Dispenser Installed Base Converts Into Refill Annuity
Roughly 4.1 million wall-mounted and free-standing dispensers went into Latin American hospitals, airports, schools and food plants between 2020 and 2022, and most of them are still there. That hardware was mostly given away or sold at cost, which looked like a marketing expense at the time and turned out to be an installed base. Refill cartridges now carry gross margins several points above bottled retail gel, and switching cost is real because cartridge geometry is proprietary to each manufacturer. Facilities managers replace dispensers on a seven-year to nine-year cycle, so most of that base has years left.
Market Impact: Underpins 61% of volume








