Pressure BioSciences, Inc. Q1 2023 Financial Results Achieve Financial Highlights: Q1 2023 vs. Q1 2022 (rounded to nearest hundredth, except EPS)
- Total revenue for Q1 2023 was $740,600, an increase of 54% from $480,000 for Q1 2022.
- Instrument sales for Q1 2023 were $427,500, an increase of 74% from $245,600 for Q1 2022.
- Consumable sales for Q1 2023 were $66,400 compared to $40,000 for Q1 2022, an increase of 66%.
- PBI Agrochem sales for Q1 2023 were $130,700 as compared to $83,300 for Q1 2022, an increase of 57%.
- Operating loss for Q1 2023 was $3,637,700 compared to $1,086,300 for Q1 2022. This increase in operating loss was due to a non-cash expense of $1,480,900 for stock and warrant issuances to debt holders/professional services groups and to a non-cash expense of $1,430,200 for equity-based compensation awards.
- Cash used from operations in Q1 2023 was $422,200 as compared to $756,300 in Q1 2022, a decrease of 44%.
- Basic and diluted net loss per share was $(0.46) for Q1 2023, a decrease from $(0.48) from Q1 2022.
The Company reduced its cash burn from operations by 44% YoY to just $422,000 in the first quarter 2023, reflecting our ongoing focus on disciplined cash management. During Q1 of 2023, the Company issued several one-time stock issuances to certain debt holders and investor relations firms, to assist with critical corporate financing and development initiatives and public and private investor development. Management is confident that these investments will assist in focusing investor attention on our pivotal progress, as we proceed through commercialization of our UltraShear platform. During the quarter, the Company also issued stock options to employees and directors for the first time since 2019, recognizing the importance of incentive compensation in the retention of critical staff. The awards were issued at an above-market exercise price.
Q1 2022 and Recent Operational and Technical Highlights
- May 9: Extended Consumer Testing Strongly Validates UltraShear Market Transforming Speed/Dosing Efficiency.
- April 26: Company Updates Rapid Progress on Limited Offering of Exclusive UltraShear THC Licenses.
- April 18: PBIO Announces Expansion into Strategic Manufacturing Facilities.
- March 28: PBIO Reports Fresh Sales Momentum for PBI Agrochem.
- March 22: PBIO Receives $1.5 Million Contract for UltraShear™ Nanoemulsified CBD.
- March 1: Company Announces Exchange of Over $10 Million of Debt into Equity.
- Feb 1: PBIO Receives Record Nearly $600,000 Single Order for 16 PCT Instruments.
- Jan 27: PBIO and One World Products Announce Partnership in CBD-Nanoemulsion Sports Performance Drink.