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TOMI Environmental Solutions Announces Preliminary Financial Results for Third Quarter 2024 With Continued Profitability and Global Market Expansion
FREDERICK, Md., Oct. 28, 2024 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI” or the “Company”) (NASDAQ: TOMZ), a global company specializing
About this update from Tomi Environmental Solutions, Inc.
[{"type":"text","content":"FREDERICK, Md., Oct. 28, 2024 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI” or the “Company”) (NASDAQ: TOMZ), a global company specializing in disinfection and decontamination, today announced preliminary financial results for Q3 2024, marking strong growth and two consecutive quarters of profitability. TOMI is expecting a 73% increase in revenue for the three months ended September 30, 2024 compared to the same period in 2023, along with a 14.5% increase for the first nine months of 2024 (YTD) as compared to the same period in 2023. Furthermore, as compared to the same period in 2023, BIT Solution sales are expected to increase 13% YTD and SteraMist mobile equipment sale is expected to increase by 90% YTD. The Company expects to report positive net income for the quarter. As previously announced, the Company expects to report its full third quarter 2024 financial results after the close of the financial markets on Wednesday, October 30, 2024, and will hold a conference call at 4:30 p.m. ET that day. The financial results in this press release are preliminary and subject to the completion of accounting and review procedures and are therefore subject to adjustment. A key sales highlight during the quarter was the Company’s expansion into India, a focus in TOMI’s global expansion strategy. “India is an important new market for us, and securing a foothold in such a competitive market highlights the strength of SteraMist iHP technology,” said E.J. Shane, COO of TOMI. “Furthermore, one of our key customers expanded their use of SteraMist iHP to a facility in South Africa, their fourth location in addition to facilities in Chile, Portugal, and Brazil. This customer is a global healthcare company that specializes in medicines for infusion, transfusion, and clinical nutrition, and we believe our continuing partnership will present additional opportunities for TOMI’s business development teams, who are actively pursuing additional facility deployments with this customer worldwide.” TOMI is also advancing into the consumer healthcare market through partnerships with industry leaders such as Edgewell Personal Care and Reckitt Benckiser Group PLC. “Working with these partners demonstrates the versatility of SteraMist across industries. We are unlocking new markets while continuing to serve our core segments,” added Dr. Hal...