Business
Tomi Environmental Solutions, Inc. Reports 40% Increase in Fourth Quarter Revenue
– Robust Pipeline in Life Sciences Sector Positions Business for Growth in 2023 – – Significantly Reduced SG&A in The Quarter and Year – – 58% Reduction in
About this update from Tomi Environmental Solutions, Inc.
[{"type":"text","content":"– Robust Pipeline in Life Sciences Sector Positions Business for Growth in 2023 – – Significantly Reduced SG&A in The Quarter and Year – – 58% Reduction in Net Loss and Slight Adjusted EBITDA Loss in The Fourth Quarter Reflect Operating Leverage In Business Model As Company Scales – FREDERICK, Md., March 16, 2023 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (NASDAQ: TOMZ), a global company specializing in disinfection and decontamination utilizing its premier Binary Ionization Technology (BIT) platform through its SteraMist brand of products, today announced its financial results for the fourth quarter and year ended December 31, 2022. TOMI Chief Executive Officer, Dr. Halden Shane, stated, “2022 delivered continued growth in our revenue and sales pipeline as well as improved year over year financial operating results. We ended the year on a strong note as we grew fourth quarter sales by 40% compared to the same prior year period and saw 60% growth sequentially from the prior quarter. In fact, in the quarter ended December 31, 2022 we delivered our best financial results since 2020. Furthermore, we continue to see positive signs in the marketplace as our fourth quarter solution sales grew by 31% compared to our prior year fourth quarter. We expect solution sales to continue to increase, particularly as we grow our base of CES systems, which should have a positive impact on margins. “Our recognized revenue and sales backlog for the year ended December 31, 2022, together, was $10.4 million and we saw 22% year over year growth in customer orders. The increase in sales was largely attributable to increased demand for our CES systems due to the success of our internal tech team’s ability to deliver systems in the fourth quarter of 2022, as well as an increase in mobile equipment orders due to our expanded product line which now features our fourth generation environment system, SteraPak, Select Plus and CES system. “The higher sales, gross profit and reduced operating expenses led to improved overall annual financial results as our loss from operations declined 41% year over year and we achieved 42% improvement in our loss per share in 2022. “We entered 2023 with strong momentum and we will continue to focus on executing our strategies to grow revenues, expand business development and deliver improved results and ...