Pressure BioSciences (PBIO) 16 May 232023 Q1 Earnings call transcript

Greetings, and welcome to Pressure BioSciences Q1 2023 Investor Call and Business Updates. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Richard Schumacher, President and CEO on Pressure BioSciences.

You may begin.

Thank you, Paul, and welcome, everybody. It seems like we just did this. First Review PBI update. the to Quarter business Financial Welcome

meaning to always, cautionary constitute Before Securities the as of need Reform forward-looking the read Act Litigation within may we begin, remarks I a XXXX. Private following statement. statements of The

involve to risks, uncertainties forward-looking known performance from future be may materially factors, and achievements or or unknown results, or results, such actual different statements. the performance and implied achievements of statements other which Forward-looking cause the by expressed company any

forward-looking factors filings and statement from any the We the based. Such or release others, events, to time any to detailed conditions disclaim reflect our to or on change include, updates any change any those with among which statements in publicly or time in in circumstances obligation expressly Exchange company's revisions were such or undertaking statements Securities expectations to the in or Commission. any

to John review welcome Sales. financial back the is First, of and Director John I'm company's Hollister. pleased Marketing to update, business and the

in past of remember, can Welcome, cannabis companies one pharma dream John several an starting on entrepreneur including has also John. the I about and the might many also worked He first in publicly of you companies. with is traded budgets, himself As sometimes. big only cannabis,

it. happy Rick. to I'm And Thanks, Appreciate be here today.

of for open as to handful some to questions Afterwards, from part brief as time everybody joined we're as the going XXXX quarter XXXX us. of today. that of take highlight discussion first some first the to from we'll successes of us that's today's have for year answer a fiscal during business year-to-date of Then the sent calls rest to we're update. some a to also lines in find our But been meeting, we're results. XXXX of a general with So goals and we well the going start going quarter the achieved the

happy first There -- go good a for to of briefly the There on. basis. some of the with financial of was we're first through the the first It financial very to quarter I'm and you compared are to quarter improve things. quarter. first We're need the operational So going review lot pleased both are with most quarter. and But certainly the part, XXXX. things

right first We It's The try did direction. almost but put XXX,XXX. was $XXX,XXX first sales to $XXX,XXX the going had revenue. certainly board. is some by quarter a broken the it's goal to you When our XXX,XXX, This we've step is the that across that zeros terrific not in -- -- quarter. to We quarter we increase that's it the in in ever about a on think need right a the certainly revenue direction quarter. for

million more or $X revenue our is That X have at to this than is greater in is month to goal next $X year, our is year. Our least in goal with quarter revenue. quarters every X goal. million have And

to little pretty stoked a Ultra that succeed we're I'm even in Ultra because -- begin going in Ultra And than about is are that stuck was means expectation more understatement today bit, and an what I'll our So we that, in to to have reach week ago, doing with. we're what is that's talk what Shear going I'm ] succeed to primarily [ we're and I to and Shear. doing. a commercializing about that Shear but

super majority the the positively majority, to years had something. we company to But direction -- for doing we're of the Ultra ago we X.X I've is right the right happy that a week So that me working saying going be what me into that past made interactions on absolutely number pivot a over Shear. more tell in vast about decision majority are

haven't where and the to other go certainly get want platform We the X will going faster us to that's up the platforms, on other to is the revenue X we X, than Shear follow. other Ultra and but given with more

to right to now, But out that release. So in about I'd in is a spelled talk about briefly, little going talk the was we're bit. like everything press just what

Of in course, of lost lot the it's of it's pages a but queue, in XX stuff.

