PBIO - Earnings call transcript Q1 2019 | Pressure BioSciences, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Pressure BioSciences First Quarter 2019 Financial Results and Business Update Call. All lines have been placed in a listen-only mode. And the floor will be opened for your questions and comments following the presentation. [Operator Instructions] At this time, it's my pleasure to turn the floor over to Mr. Richard Schumacher. yours. is floor the Sir,

Richard Schumacher

Thanks, Tom. it. Appreciate

this Before to of our start, But forward-looking I to statements first may meaning following and Securities of everybody welcome before Litigation read need I the me within let start, statement. first constitute XXXX. update. The remarks all, business I cautionary of quarter Private the review financial Act Reform

the and which performance, disclaim expressed known forward-looking or involve performance, conditions, unknown or to of any may or on time-to-time our any among release include, statements publicly the statements in change to and reflect change results, revisions factors to Such those in risks, statements. obligation events, different or and Forward-looking company’s other the or with materially expressly the detailed results, undertaking updates cause filings actual forward-looking or any achievements in Securities are any future such from circumstances from company statements be uncertainties, factors others, any expectations implied based. any to by achievements such We Exchange which or Commission.

So, we I Dr. month call a just begin, ago, on to I about that, as mention our had wanted

had. and Young. he could of not be working I on programs us, and -- deals of for he I he a and call, change but had expected obligation had expected to couple his him had on he's a that couple an

that obligation, to is meet the he's So important traveling which very to company.

to the call. with going new knows our working working call, a marketing I But was Chief everyone on last he Officer business and sorry, on is commercial and we're as us. next and not him expect development Commercial on strategies, So, well and have to new sales as our team. with as Brad I'm just Brad, certainly the be

month side, over then -- some talk the the business briefly quarter briefly to operational I'm going the is, first and on we're that to during quarter And updates Q&A. go what occurred So what in then, about going open-up the first since. the of for do the financials and lines and

last today, released and press compared quarter first about results we a the of So it press in and first the quarter financial this talked we to and filed release release XXXX. the separate night

So Platform, places technology first around so many about. -- Ultra Both Shear, of we've the income and many, our revenue, a is patents and $XXX,XXX, down, the XXXX revenue were period This first we have the revenue compares the the XXXX that for XX% bought for is however, decreased. our patents during filed new revenue we're total two December which technologies break very our the you we The same really the high these quarter when generated three that BaroFold platform it biopharma, in was issued in of from $XXX,XXX world our that in developing which which was years, and China that in for to XXXX. generated about, we been a our -- of quarter. also have around high

So total of the these $XXX,XXX had year, we last In in had revenue. a of two. revenue no first we quarter

perform we word particularly can that to me as enhance as from of these we to coming from exciting that learn learn we think procedures that's area haven't as offer. is advertising and getting revenue we're so So, to in biopharma, these really promotion we and we our services, no went much done of yet, develop to $XXX,XXX that new to that mouth we services business the the

with and particular, are for and others we been documents back -- being have working we companies we've in We number are that legal have of passed have us a quarters, coming three to one forth. two

these word dollar to of mouth. Some from are are again companies, excited of coming And in the we're technology. us. these very so coming purchased we it found is multi-billion companies XXXX. companies of late about that this billion heard some They've are and out companies They the $X about

XXX,XXX quarter exciting last where did quarters first satisfying XXX,XXX. exceeded generated XXX,XXX last generate is of we it revenue no three quarter and first revenue also and us we for in to for that but the generate So in the was all us, of the satisfying year, year actually

mentioned we QX, only the number, I in We other were in programs, first sales. decrease generate substantial ago our had the very product in that which believe actually our in and this or our that were time and our so that of consumables, we quarters with disappointed second in although but are instruments So not sales we've combined sales last revenue or where disappointed a year either XX did which were a revenue, the satisfied generating quarter. products is decrease, a amount decreased and in we the services

grant products is the all of and last services, call had first last ended compared end years that decrease. at We in for year XXX,XXX was the if XX% month, overall, quarter there in up same the out a of XXXX, that the XXXX, had and add for that in the the in revenue pointed of which you the revenue. So XXX,XXX is to quarter of had for in call a and four we grant no November also number years

sales grants. fund equity submitting as onto We are to looking We the at grants an to way on great addition think company and are grants. additional

let pay they're area, in in work. lot we a government As an this long of as plan products develop you which for to can services, written or the

great way it. do to a it's So

in end owning property case. up that the also intellectual You

first in were was this the in year. grant first year. of So quarter there no quarter last There XX,XXX of the revenues

a in total but XX% difference the that's still So decrease. terms the revenue, there was of

