TOMI Environmental Solutions, Inc. (TOMZ) Bundle
An Overview of TOMI Environmental Solutions, Inc. (TOMZ)
General Summary of TOMI Environmental Solutions, Inc. (TOMZ)
TOMI Environmental Solutions, Inc. (TOMZ) specializes in advanced decontamination and infection prevention solutions, primarily through its proprietary SteraMist technology, which utilizes ionized hydrogen peroxide (iHP). Established to address the growing need for effective disinfection in various sectors, TOMI has expanded its product offerings to include mobile units and custom-engineered systems designed for diverse applications, including healthcare, life sciences, and food safety.
As of 2024, TOMI reported total sales of approximately $6,670,000 for the nine months ended September 30, reflecting a 14.5% increase compared to $5,827,000 in the same period of 2023. The growth is attributed to heightened demand for SteraMist products and services.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, TOMI achieved a record-breaking revenue of $2,542,000, which represents a 73% increase from $1,470,000 in the third quarter of 2023. The nine-month revenue for 2024 stood at $6,670,000, an increase of $843,000 or 14.5% from $5,827,000 in 2023.
The breakdown of revenue sources is as follows:
| Revenue Source | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| SteraMist Product | $1,766,000 | $953,000 | $5,247,000 | $4,501,000 |
| Service and Training | $776,000 | $517,000 | $1,423,000 | $1,326,000 |
| Total Revenue | $2,542,000 | $1,470,000 | $6,670,000 | $5,827,000 |
The company's gross profit margin improved to 61.4% in Q3 2024 from 55% in the same quarter of the previous year, influenced by a favorable product mix and increased demand for mobile equipment. Additionally, international revenue surged by 230% in Q3 2024, driven by new customers in Canada, South Africa, and India.
Introduction to TOMI as a Leader in the Industry
TOMI Environmental Solutions, Inc. stands as a leader in the decontamination industry, renowned for its innovative SteraMist technology. The company has established significant partnerships with industry giants such as Pfizer and Thermo Fisher Scientific, further solidifying its reputation and market presence. As of September 30, 2024, TOMI reported working capital of $6,928,000, with cash and cash equivalents of approximately $809,000. The strategic partnerships and continuous expansion into new markets underscore TOMI's commitment to enhancing public health and safety through effective disinfection solutions.
Mission Statement of TOMI Environmental Solutions, Inc. (TOMZ)
Mission Statement Overview
TOMI Environmental Solutions, Inc. (TOMZ) is dedicated to providing innovative solutions for decontamination and infection prevention through its advanced SteraMist technology. The mission statement reflects the company's commitment to improving public health and safety while promoting environmental sustainability in various sectors, including healthcare, life sciences, and food safety.
Core Component 1: Commitment to Innovation
TOMI emphasizes its dedication to innovation in decontamination technology. The company’s proprietary SteraMist iHP system utilizes ionized hydrogen peroxide (iHP) for effective microbial control. In 2024, the company reported a significant increase in demand for its mobile units, with product-based revenues reaching $1,766,000 for the third quarter of 2024, an increase of 85% compared to the same period in 2023.
The growth in international revenue also demonstrates TOMI's innovative approach, with a reported 82% increase driven by new customers in regions such as Canada, South Africa, and India.
Core Component 2: Focus on Public Health and Safety
TOMI’s mission highlights its focus on enhancing public health and safety. The company’s products are designed to address critical contamination issues in healthcare and life sciences. For instance, the total revenue for the nine months ended September 30, 2024, was $6,670,000, marking a 14.5% increase compared to the previous year. This growth indicates TOMI's successful efforts to penetrate markets that prioritize health standards.
Furthermore, TOMI has secured significant contracts with key clients, including Pfizer, Inc. and Thermo Fisher Scientific, which underscores its role in supporting critical environments.
Core Component 3: Environmental Sustainability
The mission statement also reflects TOMI's commitment to environmental sustainability. The SteraMist technology is designed with eco-friendliness in mind, utilizing a biodegradable solution that minimizes environmental impact. As of September 30, 2024, TOMI reported approximately $809,000 in cash and cash equivalents, which supports its ongoing initiatives in sustainability.
Additionally, the company’s operational strategies include cost reduction initiatives that have lowered operating expenses by 10% compared to the previous year, allowing for reinvestment in sustainable practices and technologies.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $2,542,000 | $1,470,000 | +73% |
| Product Revenue | $1,766,000 | $953,000 | +85% |
| Service Revenue | $776,000 | $517,000 | +50% |
| International Revenue Growth | 82% | N/A | N/A |
| Net Income | $59,000 | ($901,000) | Improvement |
These statistics illustrate TOMI's ongoing commitment to its mission through innovative, safe, and environmentally sustainable practices. The company's focus on public health and technological advancement continues to drive its growth and operational strategies in 2024.
Vision Statement of TOMI Environmental Solutions, Inc. (TOMZ)
Vision Statement Overview
The vision statement of TOMI Environmental Solutions, Inc. (TOMZ) emphasizes their commitment to environmental sustainability, public health, and leading the industry through innovative decontamination solutions. As of 2024, the company aims to leverage its proprietary technology, SteraMist iHP, to enhance its global presence and operational efficiency.
Commitment to Environmental Sustainability
TOMI Environmental Solutions prioritizes environmental sustainability as a core component of its vision. The company's technology, which produces only oxygen and water as byproducts, highlights its dedication to reducing the carbon footprint associated with disinfection processes. In 2024, TOMI's operations have been recognized for their low environmental impact, with its iHP technology being classified as a sustainable green product by the EPA.
