PURE Bioscience,Inc。(PURE) 首席执行官 Hank Lambert 在 2019年 第三季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月14日 · 59 次阅读

PURE Bioscience, Inc. (OTC:PURE) Q3 2019 Results Conference Call June 13, 2019 4:30 PM ET

PURE Bioscience,Inc。([场外交易市场代码:PURE])2019年第3季度业绩电话会议2019年6月13日美国东部时间下午4:30

公司参与者

Terri MacInnis - VP, IR, Bibicoff + MacInnis, Inc.
Hank Lambert - CEO
Mark Elliott - VP, Finance
Tom Myers - COO

  • Terri MacInnis - IR,Bibicoff MacInnis,Inc。副总裁
  • 汉克兰伯特 - 首席执行官
  • Mark Elliott - 财务副总裁
  • 汤姆迈尔斯 - 首席运营官

电话会议参与者

Christian Bozorth - Kanawha-Gauley Coal

  • Christian Bozorth - Kanawha-Gauley Coal

会议主持员

Welcome to the PURE Bioscience Q3 2019 Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Terri MacInnis, Vice President of Investor Relations at Bibicoff & MacInnis, Inc. Go ahead, ma'am.

欢迎来到PURE Bioscience Q3 2019年结果电话会议。 提醒一下,所有参与者都处于只听模式,正在录制会议。 演讲结束后,将有机会提问。 [操作说明]

我现在想把会议转交给Bibicoff&MacInnis,Inc。的投资者关系副总裁Terri MacInnis。来吧,女士。

Terri MacInnis

Thank you, Karl, and good afternoon, everyone. I'm pleased to welcome you to the Company's conference call to discuss fiscal 2019 Q3 and nine-month financial and operating results and an update on PURE's food safety business strategy. On our call is Hank Lambert, Chief Executive Officer; and Mark Elliott, VP, Finance. They are joined today by Tom Myers, Chief Operating Officer.
This afternoon, PURE issued a financial results news release and filed its fiscal Q3 report on Form 10-Q, copies of which are available on the SEC's website and the Investor Relations page of PURE's website, purebio.com.
This call is being webcast live and recorded. A replay of the event will be posted later today in the Company's website and will remain available for at least 60 days following the call.
Our discussions today include forward-looking statements. These statements include certain assumptions made by PURE based on historical trends, current conditions, expected future developments, including business prospects, customer adoption, regulatory approvals, product and market development objectives, future financial performance and market share and other factors PURE believes to be appropriate in the circumstances.
Risks and uncertainties may cause the Company's actual results to differ materially from those projected in these forward-looking statements. You can find a discussion of these risks and uncertainties and more information about PURE in its filings with the SEC, including the Risk Factors section in the Company's 2018 annual report on Form 10-K, in 10-Qs and in periodic filings on Form 8-K.
As a result, you are cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this call and PURE assumes no obligation to update these statements publicly, even if new information becomes available in the future. This broadcast is covered by U.S. copyright laws and any use or rebroadcast of all or any portion of this conference call may only be done with the Company's expressed written permission.
On this call, we will refer to non-GAAP measures such as adjusted net loss that when used in combination with GAAP results, provide us with additional analytical tools to understand operations. We have provided reconciliations to the most directly comparable GAAP financial measures in the press release.
I would now turn the call over to Mark Elliott, Vice President of Finance. Mark?

谢谢你,卡尔,大家下午好。我很高兴欢迎您参加公司的电话会议,讨论2019财年第三季度以及九个月的财务和经营业绩以及PURE食品安全业务战略的最新情况。我们的电话是Hank Lambert,首席执行官;和财务副总裁Mark Elliott。首席运营官Tom Myers今天加入了他们的行列。

今天下午,PURE发布了财务业绩新闻稿,并在10-Q表格上提交了第3季度财务报告,其副本可在美国证券交易委员会的网站和PURE网站purebio.com的投资者关系页面上找到。

此电话正在进行网络直播和录制。活动的重播将于今天晚些时候在公司网站上公布,并将在通话后至少60天内保持可用状态。

我们今天的讨论包括前瞻性陈述。这些陈述包括PURE根据历史趋势,当前状况,预期未来发展,包括业务前景,客户采用,监管审批,产品和市场发展目标,未来财务业绩和市场份额以及PURE认为合适的其他因素做出的某些假设。在这种情况下。

