Hydromer, Inc. Announces Preliminary Unaudited Second Quarter 2024 Financial Results and Provides Business Update
Hydromer, Inc. (OTC: HYDI) announced preliminary unaudited Q2 2024 financial results and provided a business update. Key highlights include:
1. Revenue decreased 32% to $836,000 compared to Q2 2023.
2. Cost of Goods Sold reduced by 23% to $129,000.
3. Operating Expenses decreased by 8% to $713,000.
4. Net Ordinary Income declined 102% to a loss of $6,700.
5. Net Income decreased 97% to $30,000.
The company attributed the sales decline to customer attrition and insufficient sales efforts. However, Hydromer secured 12 new R&D projects and signed contracts with 6 new customers for coating services. The company remains committed to strengthening operations and sales strategies.
Hydromer, Inc. (OTC: HYDI) ha annunciato risultati finanziari preliminari non auditati per il secondo trimestre del 2024 e fornito un aggiornamento aziendale. I punti salienti includono:
1. Le entrate sono diminuite del 32% a $836,000 rispetto al secondo trimestre del 2023.
2. I costi delle merci vendute sono stati ridotti del 23% a $129,000.
3. Le spese operative sono diminuite dell'8% a $713,000.
4. Il reddito netto ordinario è calato del 102%, registrando una perdita di $6,700.
5. Il reddito netto è diminuito del 97% a $30,000.
L'azienda ha attribuito la diminuzione delle vendite alla perdita di clienti e a sforzi di vendita insufficienti. Tuttavia, Hydromer ha ottenuto 12 nuovi progetti di ricerca e sviluppo e firmato contratti con 6 nuovi clienti per servizi di rivestimento. L'azienda rimane determinata a rafforzare le operazioni e le strategie di vendita.
Hydromer, Inc. (OTC: HYDI) anunció resultados financieros preliminares no auditados para el segundo trimestre de 2024 y proporcionó una actualización comercial. Los aspectos más destacados incluyen:
1. Los ingresos disminuyeron un 32% a $836,000 en comparación con el segundo trimestre de 2023.
2. El costo de bienes vendidos se redujo en un 23% a $129,000.
3. Los gastos operativos disminuyeron en un 8% a $713,000.
4. El ingreso ordinario neto cayó un 102%, con una pérdida de $6,700.
5. El ingreso neto disminuyó un 97% a $30,000.
La empresa atribuyó la disminución de ventas a la pérdida de clientes y a esfuerzos de ventas insuficientes. Sin embargo, Hydromer aseguró 12 nuevos proyectos de I+D y firmó contratos con 6 nuevos clientes para servicios de recubrimiento. La empresa sigue comprometida a fortalecer las operaciones y las estrategias de ventas.
Hydromer, Inc. (OTC: HYDI)가 2024년 2분기 예비 비감사 재무 결과를 발표하고 사업 업데이트를 제공했습니다. 주요 하이라이트는 다음과 같습니다:
1. 수익이 2023년 2분기 대비 32% 감소한 $836,000입니다.
2. 판매된 상품의 원가가 23% 감소한 $129,000입니다.
3. 운영 비용이 8% 감소한 $713,000입니다.
4. 순영업이익이 102% 감소하여 $6,700의 손실을 기록했습니다.
5. 순이익이 97% 감소하여 $30,000입니다.
회사는 고객 이탈과 부족한 판매 노력을 판매 감소의 원인으로 설명했습니다. 그러나 Hydromer는 12개의 새로운 연구 및 개발 프로젝트를 확보하고 6명의 새로운 고객과 코팅 서비스 계약을 체결했습니다. 회사는 운영 및 판매 전략 강화에 계속 전념하고 있습니다.
Hydromer, Inc. (OTC: HYDI) a annoncé des résultats financiers préliminaires non audités pour le deuxième trimestre 2024 et a fourni une mise à jour commerciale. Les points forts incluent :
1. Les revenus ont diminué de 32 % pour atteindre 836 000 $ par rapport au deuxième trimestre 2023.
2. Le coût des marchandises vendues a été réduit de 23 % à 129 000 $.
3. Les dépenses d'exploitation ont diminué de 8 % pour atteindre 713 000 $.
4. Le revenu ordinaire net a chuté de 102 % pour afficher une perte de 6 700 $.
5. Le revenu net a diminué de 97 % pour atteindre 30 000 $.
L'entreprise a attribué la baisse des ventes à la perte de clients et à des efforts de vente insuffisants. Cependant, Hydromer a sécurisé 12 nouveaux projets de R&D et signé des contrats avec 6 nouveaux clients pour des services de revêtement. L'entreprise reste engagée à renforcer ses opérations et ses stratégies de vente.
