Business
PURE Bioscience Reports Fiscal 2018 Year-End Financial Results
PURE Bioscience Reports Fiscal 2018 Year-End 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 year \n ended July 31, 2018.\n \n \n Summary of Results – Year End Operations\n \n \n \n Revenues for the fiscal year ended July 31, 2018 decreased 3% to \n $1,774,000, compared with revenues of $1,831,000 in the prior fiscal \n year. The decrease of $57,000 was entirely attributable to reduced \n sales within our existing legacy, non-food safety customer base.\n\n \n \n Core food safety revenues for fiscal 2018 increased 23% as \n compared with food safety revenues in fiscal 2017. Fiscal Q4 food \n safety revenues increased 165% and we anticipate that in fiscal Q1 \n ’19 triple digit revenue growth year-over-year will continue.\n \n \n \n \n Net loss for fiscal 2018 was $7.4 million, as compared with $6.3 \n million for fiscal 2017. Net loss, excluding inducement expense, \n derivative expense, and share-based compensation, for fiscal 2018 was \n $4.7 million, as compared with $4.9 million for fiscal 2017.\n \n \n Net loss per share was ($0.11) as compared with ($0.10) for fiscal \n 2017.\n \n \n Gross margin was 60% for fiscal 2018 as compared with 61% for the same \n period in fiscal 2017. The decrease was primarily attributable to the \n sale of higher margin formulations and packaging configurations of our \n products during fiscal 2017 as compared with the current year.\n \n \n \n Update – Fiscal Q4 to Present\n \n \n \n Financings:\n\n \n \n In July, we raised $500,000 in the form of a promissory note from \n Tom Lee, a member of our Board of Directors and our largest \n shareholder.\n \n \n In August, we closed on an approximately $1.5 million private \n placement with existing shareholders. The funds raised included \n cancelled indebtedness of approximately $504,000 held by Lee.\n \n \n Proceeds of both financings were used for general working capital \n purposes.\n \n \n \n \n Striving towards our previously stated goal to achieve cash flow \n breakeven in late calendar Q1 2019, in August, we continued to \n implement meaningful restructuring and cost reduction measures while \n pursuing immediate revenue generating opportunities, including:\n\n \n \n Board and management salaries and fees have been reduced, in some \n cases ...