风险和不确定性可能导致公司的实际结果与这些前瞻性陈述中的预测产生重大差异。您可以在向SEC提交的文件中找到有关这些风险和不确定性的更多信息以及有关PURE的更多信息,包括公司2018年10-K表格年度报告中的风险因素部分以及表格8中的定期备案-K。

因此,请注意不要过分依赖前瞻性陈述。这些前瞻性陈述是在本次电话会议之日作出的,PURE没有义务公开更新这些陈述,即使将来有新的信息可用。此广播受美国版权法保护,任何使用或转播本次电话会议的全部或任何部分只能在公司明确的书面许可下进行。

在此次调用中,我们将参考非GAAP指标,例如调整后的净损失,当与GAAP结果结合使用时,为我们提供额外的分析工具以了解运营情况。我们已在新闻稿中对最直接可比的GAAP财务指标进行了调节。

我现在将电话转交给财务副总裁Mark Elliott。标记?

Mark Elliott

Thank you, Terri.
As we reported earlier today in our Q3 fiscal 2019 operating results and as previously discussed on prior conference calls, we continue to focus on building our commercialization efforts for our patented SDC technology as a food safety solution while simultaneously managing our resources as effectively as possible.
Along with our current revenue projections and upon the conclusion of our February 2019, $840,000 financing and our subsequent $285,000 financing, we now have the estimated funding in place to support our operations into our fourth fiscal quarter 2019, accelerate the commercialization of SDC-based PURE Control as an FDA-approved direct food contact processing aid for fresh produce, accelerate the commercialization of PURE Hard Surface for the sanitization of food transport trucks and further accelerate the development of PURE Hard Surface as a food contact surface disinfectant for both the food processor and restaurant chain markets.
I'll now discuss our Q3 fiscal 2019 operating results. Net product sales for the third fiscal quarter ended April 30, 2019 were $312,000, a decrease of 20%, compared with net product sales of $390,000 for the third fiscal quarter ended April 30, 2018. The decrease was due to a decline in food safety sales due to delays in customer implementation and fluctuations within our existing legacy customer base.
Total operating costs and expenses excluding cost of goods sold and share-based compensation for the third fiscal quarter ended April 30, 2019 and 2018 were $1.2 million and $1.4 million, respectively. Net loss, excluding share-based compensation and inducement expense, for the third fiscal quarter in 2019 was $913,000, as compared with a loss of $947,000 for the third quarter in 2018.
Net product sales for the nine months in April 30 2019 were $1,296,000, an increase of 2%, compared with net product sales of $1,265,000 for the nine months ended April 30, 2018.
Core food safety revenues increased by 31% as compared to food safety revenues during the nine months ended 2018. Total operating costs and expenses excluding cost of goods sold and share-based compensation for the nine months ended April 30, 2019 and 2018 were $3.2 million and $4.5 million, respectively.
Net loss, excluding derivative income, inducement expense, and share-based compensation for the nine months ended April 30, 2019 was $2 million as compared to $3.2 million for the nine months period in 2018.
We ended the quarter with a cash and restricted cash position of $415,000.Cash received from financing activities during the nine months period April 30, 2019 was $1.8 million offset by cash used in operating and investing activities of $2.3 million.
Our Board of Directors continues to actively evaluate our feature financing needs and assesses the various types and opportunities available to us to meet those needs, and to allow us to achieve our cash flow revenue breakeven target, we recently disclosed that we raised $285,000 in net proceeds under a private placement and intend to raise additional working capital to fund the Company.

特里谢谢你。

正如我们今天早些时候在2019财年的运营结果中所报告的那样,以及之前在电话会议上讨论的内容,我们继续专注于为我们的专利SDC技术作为食品安全解决方案进行商业化努力,同时尽可能有效地管理我们的资源。

随着我们目前的收入预测和2019年2月结束,840,000美元的融资以及随后的285,000美元融资,我们现在已经有了估计的资金来支持我们的业务进入2019年第四财季,加速了SDC的PURE商业化控制作为FDA批准的新鲜农产品直接食品接触加工助剂,加速PURE硬质表面的商业化,用于食品运输卡车的消毒,并进一步加速PURE Hard Surface作为食品接触表面消毒剂的开发,用于食品加工机和餐饮连锁市场。