XXX,XXX were for QX an was revenue over up 'XX. $XXX,XXX, to for So Instrument which XX,XXX XX% total XXX. was year. sales sales $XXX,XXX XX,XXX last XX% up from were Consumable from XX,XXX. of sales up thank the from XX% goodness first of increase the were about quarter Agrochem

as sell from XX% The first quarter good a is second to up year. last is the quarter these products,

warrant expense due The $X.XX very we stock $X.X million sure to million when did operating equity-based given, there as about may million debt Operating and some for and and it's out lately, same compared operating $X for I'm and haven't and are another $X.XX loss loss was million increase questions some X.X we groups compensation was explanation, not put quarter to if we was issuances service options be all other much noncash $X.X loss years. items. X last been is primarily pretty awards the that. This One stock to do, there, much for professional year. done million holders the was which

to noncash. black to is use again, we options value hit. stock have a This shoes to take have the We

we used XXX,XXX. quarter In our quarter also that down the So items, from in in of significant it sales. this back the of 'XX, last first you decreased the was operating operations with as the quarter in if we first year and And an the we million loss first increase should, cash first used $X.X actually substantially. in XXXX, out noncash $XXX,XXX used had in was quarter

what So we're heading quarter leading Ultra the Basic per expect on. from was $X.XX. loss and direction in the to the Shear the with across the we board charge of is right and that share diluted exception be second

holders quarter and needed We the today, cash issuances we to initiatives. release let Ultra is should We stock that need development just word to we to know cash we investors the quarter what out. we've financing critical We get that of Shear pivoted. focus need know issued first believe that that certain to let efforts we've people done be We these relations press into-- we're very the we majority call said by proceed have need we what putting we corporate 'XX. reduced reflects So management believe believe the doing. Shear this disciplined we've of onetime first to investors understand in our the management through that doing during and in -- with our XX% net what of firms and Ultra on and and to commercialization investor assist have we the the burn of and to vast as we 'XX, $XXX,XXX

to mainly bring horizon of Ultra Shear relations money cash additional that in spent to try in limited we and often cash is investor bring we needed and So expand the stock here. to to

number very that, them we And for quarter, recognize to are options So of of need X.X to importance say options everybody. because gave the place years. hate for keep what to incentive use the to here. first in that it get stock of aware I some stock we Also and things in time, the of a are out the cash of needed we options and people We that we do. we've in to

retention a very high have rate. We

technology. not have past we the lost we have do to but the we them of in of and give have other also a mention have XX that in the happy so We need XX the majority And extremely enough. the should our staff dedicated that that I done market. And our vast company. competition. we've of that, follow high, lot very here #X We're we area of very in for retention suit. they're and companies, do and members. staff, vast options, biotech that to years. world. the options people we of And to when gave The above And to dedicated majority we have gave the they They're shareholders, say is very been They're I'm dedicated to the much the rate to because and

So going $X.XX, do above stock when market. market in range the the options, now was and but at to they're we gave them Board were we well above the $X.XXX decided

out John -- from and personnel. our do following frontline some in-house of of them is He's of a pursuing guy. out out prohibitive. that's He's guy leads. lot deeply people And of on things and of a of We the some charge do pursuing of John make the the But afford with sales the cost our do things in do send of also them Ultra all all house. touch ourselves. make orders to up the The that many Shear. a have So to we taking because number the is interest you is of we be John consumables involved We the would there. instruments. can't

hard commend I in first John for quarter done the so a fashion. And record his for getting work

$XXX,XXX. a that and up about And which the this like added you'd John, to do bit the business current we business current little that if and to talk remarkable

we turn a figures X As to the before I want in said, into quarter. year that out is

their in community about share a typically what some to trying agreements, to bit signals been that out as environment, more least devices. grants commitments a keep finally uptick has seeing What bit operating, continued authorized research mileage some And in Sure, older is enjoy happening, which the by it. while been as the by detail in in more university and environment. we in we well their see is very to get enjoy encouraging uptick that little And definitely of the a working is have significant has reflected little the a which been to as and from marketplace service companies Rick. units being opportunity I've funded the older corporate reflection purchases at they're

we and across very trigger We're our products as the saw hub instruments finally all that actually well own systems, Barocycler constant is And pulling the on of buying products as people distribute and for strong change which be optimistic will platforms. seeing that our we have of quarter say to to be trade to I the also first pretty that in But trends. get meetings. a this continuing to and appear decided I continue few the in sales about

