Sales of products and services helped boost revenues in the first quarter, said Pressure Biosciences Inc (OTCMKTS:BIO), positioning it well for growth in the rest of fiscal 2017.
The life sciences group develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6bn sample preparation market
Total revenue came in at $551,357 for the three months to March 31, compared to $510,478 during the same period of 2016, despite a decrease in grant revenue.
Products and services revenue increased 16% to $525,998, mainly due to a 19% increase in instrument systems sales.
Sales of consumables also increased 43% to $63,264 in the quarter.
The operating loss decreased 4% to $999,103 from $1,045,945 for the same quarter of 2016.
Joseph L. Damasio, chief financial officer, said: "As reported, we continued to show quarter-over-quarter revenue growth, especially in the important area of products and services.
"We also increased gross margins during the period. What makes these accomplishments even more rewarding was their achievement during a quarter in which we were also able to reduce operating expenses and operating loss.
"We believe the financial results of the first quarter 2017 have set us up well to significantly drive revenue and business growth for the rest of the fiscal 2017 year, and beyond."
Richard T. Schumacher, president and chief executive, added: "Although pleased with the financial results of the first quarter, we are even more pleased with our operational accomplishments."
Included in these, in February, it achieved CE Marking for its Barocycler 2320EXT, the next-generation PCT-based sample preparation instrument.
Pressure can now market and sell the device in all 31 countries in the European Economic Area.
Meanwhile, in March, it significantly bolstered its sales capabilities by contracting with lead generating firm EKG Sales Associates, and by hiring two of its planned four field sales directors.
Shares lost 5.82% on the day..