我现在将讨论2019年第三季度的经营业绩。截至2019年4月30日的第三财季的净产品销售额为312,000美元,下降了20%,而截至2018年4月30日的第三季度的净产品销售额为390,000美元。这一下降是由于食品安全性下降由于客户实施延迟和现有遗留客户群内的波动导致的销售。

截至2019年4月30日和2018年的第三财季,不包括销售成本和股票薪酬的总运营成本和费用分别为120万美元和140万美元。 2019年第三财季的净亏损(不包括股票薪酬和诱导费用)为913,000美元,而2018年第三季度的亏损为947,000美元。

2019年4月30日九个月的净产品销售额为1,296,000美元,增长2%,而截至2018年4月30日止九个月的净产品销售额为1,265,000美元。

截至2018年止的九个月,核心食品安全收入与食品安全收入相比增加了31%。截至2019年和2018年4月30日止九个月的不包括销售成本和股票补偿的总运营成本和费用为320万美元和450万美元。

截至2019年4月30日止九个月的净亏损(不包括衍生工具收入,诱导费用和股票薪酬)为200万美元,而2018年的九个月期间为320万美元。

我们在本季度末以现金和受限制的现金头寸415,000美元结束。在2019年4月30日的9个月期间从融资活动中收到的现金为180万美元,由运营和投资活动中使用的现金230万美元抵消。

我们的董事会继续积极评估我们的特色融资需求,并评估我们可以满足这些需求的各种类型和机会,并允许我们实现现金流收入盈亏平衡目标,我们最近披露,我们筹集了285,000美元的净收益私人配售,并计划筹集额外营运资金以资助本公司。

This concludes my financial review. I will now turn the call over to Hank Lambert, CEO, for a business strategy update. Hank?

我的财务审查到此结束。 我现在将把这个电话交给首席执行官汉克兰伯特(Hank Lambert)进行商业战略更新。汉克?

汉克兰伯特

Thanks, Mark. Good afternoon, everyone. We certainly appreciate you joining us for today's discussion.
As Mark mentioned, our core food safety revenues were somewhat lower for the third quarter, however, for the nine-month period showed strong growth at plus 31%. Quarterly food safety revenues were impacted by the timing of orders and unanticipated delays in key customer adoption and rollout of our SDC solutions. The good news is that since the end of the quarter, a number of these customers have accelerated adoption and installation of solutions. As a result, we anticipate that our current quarter, fiscal Q4 ending in July, will show stronger food safety revenues, continuing to validate our non-toxic SDC-based antimicrobial food safety solutions.
Highlighting first our produce processing initiatives, Pure Bioscience is finalizing a PURE Control supply agreement with SmartWash Solutions. We continue to work closely with SmartWash Solutions and the largest fresh produce processor in the world, on both application of and marketing the treated final products to end users as well as other produce processors.
SmartWash Solutions is working closely with the USDA to obtain third-party verification of the PURE application and efficacy for use to ensure produce safety in the U.S. There are currently three facilities equipped to apply the application at adoption by customers and four additional facilities planned for future rollout with USDA verification.
It has been conclusively determined that PURE Control used in the produce industry enhances food safety by eliminating pathogens causing foodborne illness, including the leading causes salmonella, E. coli and Listeria.
Currently, shredded romaine and iceberg lettuce are treated with PURE Control for the customers who adopt this added processing step. In addition to this direct work with our lead processor, other major processors are accelerating adoption of PURE Control for treating produce. Tom will give you a current update on this shortly.
In Q1, we had eight produce processors conducting or evaluating their own in-house validation and optimization testing. In Q2, that number was 10; and in Q3, that number grew to 12 processors.
Awareness of the incremental efficacy our solution provides to produce processors is growing. And we will build on that when SmartWash executives along with Tom Myers discuss the results of their extensive testing of SDC at the International Association of Food Protection in mid July.
The produce industry is clearly committed to the expanding use of our SDC solutions. They also use PURE Hard Surface extensively for successful environmental disinfection within their processing plants. Tom will elaborate on this, as well as new applications that are in development.
Continuing our discussion of PURE Hard Surface equipment and environmental use, in the most recent quarter, we added national branded customers and continue to add plants and expanded applications with existing customers, averaging more than one per week. PURE Hard Surface used environmentally and on equipment is now in over 110 national food manufacturers and processors in a wide range of industry segments, including produce, bakeries, pet food, cheese and dairy and meats.

