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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TOMI Environmental Solutions Inc | NASDAQ:TOMZ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0405 | -5.70% | 0.67 | 0.6435 | 0.7195 | 0.7567 | 0.70 | 0.7372 | 11,076 | 01:00:00 |
TOMI Chief Executive Officer, Dr. Halden Shane stated, “Our Company made tremendous progress in 2020, resulting in record annual revenues reaching $25 million and net income of $4.4 million. The COVID-19 pandemic elevated the way the world looks at disinfection protocols. This shift in thinking allowed us to expand our SteraMist brand, and to onboard a diverse group of customers from a wide range of verticals, significantly enhancing our customer base. TOMI’s customers are great referrals for the advancement of SteraMist technology in the marketplace and the promotion of TOMI as a company, particularly in the emergency services and long-term care facilities.
“Our TOMI Service Network members continue to fight at the front lines assisting in the reopening of the economy by enabling businesses to maintain a new level of clean. Our Life Science division is seeing a return to normal for our current customers and the majority of our long-term projects with top tier pharmaceutical companies have resumed after being placed on hold due to COVID-19. As we move through 2021, we expect the launch of new products including the SteraBot, SteraBox, and SteraPack to drive continued growth and meet customer demand for more agile solutions. With these initiatives, the potential for 2021 performance is even stronger than what we achieved in 2020. We’re excited about the launch of these new products, which demonstrate the versatility of our superior technology and we believe our strengthened portfolio of offerings, coupled with our recently announced new sales executives, position us well to continue increasing our market share throughout 2021.”
Financial Results for the year ended December 31, 2020 compared to December 31, 2019
Financial Results for the three months ended December 31, 2020 compared to December 31, 2019
Balance sheet highlights as of December 31, 2020
Current Business Highlights To Date Revenues
Business Highlights
Conference Call InformationTOMI will hold a conference call to discuss fourth quarter and year end 2020 results at at 4:30 p.m. ET today, March 30, 2021.
To participate in the call by phone, dial (877) 545-0320 and entry code 259942 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0016 and entry code 259942. To access the live webcast or view the press release, please visit the Investor Relations section of the TOMI website at: http://investor.tomimist.com/TOMZ/webcasts_and_events/2145
A replay of the teleconference will be available until April 13, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use replay access code: 40536. A replay of the webcast will be available for at least 90 days on the company’s website, starting approximately one hour after the completion of the call.
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 indoor surface 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 to produce a fog of ionized Hydrogen Peroxide (iHP™). Represented by the SteraMist® brand of products, iHP™ produces a germ-killing aerosol that works like a visual non-caustic gas. TOMI products are designed to service a broad spectrum of commercial structures, including, but not limited to, 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 products and services have also been used in single-family homes and multi-unit residences.
TOMI develops training programs and application protocols for its clients and is a member in good standing with 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, America Seed Trade Association, and The Restoration Industry Association.
For additional information, please visit http://www.tomimist.com/ or contact us at info@tomimist.com.
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 forward-looking, and they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.
Use of Non-GAAP Financial MeasuresThis press release includes information relating to EBITDA, Adjusted EBITDA and Adjusted EBITDA margin, each of which the Securities and Exchange Commission has defined as a "non-GAAP financial measure."
We define EBITDA as net income (loss), adjusted to exclude: interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP financial measure and is intended to serve as a supplement to our results provided in accordance with GAAP. We believe that such information may provide our investors a better understanding of our underlying operational performance, business and performance trends.
We define Adjusted EBITDA as net income (loss), adjusted to exclude: interest, taxes, depreciation and amortization; stock-based compensation expense. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net revenue. We believe that such information may provide our investors a better understanding of our underlying operational performance, business and performance trends.
Although we believe that the use of non-GAAP financial measures enhance its investors’ understanding of its business and performance, our use of non-GAAP financial measures should not be considered an alternative to GAAP basis financial measures and should be read in conjunction with the relevant GAAP financial measures. Other companies in similar industries may define or calculate non-GAAP financial measures differently than ours, limiting their usefulness as a comparative measure. Because of these limitations, the non-GAAP financial measure used in this release should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure is available in this news release.