Dr. was compensation, we hire to did press However, talked option primarily there revenue Operating it related in some two driven It of year, We repricing very but a to non-cash this in was about that increase release. -- stock XX%. and was was our about stock services. relating loss from last significant by also up talked the costs which the

things in, first it and Officer we in public bulk there Commercial came aspects that minor are increased on are the it. up, That's increase, was also major to staff And for back but who Chief first where get was relations that added of but and affected the other also that that, this investor Young, services. our contracted utilization three the were but we quarter, those of entire believe before. the November, can

some for and public that have won’t of We the things on we'll some for cutting with of cost particularly in costs, and we area, going this would we had very increase repricing. reduce investor large first sales or the have course, the that in quarter relations here the -- charge

we So go year, substantially it still per will loss still share, The year the $X.XX, a be it it have on. But decreasing is basic charge, of a was end ago. and $X.XX will less. and to diluted both the will by compared

I'd revenue. more talk our with revenue And our in what to on a services little is particular. revenue and products bit the then So about like I'll follow-up

previous services quarters, of that in over said, same our year. I quarter increased and last XX the revenue XX believe I products our the about As

decrease. believe we reflected this So out that We are things we disappointed. on pointed four

BioSciences with get for the Dr. three from in in running Lawrence. time. joined been XXXX came into go. first Cycling and years and All Pressure Pressure along Tang I The full XXXX, to retirement join Lazarev. me Dr. decided Pentecost Dr. of Dr. has He Lawrence when back with is Pharmaceuticals and the from me the get company two

Dr. So Tang these of our the end three of the still Sales gentlemen time Marketing done have a with Dr. been did job and are He Lazarev Head and have and of for year. Lawrence us. retirement Dr. yeoman's with me job. both a the took terrific number years, entire a was at

December So the that his changes XXXX. some at there's of with occurred of retiring that alone, end

the fall. our We also two are to three the sales for of a most sales salespeople lost six course, month part. cycle And, in

the large salespeople, leave larger company. offered he previous the as did. which So a and basically company to of person following going was lost some with to developing much fall, affect person, them very and salary in work you is this to lost commission. increase very, second mentioned And to when back who calls, that we one, two a genomics quarter, in it's a it We go on brother a in to his decided because I've lose

happy third important. why was it’s thing Brad to Dr. Lawrence. in has sales which he with him lucky The he even fortunate the the North started more board. but get at Dr. development, expertise great and year, Roxana our year on to and very -- end work Young before this discussion director, beginning with business getting a some commercialization with and of we're very -- the is left American And and is also McCloskey and of Lawrence in

individual on in very, we've that's Our new instrument focusing the They're usually terrific very academic not once strategy on users, our which time. been one long resources but a buy they users, doing. --

buying or that opinion time. You nine instruments, might way they're three key we've particular or at the two the ago years biopharma in get for three that that The there one. one several companies they quality But very developing instrumentation academic important companies had a leaders that last years characterization to are instrument and of the control use They're us. and and two where one users two learned our instruments in users. years that ago multiple are a drugs can bought of our has some consumables and over only have company

begin to well. There'll the with long-term relationships and it's So strategy well. efficient the it's on growth going lucrative think is believe in pains. these biopharmaceutical growing We and more some change be to companies focus going we

quarter, BaroFold coming we going be These a issued other related -- is are purchased Technology, because in and two instruments in the UST And our we area half the instrument. strategic that growth platform. ago, area protein run, one and pains help sale areas, the the focus from fourth year the along disaggregation. BaroFold company we also XX long rather in happen. more But to believe eight than Ultra in our area the felt the could patents; contract the clearly Sheer the refolding on services our that that new some to in to and put we one think it's I first with things the wanted that of company and

wanted we focus to the with are and returns started gratified to So, to-date. I believe we and we certainly focus

zero able generate of a with we was focus quarter revenue, which amount very previous that mind, large So to in in the same were year.

and it So, convergence two We're rectify in areas, disappointing. growth generating to working of working of but factors these that new is we're of sales a instruments QX. in the lot sales loss But not unfortunately, make able that all certainly the through on happened of we're all this to kind it. up and and