谢谢,马克。大家下午好。我们非常感谢您加入我们今天的讨论。

正如马克所说,第三季度我们的核心食品安全收入略低,但九个月期间的增长强劲,增长了31%。季度食品安全收入受到订单时间和主要客户采用和SDC解决方案推出的意外延迟的影响。好消息是,自本季度末以来,其中一些客户已加快采用和安装解决方案。因此,我们预计,截至7月份的第四季度财政季度将显示更强的食品安全收入,继续验证我们的无毒SDC抗菌食品安全解决方案。

Pure Bioscience首先强调了我们的产品加工计划,正在与SmartWash Solutions完成PURE Con​​trol供应协议。我们继续与SmartWash Solutions和世界上最大的新鲜农产品加工商紧密合作,将最终产品的应用和营销应用于最终用户以及其他生产加工商。

SmartWash Solutions正在与美国农业部密切合作,以获得PURE应用的第三方验证和用于确保美国产品安全的功效。目前有三个设施可以应用于客户采用该应用程序,还有四个额外的设施计划用于未来推出美国农业部的验证。

最终确定生产行业中使用的PURE Con​​trol通过消除导致食源性疾病的病原体来增强食品安全性,包括导致沙门氏菌,大肠杆菌和李斯特菌的主要原因。

目前,对于采用这一增加的加工步骤的客户,使用PURE Con​​trol处理切碎的长叶莴苣和卷心莴苣。除了与我们的主处理器直接合作之外,其他主要处理器正在加速采用PURE Con​​trol来处理农产品。汤姆将很快给你一个关于此的最新消息。

在第一季度,我们有八个生产处理器进行或评估他们自己的内部验证和优化测试。在第二季度,这个数字是10;在第三季度,这个数字增长到12个处理器。

意识到我们的解决方案为生产处理器提供的增量功效正在增长。当SmartWash高管和Tom Myers在7月中旬讨论他们在国际食品保护协会对SDC进行广泛测试的结果时,我们将继续这样做。

农产品行业显然致力于扩大SDC解决方案的使用范围。他们还广泛使用PURE Hard Surface在其加工厂内成功进行环境消毒。 Tom将详细说明这一点,以及正在开发的新应用程序。

继续我们对PURE硬表面设备和环境使用的讨论,在最近一个季度,我们增加了国家品牌客户,并继续为现有客户添加工厂和扩展应用程序,平均每周超过一个。 PURE Hard Surface在环境和设备上的使用现已遍布110多个国家食品制造商和加工商,涉及广泛的行业领域,包括农产品,面包店,宠物食品,奶酪,乳制品和肉类。

Our food transportation solution is continuing to gain momentum and with acceleration in the last months, and Tom will also give you the latest on that.
In our egg hatcheries initiative for PURE Hard Surface for disinfection, we continue our testing with two of the top five poultry producers. Our objective is to optimize the pathogen-free environment, reducing cross contamination risk for egg laying, hatching and growing birds. Lowering the very high chick mortality rates and ensuring cleaner birds entering processing.
We anticipate that testing will be completed sometime before the end of this calendar year. At that time, we'll have enough information to be able to comment on potential and market metrics.
To sum up then, based on the growing momentum that we have in produce processing, food transport sanitization and PURE Hard Surface use in processing plants and restaurant chains, we are increasingly confident that the revenues needed to drive us to cash flow breakeven and beyond are achievable and imminent.
I'd like to turn our call over now to Tom Myers, Chief Operating Officer, for his up to the minute remarks from the frontline. Tom?

我们的食品运输解决方案在过去几个月中继续获得动力和加速,汤姆也将为您提供最新信息。

在我们用于PURE Hard Surface消毒的鸡蛋孵化场计划中,我们继续与前五大家禽生产商中的两家进行测试。我们的目标是优化无病原体环境,降低产蛋,孵化和种植鸟类的交叉污染风险。降低极低的雏鸡死亡率并确保清洁的鸟类进入加工过程。

我们预计测试将在本日历年结束前的某个时间完成。那时,我们将有足够的信息来评论潜在和市场指标。

总而言之,基于我们在加工厂和餐饮连锁店的生产加工,食品运输消毒和PURE Hard Surface使用方面不断增长的势头,我们越来越有信心推动我们实现现金流盈亏平衡以及可实现的,迫在眉睫的。

我现在打电话给首席运营官汤姆迈尔斯,因为他在前线发表的最新言论。汤姆?

