TOMI Chief Executive Officer, Dr.
“We remain focused on expanding our internal and external sales infrastructure and business development initiatives. Last year we onboarded 9 distributors and 11 sales representatives, which expanded our presence both domestically and internationally. We anticipate the increased bandwidth of our internal and external sales channels will have a positive impact on our revenue in 2024 and beyond.
“In 2023 we made significant progress developing, manufacturing and validating new products for our elite customers. These new products will be the primary driver of growth in the years to come. We are reciving multiple orders from the Pharmaceutical, Vivarium, Food Industry and United States
“We are off to a good start in 2024 as we landed a new SteraMist iHP Custom Engineered System (CES) installation with a
Financial Results for the year ended
- Total net revenue was
$7,355,000 compared to$8,338,000 . The timing of orders including the holidays and lengthy customer approval process affected our revenue. - Gross margin was 58.3% compared to 60.6%. The decrease in gross profit was attributable to product mix.
- Operating loss was (
$3,349,000 ) compared to ($2,882,000 ). - Net loss was (
$3,403,000 ) or ($0.17 ) per basic and diluted share, compared to ($2,880,000 ) or ($0.15 ) per basic and diluted share.
Financial Results for the three months ended
- Total net revenue was
$1,528,000 compared to$2,812,000 . - Gross margin was 54.9% compared to 58.6%. The decrease in gross profit was attributable to product mix.
- Operating loss was (
$1,171,000 ) compared to ($706,000 ). - Net loss was (
$1,226,000 ) or ($0.06 ) per basic and diluted share, compared to ($705,000 ) or ($0.04 ) per basic and diluted share.
Balance sheet highlights as of
- Cash and cash equivalents were approximately
$2.3 million . - Working capital was
$7.9 million . - Shareholders’ equity was
$8.4 million .
Recent Business Highlights:
- Expanded sales infrastructure with the addition of 9 distributors and 11 sales representatives in 2023 which has expanded our presence domestically and on an international basis.
- Entered into a contract with
Vizient, Inc. increasing our presence in theU.S. healthcare system.Vizient is the largest group purchasing organization (GPO) in the healthcare industry supplying around$100 billion in annual member purchasing volume.Vizient serves approximately 97% of the nation’s Academic Medical Centers, more than 50% of the nation’s acute care health system, and serves more than 20% of the nation’s ambulatory market. - Added Sterile Grow, a
United States based distributor and consultation company in the food and cannabis market. - Entered into an agreement with
Patty Olinger , the Founder ofBEAMS, LLC who specializes in Public Health Preparedness.Ms Olinger is also aDirector of Frontline Foundation dedicated to protecting American citizens from bioterror threats. In the past she was Assistant Vice President of theOffice of Research Administration , and Executive Director ofEnvironmental Health andSafety Office of Emory University Hospital System and most recently the Executive Director ofGlobal Biorisk Advisory Council , a division of ISSA. She will assist in strengthening and expanding the TOMI SteraMist Network and increasing business development in the commercial market. She brings over 20 years of experience establishing executive strategic vision and direction of large institutions and companies spanning multiple industries, including higher education, not-for-profit, healthcare, consultancy, hospitality, and pharmaceutical sectors. - Completion and delivery four CES systems, as follows:
- During the first quarter, we delivered a CES system to Orna Therapeutics, a leading biotechnology company located in
Massachusetts - During the second quarter, we delivered an eleven applicator CES system to Avid Bioservices, Inc. (“Avid”) for implementation in Avid’s new purpose-built viral vector development and manufacturing facility in
Costa Mesa, California . - During the third quarter of 2023, we delivered a three applicator CES system to
Ragon Institute of MGH ,MIT and Harvard for implementation in their research and clinical lab located inCambridge, MA. - During the third quarter of 2023, we delivered to a one applicator system
Indigo Pharmaceutical, Inc. inLas Vegas, Nevada .
- During the first quarter, we delivered a CES system to Orna Therapeutics, a leading biotechnology company located in
- SteraMist iHP Service revenue grew 13% for the year ended
December 31, 2023 , compared to the same prior year period. - Completed a convertible note financing in an aggregate principal amount of
$2,600,000 ,which will be used for working capital and other general corporate purposes. - Pfizer Rocky Mount engaged TOMI’s iHP service team to conduct emergency decontamination within their facility, which suffered substantial damage due to a tornado. TOMI continues to perform decontamination service twice a year at the Pfizer Rocky Mount facility.
- Introduced three new products, the SteraMist Hybrid,
SteraMist Transport and Select Plus, to support superior disinfection decontamination solutions for our growing customer base. - Attended and presented our SteraMist brand of products at various tradeshows, most notable were Interphex, Food Safety Summit, AALAS,
ISSA North America , andMJBiz Conference . In the fourth quarter of 2023, we attended and presented at the following shows: Pharma Ed Aseptic, ISPE National, AALAS National Conference,NFMT Remix Conference , Bio Innovation,ISSA North America , andMJBiz Conference . - Launched our updated website, now accessible through our new domain name steramist.com. The refreshed website offers a modern, user-friendly design and streamlined navigation, providing visitors with easy access to essential information about SteraMist products and services.
