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Food safety company PURE Biosciences posts declining fiscal 3Q revenue, narrowing losses

The San Diego-based company posted revenue of $312,000, a 20% dip year over year from $390,000 in 2018
Petri dishes
PURE Bioscience provides solutions to the issues of pathogens and hygienic control

PURE Bioscience Inc (OTCMKTS:PURE), an antimicrobial food safety solutions company, struggled to bring in revenue in its fiscal third quarter.

The San Diego-based company posted revenue of $312,000, a 20% dip year-over-year from $390,000 in 2018.

Excluding a one-time expense, its net loss was trimmed to $913,000 from $1.7 million in the prior-year quarter. Non-adjusted net losses rang in at $1.9 million, $0.03 per share, compared to $0.02 per share the year before.

The downswing was brought on by lower food safety sales as well as a change in timing of a legacy customer’s orders.

Food safety revenue specifically increased 31% compared to the first nine months of 2018 thanks to increased customer adoption of its products.

“We are making meaningful inroads on our mission to protect people and protect company brands by providing superior, leading edge food safety solutions to prevent foodborne illness,” CEO Hank Lambert said.

PURE Bioscience provides solutions to the issues of pathogens and hygienic control. Its initial products contain silver dihydrogen citrate, a non-toxic antimicrobial agent.

The company's stock closed up 11% to $0.47 a share on the OTC Markets.

–Updated to include adjusted loss figures–

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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