Pure Bioscience (PURE) saw its loss narrow to $1.74 million, or $0.03 a share for the quarter ended Oct. 31, 2016. In the previous year period, the company reported a loss of $2.82 million, or $0.07 a share.     

Revenue during the quarter surged 185.48 percent to $0.53 million from $0.19 million in the previous year period. Gross margin for the quarter contracted 2087 basis points over the previous year period to 50.09 percent.  

Operating loss for the quarter was $1.60 million, compared with an operating loss of $1.86 million in the previous year period.

Hank R. Lambert, chief executive officer, said that, "We look forward to calendar 2017 as our breakout year. We are delighted to have started fiscal 2017 with meaningful and growing sales, validating our food safety solutions strategy to commercialize products which reduce the risks of food contamination and foodborne illness outbreaks.

Cash and cash equivalents stood at $4.06 million as on Oct. 31, 2016, down 32.88 percent or $1.99 million from $6.06 million on Oct. 31, 2015.

Working capital turns positive
Working capital of Pure Bioscience has turned positive to $2.12 million on Oct. 31, 2016 from negative $0.99 million on Oct. 31, 2015. Current ratio was at 1.75 as on Oct. 31, 2016, up from 0.87 on Oct. 31, 2015.

Cash conversion cycle (CCC) has decreased to 121 days for the quarter from 372 days for the last year period. Days sales outstanding went down to 29 days for the quarter compared with 70 days for the same period last year.

Days inventory outstanding has decreased to 60 days for the quarter compared with 363 days for the previous year period. At the same time, days payable outstanding went down to 211 days for the quarter from 804 for the same period last year.