汤姆迈尔斯

Thank you, Hank. Good afternoon, everyone. I'm pleased to have this opportunity to join today's call and share with you my boots on the ground perspective and the status of our sales, marketing and execution progress for both PURE Control and PURE Hard Surface Disinfectant.
We continue to work closely with produce industry leaders in both application of and marketing the treated final products to end users and to other fresh produce suppliers. In fact, PURE Bioscience was sponsored to attend and present at the recent PMA, Produce Marketing Association in May, where one-on-one meetings took place and numerous leads were generated. Also, as mentioned, SmartWash Solutions had been working with the USDA to obtain verification of the PURE application and efficacy where it’s used to ensure a safer U.S. process produce supply. This will provide powerful third-party verification of the lethality [ph] claims being achieved, and will be used as a powerful tool to differentiate our process.
We are working constantly with produce processors to expand the application of PURE Control beyond the shredded and chopped products. We are in contact with QA executives, engineering, marketing and sales multiple times a week moving toward adoptions. At another global produce supplier U.S. facilities, PURE Control is now being used in the first two of their 20 U.S. processing plants on strawberries. PURE Control is completely replacing the current PAA treatment, a result of our efficacy and enhanced product quality that is proven directly with the customer.
Their rollout plan anticipates expansion into remaining 18 facilities by the end of the calendar year. This same processor is also completing its validation of PURE Control used on tomatoes. In July, it plans to begin installing into the first of its 10 U.S. tomato processing facilities, and we were told that that process will be completed over the next 12 months. When fully deployed, this means that 30 of their U.S. plants will be running PURE Control on two separate products. We expect their ongoing validation work will yield additional produce commodities for future treatment.
We look forward to providing future updates on the progress of ongoing validation efforts on multiple products over a dozen other processing facilities across the fresh produce industry.
I'd like to turn to the information on the transport. Our food transport solution has been well-received and continues to grow. Sales and installations are progressing with our first customer, one of the largest U.S. food distribution companies, and our distribution center penetration is at a rate approaching 40%.
Last quarter, we talked about the PURE system being adopted and mandated by another top five national food service distributor. This has been progressing rapidly. In May, we received initial orders for chemistry and equipment from half of these distribution centers. And they tell us that expect that all 22 facilities will be installed and treating the entire fleet of 1,500 vehicles by the end of June. This top five distributor will also mandate the use in their seven meat plants, as well as environmentally inside their 27 distribution centers.

谢谢,汉克。大家下午好。我很高兴有机会参加今天的电话会议,并与我分享我的靴子的实际观点以及PURE Con​​trol和PURE Hard Surface消毒剂的销售,营销和执行进度。

我们继续与生产行业领导者密切合作,将最终产品的应用和营销应用于最终用户和其他新鲜农产品供应商。事实上,PURE Bioscience获得赞助,参加并于5月份出席了最近的PMA,生产营销协会,在那里举行了一对一的会议,并产生了众多的潜在客户。此外,如上所述,SmartWash Solutions一直与美国农业部合作,以获得PURE应用和功效的验证,用于确保更安全的美国工艺生产供应。这将为实现的杀伤力[ph]声明提供强大的第三方验证,并将用作区分我们流程的强大工具。

我们不断与生产加工商合作,将PURE Con​​trol的应用扩展到切碎和切碎的产品之外。我们每周多次与质量保证高管,工程,营销和销售部门联系,采用收养方式。在美国另一家全球生产供应商的工厂中,PURE Con​​trol目前正在20个美国草莓加工厂的前两个中使用。 PURE Con​​trol完全取代了目前的PAA处理,这是我们的功效和提高产品质量的结果,直接向客户证明。

他们的推出计划预计到日历年年底将扩展到剩余的18个设施。同样的处理器也在完成对番茄上使用的PURE Con​​trol的验证。 7月,它计划开始安装到其10个美国番茄加工设施中的第一个,我们被告知该过程将在未来12个月内完成。完全部署后,这意味着他们的30家美国工厂将在两个独立的产品上运行PURE Con​​trol。我们预计他们正在进行的验证工作将产生额外的农产品以供将来处理

