Business
PURE Bioscience Reports Fiscal 2021 Financial Results
PURE Bioscience Reports Fiscal 2021 Financial Results.
About this update from Pure Bioscience
[{"type":"text","content":"\nPURE Bioscience, Inc. (OTCQB: PURE) (the “Company,” “PURE” or “we”), creator of the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for the fiscal year ended July 31, 2021.\n\nSummary of Results – Year-End Operations\n\n\nNet product sales were $3,698,000 and $6,917,000 for the fiscal years ended July 31, 2021 and 2020, respectively. The decrease of $3,219,000 was attributable to decreased sales across our distribution and end-user network servicing the food processing, transportation and janitorial industry. In addition, during the fiscal year ended July 31, 2021, we recognized $229,000 in royalties from a nonexclusive third-party distributor.\n\n\nNet loss for the fiscal year ended July 31, 2021 was ($2.3 million), compared to net income of $4,000 for the fiscal year ended July 31, 2020.\n\n\nNet loss, excluding interest expense, depreciation and amortization and share-based compensation, for the fiscal year ended July 31, 2021 was ($1.3 million), compared to net income of $982,000 for the fiscal year ended July 31, 2020.\n\n\nNet loss per share was ($0.03) for the fiscal year ended July 31, 2021, compared to zero net income per share for the fiscal year ended July 31, 2020.\n\n\nGross margin, as a percentage of net product sales, was 50% and 58% for the fiscal years ended July 31, 2021 and 2020, 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, 2020, compared to the fiscal year ended July 31, 2021.\n\n\nNet cash used in operations for the fiscal year ended July 31, 2020 was ($1.2 million), compared to net cash provided by operations of $669,000 for the fiscal year ended July 31, 2020.\n\n\nBusiness Update\n\n\nPURE continues to work closely with the fresh produce processing industry as it recovers from the global pandemic sales slump in food service and packaged retail products. PURE is working with Taylor Farms to successfully implement new use cases to enhance Taylor Farms’ food safety program.\n\n\nPURE’s environmental solutions have now been adopted by a state-of-the-art national citrus packing company with twenty-four locations. The initial rollout included appro...