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Pressure BioSciences, Inc. Reports Q4 and FY 2022 Financial Results, Provides Business Update, and Offers Guidance for a Strong 2023

Friday, 14 April 2023 09:27 AM

Pressure BioSciences Inc.

Company Pivots Strongly into Revolutionary UltraShear Platform, Achieving Measurable Progress and Traction, Including Expected Record Revenue in Q1 2023

Investor Call Scheduled for Tuesday, April 18, 2023 at 4:30 p.m. ET

SOUTH EASTON, MA / ACCESSWIRE / April 14, 2023 / Pressure BioSciences, Inc. (OTCQB:PBIO) ("PBI" or the "Company"), a global leader in the development and sale of broadly enabling, high-pressure-based products and services to the life sciences and other industries, reported financial results for the fourth quarter and fiscal year ended December 31, 2022, provided a business update, and offered guidance for a strong 2023, beginning with record revenue in the 2023 first quarter.

Financial Results: Q4 2022 vs. Q4 2021 (rounded to nearest thousand, except EPS)

  • Total revenue for Q4 2022 was $607,000 compared to $315,000 for Q4 2021, an increase of 93%.
  • Instrument sales for Q4 2022 were $230,000 compared to $116,000 for Q4 2021, an increase of 98%.
  • Consumable sales for Q4 2022 were $92,000 compared to $83,000 for Q4 2021, an increase of 11%.
  • PBI Agrochem subsidiary sales in Q4 2022 were $71,000 compared to $12,000 for Q4 2021, an increase of 500%.
  • Operating loss for Q4 2022 was $1,546,000 compared to $1,221,000 for Q4 2021, an increase of 27%, including an increase in PBI Agrochem inventory reserves of $640,000.
  • Basic and diluted net loss per share was $(0.38) for Q4 2022, improved from $(0.57) for Q4 2021.

Financial Results: FY 2022 vs. FY 2021 (rounded to nearest thousand, except EPS)

  • Total revenue for 2022 was $1,729,000 compared to $2,002,000 for 2021, a decrease of 14%.
  • Instrument sales for 2022 were $724,000 compared to $1,047,000 for 2021, a decrease of 31%.
  • Consumable sales for 2022 were $257,000 compared to $274,000 for 2021, a decrease of 6%.
  • PBI Agrochem subsidiary sales in 2022 were $165,000 compared to $29,000 for 2021, an increase of 466%.
  • Operating loss for 2022 was $4,898,000 compared to $4,185,000 for 2021, an increase of 17%, including an increase in our PBI Agrochem inventory reserves of $640,000.
  • Basic and diluted net loss per share was $(1.68) for 2022, improved from $(3.42) for 2021.

Director of Sales and Marketing for PBI, Mr. John B. Hollister, commented: "Impacts of the Covid pandemic supply chain disruptions and economic gyrations undeniably challenged the full year results, while PBI was also deliberately executing on our announced pivot of resources and strategic focus onto our UltraShear Technology ("UST") platform. Nonetheless, Q4 of 2022 demonstrated a strong rebound in our traditional PCT platform investments, providing welcome underpinning to the revenue growth architecture we have been building for UST in 2023 and beyond, in our march towards significantly increased revenue and profitability."

2023 Operational and Technical Highlights:

  • Major progress in resolving UltraShear manufacturing capacity limitations within current facilities.
  • Early data from an on-going, expanded THC marketing study correlates with earlier study results: UST nano-THC oral spray delivering onset in 1-10 (mostly 3-5) minutes, compared to usual onset from typical current edibles at over 45-90 minutes.
  • Leading academics in cannabis research expected to publish study results of UST nanoemulsified CBD in April/May 2023, demonstrating definitive superiority in speed of action and total bioavailability over existing marketed products.
  • PBI planning for shipments in April against three UST CBD contracts (the $1.5M contract already announced, plus 2 new/additional contracts).
  • Beyond early opportunities in CBD/THD, multiple additional UST contract negotiations advancing quickly with announcements pending in cosmeceuticals and immune booster nutraceuticals.
  • The Company expects to release Q1 2023 results with record revenue exceeding any quarter in Company's history and is confidently advancing on announced plans for capacity expansion, balance sheet strengthening, and targeted uplist to NASDAQ or NYSE in 2023.

Mr. Richard T. Schumacher, President and CEO of PBI, added: "As we emerge from a challenging period of economic turbulence and strategic transition, our team has been executing strongly to bring our transformational UltraShear technology to bear on a series of major contract opportunities spanning diverse markets, from nutraceuticals to cosmeceuticals, food and beverages, agrochemicals, and more. We are confident that our pending Q1 2023 announcement of all-time record revenue for any quarter will be quickly superseded by our projected revenue growth through each succeeding quarter in 2023."

Mr. Jeffrey N. Peterson, PBI's Chairman, concluded: "The PBI team has demonstrated exceptional tenacity and skill in managing through revolutionary technology platform innovations, early customer cultivation, and successful product and market demonstrations. We are now positioned to secure major UltraShear processing contracts, particularly in the nutraceutical area. Beyond reaching this inflection point in revenue growth, Ric and his team have achieved a major improvement in restructuring the Company's balance sheet with the significant conversion of debt to equity recently announced. The Company remains focused on completing an up-list to NASDAQ or NYSE in 2023. We are grateful to our dedicated and patient investors and to the PBI team who have delivered us to this pivotal ascension in 2023."

About Pressure BioSciences, Inc.