Conference Call Information
TOMI will hold a conference call to discuss Fourth Quarter and year end 2023 results at
To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time and reference the participant access code 530125 or request the "
A replay of the teleconference will be available until
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
TOMI develops training programs and application protocols for its clients and is a member in good standing with
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, ability to accelerate revenue; financial performance and operating results for 2024; upcoming launch of new products; expected growth in sales and market demand; revenue opportunities of CES products and brand recognition of our products. 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
CONSOLIDATED BALANCE SHEETS | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and Cash Equivalents | $ | 2,339,059 | $ | 3,866,733 | |||
Accounts Receivable – net | 2,429,929 | 2,772,340 | |||||
Other Receivables | 164,150 | 164,150 | |||||
Inventories | 4,627,103 | 4,495,999 | |||||
Vendor Deposits | 29,335 | 447,052 | |||||
Prepaid Expenses | 371,298 | 388,359 | |||||
Total Current Assets | 9,960,874 | 12,134,633 | |||||
Property and Equipment – net | 1,048,642 | 1,335,331 | |||||
Other Assets: | |||||||
Intangible Assets – net | 1,123,246 | 1,025,736 | |||||
Operating Lease - Right of Use Asset | 467,935 | 528,996 | |||||
Long Term Accounts Receivable – net | 206,240 | - | |||||
Other Assets | 550,677 | 475,103 | |||||
Total Other Assets | 2,348,098 | 2,029,835 | |||||
Total Assets | $ | 13,357,614 | $ | 15,499,799 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts Payable | $ | 1,267,029 | $ | 1,761,750 | |||
Accrued Expenses and Other Current Liabilities | 675,491 | 728,703 | |||||
Deferred Revenue | - | 699,732 | |||||
Current Portion of Long-Term Operating Lease | 115,658 | 100,282 | |||||
Total Current Liabilities | 2,058,178 | 3,290,467 | |||||
Long-Term Liabilities: | |||||||
Long-Term Operating Lease, Net of Current Portion | 642,527 | 761,132 | |||||
Convertible Notes Payable, net of discount of | 2,298,015 | - | |||||
Total Long-Term Liabilities | 2,940,542 | 761,132 | |||||
Total Liabilities | 4,998,720 | 4,051,599 | |||||
Commitments and Contingencies | |||||||
Shareholders’ Equity: | |||||||
Cumulative Convertible Series A Preferred Stock; | |||||||
par value | |||||||
and outstanding at | 638 | 638 | |||||
Cumulative Convertible Series B Preferred Stock; | |||||||
7.5% Cumulative dividend; 4,000 shares authorized; none issued | |||||||
and outstanding at | - | - | |||||
Common stock; par value | |||||||
19,923,955 and 19,763,955 shares issued and outstanding | |||||||
at | 199,240 | 197,640 | |||||
57,985,245 | 57,673,559 | ||||||
Accumulated Deficit | (49,826,229 | ) | (46,423,637 | ) | |||
Total Shareholders’ Equity | 8,358,894 | 11,448,200 | |||||
Total Liabilities and Shareholders’ Equity | $ | 13,357,614 | $ | 15,499,799 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
For The Three Months Ended | For The Years Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Sales, net | $ | 1,527,674 | $ | 2,811,501 | $ | 7,354,564 | $ | 8,338,099 | ||||||||
Cost of Sales | 688,586 | 1,164,020 | 3,065,028 | 3,277,644 | ||||||||||||
Gross Profit | 839,087 | 1,647,480 | 4,289,536 | 5,060,455 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Professional Fees | 119,210 | 144,574 | 575,728 | 536,311 | ||||||||||||
Depreciation and Amortization | 93,412 | 81,502 | 366,677 | 329,164 | ||||||||||||
Selling Expenses | 190,713 | 595,225 | 1,351,465 | 1,867,013 | ||||||||||||
Research and Development | 271,211 | 97,630 | 491,798 | 352,238 | ||||||||||||
Consulting Fees | 93,826 | 69,423 | 282,548 | 215,180 | ||||||||||||
General and Administrative | 1,241,871 | 1,365,063 | 4,570,597 | 4,642,548 | ||||||||||||
Total Operating Expenses | 2,010,243 | 2,353,417 | 7,638,813 | 7,942,454 | ||||||||||||
Income (loss) from Operations | (1,171,155 | ) | (705,937 | ) | (3,349,276 | ) | (2,881,999 | ) | ||||||||
Other Income (Expense): | ||||||||||||||||
Interest Income | 10,726 | 891 | 11,990 | 1,939 | ||||||||||||
Interest Expense | (65,305 | ) | - | (65,305 | ) | - | ||||||||||
Total Other Income (Expense) | (54,579 | ) | 891 | (53,315 | ) | 1,939 | ||||||||||
Income (loss) before income taxes | (1,225,735 | ) | (705,046 | ) | (3,402,592 | ) | (2,880,060 | ) | ||||||||
Provision for Income Taxes (Note 16) | - | - | - | - | ||||||||||||
Net Income (loss) | $ | (1,225,735 | ) | $ | (705,046 | ) | $ | (3,402,592 | ) | $ | (2,880,060 | ) | ||||
Net income (loss) Per Common Share | ||||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.17 | ) | $ | (0.15 | ) | ||||
Diluted | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.17 | ) | $ | (0.15 | ) | ||||
Basic Weighted Average Common Shares Outstanding | 19,883,955 | 19,763,955 | 19,834,476 | 19,743,544 | ||||||||||||
Diluted Weighted Average Common Shares Outstanding | 19,883,955 | 19,763,955 | 19,834,476 | 19,743,544 |
INVESTOR RELATIONS CONTACT:
IMS Investor Relations
tomi@imsinvestorrelations.com
Source:
2024 GlobeNewswire, Inc., source