PURE Bioscience, the innovator behind the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, announced its financial results for the fiscal third quarter ended April 30, 2024. In the third quarter of fiscal year 2024, PURE reported net product sales of $440,000, marking an increase from $406,000 in the same period last year. This growth of $34,000 was driven by expanded sales within its end-user network.
The net loss for the third quarter of fiscal 2024 was $857,000, slightly improved from $876,000 in the third quarter of fiscal 2023. Excluding share-based compensation, the net loss for the quarter was $825,000, compared to $832,000 in the prior year’s third quarter. Net loss per share remained steady at ($0.01) for both fiscal third quarters.
For the nine months ended April 30, 2024, PURE reported net product sales of $1,483,000, up from $1,269,000 in the same period of fiscal 2023, reflecting a $214,000 increase attributed to enhanced sales across both end-user and distribution channels.
The net loss for the nine months ended April 30, 2024, amounted to $2,594,000, compared to $2,929,000 in the prior year. Excluding share-based compensation, the net loss for the nine-month period was $2,418,000, compared to $2,654,000 in fiscal 2023. Net loss per share for the nine months remained unchanged at ($0.03).
In terms of business strategy, PURE has transitioned from a direct sales model to a distributor model, aiming for sustainability and profitability. This shift includes the introduction of a new Tier Pricing Agreement tailored to meet distributor margin requirements, alongside setting minimum advertised and manufacturer’s suggested retail prices. Initial feedback from key industry distributors has been positive, with ongoing discussions indicating promising future partnerships.
Jeff Kitchell, Vice President of Operations, highlighted the successful development of these initiatives, emphasizing their potential to drive results and expand market presence.
PURE’s efforts in brand advertising and marketing have seen significant progress, particularly through increased engagement on social media platforms, resulting in a 167% rise in platform interaction and a nearly 70% growth in followers over the past 90 days. This heightened visibility has generated new leads and facilitated discussions with industry leaders and potential distribution collaborators. Collaborating closely with a branding firm, PURE aims to reinforce its reputation as a trusted provider of innovative, premium solutions, underpinned by its groundbreaking SDC technology.
The company’s participation in trade shows continues to be a cornerstone of its growth strategy, fostering connections with new customers and industry stakeholders. Recent highlights include appearances at global events like the Cheese Expo and the Penn State Dairy Expo, with upcoming plans to exhibit at the International Association for Food Protection (IAFP) annual meeting in Long Beach, California.
Tyler Mattson, Vice President of Key Accounts and Technology, leads PURE’s distributor-focused initiatives, which are gaining traction within the industry. These efforts are expected to support future growth and provide essential resources as PURE expands its product offerings and solutions.
Under the guidance of Tom Myers, Executive Vice President of Technology and Development, PURE’s research and development endeavors are focused on leveraging SDC to address critical needs across sectors such as dairy and animal health. These innovations are designed to enhance food safety standards, achieve cost efficiencies, and advance corporate environmental sustainability goals, offering a competitive edge to distribution partners and end-users alike.
Robert Bartlett, Chief Executive Officer, expressed confidence in PURE’s strategic direction despite current sales growth challenges, emphasizing the team’s commitment to establishing a robust foundation for sustained success. With Tim Steffensmeier, Vice President of Sales and Marketing, leading efforts to bolster brand awareness and support ongoing R&D initiatives, PURE remains steadfast in its mission to deliver innovative customer solutions and drive industry advancement.
As PURE Bioscience continues to evolve, its dedication to innovation and strategic partnerships positions the company for future growth and leadership in antimicrobial solutions across diverse industries.
