PURE Bioscience, Inc. (NASDAQ: PURE ), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for its third fiscal quarter ended April 30, 2012.
Revenue for the quarter was $207,000, compared with revenue of $128,000 for the same quarter of the prior year. The net loss for the quarter was $1.8 million, or $0.04 per share, compared with a net loss of $1.8 million, or $0.05 per share, in the third quarter last year.
Revenue for the nine months ended April 30, 2012 was $685,000, compared with revenue of $220,000 for the nine months ended April 30, 2011. The net loss for the nine months ended April 30, 2012 was $6.4 million, or $0.15 per share, compared with a net loss of $6.3 million, or $0.17 per share, for the nine months ended April 30, 2011.
As of April 30, 2012, the Company had cash and cash equivalents of approximately $289,000.Michael L. Krall, President and CEO of PURE Bioscience, stated, “During the quarter we continued to make significant headway with the technical sales cycle required to elicit a change from entrenched competitor products to our PURE products. This process often includes additional or confirmatory testing, introductory trials and intense education and guidance. In addition, the long evaluation process is generally followed by a complex approval process. We believe we strengthened the market position of PURE Hard Surface disinfectant and food contact surface sanitizer by adding the PURE Multi-Purpose Cleaner Concentrate and PURE Floor Cleaner Concentrate to create the PURE Complete Cleaning, Sanitizing and Disinfecting System. We are pleased to now offer a comprehensive, cost-effective and user-friendly product line to end-users, janitorial service providers and their distributors.” Krall continued, “Also during the quarter, we secured AHI as a strategic customer in the facilities services market. AHI provides integrated facilities services in seven states for commercial, institutional, food processing, technology, retail, educational and medical clients, including several Fortune 500 companies into which AHI has implemented PURE’s products.