Hydromer, Inc. Reports Preliminary Unaudited Financial Results for Third Quarter 2024

CONCORD, N.C., Oct. 24, 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 preliminary, unaudited management-prepared financial results for the quarter ended September 30, 2024. 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.

Financial Highlights

-          Revenue

Recorded revenue of $788,000 for the three months ended September 30, 2024, a decrease of 21% compared to $993,000 for the same period in 2023.

-          Cost of Goods Sold

Cost of Goods Sold were $134,000 for the three months ended September 30, 2024. The Company decreased cost of goods sold by 28% compared to the same period in 2023 of $185,000.

-          Gross Profit

Gross Profit was $654,000 for the three months ended September 30, 2024, a decrease of 19% ...