We looking interview for new are sales reps. interviewing,

well and difficult one our trick pony, had knock bad to wood, quarter if looking about right itself year. be it's is would bad, at would out -- it platform, or It's a strategic of enhancing and program, we that, biopharma bad What pretty I a to technology were it that it companies quarter of much new haven't and only if the had be the now. liked are selling more start on doing enhanced cycling quite We I we and the a program show selling a we'd pressure we'd we technology think end really to think get is line will the it before but hole. this had although, only

we Now, intertwined that are and three different very lines, different. are yet can groups, well quite platforms very three revenue, have generate that different three distinct

clip. all here these working all So, in Pressure everybody of a company I'm -- my that. is when and very And three revenue all get at to platforms, very generating at Bio good a sync. generating all of are this Imagine excited revenue goal goal on all

future. So, the that's what's exciting for us in

bring two doing. fixing I the goal we now about hard focusing first these thing our some to lot is other of bring I'd that learned quarter. like new efforts very to can in is do salespeople. some talk think generate what probably We're to continue areas area. We've our to So, we're the issues. in revenue and know working that of we're And on We're a from

continue orders or even our from this to from academics, instruments even time, maybe one road, right So, will companies biopharmaceutical getting and two, are the doing not companies. believe, maybe down telling get three, orders we're with that we but for but five, year the we maybe second the at double-digit. change for the We're this biopharma in going quarter. Everything that made to focus one more in us this go strategy decision we after still is mind,

So, that we'll strategy. continue

of They own these went about that to of so questions release is in then you talk the The it so some lot quarter, a the press want I want Most other for listed if and up first to of more, thing during quarter. I our out, mention of briefly learn press website. successes release open to the won't to time. spend the had please their go were

you any call call You be take can look releases, to me, press if can to at questions, free feel Brad, you calls. the happy phone your have always we’d

mix well. the answers So these with an CBD the glaring in technology very glowing of about believe We plant oil need, as several oil, -- our before Shear we've we're it a dealing talked a and don't need of new method Ultra this CBD platform. out in that comes water field.

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their that -- Steinbeis working talked pressure we're one's really disease optimize so literature, that’s with can isn't the announced amazing collaboration our revolutionary incorporated the and doing we a Germany. is develop something and to with lot can that the antibody, also a we been center work. the fighting level Barocycler very collaboration a but instrument, very, some that that's we have something We Centre the This work they've excited very to and they in our no And technology eloquent method cycling with that Steinbeis them about the in believe done about believe do, in Centre.

cannabis about also We nutraceutical knowing company. It's CBD when to with collaboration have all particularly company. not you're and a a tough cannabis a

that's small a in So midst we have terrific company the it. right of

they think about us last found excited came sales to them announced, million in nanoemulsions million they when to to out a months $X make collaboration. our I about year. working We're ever with ability $X since. ago, did couple we've they that They been and

how XXXX. key way opinion were leaders help a key non opinion leaders published XX getting sales, number technology also a publications from and that to that it well helped who announced one of and papers, from is talk them. during peer about We over our our there record increase This journal reviewed is were

the inexpensively. so think the iceberg. So tip then, the this beginning, our And the results seen on some proverbial We We of very of services. we contract biopharma, technology -- started it's you've bought to the and far. focus

still things our the the had Our like the now a got the we of I December. good about believe the million call with We that company they a IP conference their and on other own -- it's on BaroFold. on deal previous great about website, owners very some $XX that into of talked technology. in put We the BaroFold shareholders things this.

global $XXX So billion an estimated this gets into us market.

advertising, some we're with very very significant we four quarters, we're just quarter the doing last were -- revenue there over what the and able and that last first minimal So with optimization, about think quarters to we it's the three generate minimal this beginning. that year excited excited year, and

want now open to I So up. it

Tom, I'd sure So you're for I'm some it our Q&A. And like guests questions. to have up if there, some open

Operator

now your And gentlemen, [Operator open questions. for ladies and is the floor Instructions]

Richard Schumacher

sure Tom. some. be I'm there question No, yet. will So

you So, well? me can hear

Operator

Yes, I can you. hear

Richard Schumacher

Okay. Good.

come three I an they this are which had And have. will sent on questions e-mail was normally They I do, to comes thinking kind call, on believe asked someone others today I call. couldn't answer So enough since if by be who would them, I that questions. any the but about they

name she I'm is and seen So before. her to -- a I've going stockholder

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going of dozen Lawrence, able as with to voluntarily, to say. a our stepped known start wanted a press R&D, they hire said kind he's that down always Head of because Lazarus Started had I Dr. was the that Dr. I'm to when Nate much -- asset Sasha he a as terrific job. as could be flesh we're as tremendous So, us later he been did and with Nate a years, Lawrence. tremendous realized for not

