PURE Bioscience Reports Fiscal 2018 Q1 Financial Results
Dec 14, 2017
OTC Disclosure News Service
–
PURE Bioscience, Inc. (OTCQB:
PURE), creator of a patented, non-toxic china dihydrogen citrate (SDC)
antimicrobial, currently reported financial formula for a mercantile first
entertain finished Oct 31, 2017.
Summary of Results of Operations
Revenues for a mercantile initial entertain finished Oct 31, 2017 decreased
13% to $464,000 compared with before initial entertain revenues of $531,000.
Core food reserve revenues for a initial entertain decreased 60% as
compared with food reserve revenues in a initial entertain of 2016. The
diminution in both sum and food reserve revenues was due to timing of
product orders, as a initial system-wide stocking sequence from Chipotle
occurred in mercantile 2017 Q1. Gross domain increasing to 69% during the
initial entertain of mercantile 2018 as compared with 50% during a same period
in mercantile 2017. The boost in sum domain commission was primarily
attributable to a sale of aloft domain formulations and packaging
configurations of a products during a entertain finished Oct 31, 2017
as compared with a before period. Total handling costs and expenses
for a initial buliding of 2017 and 2016 were $2.4 million and $2.1
million, respectively. The initial entertain net detriment was $(0.04) per share
compared with $(0.03) per share for mercantile initial entertain in 2017.
Hank
R. Lambert, Chief Executive Officer, pronounced that, “While a first
entertain numbers do not seem to simulate it, we indeed start fiscal
2018 with flourishing adoption, movement and event for both PURE® Hard
Surface and PURE Control®, validating a food reserve solutions strategy
to commercialize products that revoke a risks of food contamination
and foodborne illness outbreaks.
“In mercantile Q1, we successfully entered a new food reserve marketplace using
PURE Hard Surface for a sanitization of food ride trucks and
cosmetic pallets. We guess this to be a new $50M+ US market
event for us. Also in Q1, we achieved a vicious regulatory
miracle for PURE Control. Based on these achievements, we trust we
are on a trail to achieving a money upsurge breakeven income run rate by
year-end calendar 2018,” Lambert concluded.
Fiscal Q1 Review
-
Aug 2017, PURE Control antimicrobial was listed as a Safe and
Suitable Ingredient in a USDA-FSIS
Directive 7120.1 for Poultry Products, permitting immediate
commercialization for pre-OLR and post chill applications, including
tools processing. -
Sep 2017, a poultry
processor instituted testing of PURE Control for ornithology tools and
achieved in-plant formula on tools that are higher to chemistries in
use today, expelling Salmonella and with adult to a 2.7 Log
rebate in bacteria. -
Oct 2017, PURE lifted $2.8 million in sum deduction from a
successful aver proposal offer. -
Oct 2017, furnish processor Taylor Farms instituted scale-up of
PURE Control focus in a Salinas, CA plant. In December,
rollout skeleton were determined to move additional plants in Taylor’s
12 plant network online in a entrance months.
-
Oct 2017, successfully finished contrast of a new superior,
non-toxic, labor saving food ride sanitization resolution using
PURE Hard Surface disinfectant with a heading foodservice distributor.
In December, rollout skeleton were determined for a distributor’s
network. -
Oct 2017, announced it has signed
an agreement with, and perceived an initial sequence from, iGPS
Logistics, a heading cosmetic pallet pooling use provider in
North America. PURE Hard Surface disinfectant will be used as a new,
some-more effective, time-efficient sanitization solution. -
Nov 2017, announced a appointment of Elisabeth Hagen, M.D.,
former USDA Under Secretary for Food Safety and a heading food safety
consultant to a Board of Directors.
2018 Q1 Financial Results Conference Call
The Company will horde an financier discussion call today, Dec 14,
2017 during 1:30pm PST (4:30pm EST). The Participant Dial-In Number for the
discussion call is 1-631-891-4304. Participants should dial in to
a call during slightest 5 mins before 1:30pm PST (4:30pm EST) on
Dec 14, 2017. The call can also be accessed “live” online during http://public.viavid.com/index.php?id=127392.
A replay of a accessible call will be accessible for 90 days on the
Company’s website (http://www.purebio.com/investors/events-presentations/).
You can also listen to a replay of a call by dialing 1-844-512-2921 (international
participants dial 1-412-317-6671) starting Dec 14, 2017, during 7:30pm
EST by Dec 21, 2017 during 11:59 pm EST. Please use PIN Number
10003983.
About PURE Bioscience, Inc.
PURE Bioscience, Inc. is focused on building and commercializing our
exclusive antimicrobial products essentially in a food reserve locus —
providing solutions to a health and environmental hurdles of
micro-organism and sterilizing control. Our record height is formed on
law stabilized ionic silver, and a initial products contain
china dihydrogen citrate, or SDC. SDC is a broad-spectrum, non-toxic
antimicrobial agent, that offers 24-hour residual insurance and
formulates good with other compounds. As a height technology, SDC is
renowned from existent products in a marketplace since of its
higher efficacy, reduced toxicity and it mitigates bacterial
resistance. PURE is headquartered in El Cajon, California (San Diego
civil area). Additional information on PURE is accessible during www.purebio.com.
