Business
Hydromer, Inc. Announces Preliminary Unaudited Second Quarter 2024 Financial Results and Provides Business Update
Hydromer, Inc. Announces Preliminary Unaudited Second Quarter 2024 Financial Results and Provides Business Update.
About this update from Hydromer, Inc.
[{"type":"text","content":"\n 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 $836,000 for the three months ended June 30, 2024, a decrease of 32% compared to $1,225,000 for the same period in 2023. Cost of Goods Sold Cost of Goods Sold were $129,000 for the three months ended June 30, 2024. The Company decreased cost of goods sold by 23% compared to the same period in 2023 of $168,000. Operating Expenses Operating Expenses were $713,000 for the three months ended June 30, 2024. The Company decreased operating expenses by 8% compared to the same period in 2023 of $777,000. Net Ordinary Income Net Ordinary Income decreased to ($6,700) for the three months ended June 30, 2024, a decrease of 102% compared to Net Ordinary Income of $281,000 for same period in 2023. Net Income Net Income was $30,000 for the three months ended June 30, 2024, a decrease of 97% compared to Net Income of $1,089,000 (which includes $809,000 of PPP loan forgiveness) for same period in 2023. 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 32%, to $836,000, compared to $1,225,000 in the same period last...