Pressure BioSciences, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 21, 2023 at 05:27 pm EDT
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Pressure BioSciences, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 0.511803 million compared to USD 0.498137 million a year ago. Net loss was USD 6.92 million compared to USD 2.92 million a year ago. Basic loss per share from continuing operations was USD 0.57 compared to USD 0.32 a year ago.
For the six months, revenue was USD 1.25 million compared to USD 0.978137 million a year ago. Net loss was USD 13.78 million compared to USD 7.16 million a year ago. Basic loss per share from continuing operations was USD 1.04 compared to USD 0.8 a year ago.
Pressure BioSciences, Inc. is engaged in providing broadly enabling, high pressure-based solutions for a range of industries, including biotechnology, pharmaceutical, nutraceutical, cosmeceutical, and agrochemical, as well as food and beverage manufacturing. The Company's enabling platform, Pressure Cycling Technology (PCT), utilizes alternating cycles of pressure to control bio-molecular interactions (such as cell lysis and biomolecule extraction) safely and reproducibly. The Company's BaroFold technology platform allows it to enter the bio-pharma contract services and GMP manufacturing equipment sector. It has also developed the scalable and pressure-based UltraShear Technology platform, which allows for the creation of stable nanoemulsions of otherwise immiscible fluids. It also allows for the preparation of homogenized, extended shelf-life or room temperature-stable low-acid liquid foods that cannot be preserved using existing non-thermal technologies.