TOMI Environmental Solutions, Inc. Announces Record Q3 2024 iHP Corporate Service Revenue
TOMI Environmental Solutions, Inc. (NASDAQ: TOMZ) announced record Q3 2024 revenue for its iHP Corporate Service division, expecting approximately $650,000 for the three months ended September 30, 2024. This significantly surpasses historical averages of about $250,000 per quarter or $1 million annually. The growth reflects increased demand for TOMI's iHP services, particularly in the life sciences sector.
Key developments include:
- Expansion of market share in life sciences
- Multi-year service contracts with major clients like MD Anderson Cancer Center, LFB USA, and Pfizer
- Anticipated continued growth in service demand across multiple industries
TOMI plans to announce full Q3 financial results, including total revenue, on October 30th, 2024.
- Record quarterly revenue of $650,000 for iHP Corporate Service division, significantly exceeding historical averages
- Expansion of market share in the life sciences sector
- Secured multi-year service contracts with major clients like MD Anderson Cancer Center, LFB USA, and Pfizer
- Potential for further growth due to competitors leaving the space
- Anticipated continued growth in service demand across multiple industries
- None.
Insights
The record Q3 2024 iHP Corporate Service revenue of approximately
Key factors driving this growth include:
- Expansion of market share in life sciences
- Multi-year service contracts with major players like MD Anderson, LFB USA and Pfizer
- Competitors exiting the space, creating additional opportunities
While this news is positive, investors should note that this is just one division's performance. The full Q3 results, including total revenue, will be important for assessing overall company growth. The increased service demand could potentially lead to higher equipment sales and recurring revenue from BIT solution sales.
However, the company's small market cap of
TOMI's iHP technology is gaining traction in critical healthcare and research environments, as evidenced by contracts with MD Anderson Cancer Center and Pfizer. This adoption by leading institutions validates the effectiveness of SteraMist in high-stakes settings where contamination control is paramount.
The company's expansion in the life sciences sector is particularly noteworthy. As biopharma and research facilities increasingly prioritize stringent disinfection protocols, TOMI's specialized ionized Hydrogen Peroxide (iHP™) technology offers a competitive edge. The low-percentage hydrogen peroxide formulation addresses safety concerns while maintaining efficacy.
Long-term service contracts in this sector could provide stable, recurring revenue streams. However, investors should monitor how TOMI manages scaling operations to meet growing demand without compromising service quality or safety standards. The company's ability to maintain its technological advantage and expand its skilled technician workforce will be critical for sustained growth in this specialized market.
FREDERICK, Md., Oct. 17, 2024 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (NASDAQ: TOMZ), a global leader in disinfection and decontamination technologies, today announced that its iHP Corporate Service division is expected to recognize revenues of approximately
The division’s significant revenue growth in the third quarter reflects the rising demand for TOMI’s iHP services, particularly within the life sciences sector. TOMI has effectively expanded its marketshare, strengthening its position as a leader in providing comprehensive solutions across a broad range of environments. As a result of ongoing strategic initiatives, the Company remains well positioned to further expand its footprint in the life sciences space.
“Our iHP Corporate Service has emerged as a key revenue driver,” said E.J. Shane, COO of TOMI Environmental Solutions. “The trust placed in our technology by the life sciences industry, coupled with our enhanced product capabilities and expert technicians, has fueled substantial growth this quarter. Furthermore, we have seen some competitors leave the space that provides additional opportunity for TOMI to continue to capture market share.”
TOMI’s momentum is further supported by several multi-year service contracts. Key agreements include:
- MD Anderson Cancer Center (3-year contract)
- LFB USA, a globalized company in pharmaceutical bioproducts, contracted for twice a year decontamination
- Pfizer, TOMI’s initial major routine service player in global biopharma
- EMAQ Partnership, servicing additional Pfizer facilities, the west coast, and maintaining steady BIT solution demand and brand awareness
“As more industries adopt SteraMist iHP technology for critical disinfection protocols, TOMI anticipates continued growth in service demand. Our recently awarded contracts and the expansion of service operations positions us to accelerate overall sales across multiple industries,” added Dr. Halden S. Shane, CEO of TOMI Environmental Solutions.
TOMI™ Environmental Solutions, Inc.: Innovating for a safer world®
TOMI™ Environmental Solutions, Inc. (NASDAQ: TOMZ) is a global decontamination and infection prevention company, providing environmental solutions for disinfection through the manufacturing, sales and licensing of its premier Binary Ionization Technology ® (BIT™) platform. Invented under a defense grant in association with the Defense Advanced Research Projects Agency (DARPA) of the U.S. Department of Defense, BIT™ solution utilizes a low percentage hydrogen peroxide as its only active ingredient and uses patented ionized Hydrogen Peroxide (iHP™) technology in all SteraMist systems to create superior disinfection. TOMI products are designed to service a broad spectrum of use sites, including, but not limited to, hospitals and medical facilities, biosafety labs, pharmaceutical facilities, commercial and office buildings, schools, restaurants, meat and produce processing facilities, and police and fire departments.
For additional information, please visit http://www.steramist.com/ or contact us at info@tomimist.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, statements relating the expected Q3 revenue for iHP Corporate Service division, TOMI’s ability to expand its business in the life science sector, and the anticipated demand in the service market. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, our ability to maintain and manage growth and generate sales, our reliance on a single or a few products for a majority of revenues; the general business and economic conditions; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed by us with the SEC and other periodic reports we filed with the SEC. The information provided in this document is based upon the facts and circumstances known at this time. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law.
INVESTOR RELATIONS CONTACT:
John Nesbett/Rosalyn Christian
IMS Investor Relations
tomi@imsinvestorrelations.com
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