TOMI Environmental Announces Preliminary Second Quarter Revenue
In This Article:
Second quarter revenues expected to be approximately $3.0 million, increasing by approximately 10% YoY and 170% sequentially
BIT Solution sales expected to increase by approximately 31% YoY and 171% sequentially
FREDERICK, Md., July 25, 2024 (GLOBE NEWSWIRE) -- 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.