TOMI ENVIRONMENTAL SOLUTIONS, INC. | |||||||
CONSOLIDATED BALANCE SHEET | |||||||
ASSETS | |||||||
Current Assets: | December 31, 2020 (1) | December 31, 2019 (1) | |||||
Cash and Cash Equivalents | $ | 5,198,842 | $ | 897,223 | |||
Accounts Receivable - net | 3,716,701 | 1,494,658 | |||||
Other Receivables | 198,951 | - | |||||
Inventories | 3,781,515 | 2,315,214 | |||||
Vendor Deposits | 388,712 | 141,052 | |||||
Prepaid Expenses | 421,305 | 187,664 | |||||
Total Current Assets | 13,706,027 | 5,035,811 | |||||
Property and Equipment – net | 1,298,103 | 1,367,864 | |||||
Other Assets: | |||||||
Intangible Assets – net | 722,916 | 939,010 | |||||
Operating Lease - Right of Use Asset | 631,527 | 674,471 | |||||
Capitalized Software Development Costs - net | 52,377 | 94,278 | |||||
Other Assets | 358,935 | 114,033 | |||||
Total Other Assets | 1,765,755 | 1,821,792 | |||||
Total Assets | $ | 16,769,885 | $ | 8,225,467 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts Payable | $ | 1,501,469 | $ | 713,222 | |||
Accrued Expenses and Other Current Liabilities | 501,849 | 450,112 | |||||
Accrued Interest | - | 66,667 | |||||
Customer Deposits | 118,880 | - | |||||
Current Portion of Long-Term Operating Lease Convertible Notes Payable, net of discount of $0 at December 31, 2019 | - | 5,000,000 | |||||
Total Current Liabilities | 2,203,421 | 6,301,511 | |||||
Long-Term Liabilities: | |||||||
Loan Payable (Note 16) | 410,700 | - | |||||
Long-Term Operating Lease, Net of Current Portion | 953,190 | 1,034,413 | |||||
Total Long-Term Liabilities | 1,363,890 | 1,034,413 | |||||
Total Liabilities | 3,567,311 | 7,335,924 | |||||
Commitments and Contingencies | - | - | |||||
Shareholders’ Equity: | |||||||
Cumulative Convertible Series A Preferred Stock; par value $0.01 per share, 1,000,000 shares authorized; 63,750 shares issued and outstanding at December 31, 2020 and December 31, 2019 | 638 | 638 | |||||
Cumulative Convertible Series B Preferred Stock; $1,000 stated value; 7.5% Cumulative dividend; 4,000 shares authorized; none issued and outstanding at December 31, 2020 and December 31, 2019 | - | - | |||||
Common stock; par value $0.01 per share, 250,000,000 shares authorized; 16,761,513 and 15,587,552 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively. | 167,615 | 155,875 | |||||
Additional Paid-In Capital | 52,142,399 | 44,232,274 | |||||
Accumulated Deficit | (39,108,078 | ) | (43,499,244 | ) | |||
Total Shareholders’ Equity | 13,202,574 | 889,543 | |||||
Total Liabilities and Shareholders’ Equity | $ | 16,769,885 | $ | 8,225,467 | |||
(1) Share amounts with respect to the common stock and Convertible Series A Preferred Stock have been retroactively restated to reflect the reverse split thereof, which was effected as of the close of business on September 10, 2020. | |||||||
TOMI ENVIRONMENTAL SOLUTIONS, INC. | |||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
For The Three Months Ended | For The Years Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Sales, net | $ | 3,654,133 | $ | 1,855,441 | $ | 25,027,637 | $ | 6,347,160 | |||||||
Cost of Sales | 1,500,466 | 816,563 | 9,985,046 | 2,433,243 | |||||||||||
Gross Profit | 2,153,667 | 1,038,878 | 15,042,591 | 3,913,917 | |||||||||||
Operating Expenses: | |||||||||||||||
