PURE Bioscience (NASDAQ: PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for its second quarter ended January 31, 2012.
Revenue for the quarter was $221,000, compared with revenue of $68,000 for the same quarter of the prior year. The net loss for the quarter was $2.2 million, or $0.05 per share, compared with a net loss of $2.5 million, or $0.07 per share, in the second quarter last year.
Revenue for the six months ended January 31, 2012 was $478,000, compared with revenue of $91,000 for the six months ended January 31, 2011. The net loss for the six months ended January 31, 2012 was $4.6 million, or $0.11 per share, compared with a net loss of $4.5 million, or $0.12 per share, for the six months ended January 31, 2011.
As of January 31, 2012, the Company had cash and cash equivalents of approximately $626,000.
Michael L. Krall, President and CEO of PURE Bioscience, stated, "During the first half of this fiscal year, we worked to establish the marketing groundwork necessary to develop awareness and acceptance in our key markets for PURE Hard Surface in janitorial services for healthcare facilities, institutions and schools, as well as for use in food processing and oil and gas. The technical sales cycle required to elicit a change from entrenched products to PURE Hard Surface is a process that often includes additional testing, introductory trials and extensive education and guidance. In addition, the long evaluation process is often followed by a complex approval process. We believe that our comprehensive marketing efforts are establishing a foundation for meaningful future sales in multiple channels, and we are beginning to show positive results. We have already sold more in the first six months of this fiscal year than in all of last year, and I am confident it is just a matter of time before we turn the corner."