X Obviously, getting cycling to months, person we so last whether exposed X in The sales. also our COVID the USD. from extending the technologies, getting our Shear to we've extends in Ultra attending pharmaceutical that, started even And the had to fabulous, only during itself the and areas interest meetings, or it's in we're with customers. in areas, absolutely been it's the now side. out nutraceutical the has fact, and name cosmeceutical pressure to cannabis in of or And but And this beginnings and back we that's reception in customers. potential doing to reflecting not the weren't pull ourselves time,

all the in what at for wanting really, and the are talked Shear. to we So have finding learn more and the about it person actually by improvement much interest potential expectations makes People are for Ultra coming firsthand. stability, of We're they just shocked about us better sectors that a clarity a to seeing different us and bioavailability. meetings

I'll to extend deal. that, to with Rick back this pass So it

Thanks, John.

So wonderful on to news going end. better. get got It's better. financial the It's to get

get last a $X.X better. to this quarter But will year. we enough. say is thousand we again, when was time more couple of a it it's goal million. be XXX, not it good great I that than good broke it's And again, what quarter hundred And to pretty Our were

of Modesto that-- clear like that $X to first that and every for million quite this be at break the start month year, goal last want the to the very year, the have of goal the quarter, I'd be And in we frankly, quarter, be with And to half to at year, our our off least. a is [ to $X quarter we're not least goal be year, million, second next not of to X so for is quarter trying it ]. our

again. of And lot we has technology can over the believe a to We proven And that We technology believe have we people have that out there. and are we goals. believe it. starting believe been the do So over they're realistic.

finding going I'm a reception. I coming said, great about bit go when a talk we're highlights. little over it up John and As to these

press this that worked had had you we lungs if XX, our or it X, of on we follow ingestible, want a and to edible, group, press XX, you're announced to as to and California to some January consumer-focused and all, anxious XX going pretty want May release group in and if and you that on a on of a biggest was a able of hit can on prototype THC or at generally insult an immediate once and not the an that you and they on wait even dummy is and another volunteers, then take using for that getting both produce these accepted itself we get Ravioli a instrument vape with minutes where about second XX was a it have sorry But feeling get as people or can it one effects. all or take later First a because whatever your they're release to brought we tincture they had, it's THC to bit sure. for That's small third of or bit up on another for using inedible is end that. problems of XX you in or in and portable and so this smoke group

THC it's anxiety, people if So which your besides have or reduce or edible, sleep high, help for curb an if to taking use problem through it many just that you're wait. you you you're your take a to to appetite going getting it that

And you to reduce me Rick. so told the got window somebody

you product. terrific a If window, you've got the reduce can

went told, we that the so XX to minutes to hour an out from take XX window. it down I and remarkable. And to minutes was be would reduce

which X the able Well, XX releases, colleagues out about on or high our found we we generally minutes that were And to of in to press about worked time, actually where average in They a again, probably heavy X, most the able and effect X the and heavy which of from are you percentage is users only XX were And users make we minutes, and Monterey. were it most -- and that that that my knee. or May in minutes. up X was they feel know groups, the starting XX got we to and the use California, was in users under was the they same able really know general joints tried THC was and handful, XX the there put this very didn't, I X much a our had counting did. I more what THC to study second back were but they a probably And But topically back. [indiscernible] as mean and in equals were said, about to get able people, both exciting. were or here. worked. reaction. had a X I it came I the my was and But inflammation that what exciting worked. arthritis of XX, my had fingers really smaller reading that

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last when for happen. of exciting things both these me So Friday day

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very the in last so we've discussions Office be said are before, here. May plan can plan X of that in, about we're to we're had month make alleviate handful still only during the CBD about away here excellent talked I people And working and have, we as issues this we month we're and in our in a that's we to -- plan, we We've a which that group miles the to to we in move that have of the move with time that material May, with potential. problems of Park much so able

