PURE Bioscience sees a 1Q revenue boost as food safety product sales increase, nearing break-even point

PURE Bioscience Inc (NASDAQ:PURE) saw a revenue boost in its fiscal first-quarter results as increased customer adoption lifted its food safety sales.

Shares of the San Diego-based company dipped more than 10% to $0.43 after reporting a net loss for the quarter.

The antimicrobial products producer reported a net loss of $0.04 per share compared with the same net loss in the previous first quarter.

Quarterly revenue totaled $590,000, a 27% increase compared with its previous first-quarter revenue of $464,000.

A total of 90 customers are utilizing the company’s environmental and equipment sanitization products in manufacturing and processing plants.

The company said it signs up approximately one company per week.

Five restaurant chains and quick-service restaurants are using PURE’s food safety products.

“Based on our customers’ usage plans, we anticipate reaching a cash flow breakeven revenue run rate early in calendar Q2 2019,” said CEO Hank Lambert in the company’s press release.

PURE Bioscience develops antimicrobial products using silver dihydrogen citrate, a non-toxic agent which offers 24-hour residual protection.

Contact Lenore Fedow at [email protected]

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Story by ProactiveInvestors