$PBIO Pressure BioSciences, Inc. Reports Q3 2022 Financial Results and Offers Business Update on Ultra Shear Technology Nanoemulsions Commercialization Progress
Resources Continue to Pivot to UST Platform Commercialization, Achieving Major Progress and Traction; Revolutionary Nanoemulsions Technology Expected to Drive Major Growth to Profitability in 2023
Investor Call Scheduled for Tuesday, November 22, 2022 at 4:30 p.m. ET
SOUTH EASTON, MA / ACCESSWIRE / November 22, 2022 / Pressure BioSciences, Inc. (OTCQB
BIO) ("PBI" or the "Company"
, a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and specialty process development and production services to the worldwide biotechnology, biotherapeutics, nutraceuticals, cosmetics, agrochem, and food & beverage industries, today reported financial results for the third quarter ended September 30, 2022, provided a business update, and offered guidance for a strong finish to 2022 and growth drive to expected profitability in 2023.
Financial Results: Q3 2022 vs. Q3 2021
Total revenue for Q3 2022 was $144,000 compared to $518,000 for the Q3 2021, a decrease of 72%.
Instrument sales for Q3 2022 were $134,000 compared to $419,000 for Q3 2021, a decrease of 66%.
PBI Agrochem subsidiary sales in Q3 2022 were $10,000 compared to $17,000 for Q3 2021, a decrease of 41%.
Operating loss for Q3 2022 was $1,363,000 compared to $1,243,000 for Q3 2021, an increase of 10%.
Basic and diluted net loss per share was $(0.44) for Q3 2022, improved from $(0.82) for Q3 2021.
Director of Sales and Marketing for PBI, Mr. John B. Hollister, commented: "While overall sales and new business development trending for PBI remains extremely positive, our Q3 2022 revenue results were disappointing and well below initial expectations but are rebounding as expected in Q4 2022. This decrease was primarily due to two key factors: (i) the timing of product purchase orders, as several large orders expected in the third quarter were not received until the fourth quarter, and (ii) our strategic pivot in the Company's focus and resource allocations away from PCT & BaroFold product and services areas and almost entirely onto the launch and rapid sales growth expected from Ultra Shear Technology™ (UST™) Tolling Services. We are already seeing the significant recovery expected in revenues during Q4 2022."
Mr. Hollister continued: "With our organization now fully focused on the commercialization of the UST platform since early 2022, we are extremely optimistic about our planned acceleration in revenues, beginning in Q4 2022. Our team has attended several industry meetings over the past three months that focused on products and sales channels with high potential for game-changing impact from our novel UST nanoemulsions platform. The interest in this revolutionary technology from many different application and product areas has been compelling, even breathtaking. Our priority now is on manufacturing additional UST equipment and gearing up our UST tolling services as rapidly as possible. Our goal is to capitalize on the burgeoning demand to close additional committed UST contract production capacity and drive our 2023 revenue growth."
Recent Operational and Technical Highlights:
October 26: PBI and skincare pioneer and leading innovator Dr. Adrienne Denese, M.D., Ph.D. to introduce revolutionary UST nanoemulsion-based hair loss prevention and hair regrowth product line in 2023.
September 28: Imminent Commercial Launch of Revolutionary UST Processing Method to be Focus of PBI's Presentation at Emerging Growth Conference 40.
September 27: Unique Advantages and Commercial Process Scalability of PBI's Revolutionary UST Platform Illuminated at the Conference of Food Engineering 2022.
September 13: Pressure BioSciences to Expand on Pivotal Change in Business Strategy with Presentation at HC Wainwright Annual Global Investment Conference.
August 24: PBI secures pivotal cosmeceuticals partnership for UST platform with Dr. Denese SkinScience, a 20-year industry leader with over $500 million in QVC sales.
August 18: Third contract announced for hemp-derived CBD products, estimating $2 million 2023 revenue.
August 11: PBI receives approval to manufacture hemp-derived CBD products in Mass, including novel CBD nano emulsions processed by the Company's revolutionary Ultra Shear Technology (UST) platform.
Mr. Richard T. Schumacher, President and CEO of PBI, added: "We made the decision in early 2022 to reallocate staff and resources off of our PCT and BaroFold platforms and to focus them almost exclusively on UST commercialization. We anticipated that PCT/BaroFold revenues could be adversely affected through this transition, which we unfortunately observed in the third quarter of 2022. However, the fourth quarter is shaping up to be very robust, even before the addition of new UST tolling revenues significantly enter our revenue mix. Sales of booked/shipped products through mid-November have already exceeded total sales of Q2 2022 by 2x, and we are on target to report all-time quarterly record revenue in Q4 2022. This strong revenue growth is expected to include approximately $100,000 in initial UST commercial sales and over $70,000 of PBI Agrochem sales, both of which we believe to be important harbingers of strong revenue in 2023."
Mr. Schumacher continued: "We manufactured the initial lot of our Nano-CBD Spray product this month and will be shipping it to our customer (Safer Medical of Montana) shortly, following quality control release. Our attendance at last week's MJ Biz Conference as well as two recent cannabis beverage meetings has generated so many immediate partnering and client opportunities that it is demanding careful prioritization of our resources, as we focus on funding for growth acceleration through 2023. We believe our achievements in Q4 2022 and FY 2023 will be many, including: (i) substantial and accelerating revenues from initial sales of our Ultra Shear toll processing activities in cannabis applications, other major nutraceuticals, and in skincare; (ii) successful opening of the PBI - OSU (The Ohio State University) Food Safety Consortium, introducing the UST platform across the food and beverages industry, planned for December 8, 2022 at OSU; (iii) major nutraceuticals partnership with a leading global multi-national, multi-billion-dollar corporation; (iv) up-listing of PBIO to a national stock exchange; and (v) profitability by or before the end of 2023."
Mr. Jeffrey N. Peterson, PBI's Chairman, concluded: "We greatly appreciate the steadfast base of long-term investors who have delivered PBI to this pivotal moment in our trajectory. Our team and our partners are highly motivated by PBI's recent successes and strengthening in our patented UST platform. We believe that 2023 will deliver a hockey stick inflection moment as "the new PBI" charts its new course, while redefining the terms of competition with UST nanoemulsified products in multiple, diverse, and multi-billion-dollar markets."