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TOMI Environmental Solutions, Inc. Reports First Quarter 2024 Financial Results By Investing.com

MBIA Inc. Reports First Quarter 2024 Financial Results By Investing.com


FREDERICK, Md., May 15, 2024 (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 first quarter ended March 31, 2024.

TOMI Chief Executive Officer, Dr. Halden Shane, stated, Although revenue was below expectation in the first quarter, we saw continued growth in our sales pipeline, as well as an increase in demand for our CES systems and iHP corporate service.     In addition to the $1,100,000 in sales for the quarter, our sales backlog at the end of the quarter was $900,000 which we expect will primarily be recognized in the second and third quarters of 2024. We’re seeing positive signs throughout the marketplace, particularly in the pharmaceuticals and healthcare sectors, where we’re seeing increased pipeline activity.    

One of the notable wins in the first quarter was a notification from the Department of Homeland Security that our SteraMist technology has been included in their Science and Technology Directorate Budget overview. The department expects to purchase 16 SteraMist Environment Systems for the amount of approximately $2,000,000 to support the decontamination of the Plum Island Animal Disease Center.     In addition, TOMI has recently received notification from a U.S. based multinational pharmaceutical company that two of the Company’s CES systems, delivered in 2022, have finally been qualified for use. Additional CES systems operating in the marketplace is important for the positive long term growth and evolution of our business model as these systems tend to be meaningful consumers of our BIT solution.

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In the first quarter we continued to develop our government relationships. This quarter TOMI was invited to submit a proposal and apply to the Department of Defense to participate in a $3,000,000 grant in connection with mitigation of the residual effects of ethylene oxide. We recently submitted our proposal and are currently waiting for a decision.

We are off to a solid start in 2024 and will continue to focus on executing our strategies to grow revenues, expand business development and deliver improved results and value for our shareholders, Dr. Shane concluded.

Financial Results for the three…

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