Hydromer, Inc. (OTC: HYDI) gab vorläufige, ungeprüfte Finanzzahlen für das zweite Quartal 2024 bekannt und lieferte ein Geschäftsupdate. Wichtige Highlights umfassen:
1. Der Umsatz sank um 32% auf $836,000 im Vergleich zum zweiten Quartal 2023.
2. Die Kosten der verkauften Waren reduzierten sich um 23% auf $129,000.
3. Die Betriebskosten verringerten sich um 8% auf $713,000.
4. Der Nettogewinn fiel um 102% auf einen Verlust von $6,700.
5. Der Nettogewinn sank um 97% auf $30,000.
Das Unternehmen führte den Rückgang der Verkaufszahlen auf Kundenabwanderung und unzureichende Verkaufsanstrengungen zurück. Dennoch sicherte sich Hydromer 12 neue F&E-Projekte und schloss Verträge mit 6 neuen Kunden für Beschichtungsdienstleistungen ab. Das Unternehmen bleibt entschlossen, die Betrieb und Verkaufsstrategien zu stärken.
- Secured 12 new R&D projects for coating technologies in medical devices and industrial applications
- Signed contracts with 6 new customers for coating evaluation and/or services
- Reduced Cost of Goods Sold by 23% compared to Q2 2023
- Decreased Operating Expenses by 8% compared to Q2 2023
- Maintained positive Net Income of $30,000 despite revenue decline
- Revenue decreased by 32% to $836,000 compared to Q2 2023
- Net Ordinary Income declined 102% to a loss of $6,700
- Net Income decreased 97% compared to Q2 2023
- Experienced attrition in legacy customer base
- Total revenue for the first half of 2024 down by 14% compared to the same period in 2023
CONCORD, NC, Aug. 07, 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 Corporate Highlights and preliminary, unaudited management-prepared financial results for the quarter ended June 30, 2024. These results are based on the most current information available to management, are unaudited and are subject to change upon the completion of the Company’s 2024 year-end financial reporting processes, reviews and audit. Any resulting adjustments could result in changes to the numbers reported, including material changes.
Recent Corporate Highlights
- Research and Development
Twelve (12) research and development (R&D) projects signed with both large and early-stage companies. The R&D projects are primarily testing Hydromer’s coating technologies for both medical devices and industrial (anti-fog) applications.
- New Customers
Six (6) new customers signed contracts for coating evaluation and/or coating services.
Financial Results for the Quarter Ended June 30, 2024:
- Revenue
Recorded revenue of
- Cost of Goods Sold
Cost of Goods Sold were
- Operating Expenses
Operating Expenses were
- Net Ordinary Income
Net Ordinary Income decreased to (
- Net Income
Net Income was
Summary of Financial Results:
For Q2 2024, the company's financial performance declined compared to Q2 2023.
Total revenue, comprised of Coating services, Polymer Solutions and Royalties decreased by
We believe that the decline in sales is attributed to attrition in our legacy customer base, lack of innovation, and insufficient sales prospecting efforts in the previous years. While the Company has faced a current decline in sales, it remains committed to strengthening operations and sales strategies.
With a reduction in operating expenses by
Despite challenging conditions faced in Q2, the cumulative results for the first half of 2024 reflect a more balanced outlook. For the six months ended June 30, 2024, total revenue is down by
Summary of Corporate:
In Q2 2024, the Company successfully converted twelve (12) promising research and development projects. The Company intends on leveraging these projects to build and establish long-term partnerships to drive future growth. Underscoring this point, the Company signed supply agreements with six (6) new customers. In addition to the projects won and executed on, the Company is continuing to develop new and advanced product offerings.
The company has committed to exhibiting at both the MEDICA Germany and Medtec China trade fairs held during autumn 2024.
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 patents worldwide.
Contact:
Hydromer Inc.
Info@hydromer.com
Forward-Looking Statements
The statements contained in the above communication that are not historic facts are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. For example, if our actual results differ materially from those contemplated by the forward-looking statements the trading price of our common stock could decline, and investors in our securities may lose all or part of their investment.
FAQ
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