Operational and Technical Achievements Set Stage for Expected Major Growth and Profitability in 2022
Investor Call Scheduled for Wednesday, November 17, 2021 at 4:30 p.m. ET
SOUTH EASTON, MA / ACCESSWIRE / November 17, 2021 / Pressure BioSciences, Inc. (OTCQB:PBIO) (“PBI” or the “Company”), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics, nutraceuticals, cosmetics, agriculture, and food & beverage industries, today reported financial results for the third quarter ended September 30, 2021, provided a business update, and offered guidance for an expected strong 2022.
Financial Highlights: Q3 2021 vs. Q3 2020 (rounded to nearest hundred except EPS)
- Total revenue for Q3 2021 was $518,000 compared to $534,000 for the Q3 2020, a decrease of 3%.
- Instrument sales for Q3 2021 were $274,200 compared to $312,700 for Q3 2020, a decrease of 12%.
- Consumable sales for Q3 2021 were $46,000 compared to $49,000 for Q3 2020, a decrease of 7%.
- BaroFold/UST services in Q3 2021 were $99,700 compared to $84,200 for Q3 2020, an increase of 18%.
- New PBI Agrochem subsidiary had initial sales in Q3 2021 of $17,210 (no sales in Q3 2020).
- Operating loss for Q3 2021 was $1,243,000 compared to $819,000 for Q3 2020, an increase of 51%.
- Basic and diluted net loss per share was $(0.82) for Q3 2021 improved from $(1.02) for Q3 2020.
Financial Results: September 2021 YTD vs. September 2020 YTD (rounded to nearest hundred except EPS)
- Total revenue for Sept 2021 YTD was $1,687,000 compared to $1,056,000 for Sept 2020 YTD, a 60% increase.
- Instrument sales for Sept 2021 YTD were $989,500 compared to $568,500 for Sept 2020 YTD, a 74% increase.
- Consumable sales for Sept 2021 YTD were $191,400 compared to $156,200 for Sept 2020 YTD, a 23% increase.
- BaroFold/UST services for Sept 2021 YTD were $241,800 vs. $128,100 for Sept 2020 YTD, an 89% increase.
- Operating loss for Sept 2021 YTD was $(2,964,000) vs. $(3,544,000) for Sept 2020 YTD, a 37% improvement.
- Basic and diluted net loss per share was $(3.02) for Sept 2021 YTD improved from $(4.22) for Sept 2020 YTD.
Mr. John B. Hollister, Director of Sales and Marketing for PBI, commented: “Despite supply chain issues adversely affecting operations, our Q3 2021 financial results were effectively on par with the strong results of Q3 2020. Importantly, our 2021 YTD financial results – including total revenue, instrument & consumable sales, and BaroFold/UST services – maintained our strong improvement trend compared to the same 9-month period in 2020. Significantly, anticipation for our eco-friendly agrochemical product sales in Q4 2021, followed by the release of our much-anticipated UST platform for leasing and licensing in the early part of 2022 continues to build. We are receiving numerous unsolicited calls every week from a variety of markets regarding our product introduction timetable to help deliver better nanoemulsified products via the UST process. We are very excited about the expected impact we believe our UST platform release will have in 2022.”
Q3 2021 Operational and Technical Highlights
- Set up a U.S. warehousing, processing, and product packaging facility for our new PBI Agrochem subsidiary.
- Reported the successful UST nanoemulsification processing of Astaxanthin and Neem Oil.
- UST processed nanoemulsions of CBD oil in water soared past our one-year stability goal – now at 18 months.
- Enacted strategic expansion of BaroFold refolding program with successful debut of instrument sale/lease program.
- Announced plans to set-up Toll Manufacturing partnerships on the east and west U.S. coasts.
- Unveiled aggressive goals for Q4 2021 & FY 2022, including NASDAQ/NYSE Uplist, Agrochem Acquisition, and Profitability.
Mr. Richard T. Schumacher, President and CEO of PBI, commented: “The many successes of the 2021 third quarter have set the stage for continued foundation building in Q4, in preparation for anticipated major growth in 2022. We believe our achievements in Q4 2021 and FY 2022 will be many, and will include: (i) significant increases in agrochem revenue; (ii) shipment of the industrial-scale UST system to our partner The Ohio State University (“OSU”); (iii) announcement of progress made by the OSU/PBIO Consortium leveraging UST for improved food quality, safety and stability; (iv) commercial release of the UST platform; (v) executed fee-for-service contracts for UST toll processing; (vi) up-listing of PBIO to a national stock exchange; and (vii) profitability by or before the end of 2022. Our team and our partners are highly motivated by PBI’s recent successes and strengthening, but we believe the best is yet to come.”
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (OTCQB: PBIO) is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life sciences industry. 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 control bio-molecular interactions safely and reproducibly (e.g., cell lysis, biomolecule extraction). Our primary focus is the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil & plant biology, forensics, and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of our pressure-based technologies in the following areas: (1) the use of our recently acquired, patented technology from BaroFold, Inc. (the “BaroFold” technology) to allow entry into the bio-pharma contract services sector, and (2) the use of our recently-patented, scalable, high-efficiency, pressure-based Ultra Shear Technology (“UST”) platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and to (ii) prepare higher quality, homogenized, extended shelf-life or room temperature stable low-acid liquid foods that cannot be effectively preserved using existing non-thermal technologies.
Forward Looking Statements
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 three months ended September 30, 2021 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, 2020, 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. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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Earnings Call
The Company will hold an Earnings Conference Call at 4:30 p.m. ET on Wednesday, November 17, 2021. To attend this teleconference via telephone, Dial-in: (888) 506-0062 (North America) & (973) 528-0011 (International); ACCESS CODE: 466122. Replay Number (877) 481-4010 (North America) & (919) 882-2331 (International); REPLAY ACCESS CODE: 43784. Teleconference Replay Available for 30 days.