Hydromer, Inc. (OTC: HYDI), a leader in medical device coating technologies, has announced its preliminary unaudited financial results for the third quarter of 2024, revealing a 67% increase in net income despite a 21% revenue decline. The company's strategic cost management and operational efficiencies have been pivotal in navigating the challenges posed by reduced orders and past raw material management issues.
For the quarter ending September 30, 2024, Hydromer reported revenues of $788,000, down from $993,000 in the same period last year. However, the company significantly reduced its cost of goods sold by 28% to $134,000 and slashed operating expenses by 24% to $583,000, demonstrating a strong focus on cost control. These measures contributed to a net income of $72,000, up from $43,000 in Q3 2023.
Hydromer's ability to maintain profitability during a period of revenue decline underscores its operational resilience and strategic planning. The company, certified to ISO 9001:2015 standards, continues to serve a global clientele with its innovative polymer research and development capabilities. Its facilities comply with FDA, GMP, ISO 13485, and ISO 9001 standards, reinforcing its position as a trusted partner in the medical device coating industry.
With a diverse portfolio of patented coating technologies, including anti-microbial and hydrophilic applications, Hydromer caters to various industries beyond healthcare. The preliminary Q3 2024 results, though subject to final audit, highlight the company's adaptability and potential for future growth in the competitive surface modification sector.
Investors and industry observers are keenly watching Hydromer's next moves, as the company's improved cost structure and focus on innovation may enable it to capitalize on emerging market opportunities. The medical device coating industry's ongoing demand for advanced technologies presents a fertile ground for Hydromer to leverage its expertise and drive recovery in revenue growth.