Pressure BioSciences, Inc. (OTCQB:PBIO) is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life sciences industry. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to control bio-molecular interactions safely and reproducibly (e.g., cell lysis, biomolecule extraction). Our primary focus is the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil & plant biology, forensics, and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of our pressure-based technologies in the following areas: (1) the use of our recently acquired, patented technology from BaroFold, Inc. (the "BaroFold" technology) to allow entry into the bio-pharma contract services sector, and (2) the use of our recently-patented, scalable, high-efficiency, pressure-based Ultra Shear Technology ("UST") platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and to (ii) prepare higher quality, homogenized, extended shelf-life or room temperature stable low-acid liquid foods that cannot be effectively preserved using existing non-thermal technologies.

Forward Looking Statements

This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," estimates," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. In evaluating these statements, you should specifically consider various factors. Actual events or results may differ materially. The Company's financial results for the twelve months ended December 31, 2022 may not necessarily be indicative of future results. These and other factors may cause our actual results to differ materially from any forward-looking statement. These risks, uncertainties, and other factors include, but are not limited to, the risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

For more information about PBI and this press release, please click on the following website link:
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Earnings Call

The Company will hold an Earnings Conference Call at 4:30 p.m. ET on Tuesday, April 18, 2022. To attend this teleconference via telephone, Dial-in: (877) 545-0523 (North America) & (973) 528-0016 (International); ACCESS CODE: 519732. Replay Number (877) 481-4010 (North America) & (919) 882-2331 (International); REPLAY ACCESS CODE: 48183. Teleconference Replay Available for 30 days.


For the Three Months Ended
December 31,
For the Year Ended
December 31,
2022 2021 2022 2021
Products, services, other
$607,174 $315,199 $1,729,343 $2,002,365
Total revenue
607,174 315,199 1,729,343 2,002,365
Costs and expenses:
Cost of products and services
930,875 171,278 1,673,582 942,383
Research and development
252,312 262,437 968,997 1,101,509
Selling and marketing
158,443 72,519 580,865 324,728
General and administrative
812,475 1,030,113 3,404,188 3,818,892
Total operating costs
2,154,105 1,536,347 6,627,632 6,187,512
Operating loss
(1,546,931) (1,221,148) (4,898,289) (4,185,147)
Other (expense) income:
Interest expense, net
(3,989,794) (2,925,935) (10,438,565) (14,450,241)
Unrealized (loss) gain on investment in equity securities
11,709 (52,574) 3,662 (457,025)
Gain (loss) on extinguishment of liabilities
1,057,914 439,322 (751,335) (1,061,073)
Other income (expense)
8,753 (119,280) 7,849 -
Total other expense
(2,911,418) (2,658,467) (11,178,389) (15,968,339)
Net loss
(4,458,349) (3,879,615) (16,076,678) (20,153,486)
Deemed dividends on beneficial conversion feature
- - - (873,798)
Preferred stock dividends
(431,709) (418,640) (1,727,275) (1,658,175)
Net loss attributable to common shareholders
$(4,890,058) $(4,298,255) $(17,803,953) $(22,685,459)
Basic and diluted net loss per share attributable to common shareholders
$(0.38) $(0.57) $(1.68) $(3.42)
Weighted average common shares outstanding used in the basic and diluted net loss per share calculation
12,960,099 7,561,728 10,616,208 6,636,523


December 31, 2022 December 31, 2021
Cash and cash equivalents
$3,865 $132,311
Accounts receivable
295,374 154,746
Inventories, net of $982,973 and $342,496 reserve, respectively
686,383 1,147,554
Prepaid expenses and other current assets
257,527 422,617
Total current assets
1,243,149 1,857,228
Investment in equity securities
63,638 59,976
Property and equipment, net
103,351 115,846
Right of use asset operating leases
282,095 395,565
Intangible assets, net
317,308 403,846
$2,009,541 $2,832,461

Accounts payable
$637,238 $527,924
Accrued employee compensation
167,247 117,680
Accrued professional fees and other
2,497,762 1,955,672
Accrued interest and dividends payable
10,803,983 7,757,217
Deferred revenue
58,242 37,124
Convertible debt, net of unamortized debt discounts of $455,517 and $1,536,649, respectively
17,823,669 12,839,813
Other debt, net of unamortized discounts of $0 and $0, respectively
1,638,969 1,256,840
Related party debt, net of unamortized debt discount of $7,915 and $0, respectively
634,885 -
Right of use operating lease liability
142,171 132,996
Total current liabilities
34,404,166 24,625,266
Long term debt
150,000 150,000
Right of use operating lease liability long term
139,924 262,569
Deferred revenue
1,822 3,587
34,695,912 25,041,422
- -
Series D, G, H, H2, J, K, AA Convertible Preferred Stock, $.01 par value (Note 10)
1,098 1,099
Common stock, $.01 par value; 100,000,000 shares authorized; 13,682,910 and 9,120,526 shares issued and outstanding on December 31, 2022 and December 31, 2021, respectively
136,829 91,206
Warrants to acquire common stock
31,995,762 31,715,154
Additional paid-in capital
69,006,145 64,261,048
Accumulated deficit
(133,826,205) (118,277,468)
(32,686,371) (22,208,961)
$2,009,541 $2,832,461

Investor Contacts:

Richard T. Schumacher, President and CEO (508) 230-1828 (T)
John B. Hollister, Director of Marketing and Sales (805) 908-5719 (T)
Jeffrey N. Peterson, Chairman (650) 812-8121 (T)

SOURCE: Pressure BioSciences Inc.

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