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fresh individuals website. contracts So tens and of vials first need that "I of vials, thousands I of to believe But million had we've which that's over $X.X vials." PBI-Agrochem, made and need XXX-something going first, this a when to in I'm contract. site the that the to everybody that we the move say in forward. are in we is we've facility. their and come be We We've sales thousands we year. have is to received That's interested say, to happy fulfilled end hundreds momentum a a by contract run from putting new great. pilot done. of that month They're us. and the this They're will during They're on new expecting first a XXX these But made. in by labeled, vials. It's already Maryland week, going being contracts talked we're

next the So Nano-CBD Shear Ultra week, ears open. that this first keep eyes will and process available. by time be expecting I'm

ready dozen it a next in We'll We I will this week, from will material? believe once sent this I've available Maryland, name to. probably time the the been by is website site [indiscernible], and And phone X to out that website. do news had is from I've hasn't get but sample latest people be it How available? next it to and that number to go. we the the set and links now, everybody the the I put the up from will company. get certainly out week, Where and saying this calls give available and

balance million uplift called that our into of about we'll way. up developing and pressure excited fall is from this other later wanted remind order equity. exchange debt and his had and XX cycling World preferred sports the agreed have the to try with and more debt, company I'll talked rights or he One help He that some which large very do largest to that. to investors as and and on get single We're performance very up into clean everybody our discussions asking Products, a China investor over So ready sheet fall. drink to to we the stock ready for recovery a this about in We same an a updates we $XX lead technology them, soon. for instruments, gave great

I things a over leading those just mentioned full over And bioavailability a to to that that several university, before it's a we this had to that-- do add it it turn it that are little I'd upset we get out. then at a see we long data professor to John wonderful I'll out what add waiting. have he we think want a add we like said or were academic get wants researcher, we anything study. because taken to times if let we've a turn before is I've of couple mentioned several-- and questions. But

we're good, a that this are hopeful will very We important have But to published published we reason it the data everything and at peer-reviewed have weeks. we're to the journal, can. doing point the and believe that in in it's quite be data coming

this I at And Exchange weeks. them that I couple like met will journal still believe I before, to tomorrow. of but ago, online uplift lot. a this said New an the with York I went that X and have it in Stock that New coming published be broker-dealer bankers York great a to year. a peer Nasdaq another weeks had later I call journal in review reason fairer we're targeting on time, the more an I've to

a So this board exchange. of any on company on still listed we're national with

You turn mic. have it add? want you any we don't give you don't you have, to over before questions, the if to to but anything John,

us. I'm I investors questions forward think for for looking No, have to what hearing

I'm looking hearing to of not. are all them But forward them, Well, maybe take questions. some we'll but some of

back could think So up we you bring opening and Paul, on lines some if the for about questions.

Thomas investor. today a first Instructions] And private [Operator coming is from question Ellison, the

have I'm a had tough your confused said question. tolling contracts. you you [ bit $X conference a I during call, November million-plus contracts, X basically ]

could you and since of can't show for per you hours. large in mentioned to a You your tolling local the revenue. be show week That soon batches are only up batch. produce facility basically I'll a $X my months. Why machine million at round X idle revenue eyes, will in new $XXX has tolling you Tier or ago, In now was XX you X weeks there. been soon around

Tough for were machine. the if one not be before, and you did this sure willing fiscal I'm local Our we of answer a need one on that to question, call good to the but Tom, I some year. answer.

about you're million that I a quarter. did. saying But just I'm talking $X

You threw would there out said $X million, follow-on. be and you

there be, When made... I will And Tom.

is crazy. $XX,XXX

that the limits that to expecting can ago, office again, system. -- We facility of we able that before, now water happened. So machine. amount could into one ago. warehouse state year a an regulation moved on started the that older the septic that were downstairs into is to do and I'll I Number is put downstairs. and things said Two an what renovated a We renovations into a has XX years we we this the generate working there be say shear park

what the and that So be be we most Friday, will available and XXX do that will kind shipped is week. for did vials we of next can has the by done,

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one taxes. been of -- -- is state those of payment contracts Colorado, last couple now of those lack has working of of contract of million one sanctioned that payment months the on. One came million who for $X.X from And the gentleman his a we're to by in in or the X.X

in And longer have because unfortunately, we so business. he's them to no replace

