Business
PURE Bioscience Reports Fiscal 2020 Financial Results
PURE Bioscience Reports Fiscal 2020 Financial Results.
About this update from Pure Bioscience
[{"type":"text","content":"\nPURE Bioscience, Inc. (OTCQB: PURE), creator of the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for the fiscal year ended July 31, 2020.\n\nSummary of Results – Year-End Operations\n\n\nNet product sales were $6,917,000 and $1,909,000 for the fiscal years ended July 31, 2020 and 2019, respectively. The increase of $5,008,000 was attributable to increased sales across our distribution and end-user network servicing the food processing, transportation and janitorial industry.\n\n\nNet income for the fiscal year ended July 31, 2020 was $4,000, compared to a net loss of ($6.6 million) for the fiscal year ended July 31, 2019. Net income, excluding interest expense, depreciation and amortization, share-based compensation and warrant inducement expense, for the fiscal year ended July 31, 2020 was $982,000, compared to a net loss of ($2.9 million) for the fiscal year ended July 31, 2019.\n\n\nNet income per share was $0.00 for the fiscal year ended July 31, 2020, compared to a net loss of ($0.09) for the fiscal year ended July 31, 2019.\n\n\nGross margin, as a percentage of net product sales, was 58% and 62% for the fiscal years ended July 31, 2020 and 2019, respectively. The decrease in gross margin percentage was primarily attributable to the sale of higher margin formulations and packaging configurations of our products during the fiscal year ended July 31, 2019, compared to the fiscal year ended July 31, 2020.\n\n\nNet cash provided by operations for the fiscal year ended July 31, 2020 was $669,000, compared to net cash used of ($3.0 million) for the fiscal year ended July 31, 2019.\n\n\nBusiness Update\n\n\nPURE® Hard Surface\n\n\nFood Processing and Manufacturing: Our distribution network is now servicing hundreds of protein, produce, bakery and dairy facilities across the United States. Additional expansion continues with our distribution network supported by internal sales technicians.\n\n\nTransportation Sanitization: PURE’s Transport Sanitation Solution, designed to meet the FDA Food Safety Modernization Act (FSMA) requirements, added multiple transportation companies as users, including three major companies in the channel, for a total of six of the nation’s largest food transportation companies servicing restaurant chains, food processors and gro...