TOMI Environmental Announces Preliminary Second Quarter Revenue
July 25 2024 - 7:30AM
TOMI Environmental Solutions, Inc. (“TOMI”) (NASDAQ: TOMZ), a
global company that specializes in disinfection and decontamination
through the utilization of its premier Binary Ionization Technology
(BIT) platform through its SteraMist brand of products, today
announced preliminary unaudited revenue for its second quarter
ended June 30, 2024.
Revenue is expected to be approximately $3.0 million, an
increase of 10% over the second quarter ended June 30, 2023, and
approximately 170% over the first quarter ended March 31, 2024.
Additionally, The Company expects second quarter BIT Solution sales
to increase by approximately 31% compared to the second quarter of
2023 and by 171% sequentially over the first quarter of 2024.
Dr. Halden Shane, TOMI Chief Executive Officer states, “Our
strategic growth initiatives are yielding positive outcomes, and we
anticipate improved financial results in the second quarter. We
believe that this improved result is a reflection of our successful
strategy to expand and grow our sales channels and customer base
which is driving strong growth in our product and service
revenues.
“This is the strongest quarterly revenue we have achieved since
Covid. A key driver of our long-term growth continues to be the
demand for our Custom Engineered Systems (CES). Additionally, our
semi-permanent solution, the SteraMist Hybrid, launched last year,
offers numerous opportunities and has proven to be an excellent
solution for many. Also, year to date we have nearly matched the
total number of mobile equipment sales that we realized in all of
2023. These innovative products are designed to drive recurring,
high-margin BIT solution revenues as part of our razor/razor-blade
model, and we anticipate increased solution sales in the second
quarter. Based on our healthy pipeline, we expect continued growth
through the back half of the year aligning with analyst
estimates.”
The Company expects to announce full second quarter results the
first week of August 2024.
The preliminary financial results for the quarter ended June 30,
2024, are unaudited, reflect the Company’s estimated financial
results and are based on information available to management as of
the date of this release and are subject to potential further
material changes upon completion of the Company’s standard
quarter-end closing procedures. In preparing this information,
management made certain judgments and estimates about the
appropriateness of certain reported amounts and disclosures. Our
actual financial results for the three months ended June 30, 2024,
have not yet been finalized by management and remain subject to the
completion of management’s final review and our other closing
procedures, as well as the completion of the review of our
financial statement by our independent auditors. These preliminary
estimated results do not represent a comprehensive statement of all
financial results for the three and six months ended June 30, 2024.
We are required to consider all available information through the
finalization of our financial statements and their possible impact
on our financial conditions and results of operations for the
period, including the impact of such information on our judgments
and estimates referred to above.
TOMI™ Environmental Solutions, Inc.: Innovating for
a safer world®
TOMI™ Environmental Solutions, Inc. (NASDAQ: TOMZ) is a
global decontamination and infection prevention company, providing
environmental solutions for indoor surface disinfection through the
manufacturing, sales and licensing of its premier Binary Ionization
Technology® (BIT™) platform. Invented under a defense grant in
association with the Defense Advanced Research Projects Agency
(DARPA) of the U.S. Department of Defense, BIT™ solution
utilizes a low percentage Hydrogen Peroxide as its only active
ingredient to produce a fog of ionized Hydrogen Peroxide (iHP™).
Represented by the SteraMist® brand of products,
iHP™ produces a germ-killing aerosol that works like a visual
non-caustic gas.TOMI products are designed to service a broad
spectrum of commercial structures, including, but not limited to,
hospitals and medical facilities, cruise ships, office buildings,
hotel and motel rooms, schools, restaurants, meat and produce
processing facilities, military barracks, police and fire
departments, and athletic facilities. TOMI products and
services have also been used in single-family homes and multi-unit
residences.
TOMI develops training programs and application protocols
for its clients and is a member in good standing with The American
Biological Safety Association, The American Association of Tissue
Banks, Association for Professionals in Infection Control and
Epidemiology, Society for Healthcare Epidemiology of America,
America Seed Trade Association, and The Restoration Industry
Association.
For additional information, please
visit https://www.steramist.com/ or contact us at
info@tomimist.com.
Forward-Looking Statements
This press release contain forward-looking statements that are
based on current expectations, estimates, forecasts and projections
of future performance based on management’s judgment, beliefs,
current trends, and anticipated product performance. These
forward-looking statements include, without limitation, statements
relating expected revenue and sales for the second quarter ended
June 30, 2024. Forward-looking statements involve risks and
uncertainties that may cause actual results to differ materially
from those contained in the forward-looking statements. These
factors include, but are not limited to, our ability to acquire new
customers and expands sales; our ability to maintain and manage
growth and generate sales, our reliance on a single or a few
products for a majority of revenues; the general business and
economic conditions; and other risks as described in our SEC
filings, including our Annual Report on Form 10-K for the fiscal
year ended December 31, 2023 filed by us with the SEC and other
periodic reports we filed with the SEC. The information provided in
this document is based upon the facts and circumstances known at
this time. Other unknown or unpredictable factors or underlying
assumptions subsequently proving to be incorrect could cause actual
results to differ materially from those in the forward-looking
statements. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
future results, level of activity, performance, or achievements.
You should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today’s date, unless otherwise stated, and we undertake no duty to
update such information, except as required under applicable
law.
INVESTOR RELATIONS CONTACT:John Nesbett/Roz ChristianIMS
Investor Relationstomi@imsinvestorrelations.com
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