Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024
CONCORD, NC, April 29, 2024 (GLOBE NEWSWIRE) -- via -- Hydromer, Inc. (OTC: HYDI) (the “Company”), a leader in hydrophilic, thromboresistant, and antimicrobial coating technologies for medical devices for over 44 years, is pleased to announce certain preliminary, unaudited management-prepared financial results for the quarter ended March 31, 2024. These results are based on the most current information available to management, are unaudited, and are subject to the completion of the Company’s 2024 year-end financial reporting processes, reviews, audit, and potential adjustments, each of which could result in changes to the numbers reported.
"We're pleased with the results Hydromer achieved in Q1 2024, demonstrating both our commitment to profitability and our strategic growth initiatives. Our journey is focused on enhancing shareholder value through careful management and robust revenue growth. By investing wisely in new product development, R&D, and targeted sales campaigns, we aim to not only sustain but also increase our profitability in the coming quarters.”
CEO, Michael Torti
Financial Highlights
- Revenue
o Revenue increased to $1,093,000 for the three months ended March 31, 2024, an increase of 8% compared to $1,012,000 for the same period in 2023 and a noteworthy 58.1% Revenue growth from the previous quarter of Q4 2023.
- Operating Expenses
o Operating Expenses were $622,000 for the three months ended March 31, 2024. The Company pursued cost-cutting strategies demonstrating a decrease in operating expenses by 25% compared to the same period in 2023 of $830,000.
- Net Income
o Net Income increased to $333,000 for the three months ended March 31, 2024, a notable increase of 754% compared to Net Income of $39,000 for same period in 2023.
About Hydromer
Hydromer, Inc. is an ISO 9001:2015 global business-to-business (B2B) surface modification and coating solutions provider offering polymer R&D and manufacturing services capabilities for a wide variety of applications. We are domiciled in Concord, NC. Our customers are located across the United States, Europe and Asia-Pacific. Our facilities are U.S. Food and Drug Administration (FDA), Good Manufacturing Practice (GMP), International Organization for Standardization (ISO) 13485, and International Organization for Standardization (ISO) 9001 compliant. For over four decades, the Company has developed value-added solutions to serve businesses in domestic and international markets in a wide range of industries. We manage numerous global B2B services such as coating services, research and development, analytical testing, technology transfer, and dedicated machinery building, installation, and support. We have successfully developed numerous proprietary formulations and hold many patents worldwide, including those with anti-microbial, anti-fog, anti-frost, condensation-controlling, hydrophilic, and thromboresistant coating applications.
Contact:
Hydromer Inc.
Forward-Looking Statements
This press release contains forward-looking statements that are based on Hydromer’s current expectations, estimates, forecasts, and projections. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions, and other factors that are difficult to predict and could cause actual results to differ materially from those expressed or anticipated. We caution readers not to place undue reliance on these forward-looking statements. Hydromer undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
