument system - the Barocycler 2320EXTREME, the closing of the sale of $610,000 of its common stock in a PIPE transaction, and the opening of a $2 million, unsecured line of credit under very reasonable terms for PBI's shareholders.
Pressure Bio has demonstrated the ability to set goals and achieve them, so it is interesting to note the company's goals for the next few quarters. Pressure Bio intends to continue narrowing losses while they allocate capital and resources (from the recent above-market financing and its new line-of-credit) to significantly expand sales and marketing efforts. The company expects to further grow its relationship with SCIEX and realize the fiscal benefits of the foundation that has been laid. As a result of this direction, the company feels it is on a solid path to profitability.
Pressure BioSciences represents a unique investment opportunity for biotech investors willing to take a risk on a smaller company. With a high-profile partnership with SCIEX (a leader in mass spectrometry), a "cleaner balance sheet", sales-focused hires on the way, and access to several million dollars in funds, the company is well positioned to capitalize on the launch of its new Barocycler 2320EXTREME. Shipments have already begun and the adoption of the technology should continue to accelerate over the coming quarters.
Follow the link to read the whole article: http://analysis.secfilings.com/articles/127-pressure-biosciences-pbio-achieves-record-revenue-on-road-to-profitability
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