The following is a summary of the TOMI Environmental Solutions, Inc. (TOMZ) Q4 2023 Earnings Call Transcript:
Financial Performance:
TOMI Environmental reported a consolidated net revenue for 2023 at $7,355,000, compared to $8,338,000 in 2022, citing delays in orders and approval processes as contributing factors.
The consolidated gross profit was 58.3%, a decrease from 60.7% in 2022, mainly due to a shift in the product mix.
The consolidated operating loss increased to $3,349,000 from $2,822,000 in the prior year.
The company concluded the year with $2.3 million in cash or cash equivalents, working capital of $7.9 million, and shareholder equity at $8.4 million.
Business Progress:
TOMI executed several custom-engineered systems to important customers, diversified its product range, and boosted its sales infrastructure by expanding its distribution network.
The company made advances in the food and cannabis markets in partnership with Sterile Grow and strengthened the TOMI SteraMist network through a consultation agreement with BEAMS, LLC.
With an increase in demand for the Custom Engineered Systems (CES), four CES systems were delivered in 2023.
The company introduced SteraMist Hybrid and SteraMist Transport to cater to diverse disinfection and decontamination needs of its growing clientele.
TOMI demonstrated the efficacy of their solution against the Foot-and-Mouth Disease Virus (FMDV), reinforcing its commitment to an additional EPA label.
Expectations of a higher bid success rate for the Custom Engineered System (CES) are high, with alignment of design, construction, and budget aspects in focus.
Active collaborations with partners like Francis Coppi, ambulance manufacturers, Vizient GPO, Nestle, and Universal Disinfection were highlighted. Simultaneously, opportunities to substitute SteraMist for ethylene oxide in sterilization processes are being investigated.
More details: TOMI Environmental Solutions IR
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