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Pressure BioSciences, Inc (OTCQB: PBIO), a leading developer of powerful pressure-based systems with applications across dozens of industries, recently reported its 2nd quarter results for 2021. With 127% revenue growth, a 51% decrease in operating loss and significant progress in many areas of operations, the quarter ending June 30 continued the company’s trend of strong quarter over quarter growth and provided reason for optimism about the 2nd half of 2021. Here are some of the highlights from the report.
Strong Financial Results Across Multiple Revenue Streams
While the 1st quarter of 2021 was already head and shoulders above the first quarter of 2020, Q2 2021 was remarkably even stronger. With quarterly revenues of $608,000, revenue for the second quarter of 2021 exceeded Q2 2020 revenue by 127%. If that was not impressive enough, total revenue for the first half of 2021 - at nearly $1.2 million - was more than double the $522,000 posted for the first half of 2020.
The bulk of that revenue growth was driven by strong instrument sales, which totaled $337,400, representing a 178% increase over Q2 2020. When combined with Q1, PBI has earned $656,900 from instrument sales for the 1st half of 2021, a 203% increase over the 1st half of 2020.
The next largest contributors to PBI’s impressive revenue growth were BaroFold/Ultra Shear Technology (UST) services and consumable sales, which yielded $136,000 (298% more than Q2 2020) and $43,700 (14% more than Q2 2020) respectively. These sales brought 1st half totals to $142,100 in BaroFold/UST services and $145,700 in consumable sales, both of which represent significant increases over the 1st half of 2021.
On the operating efficiency side, PBI reported $646,300 in operating loss for the 2nd quarter, which reflects a 51% decrease from the $1.3 million in losses reported in Q2 2020. In total, the company reported an operating loss of $1.7 million for the 1st half of 2021 — a 37% decrease from the $2.7 million reported in the 1st half of 2020.
Major Progress Made in PBI’s Aggressive Growth Plan
In addition to strong financial results, PBI also reported meaningful progress across all of its goals for 2021. Perhaps the biggest step forward was the formation of PBI Agrochem, a wholly owned subsidiary that will use PBI’s patented UST platform to develop eco-friendly agricultural products. The newly formed subsidiary has already announced $1 million in orders, much of which is expected to show on PBI’s 3rd quarter results.
To help bring that up to its $2.5 million goal by the end of 2021, PBI has set up warehousing, processing and packaging facilities in the United States. It’s also working to acquire the assets of a global eco-friendly agrochemical supplier, which are expected to generate profitable revenue growth immediately after the deal closes.
The UST platform that PBI Agrochem will use was also awarded 3 new patents in Japan, Australia and China. Results of research on the nanoemulsions produced by the platform showed successful nanoemulsification of astaxanthin, one of the most potent antioxidants in the world. The UST-processed nanoemulsion of the antioxidant is more readily absorbable by the human body than any existing form on the market and can be easily infused into food and beverages for consumers around the world.
Likewise, PBI’s cannabidiol (CBD) nanoemulsion, produced by the same UST platform, exceeded expectations in studies of its 1-year product stability. Poised to become what many would consider to be the 1st truly shelf-stable, water-soluble CBD nanoemulsion on the market, PBI’s revenue growth potential from its CBD nanoemulsion — which can be infused into food, beverages and skincare products — is likely to explode as the company is already in discussions with major food and beverage companies about potential licensing agreements and partnerships.
To top it all off, the company continues to make measurable progress on its path to a NASDAQ or NYSE Up-List.
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