Forward-looking Statements
Any statements contained in this press recover that do not describe
chronological contribution might consecrate forward-looking statements as that term
is tangible in a Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently engage risks and uncertainties
that could means a tangible formula to differ materially from any
forward-looking statements. Factors that could means or minister to
such differences include, though are not singular to, a Company’s failure
to practice or differently grasp a advantages of a due business
initiatives and plans; acceptance of a Company’s stream and future
products and services in a marketplace, including a Company’s
ability to modify successful evaluations and tests for PURE Control
into patron orders and business stability to place product orders as
approaching and to enhance their use of a Company’s products; the
Company’s ability to lift sufficient supports to support a continued
operations and a doing of a business devise on a timely
basis, on excusable terms, or during all; a ability of a Company to
rise effective new products and accept compulsory regulatory approvals
for such products, including a compulsory information and regulatory approvals
compulsory to use a SDC-based record as a approach food contact
estimate assist in tender beef estimate and to enhance a use in OLR
ornithology processing; rival factors, including patron acceptance
of a Company’s SDC-based products that are typically some-more expensive
than existent diagnosis chemicals; coherence on third-party vendors,
including to make a products; and other risks minute in the
Company’s periodic news filings with a Securities and Exchange
Commission (the SEC), including a Form 10-K for a mercantile year ended
Jul 31, 2017, a Form 10-Q for a initial entertain finished Oct 31,
2017. You should not place undue faith on these forward-looking
statements, that pronounce usually as of a date of this press release. By
creation these forward-looking statements, a Company undertakes no
requirement to refurbish these statements for revisions or changes after the
date of this release.
PURE Bioscience, Inc.
Condensed Consolidated
Balance Sheets
October 31, 2017
July 31, 2017
(Unaudited)
Assets
Current assets
Cash and money equivalents
$
3,229,000
$
1,640,000
Accounts receivable
143,000
297,000
Inventories, net
274,000
273,000
Restricted cash
75,000
75,000
Prepaid expenses
175,000
174,000
Total stream assets
3,896,000
2,459,000
Property, plant and equipment, net
530,000
548,000
Patents, net
781,000
822,000
Total assets
$
5,207,000
$
3,829,000
Liabilities and stockholders’ equity
Current liabilities
Accounts payable
$
425,000
$
426,000
Accrued liabilities
212,000
249,000
Derivative liabilities
—
1,853,000
Total stream liabilities
637,000
2,528,000
Deferred rent
10,000
11,000
Total liabilities
647,000
2,539,000
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 standard value: 5,000,000 shares authorized, no
shares released and outstanding
Common stock, $0.01 standard value: 100,000,000 shares authorized,
67,981,861 shares released and superb during Oct 31, 2017, and
63,093,153 shares released and superb during Jul 31, 2017
680,000
631,000
Additional paid-in capital
115,701,000
110,141,000
Accumulated deficit
(111,821,000
)
(109,482,000
)
Total stockholders’ equity
4,560,000
1,290,000
Total liabilities and stockholders’ equity
$
5,207,000
$
3,829,000
PURE Bioscience, Inc.
Condensed Consolidated
Statements of Operations
(Unaudited)
Three months ended
October 31,
2017
2016
Net product sales
$
464,000
$
531,000
Operating costs and expenses
Cost of products sold
146,000
265,000
Selling, ubiquitous and administrative
1,445,000
1,337,000
Research and development
144,000
248,000
Share-based compensation
656,000
278,000
Total handling costs and expenses
2,391,000
2,128,000
Loss from operations
(1,927,000
)
(1,597,000
)
Other income (expense)
Change in derivative liabilities
459,000
(159,000
)
Inducement to practice warrants
(876,000
)
—
Interest expense, net
(1,000
)
(1,000
)
Other income, net
6,000
14,000
Total other expense
(412,000
)
(146,000
)
Net loss
$
(2,339,000
)
$
(1,743,000
)
Basic and diluted net detriment per share
$
(0.04
)
$
(0.03
)
Shares used in computing simple and diluted net detriment per share
64,964,404
64,823,917
PURE Bioscience, Inc.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
Three Months Ended
October 31,
2017
2016
Operating activities
Net loss
$
(2,339,000
)
$
(1,743,000
)
Adjustments to determine net detriment to net money used in operating
activities:
Share-based compensation
656,000
278,000
Amortization of batch released for services
39,000
36,000
Depreciation and amortization
71,000
65,000
Change in satisfactory value of derivative liability
(459,000
)
159,000
Inducement to practice warrants
876,000
—
Changes in handling resources and liabilities:
Accounts receivable
154,000
117,000
Inventories
(1,000
)
2,000
Prepaid expenses
11,000
(108,000
)
Accounts payable and accrued liabilities
(38,000
)
147,000
Deferred rent
(1,000
)
—
Net money used in handling activities
(1,031,000
)
(1,047,000
)
Investing activities
Investment in patents
(3,000
)
(7,000
)
Purchases of property, plant and equipment
(9,000
)
(76,000
)
Net money used in investing activities
(12,000
)
(83,000
)
Financing activities
Net deduction from a practice of warrants
2,632,000
—
Net money supposing by financing activities
2,632,000
—
Net (decrease) boost in money and money equivalents
1,589,000
(1,130,000
)
Cash and money equivalents during commencement of period
1,640,000
5,194,000
Cash and money equivalents during finish of period
$
3,229,000
$
4,064,000
Supplemental avowal of money upsurge information
Cash paid for taxes
$
—
$
2,000
Warrant liabilities private due to settlements
$
1,394,000
$
—
Common batch released for prepaid services
$
51,000
$
—
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