NetworkNewsBreaks – Pressure BioSciences Inc. (PBIO) Reports Q2 2018 Financial Results; Provides Business Update
Pressure BioSciences (OTCQB: PBIO) this morning provided a business update, offered limited guidance for the remainder of 2018 and reported financial results for the second quarter ended June 30, 2018. Per the update, total revenue for the second quarter was $638,800, an increase of 18% compared to $540,400 for the same period in 2017. The company attributed the increase primarily to its double-digit growth in products and services, reporting revenue totaling $618,400 for the second quarter of 2018 compared to $480,400 for the same quarter of 2017, a 29% increase. In addition, Pressure BioSciences is holding an earnings conference call at 4:30 PM ET on Wednesday, August 15, 2018. To attend the conference via telephone, dial the North American line (877) 407-8033 or the international line (201) 689-8033 using the verbal passcode “PBIO Second Quarter 2018 Financial Results Call.”
“We have just completed one of the most successful quarters in the history of the company. We reported our tenth consecutive quarterly increase (YoY) in products and services revenue. Total revenue was one percent away from an all-time record. Quarterly gross profit margins increased by double digits (YoY). During the quarter, operating loss decreased by $283,400 (24%), as our focus on reducing expenditures in investor and public relations, advertising, and non-essential corporate services began to pay dividends. Importantly, while we were posting revenue increases and operating expense decreases, we were also successful in completing a critical objective of converting $13.6 million of debt into equity,” Pressure BioSciences Vice President of Finance and CFO Joseph L. Damasio stated in the news release.
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Pressure BioSciences (OTCQB: PBIO) this morning provided a business update, offered limited guidance for the remainder of 2018 and reported financial results for the second quarter ended June 30, 2018. Per the update, total revenue for the second quarter was $638,800, an increase of 18% compared to $540,400 for the same period in 2017. The company attributed the increase primarily to its double-digit growth in products and services, reporting revenue totaling $618,400 for the second quarter of 2018 compared to $480,400 for the same quarter of 2017, a 29% increase. In addition, Pressure BioSciences is holding an earnings conference call at 4:30 PM ET on Wednesday, August 15, 2018. To attend the conference via telephone, dial the North American line (877) 407-8033 or the international line (201) 689-8033 using the verbal passcode “PBIO Second Quarter 2018 Financial Results Call.”
“We have just completed one of the most successful quarters in the history of the company. We reported our tenth consecutive quarterly increase (YoY) in products and services revenue. Total revenue was one percent away from an all-time record. Quarterly gross profit margins increased by double digits (YoY). During the quarter, operating loss decreased by $283,400 (24%), as our focus on reducing expenditures in investor and public relations, advertising, and non-essential corporate services began to pay dividends. Importantly, while we were posting revenue increases and operating expense decreases, we were also successful in completing a critical objective of converting $13.6 million of debt into equity,” Pressure BioSciences Vice President of Finance and CFO Joseph L. Damasio stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
