Hydromer, Inc., a leader in medical device coating technology, has announced its preliminary unaudited financial results for the first quarter of 2025, showing a 9% decrease in revenue compared to the same period in the previous year. The company's revenue for the quarter stood at $1.0 million, down from $1.1 million in Q1 2024. This decline was accompanied by a significant 64% drop in net income, which totaled $112,000 for the quarter.
CEO Michael Torti pointed to the loss of legacy customers and the usual delays in onboarding within the medical coatings sector as primary reasons for the downturn. Despite these challenges, Torti highlighted the company's ongoing commitment to investing in product development and strengthening its commercial infrastructure. These strategic investments are aimed at enhancing Hydromer's product pipeline and facilitating its expansion into higher-value markets.
In an effort to streamline operations and improve financial transparency, Hydromer has been focusing on enhancing its financial record-keeping practices under new management. The company has decided to delay a comprehensive U.S. GAAP audit, prioritizing the allocation of its current cash resources towards operational and developmental needs.
As a global provider of surface modification and coating solutions, Hydromer adheres to stringent quality standards, including FDA, GMP, ISO 13485, and ISO 9001 compliance. With a history spanning over four decades, the company has developed a wide range of proprietary coating formulations, serving clients across the United States, Europe, and Asia-Pacific. Hydromer's long-term strategy emphasizes operational efficiency, fostering customer partnerships, and advancing next-generation technology to drive growth and innovation in the medical device coating sector.