我们期待在整个新鲜农产品行业的十几个其他加工设施中提供有关多种产品持续验证工作进展的未来更新。

我想谈谈交通信息。我们的食品运输解决方案受到了广泛欢迎并不断发展。我们的第一个客户是美国最大的食品配送公司之一,销售和安装正在进行,我们的配送中心渗透率接近40%。

上个季度,我们谈到了PURE系统正在被另一家五大国家食品服务分销商采用和授权。这一进展很快。 5月份,我们收到了来自这些配送中心一半的化学和设备的初始订单。他们告诉我们,预计所有22个设施将在6月底之前安装并处理整个车队的1,500辆车。这五大分销商还将在其七个肉类加工厂中使用,并在其27个配送中心内进行环保。

Today, we have four transportation customers, and word of mouth drives interest that we are in discussions with the 10 additional food transportation companies. We continue validation work of multiple distribution carriers in food specialty distribution companies, representing a potential to treat up to 3,500 traders with the PURE system.
Further, on new initiatives, utilizing PURE Hard Surface for produce processors, field bin sanitization systems have been designed and employed that allow a whole new level of protection during transport from field to the processing lines, along with the ongoing application of PURE Hard Surface in plants automated one button systems for entire processing facilities have been designed and installed. This is repeatable and has been marketed by PURE to multiple processors.
Now, I'd like to mention a new direction that we have been working on the last quarter. We've actually developed an application methodology for the dairy processing sector. This provides sanitization procedures that have not been possible before now. Our misting application technology allows treatment and dryers and other processing areas of cheese and dry powder facilities to provide enhanced product safety. Today, we are working with national dairy co-ops and processors and will report on that progress over the next few quarters.
Hank, this concludes my comments and I'll turn it back to you.

今天,我们有四个运输客户,口口相传引起了我们与另外10家食品运输公司讨论的兴趣。我们继续在食品专业分销公司中对多个分销商进行验证工作,表明有可能使用PURE系统处理多达3,500名贸易商。

此外,在采用PURE硬质表面生产加工产品的新举措中,现场垃圾清理系统的设计和应用使得从现场到加工生产线的运输过程中具有全新的保护水平,以及PURE硬表面的持续应用。已经设计并安装了用于整个处理设施的工厂自动化一键式系统。这是可重复的,并由PURE销售给多个处理器。

现在,我想提一下我们上一季度一直在努力的新方向。我们实际上已经为乳品加工行业开发了一种应用方法。这提供了以前无法实现的消毒程序。我们的喷雾应用技术允许处理和干燥机以及奶酪和干粉设施的其他加工区域,以提高产品安全性。今天,我们正在与国家乳品合作社和加工商合作,并将在接下来的几个季度报告这一进展。

汉克,这总结了我的意见,我会转回给你。

汉克兰伯特

Thanks, Tom.
Based on Tom’s remarks and the anticipated rollout plans of our leading produce processor customers, we remain optimistic that we will achieve our goal of a cash flow breakeven revenue run rate this calendar year.
As long as our customers’ adoption plans materialize as they project, we’ll reach our target. A $6 million annual revenue run rate is our breakeven target. Our cash flow breakeven forecast continues to be based on our customers’ present expectations of adoption and rollout of our two product lines. FDA approved PURE Control which is applied directly on to produce during processing, and EPA approved PURE Hard Surface Disinfectant, which is applied by food processors and manufacturers in food transportation, and by restaurant chains to surfaces and equipment to come in the contact with food.
Due to customer timing and delays referenced earlier, we are resetting our projection to achieve a cash flow breakeven run rate by the end of fiscal Q1 2020, which is October. I'm pleased to say that we are well on our way and that the current quarter is off to a strong start.
Now, I'd like to turn our call over to our operator to begin the Q&A session. Karl?

