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TOMI Environmental Solutions, Inc. Reports First Quarter 2017 Results
Raised $6.0 million through private placement fundingTo hold first quarter 2017 results conference call on Friday, May 19th at 1:00pm ETBEVERLY HILLS, Calif., May 15, 2017 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc. ("TOMI") (OTCQX:TOMZ), a global decontamination and infection prevention company that specializes in disinfection/decontamination sales and services, including the manufacturing, sale and licensing of its SteraMist™, a hydrogen peroxide-based mist/fog that is registered with the U.S. Environmental Protection Agency ("EPA") for use as a Hospital-Healthcare Disinfectant Effective Broad-Spectrum Surface Disinfectant, announced its financial results for the first quarter of 2017.Dr. Halden Shane, TOMI's Chief Executive Officer, stated: "It has been a challenging and exciting start to the year. I look forward in 2017 for further acceptance of our technology and products resulting in the saving of many lives throughout the world, as more and more resistant pathogens find their way into all our daily lives, activities and indoor structures."Financial Results for the Three Months Ended March 31, 2017 Compared to 2016$5.3 million raised through private placement.Net revenue was $1,099,000, compared to $1,707,000. The decrease in revenue is attributable primarily to the timing of orders placed by a distributor.Gross margins were 62.0%, compared to 56.2%. Gross profit margins increased as a result of the customer mix in sales.Loss from operations was $612,000, compared to $1,038,000. The reduction the loss is primarily attributable is due to lower operating expenses.Net loss was $626,000, or $0.01 on a per share basis compared a net loss or $1,038,000 or $0.01 on per share basis.At March 31, 2017, cash and cash equivalents were $6.0 million and working capital was $10.5 million, compared to $900,000 and $5.7 million, respectively, at December 31, 2016.Recent and Current Business HighlightsCompletion of a $6.0 million private placement funding to be used to expand sales force, further research and development, domestic and international product registrations, enhance marketing and public relation initiatives along with amending TOMI's BIT Solution EPA label.Expanding FDA registration in the Food Safety sector with continued ongoing research by the USDA.Further developed TOMI's four primary sectors; Hospital-Healthcare, Life Sciences, TSN service network (TOMI Service Network), and TOMI's Food Safety sector.Added sales experts and consultants for the U.S. Healthcare sector and the Hong Kong marketplace.Continued growth in 2017 with TOMI's service revenue through the disinfection/decontamination engagements with six (6) global pharmaceutical companies for both reoccurring and new customer service orders.New clients include a Kindred Hospital, Life Technologies, Co., Virginia Commonwealth University, Emergency Health Services – Bucks County, and the Georgia Department of Public Health.Added six (6) additional members to TOMI Service Network (TSN) sector.Continue to support six (6) Hospital trials in the Asian marketplace.Recently completed five (5) successful trials – including three (3) hospitals, a decontamination leader for multiple industries and a global bio-resource center.Soon to start trials with a nationwide pharmaceutical compounding facility, a biotechnology company, and the second location for a United States biological defense program.Currently in a trial with two pharmaceutical company's including one of the largest pharmaceutical companies in the world.SteraMist™ technology was added to the EPA "List K" proving effectiveness against C. diff spores, making BIT™ and SteraMist™ the fastest fogging/misting technology and the only EPA registered solution and technology on the list.Submitted a further amendment to the EPA for the addition of Salmonella and Norovirus to TOMI's BIT™ Solution Label.Article published in the International Journal of Food Microbiology has shown Cold plasma activated hydrogen peroxide aerosol -TOMI's SteraMist™ product- rendered samples of E. Coli 0157: H7, Salmonella Typhimurium, and Listeria inactive, while also maintaining the quality of the produce tested.Peer reviewed publication titled "Use of Novel Approaches to Reduce Clostridium Difficile in an Inner City Hospital," which concluded that the use of TOMI's SteraMist™ BIT™ contributed to the substantial reduction in a Wilmington, Delaware hospital's Clostridium Difficile (C. diff) burden.Continue to file counterpart design applications for the Modular Applicator/Fixed Room Applicator (#504139729), Decontamination Cart (#504121973), and Flexible Chamber (#504139732) in Europe, Taiwan, Singapore, South Korea, and China. New improvement patent filed and accepted in Singapore with expiration date of 2032.TOMI's BIT™ Solution BPR Dossier was submitted and accepted to the European Union on January 27, 2017.TOMI™ remains compliant with the European Union chemical legislation in UK, Ireland, France, Portugal, Germany, Sweden, and Italy, and will continue to submit for mutual recognition in a variety of other European Union countries.Recently filed three (3) separate trade and word marks in Indonesia, Malaysia, Philippines, Taiwan, Hong Kong, and Singapore.Established Scientific Advisory Board comprised of three experts specializing in intellectual property, biosafety and infection prevention.Have three (3) in-house medical equipment decontamination projects in the proof of concept phase for three (3) global medical equipment manufacturers.Added additional employees including an in-house engineer, full-time public relations manager, and a Customer Relationship Management (CRM) Manager.About TOMI Environmental Solutions, Inc.TOMI Environmental Solutions, Inc. (OTCQX:TOMZ) is a global decontamination and infection prevention company, providing environmental solutions for indoor surface disinfection through manufacturing, sales and licensing of its premier Binary Ionization Technology® (BIT™) platform, which was invented under a defense grant in association with the Defense Advanced Research Projects Agency (DARPA) of the U.S. Department of Defense. BIT™ uses a low percentage Hydrogen Peroxide as its only active ingredient to produce a hydroxyl radical (OH ion), represented by the TOMI™ SteraMist™ brand of products, which produces a germ-killing aerosol that spreads like a gas.TOMI's products are designed to service a broad spectrum of commercial structures including hospitals and medical facilities, cruise ships, office buildings, hotel and motel rooms, schools, restaurants, meat and produce processing facilities, military barracks, police and fire departments, and athletic facilities. TOMI's products and services have also been used in single-family homes and multi-unit residences.TOMI™ also develops training programs and application protocols for its clients and is a member in good standing of The American Biological Safety Association, The American Association of Tissue Banks, Association for Professionals in Infection Control and Epidemiology, Society for Healthcare Epidemiology of America and The Restoration Industry Association. For additional information, visit www.tomimist.com or contact us at firstname.lastname@example.org.Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995Certain written and oral statements made by us may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. They are ...Full story available on Benzinga.com
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