Hydromer, Inc. Reports Preliminary Unaudited Financial Results for Third Quarter 2024
Hydromer (OTC: HYDI) reported preliminary unaudited Q3 2024 financial results.
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Rhea-AI Summary
Hydromer (OTC: HYDI) reported preliminary unaudited Q3 2024 financial results. Revenue decreased 21% to $788,000 compared to $993,000 in Q3 2023. Cost of goods sold decreased 28% to $134,000, while gross profit declined 19% to $654,000. Operating expenses reduced by 24% to $583,000. Despite revenue challenges due to raw material management issues and reduced legacy program orders, net income increased 67% to $72,000 from $43,000 in the same period last year.
Positive
- Net income increased 67% to $72,000
- Operating expenses reduced by 24% to $583,000
- Cost of goods sold decreased 28% to $134,000
Negative
- Revenue declined 21% to $788,000
- Gross profit decreased 19% to $654,000
- Reduced orders from legacy programs
- Raw material management issues affecting performance
Details
News Market Reaction – HYDI
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CONCORD, N.C., Oct. 24, 2024 (GLOBE NEWSWIRE) -- 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 September 30, 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.
Financial Highlights
- Revenue
Recorded revenue of
- Cost of Goods Sold
Cost of Goods Sold were
- Gross Profit
Gross Profit was
- Operating Expenses
Operating Expenses were
- Net Income
Net Income was
At Hydromer, we are dedicated to advancing innovation and excellence, as reflected in our financial commitment to strategic growth and operational efficiency for Q3 2024. For the three months ended September 30, 2024, the company's financial performance improved compared to Q3 2023, despite a revenue decline of
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.
Info@hydromer.com
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.
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