Professional Fees | 262,861 | 66,440 | 681,377 | 363,789 | |||||||||||
Depreciation and Amortization | 198,274 | 177,095 | 719,760 | 716,165 | |||||||||||
Selling Expenses | 267,348 | 380,238 | 1,247,444 | 1,654,564 | |||||||||||
Research and Development | 209,603 | 91,209 | 455,046 | 340,582 | |||||||||||
Equity Compensation Expense | 2,823,300 | 27,189 | 3,130,986 | 114,222 | |||||||||||
Consulting Fees | 100,778 | 39,627 | 327,232 | 126,693 | |||||||||||
General and Administrative | 1,195,110 | 749,376 | 3,971,956 | 2,681,146 | |||||||||||
Total Operating Expenses | 5,057,275 | 1,531,174 | 10,533,802 | 5,997,161 | |||||||||||
Income (loss) from Operations | (2,903,608 | ) | (492,296 | ) | 4,508,789 | (2,083,244 | ) | ||||||||
Other Income (Expense): | |||||||||||||||
Amortization of Debt Discounts | - | - | - | (17,534 | ) | ||||||||||
Interest Income | 568 | 613 | 2,915 | 3,045 | |||||||||||
Interest Expense | (1,272 | ) | (50,000 | ) | (43,538 | ) | (200,000 | ) | |||||||
Total Other Income (Expense) | (704 | ) | (49,387 | ) | (40,623 | ) | (214,489 | ) | |||||||
Income (loss) before income taxes | (2,904,312 | ) | (541,683 | ) | 4,468,166 | (2,297,733 | ) | ||||||||
Provision for Income Taxes | - | - | 77,000 | - | |||||||||||
Net Income (loss) | $ | (2,904,312 | ) | $ | (541,683 | ) | $ | 4,391,166 | $ | (2,297,733 | ) | ||||
Net income (loss) Per Common Share | |||||||||||||||
Basic | $ | (0.17 | ) | $ | (0.03 | ) | $ | 0.27 | $ | (0.15 | ) | ||||
Diluted | $ | (0.17 | ) | $ | (0.03 | ) | $ | 0.23 | $ | (0.15 | ) | ||||
Basic Weighted Average Common Shares Outstanding | 16,759,058 | 15,587,552 | 16,512,126 | 15,586,258 | |||||||||||
Diluted Weighted Average Common Shares Outstanding | 16,759,058 | 15,587,552 | 18,757,509 | 15,586,258 | |||||||||||
(1) Share amounts with respect to the common stock and Convertible Series A Preferred Stock have been retroactively restated to reflect the reverse split thereof, which was effected as of the close of business on September 10, 2020. | |||||||||||||||
The following is a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA (in thousands, except percentages; unaudited):
For The Three Months Ended | For The Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net income (loss) | $ | (2,904,312 | ) | $ | (541,683 | ) | $ | 4,391,166 | $ | (2,297,733 | ) | ||||
Interest Income | (568 | ) | (613 | ) | (2,915 | ) | (3,045 | ) | |||||||
Interest Expense | 1,272 | 50,000 | 43,538 | 200,000 | |||||||||||
Depreciation and Amortization | 198,274 | 177,095 | 719,760 | 716,165 | |||||||||||
Provision for Income Taxes | - | 77,000 | |||||||||||||
Other | - | - | - | 17,534 | |||||||||||
EBITDA | $ | (2,705,334 | ) | $ | (315,201 | ) | $ | 5,228,549 | $ | (1,367,079 | ) | ||||
Equity Compensation Expense | 2,823,300 | 10,621 | 3,130,986 | 114,222 | |||||||||||
Adjusted EBITDA | $ | 117,996 | $ | (304,580 | ) | $ | 8,359,535 | $ | (1,252,857 | ) | |||||
Net revenue | $ | 3,654,133 | $ | 1,855,441 | $ | 25,027,637 | $ | 6,347,160 | |||||||
Adjusted EBITDA Margin | 3 | % | (16 | %) | 33 | % | (20 | %) |
INVESTOR RELATIONS CONTACT:John Nesbett/Jennifer BelodeauIMS Investor Relationsjnesbett@imsinvestorrelations.com
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