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TOMI Announces CEO Shareholder Letter Discussing Preliminary First Quarter Results, Growth Strategy and Share Registration
FREDERICK, Md., April 18, 2022 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (NASDAQ: TOMZ), a global company that specializes in
About this update from Tomi Environmental Solutions, Inc.
[{"type":"text","content":"FREDERICK, Md., April 18, 2022 (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, published a letter from the Company’s Chief Executive Officer, Dr. Halden Shane, to shareholders. The letter is included in its entirety below: SHAREHOLDER LETTER Dear Shareholders, I wanted to take the opportunity to provide some preliminary results for the first quarter ended March 31, 2022 as well as to update you on the progress we are making executing our longer-term growth strategy. Please note that certain preliminary financial information described herein has not been audited and is subject to adjustment based on the Company’s completion of the quarter-end financial close processes. The company ended the first quarter of 2022 with notable improvements when compared to prior periods in 2021. We were cash flow positive from operations for the first time since the second quarter of 2020 and maintained our working capital position. We expect first quarter sales to grow approximately 11% over what was reported in the first quarter of 2021 and 15% sequentially over the fourth quarter of 2021. During the first quarter of 2022 we received approximately $3.5 million in orders, of which we anticipate about $3.2 million will be recognized as revenue in our current calendar year. This strong start of the year bodes well for 2022. A key driver to our longer-term growth is strengthening demand for our Custom Engineered Systems (CES) from both the life science and hospital sectors. We have secured several new orders for CES that we expect to install and realize revenue in late 2022 and early 2023. In order to fulfill this demand for our CES, we enhanced our production capabilities with the addition of ARM Enertech Associates who can manufacture our CES in their Pennsylvania facility. Furthermore, our existing manufacturer Planet Innovation has expanded into California providing easier access to our internal technology team and a lower cost in domestic shipment charges. These developments will reduce our overall costs and lead time. We continue to look to expand our team as we head into the second quarter and are optimistic that we will...