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or not. about And whether us. to will If -- not to talk if CBD use samples about with they're be it they the or do, going you expect we with they the talk continue

agreement -- contract for would there $X.X was be an million time, contract what for the for at the So that. in a a

is is turned working our will have be [ on ] him. guy a fourth also a he contract a as in also And ticket gentleman Westlake, we're soon We and signed, that's and who as his guru who we behalf, John think expect of, world named cannabis, is a we working the on for who on.

to know These Tom. I don't have hear $X.X this million found aren't excuses. are things contract. working want that you We're These So happened. additional them. We past

I potential replace going think, pretty #X, in in here a have and contract Colorado, genuine a we're to the right Massachusetts, We from quickly. gentleman

now, Now that should that XX in. now, be days from running from a we have days and up facility we XX

I they sample potentially done million theory, Why you when can't But they be is know mentioned have XXth. in Well, want due by which contracts. $X quantities. million, of you quarter, this end $X.X just the

done going I point in them are million never of going the space, contract. a these are none $X.X nobody's -- be if to brand-new Well, X were of even I said take to

You test you drive drive it. before car the

or him down got online. couple will bringing them next So test said, a XXX in a He gentleman Rick, we the to of sell they made out Maryland is door. out them, He's he down weeks, and in of we believe with-- sets sure. be its not and matter driving-- vials, couple of we're the I've labels. driving them available sell will shipping I told weeks. that he if I a We're in

The next one. first the want I Now pilot. the pilot next is XXx

he's down, XXX, a vial if getting shipments then bring he's might the and and XXX I myself first So one, one got coming. second

that weeks. we'll first in vial, we'll second I June. start a out selling of I believe one, think be working next I he'll think of on start that making which He'll one X,XXX the in and sell couple the is

a So new here, facility. can Tom, in maybe it new can but do do it in couldn't we facility. a that we do X,XXX, X,XXX I

X,XXX the shipped $X.X a we maybe So year. that million for June, in is

about year I only though would However, before good the months. that this thing will be shipped X even believe very out, possibility it's be that is that whole a

Well, samples to issue. Well, by the customers a you I them the then versus it's -- just... before a it's yes, give throttled have But know so factor. really samples, the sample customer seeing good you I'll second slowing process large hear

too, for Thank Tom. the pilots

contract they're those has XX been like no-preservative, right or them XX,XXX and or talking those. over plant-based, in And nothing per the doesn't something to to sell of mill paying to because John? to for the exist number take is send don't vials he never excited John This This now aware aware I'm and tried CVD very I'll all that So out it. this of turn They it the about product. when a just of, XXX, There people about world I'm want to is for on X,XXX lines John samples that people. they front product them they're is of. to a that XX,XXX we mid an and feedback this is I'm we paying this on get, that world XXX in brand-new it. pay

large-scale in the from on And Tom, year, for great production I'm and our systems take. of you've heard of a very that necessary couldn't question. went the into of production it's that. big disappointing be cooling projection production, contracts but just out million lots, that's are glad in the over to into of those volumes rolling level for subjecting obviously, actually and which builds we learning course announcement a terms that large even that going are small the Rick it year that reflect the $X.X

CBD their reduce or products, So whether do putting just they it all they're of we've in they're Las and and were from for had pivot the of per one samples dose, they're bioavailability, with higher products can clarity of and us this essential by that. I've people goods terms so get back one investigating just of endless ways our different for for which enthusiasm. just week, us, products, cost just last because after startled into a Vegas was costs beverages another, the other looking sorts gotten to to from literally, in oils meeting seeking from

one She pain a And and to within a product that here had studies remarkable. uncomfortable. then really woman almost able was he put that people skeptic an keep use very received and around, very, had who from how excited had Rick she somebody topical And to knee the walk about there report yesterday, who And walking from of THC wanted she older knee he and a reported really her I participated to in said to mentioned. had just had report he particular minutes, that on say is this call that the that the to learning who been been was was about disability he wanted calling this.

