TOMI Environmental Solutions Reports Consecutive Quarterly Net Profit

TOMI Environmental Solutions, Inc. recently released its financial results for the third quarter of 2024, showcasing a positive trend with its second consecutive profitable quarter this year. The company, known for its expertise in disinfection and decontamination through its Binary Ionization Technology (BIT) platform under the SteraMist brand, reported notable improvements in revenue, margins, and cost efficiencies.

Dr. Halden Shane, the Chief Executive Officer of TOMI, expressed satisfaction regarding the positive momentum seen in the third quarter. The company’s strategic efforts to boost revenue and reduce costs led to a quarterly net income of $59,000. Revenue for the quarter surged by 73% year-over-year to $2.5 million, while year-to-date revenue reached $6.7 million, showing a 14.5% increase compared to the same period in 2023.

Key Financial Highlights for the Third Quarter:
– Total net revenue stood at $2.5 million, leaping from $1.47 million in the previous year.
– Gross margin increased to 61.4% from 55%.
– Operating income was reported at $149,000, a significant improvement from an operating loss of ($901,000).
– Net income reached $59,000 or $0.00 per basic and diluted share, contrasting with a net loss of ($901,000) or ($0.05) per basic and diluted share.
– Adjusted EBITDA totaled $219,000, a marked improvement from $(807,000) in the same period the year before.

The nine-month comparison showed further positive outcomes:
– Total net revenue for the first nine months of 2024 was $6.67 million, higher than $5.83 million.
– Gross margin for this period rose to 61.3% compared to 59.2%.
– The operating loss decreased to ($956,000) from ($2,178,000).
– Net loss was narrowed to ($1,221,000) or ($0.06) per basic and diluted share from a net loss of ($2,177,000) or ($0.11) per basic and diluted share.
– Adjusted EBITDA improved to ($587,000) from ($1,746,000).

As of September 30, 2024, TOMI reported cash and cash equivalents of approximately $809,000, with a working capital of $6.9 million and shareholders’ equity of $7.4 million.

TOMI Environmental Solutions has been steadily expanding its customer base and progressing in various sectors, including food safety, international markets, and strategic cost management. Dr. Shane emphasized the company’s commitment to executing strategic initiatives and driving revenue growth, aiming to enhance shareholder value.

The company’s recent business advancements have notably contributed to its financial success, positioning TOMI Environmental Solutions as a leader in the space of disinfection and decontamination technologies.

For further details about TOMI’s financial results, the company will host a conference call on October 30, 2024, at 4:30 p.m. ET. More information about the call is available on the company’s Investor Relations section of the website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TOMI Environmental Solutions’s 8K filing here.

About TOMI Environmental Solutions

TOMI Environmental Solutions, Inc, a bacteria decontamination and infectious disease control company, engages in the provision of environmental solutions for indoor air and surface disinfection and decontamination in the United States and internationally. The company’s disinfection solutions include SteraPak portable disinfection systems, SteraMist select surface units, SteraMist environment systems, SteraMist total disinfection carts, SteraMist transport units, NV+ fogging disinfection and decontamination systems, SteraMist custom engineered systems, SteraMist Hybrid disinfection systems, SteraMist integrated systems, Stainless Steel 90-Degree applicators, SteraMist plasma decontamination chambers, and iHP Corporate Service Decontamination, which provides full room, equipment, facility, and emergency disinfection and decontamination services.