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

Rhea-AI Summary

Hydromer, Inc. reported positive financial results for the first quarter of 2024, with revenue increasing to $1,093,000, a growth of 8% compared to the same period in 2023. Operating expenses decreased by 25% to $622,000, and net income surged by 754% to $333,000. The company emphasized strategic growth initiatives and profitability, aiming to enhance shareholder value through new product development and targeted sales campaigns.

Positive

• Revenue increased to $1,093,000 for Q1 2024, up by 8% compared to the same period in 2023.

• Operating expenses decreased by 25% to $622,000 for the three months ended March 31, 2024.

• Net income rose significantly to $333,000 for the first quarter of 2024, a notable increase of 754% compared to the same period in 2023.

• Hydromer focused on profitability and strategic growth initiatives to enhance shareholder value through new product development and targeted sales campaigns.

Negative

• None.

CONCORD, NC, April 29, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- 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.
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 were Hydromer's revenue results for the first quarter of 2024?

Revenue increased to $1,093,000 for the three months ended March 31, 2024, up by 8% compared to the same period in 2023.

How did operating expenses change in Q1 2024 for Hydromer?

Operating expenses decreased by 25% to $622,000 for the three months ended March 31, 2024.

What was the net income for Hydromer in the first quarter of 2024?

Net income surged by 754% to $333,000 for the three months ended March 31, 2024, compared to the same period in 2023.

What is Hydromer's focus for shareholder value enhancement?

Hydromer aims to enhance shareholder value through new product development and targeted sales campaigns.

What are Hydromer's strategic growth initiatives?

Hydromer is focused on profitability and strategic growth initiatives to increase profitability in the upcoming quarters.