谢谢,汤姆。

根据Tom的言论和我们主要产品处理器客户的预期推出计划,我们仍然乐观地认为,我们将实现本日历年现金流盈亏平衡收入运行率的目标。

只要我们的客户采用计划在投影时实现,我们就能实现目标。 600亿美元的年收入运行率是我们的盈亏平衡目标。我们的现金流盈亏平衡预测继续基于客户目前对采用和推出两条产品线的预期。 FDA批准的PURE Con​​trol直接应用于加工过程中的生产,EPA批准的PURE硬表面消毒剂,由食品加工商和制造商应用于食品运输,餐馆连锁店应用于表面和设备,以便与食品接触。

由于前面提到的客户时间和延迟,我们正在重新调整我们的预测,以便在2020年第一季度(即10月份)结束时实现现金流盈亏平衡运行率。我很高兴地说,我们正在顺利进行,而且本季度已经取得了良好的开端。

现在,我想打电话给我们的运营商开始问答环节。卡尔?

问答环节

Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Christian Bozorth with Kanawha-Gauley Coal. Go ahead, sir.

谢谢。 我们现在开始问答环节。 [操作员说明]第一个问题来自Christian Bozorth和Kanawha-Gauley Coal。 来吧,先生。

Christian Bozorth

Thank you. Glad to hear about all the great things going on in the sales pipeline. My question is, do you think you have enough cash to get to breakeven in October?

谢谢。 很高兴听到销售渠道中发生的所有重大事件。 我的问题是,你认为你有足够的现金可以在10月获得盈亏平衡吗?

汉克兰伯特

Yes. Thank you, Christian. Great question. And as Mark indicated in his remarks, we are in the process of raising the working capital necessary to run operations to get to cash flow breakeven. Our Board has -- is pursuing that and we've raised $285,000 in recent weeks, and are continuing to pursue that. We are confident we will have the cash to fund our way to cash flow breakeven.

是。 谢谢你,克里斯蒂安。 好问题。 正如马克在他的讲话中指出的那样,我们正在筹集运营所需的营运资金以实现现金流盈亏平衡。 我们的董事会正在追求这一点,最近几周我们筹集了28.5万美元,并且正在继续追求这一目标。 我们有信心,我们将有现金资助我们的现金流盈亏平衡。

Christian Bozorth

Thank you. I was a little late joining the call. Thank you.

谢谢。 加入电话我有点迟了。 谢谢。

汉克兰伯特

Okay, thanks.

好的谢谢。

会议主持员

The next question comes from Gloria Gaddy, [ph] a private investors. Go ahead.

接下来的问题来自Gloria Gaddy,他是私人投资者。 前进。

身份不明的分析师

Hey, Hank. I have a question. This goes clear back to May of 2017 with Online Reprocessing trial for chicken. Are we waiting until we have funds for that? I mean, back then, they said they assumed you would have a successful trial and no additional trials would be required by the USDA and that they would issue a letter of no obligation in approximately four to six weeks after completion of the trial. So, did we have a successful trial for more result or more testing, asked for by the USDA?
And then, for Tom, and I can't remember exactly what it was, and he may have referred to it, but they were sowing with all of the online sales of food, et cetera, how these companies needed to have refrigerated sites and sets, and their units were way high in the building. And it occurred to me that that would be a great place PURE to be used. And I didn't know how you missed about that high in these big buildings, and if that’s something you’ve looked at. It seems like it was cold America, or something like that. So, those are my two questions.

嘿,汉克。我有个问题。这可以追溯到2017年5月的鸡肉在线再加工试验。我们要等到有资金吗?我的意思是,那时候,他们说他们认为你会有一个成功的试验,美国农业部不需要额外的试验,他们会在试验结束后大约四到六周内发出一份没有义务的信。那么,美国农业部要求我们进行更多结果或更多测试的成功试验吗?

然后,对汤姆来说,我不记得究竟是什么,他可能已经提到了它,但是他们正在播放食品的所有在线销售,等等,这些公司需要如何拥有冷藏场所和套房,他们的单位在建筑物中很高。在我看来,这将是一个很好的地方PURE使用。而且我不知道你是如何错过这些大楼里的那么高的,如果那是你看过的东西。好像是冷酷的美国,或类似的东西。那么,这是我的两个问题。

汉克兰伯特

Okay. Thanks, Gloria. I'll take the first one. As we've indicated, in previous calls, with regard to online reprocessing, we had some stops and starts with trials on that. We did not get to the point where we were as successful as we expected to be. And there were some cost issues involved with that as well. What we shifted our focus to was testing on parts, pre online reprocessing and then post immersion chiller. And we have done a lot of testing on parts, we continue to look at testing on parts. But to be honest, over the past several months, we've had our limited sales and technical services resources really focused on our closest in opportunities, especially our produce processors and food transportation solution.
On poultry, as we mentioned in our prepared remarks, we are focused on the front end of the supply chain and hatcheries. And we are also working with two strategic distributors who have specific expertise in poultry processing and distributing processing aids to poultry processors. We're working with them on a strategic arrangement where we could -- they would augment our efforts because our resources are stretched very, very thin right now with produce and food transportation. So, we know this opportunity with parts and we're bringing more resources to bear against that as we work with these strategic distributors.
And I'll now turn it over to Tom to answer the question about misting and freezer areas.

