Hydromer, Inc. Reports Preliminary Unaudited Financial Results for Third Quarter 2024
24 Outubro 2024 - 12:18PM
InvestorsHub NewsWire
CONCORD, N.C. -- October 24, 2024 -- InvestorsHub 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.
Hydromer (CE) (USOTC:HYDI)
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