Hydromer, Inc. Reports Preliminary Unaudited Financial Results for Third Quarter 2024

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

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 $788,000 for the three months ended September 30, 2024, a decrease of 21% compared to $993,000 for the same period in 2023.

-          Cost of Goods Sold

Cost of Goods Sold were $134,000 for the three months ended September 30, 2024. The Company decreased cost of goods sold by 28% compared to the same period in 2023 of $185,000.

-          Gross Profit

Gross Profit was $654,000 for the three months ended September 30, 2024, a decrease of 19% compared to the same period in 2023 of $807,000.

-          Operating Expenses

Operating Expenses were $583,000 for the three months ended September 30, 2024. The Company decreased operating expenses by 24% compared to the same period in 2023 of $765,000.

-          Net Income

Net Income was $72,000 for the three months ended September 30, 2024, an increase of 67% compared to Net Income of $43,000 for same period in 2023.

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 21% in Q3 2024 compared to the 2023 period due in large part to challenges related to past raw material management issues and a reduction in orders from legacy programs. The Company nevertheless achieved an increase in net income, underscoring our resilience and focus on cost management.

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.

FAQ

What was Hydromer's (HYDI) revenue in Q3 2024?

Hydromer reported revenue of $788,000 for Q3 2024, representing a 21% decrease from $993,000 in Q3 2023.

How much did Hydromer's (HYDI) net income increase in Q3 2024?

Hydromer's net income increased by 67% to $72,000 in Q3 2024, compared to $43,000 in Q3 2023.

What caused Hydromer's (HYDI) revenue decline in Q3 2024?

The revenue decline was primarily due to challenges related to past raw material management issues and a reduction in orders from legacy programs.