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Pressure BioSciences moves towards profitability as it reveals strong revenue growth in latest quarter

The firm reckons this growth in revenues will not only continue in the fourth quarter and beyond..
Pressure BioSciences moves towards profitability as it reveals strong revenue growth in latest quarter
Pressure BioSciences, as the name suggests, specialises in pressure technology

Pressure BioSciences Inc (OTCMKTS:PBIO) says it's moving firmly towards profitability as it unveiled record revenues for the third quarter.

The pressure cycling specialist said it reckons this growth in revenues will not only continue in the fourth quarter and beyond, but accelerate to a greater rate as new sales team begins to meet with existing and potential customers throughout the US.

" We have spent a lot of time and money over the past few years preparing for this opportunity. We believe we are ready and taking all necessary actions to grow our momentum and fully exploit the exciting growth and new markets potential that we have long envisioned," Richard T. Schumacher, president and chief executive, said.

The life sciences group develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6bn sample preparation market.

Total revenue in the third quarter was up 21% to US$646,061 from US$535,334 in the same period last year, which was a new record for any quarter.

Products  and services revenue increased 21%  to US$603,726, a new quarterly record, while consumable sales increased 158% to US$84,594, again a new quarterly record.

Grant revenue increased 23% to US$42,335 in the quarter, versus 34,385 in the third quarter last year.

So far, and significantly, fourth quarter purchase orders and purchase indications (90% estimated probability of closing) through to early November have already exceeded products and services revenue for the full 2016 fourth quarter, Pressure noted.

Operational highlights of the quarter just gone included the receipt of the first two issued patents on the high pressure-based Ultra Shear Technology (UST).

The firm also established its first Center of Excellence in Asia, expected to significantly impact PBI's expansion into China.

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