Curated News
By: NewsRamp Editorial Staff
October 24, 2024

Hydromer, Inc. Releases Q3 2024 Financial Results Showing Resilience and Improved Net Income

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Source News Release

TLDR

  • Hydromer, Inc. decreased operating expenses by 24% for Q3 2024, gaining a competitive edge in cost management.
  • Hydromer, Inc. recorded a 21% revenue decline for the three months ended September 30, 2024.
  • Hydromer, Inc.'s dedication to innovation and excellence in Q3 2024 reflects resilience and focus on cost management, improving financial performance.
  • Hydromer, Inc. offers polymer R&D and manufacturing services with FDA, GMP, and ISO compliance, providing value-added solutions for global B2B markets.

Impact - Why it Matters

This news matters as it provides insight into the financial performance of a key player in the medical device coating industry. The increase in net income despite a revenue decline demonstrates the company's ability to navigate challenges and maintain focus on cost management, which can serve as a model for other businesses facing similar issues.

Summary

Hydromer, Inc. has released unaudited financial results for the quarter ended September 30, 2024, showing a 21% decrease in revenue but a 67% increase in net income compared to the same period in 2023. The company attributes the revenue decline to raw material management issues and a reduction in orders from legacy programs. Despite the challenges, Hydromer, Inc. demonstrated resilience and cost management focus, resulting in improved financial performance.

The company, a leader in hydrophilic, thromboresistant, and antimicrobial coating technologies for medical devices, recorded revenue of $788,000, cost of goods sold of $134,000, gross profit of $654,000, and operating expenses of $583,000 for Q3 2024. These results are unaudited and subject to potential adjustments pending the completion of the company's 2024 year-end financial reporting processes, reviews, and audit.

Source Statement

This curated news summary relied on this press release disributed by NewMediaWire. Read the source press release here, Hydromer, Inc. Releases Q3 2024 Financial Results Showing Resilience and Improved Net Income

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