On August 17, 2010, Pressure BioSciences, Inc. (PBIO) reported strong financial results for the three month period ended June 30 2010.
Total revenue for 2Q10 was $402,104, compared to $270,381 for the comparable period in 2009, a 49% increase. Revenue from the sale of PCT products and services was $283,382 for 2Q10 compared to $159,202 for the same period in 2009, a 78% increase. During each of Q2 2010 and 2009, the company completed the installation of 12 PCT Sample Preparation Systems (PCT SPS). Eight PCT Systems installed during Q2 2010 were purchased and four were leased, as compared to six purchases and six leases during Q2 2009. All 12 installations in Q2 2010 were domestic placements, compared to nine domestic and three international installations in Q2 2009. Sales of PCT-based consumables generated revenue of approximately $33,000 for 2Q10, compared to approximately $15,000 for the same period in 2009, an increase of approximately 120%.
The operating loss for 2Q10 was $797,667, compared to $815,333 for the same period in 2009. After the exclusion of non-cash charges, operating cash burn for 2Q10 was approximately $693,000, compared to approximately $663,000 for the second quarter of 2009, an increase of about 5%.
Loss per common share — basic and diluted — was $0.35 for 2Q10 compared to $0.39 for the second quarter of 2009.
At the end of June 2010, the company held $1.7 million in cash and cash equivalents. There was no debt sitting on the company’s balance sheet as of June 30, 2010.
We think this was a great quarter for PBIO. Both revenue and loss per share beat our estimates. Total revenue beat our estimate by $0.05 million ($0.40 million vs. our estimate of $0.35 million), while revenue from PCT products and services exceeded our estimate by $0.03 million ($0.28 million vs. our estimate of $0.25 million) in the current quarter. Loss per share beat our estimate by $0.07 per share (-$0.35 vs. our estimated -$0.42).
For additional information, please see our full research report on Zacks.com, or contact your Zacks Institutional Sales representative.
Grant Zeng, CFA, Senior Biotechnology Analyst