PURE Bioscience, Inc (PURE) saw its loss narrow to $0.94 million, or $0.01 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $10.90 million, or $0.19 a share. Revenue during the quarter surged 153.98 percent to $0.45 million from $0.18 million in the previous year period. Gross margin for the quarter contracted 270 basis points over the previous year period to 70.02 percent.
Operating loss for the quarter was $1.40 million, compared with an operating loss of $2.26 million in the previous year period.
Hank R. Lambert, CEO, said that, “The momentum in our improving food safety revenues and sales traction is evident in our results and is further supported by a number of post fiscal Q2 events.
Operating cash flow remains negative
PURE Bioscience, Inc has spent $2.22 million cash to meet operating activities during the first half as against cash outgo of $2.45 million in the last year period. The company has spent $0.18 million cash to meet investing activities during the first six months as against cash outgo of $0.16 million in the last year period.
Cash flow from financing activities was $1.10 million for the first six months, down 86.20 percent or $6.90 million, when compared with the last year period.
Cash and cash equivalents stood at $3.89 million as on Jan. 31, 2017, down 41.95 percent or $2.81 million from $6.71 million on Jan. 31, 2016.
Working capital turns positive
Working capital of PURE Bioscience, Inc has turned positive to $2.45 million on Jan. 31, 2017 from negative $11.24 million on Jan. 31, 2016. Current ratio was at 2.12 as on Jan. 31, 2017, up from 0.39 on Jan. 31, 2016.
Cash conversion cycle (CCC) has decreased to 104 days for the quarter from 464 days for the last year period. Days sales outstanding went up to 30 days for the quarter compared with 24 days for the same period last year.
Days inventory outstanding has decreased to 236 days for the quarter compared with 437 days for the previous year period. At the same time, days payable outstanding went down to 370 days for the quarter from 926 for the same period last year.
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