好的。谢谢,格洛丽亚。我会拿第一个。正如我们已经指出的那样,在之前的调用中,关于在线后处理,我们有一些停止并开始试验。我们没有达到我们预期的那样成功的程度。并且还涉及一些成本问题。我们将注意力转移到了对零件进行测试,在线后处理以及后浸入式冷却器的测试。我们已经对零件进行了大量测试,我们继续研究零件的测试。但说实话,在过去的几个月里,我们有限的销售和技术服务资源真正专注于我们最接近的机会,特别是我们的产品加工和食品运输解决方案。

关于家禽,正如我们在准备好的评论中提到的那样,我们专注于供应链和孵化场的前端。我们还与两家战略经销商合作,这些经销商在家禽加工和向家禽加工商分销加工助剂方面拥有特定的专业知识。我们正在与他们合作进行战略性安排 - 他们会增加我们的努力,因为我们的资源现在非常非常薄,产品和食品运输。因此,我们知道这个机会与零件,我们正在与这些战略分销商合作,带来更多资源。

现在我将把它交给汤姆回答有关雾化和冷冻区域的问题。

汤姆迈尔斯

Gloria, that's a very good question and very intuitive. We have been testing recently, actually in the last quarter, the air in different food transport areas and in processing facilities to determine the level of contamination that's in those units and our same misting technology that we're employing in the trailers, has been designed to be applied to that. And Gloria, they are up high, and it is a push button type arrangement where on a regular basis that all the units would be treated at once with our fine mist application. So, it is something that we are working with actually several companies on right now.

格洛丽亚,这是一个非常好的问题,非常直观。 我们最近一直在测试,实际上在最后一个季度,不同食品运输区域和加工设施中的空气以确定这些单元中的污染水平以及我们在拖车中使用的相同雾化技术的设计 适用于那个。 和Gloria一样,它们很高,这是一种按钮式布置,定期使用我们的细雾应用来处理所有单元。 因此,我们正在与几家公司合作。

会议主持员

The next question comes from Matthew Kress, [ph] private investor. Go ahead, sir.

下一个问题来自私人投资者Matthew Kress。 来吧,先生。

身份不明的分析师

Hi. I just wondered what methods or what ways you'd like to raise capital in the interim before reaching breakeven and more equity, issuance or debt?

你好。 我只是想知道在达到盈亏平衡以及更多股权,发行或债务之前,您想在过渡期间筹集资金的方法或方式是什么?

汉克兰伯特

Yes. We would pursue the typical structures that we've used in the past. Private placements with primarily current shareholders and it will be all equity. We're not pursuing any debt issuance at this point.

是。 我们会追求过去常用的典型结构。 私人配售主要是现有股东,它将是所有股权。 我们此时并未追究任何债务发行。

会议主持员

There are no more questions at this time. This concludes the question-and-answer session. I would now like to turn the conference back over to Hank Lambert for any closing remarks.

目前没有其他问题了。 问答环节结束了。 我现在想把会议转回汉克兰伯特的任何结束语。

汉克兰伯特

Thanks, Karl. And thanks to each of you for your time and continued support as we move closer to more meaningful commercialization of our powerful SDC antimicrobial. I look forward to reporting back to you with our continuing progress on our next call. Thanks, and have a great rest of your day.

谢谢,卡尔。 感谢你们每个人的时间和持续的支持,因为我们越来越接近我们强大的SDC抗菌剂的更有意义的商业化。 我期待着在接下来的电话会议上继续向您汇报工作。 谢谢,祝你有个美好的一天。

会议主持员

This concludes today's conference call. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

今天的电话会议结束了。 您现在可以断开线路。 感谢您的参与,祝您度过愉快的一天。

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