CONCORD NC - April 8, 2025 (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 year ended December 31, 2024, its first full 12-month reporting period following the transition to a December 31 fiscal year-end. 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.
The Company reported total revenue of $3.59 million, reflecting a 12% decline compared to the prior rolling 12-month period. This decrease was primarily driven by legacy program attrition and a lack of new product introductions, as the company struggled with resourcing research and development (R&D) initiatives in recent history. As a result, the Company faced challenges in replenishing its sales pipeline and keeping pace with evolving customer needs.
On a cash-adjusted basis, Hydromer achieved normalized net loss of $83.0 thousand, after adjusting for non-cash expenses such as amortization, stock-based compensation, and unrealized gains.
“Over the past year, we have taken significant steps to streamline operations and improve cost efficiency,” said Michael Torti, CEO of Hydromer. “The revenue decline reflects a period where past investment decisions limited our ability to bring new solutions to market, leading to some customer turnover. However, current management has been actively restructuring the business to position it for future success. This includes investing in new product development, strengthening customer relationships, and exploring new markets. The Company has made meaningful progress in advancing a next-generation UV-curable coating formulation, which, if successfully commercialized, could open new application areas and generate incremental revenue streams. This innovation represents a key step toward replenishing the product pipeline and meeting unmet customer needs in high-demand markets.”
Looking ahead, the Company remains focused on operational efficiency and long-term growth, with plans to introduce innovative solutions that align with industry demands and customer expectations.
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 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 the sale of proprietary coating formulations, custom 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 patents worldwide.
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.
