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PURE Bioscience Reports Fiscal 2018 Q1 Financial Results
PURE Bioscience Reports Fiscal 2018 Q1 Financial Results.
About this update from Pure Bioscience
[{"type":"text","content":"\n \n PURE Bioscience, Inc. (OTCQB: \n PURE), creator of the patented, non-toxic silver dihydrogen citrate (SDC) \n antimicrobial, today reported financial results for the fiscal first \n quarter ended October 31, 2017.\n \n \n Summary of Results of Operations\n \n \n Revenues for the fiscal first quarter ended October 31, 2017 decreased \n 13% to $464,000 compared with prior first quarter revenues of $531,000. \n Core food safety revenues for the first quarter decreased 60% as \n compared with food safety revenues in the first quarter of 2016. The \n decline in both total and food safety revenues was due to timing of \n product orders, as the initial system-wide stocking order from Chipotle \n occurred in fiscal 2017 Q1. Gross margin increased to 69% during the \n first quarter of fiscal 2018 as compared with 50% during the same period \n in fiscal 2017. The increase in gross margin percentage was primarily \n attributable to the sale of higher margin formulations and packaging \n configurations of our products during the quarter ended October 31, 2017 \n as compared with the prior period. Total operating costs and expenses \n for the first quarters of 2017 and 2016 were $2.4 million and $2.1 \n million, respectively. The first quarter net loss was $(0.04) per share \n compared with $(0.03) per share for fiscal first quarter in 2017.\n \n \n Hank \n R. Lambert, Chief Executive Officer, said that, “While the first \n quarter numbers do not appear to reflect it, we actually begin fiscal \n 2018 with growing adoption, momentum and opportunity for both PURE® Hard \n Surface and PURE Control®, validating our food safety solutions strategy \n to commercialize products which reduce the risks of food contamination \n and foodborne illness outbreaks.\n \n \n “In fiscal Q1, we successfully entered a new food safety market using \n PURE Hard Surface for the sanitization of food transport trucks and \n plastic pallets. We estimate this to be a new $50M+ US market \n opportunity for us. Also in Q1, we achieved a critical regulatory \n milestone for PURE Control. Based on these achievements, we believe we \n are on the path to achieving a cash flow breakeven revenue run rate by \n year-end calendar 2018,” Lambert concluded.\n \n \n Fiscal Q1 Review\n \n \n \n August 2017, PURE Control antimicrobial was listed...