number that near will to able of the in of the discussing. X have confident overlay to different we term Rick report on will I'm was So that a be contracts top that

exit this of other layer year So towards the on and the will build top each XXXX. and these entry of into all

to back it over Rick. I'll So with that, turn

The coming PlumTree Instructions] is Gary from [Operator next Consulting. question Zwetchkenbaum from

you quarter quarter, if is earned that in, wanted over mentioned reduced the see cash I which half million. the gentlemen. increase. X to looking a Rick, I XX% noticed was quarter were by the Congratulations, you're figures, per for focus-- XX%. for $XXX,XXX could $X we you that said

selling of you I'm side sales XXX, mistaken, we conversations was we in you inventory where area, I'd the about $XXX,XXX. in what think I million money was $XXX,XXX, can of on we guys, if worth. we you help input burn disciplined wanted or management. a might the talk the And had not that's in reflective sitting to than like of you're could that And to John, that's inventory at looks If And John, could do on $XXX of Agrochem. particular, were did -- that, a me, not for little the only John, on happening had It have an I'm cash wanted lot you it. currently I just quarter. if for if I in and over about $XXX,XXX be one we with Could our $X.X ask it. you appreciate mistaken, rest year, over XXX,XXX it what's get to understanding are phenomenal. more give previous XXX,XXX but So revenue. me

distributors this affected think where in sold the we last materials which is year, new the and became drought, were as like I Joaquin was was by drew for very as looking in And conservative, So stopped impacted, were back materials. Valley San very They the and gets California needed, the historically Joaquin which everybody limited. particularly volume. Valley, knows, they buying -- materials San deeply great which they

inventory the kind the it kind the of than A the blessing, The a live the One quite Of line the that, seasons. from person -- for Valley. Joaquin you is we've has are We nothing reports the sales said return water is having Joaquin opposite annual business. have San a takes then his reestablish. for little paid And of in if end to got lot to will, is places There's has in and He I the of for But And of some interesting that underwater an I that our effect. in saturated. see more our is hearing positive not in growing a rebuilding products in the of primary them. been up uptake. that for sitting Valley heart encouraged an so San certainly having hoping of it We're all. that while, a this the Reno actually But in course, of continue like a who warehouse champion with us best market California opposite pull person to product are incredible we're are that in we we're had too am it. initial beginning comments. market area in we lot XX% which we the the is lot material.

publicly, more don't your of forecast have next from exactly we've going positive the stated to I point, think Agrochem definitely we course to looking I we to are side results because so quarters. look And contributions think to more that. that should these what is anything but not from X I'm some over

to ask that is $XXX,XXX have? that we're prices months the sold we've it you isn't months, of at already paying, or talking have. X can months, that -- or of give inventory we whether full me if If that amount the you a $XXX,XXX took more already I this mentioned wanted this bit the paid about, X current X inventory we for, quite we're inventory we than

Yes.

the that than that terms of or of in in range that certainly, of material. higher value So full even a sales little

That's great.

might California, couldn't -- talk in person go you there go licensed you or has about a and sold sell there to can't to -- person. It couldn't be it. John, you I a But from licensed

Yes.

technical term a the is PCA. So

the different people actually sell and people which It to farmers. are the So authorized state licensed also trained categories, But to covers sell people only are are pesticide these. who covers the herbicides. these products, these of all by licensed are professionally can sorts -- to

saying So you for in material what regs appropriate in to the that they're exist many and use, is the and agribusiness [ the essence, is rules world. safe this all ] is given material

it's I but with on familiar something much a out grew couldn't actually sell materials. as this, up farm, I go I So these as so run can't very I'm

do who You actually have to people have that. licensed

was the you've making his the I'm for person responsible mistaken, sale he met XXX,XXX. of if in not and John, But with gentleman,

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we when they're direction. the but you lastly right the sales, look We So goals tell it achievable, our will at these back in world think achievable. and whole we're they're are think moving

at There were to questions no for I'd time. other to like back the remarks. you now this call closing hand

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This conference. you. today's concludes Thank

You at participation. you your Thank for time. may lines disconnect this your

Paul. you, all set. Thank We