Focus on Public Health
The vision statement underscores TOMI's commitment to public health, particularly in the wake of global health challenges. In 2024, TOMI has reported a significant increase in demand for its disinfection services across various sectors, including healthcare and food safety. This demand is reflected in the company's revenue growth:
| Period | Revenue (USD) | Growth Rate |
|---|---|---|
| Q3 2024 | 2,542,000 | 73% |
| First Nine Months 2024 | 6,670,000 | 14.5% |
This growth is attributed to TOMI's strategic partnerships and enhanced service offerings, which aim to improve health outcomes through effective disinfection practices.
Innovation and Technology Leadership
TOMI's vision includes a strong emphasis on innovation and technology leadership. With its proprietary Binary Ionization Technology (BIT), TOMI continues to expand its product offerings and improve service delivery. In 2024, the company reported an 85% increase in sales of mobile SteraMist equipment, demonstrating the effectiveness of its technology in meeting market demands.
| Product Category | Q3 2024 Sales (USD) | Q3 2023 Sales (USD) | Increase (USD) |
|---|---|---|---|
| SteraMist Product | 1,766,000 | 953,000 | 813,000 |
The growth in the SteraMist product line reinforces TOMI's position as a leader in the decontamination market, further solidifying its vision of technological advancement.
Global Expansion and Market Reach
As part of its vision for 2024, TOMI aims to expand its global footprint by entering new markets and strengthening existing partnerships. The company has reported an 82% growth in international revenue, driven by new customer acquisitions in Canada, South Africa, and India. This expansion is crucial for TOMI as it seeks to enhance its market presence and operational capabilities.
| Region | Q3 2024 Revenue (USD) | Q3 2023 Revenue (USD) | Growth Rate |
|---|---|---|---|
| International | 656,000 | 199,000 | 230% |
This increase illustrates TOMI's strategic focus on international markets as a key component of its long-term vision.
Strategic Partnerships and Collaborations
TOMI's vision for 2024 includes fostering strategic partnerships to enhance its service offerings and operational capabilities. The company has formed collaborations with key players in various sectors, including life sciences and healthcare. Notably, TOMI's partnership with EMAQ has led to a significant investment exceeding $1,000,000 in SteraMist equipment, aimed at expanding services in the western United States.
This collaborative approach not only strengthens TOMI's market position but also aligns with its vision of leveraging partnerships to drive innovation and growth.
Core Values of TOMI Environmental Solutions, Inc. (TOMZ)
Integrity
The core value of integrity at TOMI Environmental Solutions, Inc. (TOMZ) signifies the commitment to ethical practices and transparency in all operations. This value is crucial for maintaining trust with customers, stakeholders, and regulatory bodies.
TOMI demonstrates its integrity through rigorous compliance with industry standards and regulations. For instance, the company has consistently met the requirements set forth by the Environmental Protection Agency (EPA) for its SteraMist products, which have been listed as effective against COVID-19. This compliance not only showcases TOMI's dedication to ethical practices but also reinforces its reputation as a trustworthy provider in the decontamination sector.
Innovation
Innovation is at the heart of TOMI's operations, driving the development of advanced technologies that enhance safety and efficiency in decontamination. The company’s flagship technology, SteraMist iHP, represents a significant advancement in the field, utilizing Binary Ionization Technology (BIT) to provide effective disinfection solutions.
In 2024, TOMI's commitment to innovation was highlighted by a 85% increase in product revenue from mobile and Custom Engineered Systems (CES) compared to the previous year. Additionally, the company reported a 230% growth in international revenue, driven by new customers in markets such as Canada, South Africa, and India.
| Metric | 2024 | 2023 | Growth (%) |
|---|---|---|---|
| Product Revenue (Mobile & CES) | $2,542,000 | $1,470,000 | 85% |
| International Revenue | $6,670,000 | $5,827,000 | 14.5% |
Customer Focus
TOMI places a strong emphasis on customer satisfaction and service quality, which is evident in its proactive customer engagement programs. The SteraMist Pro Certified (SPC) program establishes stringent criteria for service providers, ensuring high standards in disinfection practices and customer support.
In 2024, the company expanded its service offerings to include on-demand programs for diverse sectors such as Life Sciences, Healthcare, and Food Safety. This initiative reflects TOMI's dedication to understanding and meeting customer needs, further enhancing its service delivery.
Environmental Responsibility
Environmental responsibility is a core value that underscores TOMI's commitment to sustainability. The company actively seeks to minimize its environmental impact through innovative products that are designed to be safe and effective without harming the ecosystem.
In 2024, TOMI continued to enhance its environmental initiatives, achieving a gross profit margin of 61.4%, up from 55% the previous year, which indicates improved efficiency in its operations while maintaining sustainable practices.
Teamwork
Teamwork is fundamental to TOMI's success, fostering collaboration among employees and partners to achieve common goals. The company encourages a culture of inclusivity and mutual support, which is essential for driving innovation and maintaining high service standards.
In 2024, TOMI's partnership with EMAQ, which involved an investment exceeding $1,000,000 in SteraMist equipment, exemplifies successful teamwork. This collaboration is expected to significantly enhance TOMI's market presence and service capabilities in the western United States.
Commitment to Excellence
TOMI's commitment to excellence is reflected in its continuous improvement efforts across all aspects of its operations. The company implements rigorous performance metrics to ensure that it meets or exceeds industry standards in product quality and service delivery.
For the nine months ended September 30, 2024, TOMI reported a net income of $59,000, marking its second consecutive profitable quarter, which underscores its focus on operational excellence amidst challenging market conditions.
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Article updated on 8 Nov 2024
Resources:
- TOMI Environmental Solutions, Inc. (TOMZ) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of TOMI Environmental Solutions, Inc. (TOMZ)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View TOMI Environmental Solutions, Inc. (TOMZ)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.