PURE, the creator of the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, announced its financial results for the fiscal third quarter ended April 30, 2024.
Summary of Fiscal Third Quarter Results
- Net Product Sales: Totalled $440,000 for the quarter, compared to $406,000 in the same period last year, reflecting a $34,000 increase driven by enhanced sales across our end-user network.
- Net Loss: Was $857,000 for the quarter, an improvement from $876,000 in the prior year’s third quarter.
- Adjusted Net Loss: Excluding share-based compensation, was $825,000, compared to $832,000 in the same quarter last year.
- Net Loss per Share: Remained steady at ($0.01) for both fiscal third quarters ended April 30, 2024 and 2023.
Nine Months Summary
- Net Product Sales: Totaled $1,483,000 for the nine months ended April 30, 2024, compared to $1,269,000 for the same period last year, reflecting a $214,000 increase.
- Net Loss: Amounted to $2,594,000 for the nine months ended April 30, 2024, compared to $2,929,000 in the prior year.
- Adjusted Net Loss: Excluding share-based compensation, was $2,418,000 for the nine months ended April 30, 2024, compared to $2,654,000 for the same period last year.
- Net Loss per Share: Was ($0.03) for both the nine months ended April 30, 2024 and 2023.
Business Update
PURE is focused on establishing a sustainable and profitable organization with a strategic shift from a direct sales model to a distributor model. This transition includes the introduction of a new Tier Pricing Agreement designed to meet margin requirements for distributors, setting minimum advertised and suggested retail prices.
Jeff Kitchell, Vice President of Operations, commented on the new program’s positive reception among key distributors, noting ongoing discussions aimed at enhancing results.
Brand Advertising and Marketing
PURE has significantly boosted its social media engagement, resulting in a 167% increase in platform interaction and a nearly 70% rise in followers over the past three months. This heightened visibility has generated new leads and facilitated discussions with industry experts and potential distribution partners.
Trade Shows
The company remains active in trade shows and industry events, including prominent gatherings like the International Association for Food Protection (IAFP) annual meeting. These platforms are crucial for showcasing PURE’s product line and fostering strategic partnerships.
Distributor Focus and Support
Tyler Mattson, Vice President of Key Accounts and Technology, leads PURE’s distributor program, which aims to bolster growth and provide essential resources and expertise to expand business offerings.
Continued Innovation
Under the guidance of Tom Myers, Executive Vice President of Technology and Development, PURE continues to innovate with SDC technology across various sectors, including dairy and animal health. These efforts are aligned with corporate sustainability goals and seek to deliver cost-effective solutions that meet stringent food safety standards.
CEO Perspective
Robert Bartlett, Chief Executive Officer, emphasized the company’s commitment to foundational growth despite modest sales growth, highlighting confidence in PURE’s evolving role as a provider of innovative customer solutions through an expanded distribution model.
Tim Steffensmeier, Vice President of Sales and Marketing, is leading efforts to enhance brand visibility, support existing products, and drive new R&D initiatives.
In conclusion, Bartlett expressed optimism about PURE’s trajectory, citing growing industry interest and momentum as indicators of future success.