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a back I'm XX my came not is step in my One enough. wife July; two-week down. say said son, vacation in intention and would and my vacation two-week down. I I My first years. week As stepping from is daughter to but

then doing bring a new I new have August. You weeks, some it's But give, barely some -- ways still to years start back, two want to began think, bring of to ideas, in rather but to I'd disappear. lot in new some I don't things. be blood, time should this relax I and before. which and old going realize I you're maybe done think this a I I'll lot to that XX have

process So was goal, I'll And consultant want July, decision. how feel I'd stepped you minimum certainly CEO. I've gained this was to back, which as I of and is and once the would of I'm And a that with Board. down needed, be very my of I year. the with a that think I the my remain something a transition came expectation when years. it's I the for my But it the can, be I discussed -- Board. knowledge about. best capacity decision lot Brad. long to have help with which a as a We right discussed step I'll the this My The I've I in long everybody able is as strongly last goal assume as give. still I've It determination over started down. I

Our Board strongly feels about. very

hired. new want don't one the that a of see in, and that left a CEO been You CEO company, a to has wake-up headline a has you're stakeholder day and

I to decisions. stays the what's for wanted right this I was to this time, four had some show over it worth. leadership amount stakeholders we some will time have – don't So with be everybody with gives then, that yet of after We see that, that, the enough months, on, because make transition hope of will shown. its next going that And really is chance hoping think, this us the itself. transition. a show really And a the company is I'm that thought worth to has

offered is not Brad that, in Board the of Brad. the the now said expectation of that been -- the is we that choice My release, press to talking is as takes the time. has Brad Board. So job.

and So Board Dr. the

that remains and blood for during He was the And phenomenal believe new absolutely it's Chairman's a He the -- keep Jeff made doing some phenomenal believe is and is Chief my person. Commercial Brad we pick. doing. I was that clear He our I CEO. as time he this I've remain Peterson, CCO, time top. at Officer, I talking pick. jobs are we're -- Young it's it But

when I make do we're job. to until be it we own doing and positions transition have can everything have done, our work. we so of lot everything that said, work a Brad's as just September this can we So, to to get But all comes, then,

email, of So, I on somebody questions I've hope, going some which the ask. that came was answered the maybe to

there's any So, questions. other see Tom, let's if

Operator

have couple questions from that our Geoffrey Asset a of question Management. Scott [Operator take do We'll We come sir. through, Scott Instructions] first with have

Geoffrey Scott

How Rick. you? are afternoon Good

Richard Schumacher

hear to good Geoff, Hey from you.

Geoffrey Scott

Good.

You said of use one purchased quarter? of machines. for the pharmas had during the nine big rate bio What their was consumables run

Richard Schumacher

of been those they've is Geoff, that I installed you. so it's you Joe growing last don't CFO, can the large multi very Most I can you to good have years. starting tell get done be were for happy get year owned This in it very not have increasing. two would used. here. them assure I'm happy -- We've there. and nine of methodically, use them that multinational have of and in a has most thing, for me. I'd by you I of that but and one large started everything last trained is I write over are been and very either. because their purchased to I'd it's that and can that a note we've don't be I think to terms And company not be of front is it a

Geoffrey Scott

call, us progress. their Maybe for be useful track would the a next kind for to metric it of

Richard Schumacher

I'll do do that. I'll that.

Geoffrey Scott

we're have lot metrics The income. because to of of machines changed from not numbers a going service

the calendar total out us? go XXXX for estimate and limb you a would on So, revenue

Richard Schumacher

No, I'd revenue, million, had of a X.X would that can't X.X years consecutive five -- be -- you have can we people. you We're than a to with to to that. model minute not products X back revenue the from like million, in going see We'd thing go increases things greater services. about one that. is I want that and much that. like not do by know Geoff. tell up. be said want shot lot you I September of have to been X.X million increased correct startling to that. to million happy we've do I I moved revenue I I'd

do tell we part will fully year, from of bad And the company. is So, service I company you We we what bad a that is to reason added quarter quarter though I gone our first from services. a exceed We've a this the that product a in company still in not XXX,XXX products. We fully quarter our a year. its have this last exceed gone quarter company expect fell products. product to in short. year expect can had a to haven't the second even

which to year-after-year, have, to back it we go increasing back expected quarter will continue what expect after and I expect years that quarter, to was, where products at sold. there be significantly. previous I I services was very Looking will sometimes And that go

sales excited on maybe, because do -- were products to we that's math. we're continue I'm services, we product slightly replacing or are can add our can can So you with if we where with and go much services augmenting better. the doing be we're of not to we're level back products where now we going in and a If services higher

Geoffrey Scott

you. Thank Okay.

