Business
TOMI Environmental Solutions, Inc. Reports 90% Growth in Second Quarter Revenue With Break Even EPS
Positive EBITDA in Second Quarter FREDERICK, Md., Aug. 14, 2023 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (NASDAQ: TOMZ), a global
About this update from Tomi Environmental Solutions, Inc.
[{"type":"text","content":"Positive EBITDA in Second Quarter\nFREDERICK, Md., Aug. 14, 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, announced its financial results for the second quarter of 2023. TOMI Chief Executive Officer, Dr. Halden Shane, stated, “In the second quarter we drove revenue growth which, given the high gross margins in our business and continued management of our operating expenses, resulted in a de minimis net loss and break even EPS. “There has been a heavy focus placed on building sales partnerships and expanding distribution channels and we are excited with the progress made thus far in 2023. We added new distributors in North America and Europe, and signed a contract with Vizient, the largest group purchasing organization (GPO) in the healthcare industry supplying around $100 billion in annual member purchasing volume. “We believe our second quarter results have us back on track and establish momentum for us heading into the second half of 2023. Given our current sales pipeline, the strength of our high margin business model and high profitability on incremental revenues, at this point in time we believe that we may attain profitability in the fourth quarter. We remain focused on executing our strategies to grow revenues, expand our sale network and deliver improved results and values for our shareholders.” Financial Results for the Three Months Ended June 30, 2023 compared to June 30, 2022 Total net revenue was $2,775,000 compared to $1,458,000, representing an increase of $1,317,000 or 90%. The increase in revenue was largely due to strong growth in our product and service revenue in the current year period as well as our internal team’s ability to execute and deliver two iHP SteraMist Custom Engineered Systems (CES) in the second quarter.Gross margin was 61% compared to 63%. The decrease in gross profit was attributable to product mix in sales.Operating loss was ($89,000) compared to ($863,000). The decline in our loss from operations was attributable to higher sales and gross profit in the current year period.Net loss was ($89,000) or ($0.00) per basic and diluted share, compared to ($862,000) or ($0.04) per basic share...