Pressure BioSciences, Inc. Reports Second Quarter 2008 Financial Results and Provides Busin... ( SOUTH EASTON Mass. Aug. 14 /- Pre...)

Pressure BioSciences, Inc. Reports Second Quarter 2008 Financial Results and Provides Business Update

Date:8/14/2008

SOUTH EASTON, Mass., Aug. 14 /PRNewswire-FirstCall/ -- Pressure BioSciences, Inc. (Nasdaq: PBIO) ("PBI" and the "Company") today announced that total revenue for the second quarter of 2008 was $120,184 compared to $202,127 for the comparable period in the prior year. Revenue from the sale of PCT products and services was $117,698 for the three months ended June 30, 2008 as compared to $136,355 for the prior year period. During the second quarter of 2008, we completed the installation of seven Barocycler instruments at customer locations, as compared to four in the same period of 2007. This decrease in revenue, despite an increase in the number of installations, was primarily due to a shift in the type of instrument installed: three of the seven installations in the second quarter of 2008 were the less expensive NEP2320, whereas all four installations in the second quarter of 2007 were the more expensive NEP3229. Also contributing to the decrease in revenue, despite an increase in the number of installations, was the fact that two of our seven installations in the second quarter of 2008 were completed under short-term rental agreements. These agreements have a minimal impact on current period revenue but provide a revenue stream over the course of the respective agreements in the form of monthly rental payments and purchases of our consumable products.

Edward H. Myles, Senior Vice President of Finance and CFO, said: "Although the seven installations of Pressure Cycling Technology ("PCT") Sample Preparation Systems ("PCT Systems") in the second quarter of 2008 were significantly higher than the four PCT Systems installed in the same period in 2007, we had hoped to have installed more. That being said, we are very encouraged by the fa
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SOURCE Pressure BioSciences, Inc.
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Pressure BioSciences, Inc. Reports Second Quarter 2008 Financial Results and Provides Busin...( SOUTH EASTON Mass. Aug. 14 /- Pre...)