Richard Schumacher

So please think of now, Geoff. as both us

Geoffrey Scott

it. do We'll Okay.

Richard Schumacher

company. company. a into We're products invested services and now products a You

Geoffrey Scott

I the luck, wish you Rick. best of

Richard Schumacher

I know you do. I appreciate it Thank you. Geoff.

Operator

Joel Griswold we'll Investor. [ph], And Private next go to

Unidentified Analyst

company we done everything Dr. to competitors I me the you you, as solubility allows Thank that versus leadership It right for to in so I'm have now of basically competitive technology get clean we're you've appreciate metal some of company. Schumacher. basically who have that out technology. just advantage doing and the biggest what value the of our and seems for the is in add your bits that to pointed press, achieve aware cases that public out becomes this that solubility. chemicals or in the as to wondering a news

companies really maybe and amongst difference and that CBD some companies that's are the and be maker there? think the out could probably biopharmas, the increase I will demand the beverage

Richard Schumacher

excellent Joel, it's question. an

the things did One is we Dr. of

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the got So it's the get We exciting. word out. word to We've need out. get to

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the the contacts contracts. make got to they and get You

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you or list everything because I of is Coast. people West them be which and going can it called they're I tomorrow, so, of on And back on assure me XX this -- my yesterday even couldn't month, from first today. But that with -- queue. call today, call they’re called have if maybe I couldn't of the -- those the them two they'll tonight,

what that's We've people let BioSciences. Pressure that to doing. know we're got So

very a of field. in the good name have sciences No biotech, biopharma, one's us life We in heard cannabis the ever field.

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Unidentified Analyst

Thank you.

Operator

additional or [Operator Schumacher, closing back no at Instructions] over this you there are time. the remarks. further call questions turn any for Mr. like I'd to to

Richard Schumacher

everybody, I it's day. I close. home always Sure. a I'll first at just because thank know want after minute take it's about long go to a to time to X:XX or busy

it. apologize for appreciate Dr. us. appreciate. again joining for We I I thanks really So really

to talk if why is what work partnerships, on he's to join, exactly what to on, deals. he's the on companies, to you doing but able being would not And say, working he's call, that's you strategic so -- he to we doing. Young him knew, hired develop

that pretty so usually on in birthday. believe will have, but it's the or the call the we my middle -- next -- my birthday call either he'll August, I certain be And I'm of which on actually son's be

of lot There's a of right lot So things things. good in a there's on going conclusion, now.

is and with that's guys technology this I three and one previous I'm again, and fond and the know, or difference we in the has just of say the platform. any as previous can think have, still I'll in of three at company beverage the a one it pulled As their companies Shear food food. problem cannabis, industry we were CEO industry. is working broad-based. choose market satisfy of we clearly, need is their there's into the good cannabis saying and as lot that and looking publicly-traded fix have -- The combined to President need. the need the cap a Ultra there. started the you We're People It the food, been billion. believe, what cash the of in be because to four a this of But It's I've we $X had ability have this

nice I be thing maybe my the career, which four next a think, before So four months of might down. to exciting months would most be the I happen step

and had and think The retiring, here. take I I've make ready other calls planning is I'm move. not phone because on next down, emails, I to of I sure thing want am and besides the really this is nurtured, staying it's my a been nurtured family, It's multiple of, the to stepping love am This my love I life.

Dr. I under it can think do it

the to this offer now, I'm in least somebody to right But my year, I'm that's to is let sidelines. life. going at at else advice and not if company. the anywhere. step going a point run longer thing going go Young. to am But going And back. I'm where I I my be important be not I should the for there my on experience to hope

I middle joining thanks So us of everybody for the Thanks. in again August. forward joining. look to

Operator

participation. Thank We teleconference. you. Ladies your and you thank gentlemen, this does conclude today's for

great day. And time. this at lines your disconnect may You have a

Pressure BioSciences (PBIO) 16 May 192019 Q1 Earnings call transcript