Business
TOMI Environmental Solutions, Inc. Reports Fourth Quarter and Year End 2021 Financial Results
FREDERICK, Md., March 29, 2022 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (NASDAQ:TOMZ), a global company specializing in disinfection
About this update from Tomi Environmental Solutions, Inc.
[{"type":"text","content":"FREDERICK, Md., March 29, 2022 (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, 2021. TOMI Chief Executive Officer, Dr. Halden Shane, stated, “Over the last two years, our Company has made dramatic progress growing our customer list, diversifying our product line through internal innovation, enhancing brand recognition, and positioning TOMI as a major player in the disinfection markets. As expected, 2021 revenue decreased from the previous year because 2020 saw a surge in demand for disinfection products at the onset of the COVID-19 pandemic. That said, 2021 revenue increased 22% when compared to 2019’s pre-pandemic levels, which reflects the fundamental strength of our growth trajectory. This growth was accomplished in spite of worldwide supply chain and logistics disruptions that delayed the launch of our SteraPak and also pushed out certain capital projects involving the installation and integration of our custom engineered system (CES) disinfection systems into our customers’ facilities. “During the second half of 2021, we began to see positive signs from our prospective and existing customers as businesses began to reopen their normal business operations at their physical locations. This activity bolstered our sales pipeline and led to a 20% growth in revenue for the second half of 2021 when compared to the first half of 2021. Furthermore, several CES projects we bid on in 2021 will be delivered in 2022, for which we expect to generate revenue in the next 12 months. “We are also encouraged by the shift we saw in our revenue mix. One of the attributes of our business is its ‘razor/razorblade’ model: as we get more units out in the field – which we have certainly done over the last two years- we expect to see a larger portion of our sales will come from solution to replenish the units. We grew our overall 2021 solution sales by 48% as compared to 2019 and grew our recurring solution sales to existing customers by 63% versus 2019. As our busines scales, this trend should have a positive impact on our gross margins. “We’re optimistic about ...