CONCORD, NC, Jan. 16, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire - Hydromer, Inc. (OTC: HYDI)
Hydromer, Inc. (the "Company") is pleased to provide the following update to shareholders regarding the Company's progress toward stability and profitable growth. Much has been done since the spring of 2023 in reducing the Company's overhead and operating costs, which management believes will lead to improved profitability in the current fiscal year. Additionally, investment in new product innovations and Sales & Marketing activities are anticipated to fuel pipeline development and revenue growth in this and future fiscal years.
Major Elements of the Initiatives
Revised Fiscal Year: Revised fiscal year from June 30 to December 31 with intent to publish audited financial statements for FY23 in 2024.
Reduced Overhead: The Company has successfully reduced its overhead burden by 33% while maintaining a steady state of operation for the business. Further opportunities are being explored.
Expense Reduction: Expense spending is expected to be reduced by 10%.
Sales: The Company is pleased to announce the addition of a seasoned sales executive who will join its team in early February 2024. This individual will be responsible for aggressive and high-level prospecting in both the Medical Device and Industrial Products markets that we serve. Additionally, he will be charged with developing international distributorships in select overseas markets. The Company hit sales of $4.1M for the fiscal year ending December 31, 2023, reflecting an increase of 5% over the prior year.
Marketing: Several direct marketing efforts are underway which are anticipated to bring a strong uptick in lead generation. These include email and LinkedIn marketing, Google AdWords, and SEO for the Company's updated website, www.Hydromer.com
Product Development: The Company is pleased to announce the relaunch of its legendary SeaSlide hydrophilic watercraft coating. The new and improved Super SeaSlide is expected to be available to the market in March 2024. The Company plans to attend numerous boat shows during the year to promote this unique product. Additionally, new product additions including UV-cured coatings and more durable thermally cured coatings are planned for later 2024.
Company Restructuring and Culture Improvements
The Company has adopted a strong growth mentality with particular emphasis on closer contact with Key Accounts. Its CEO, Michael Torti, will be visiting with its largest customers on a regular basis, starting this month. Additionally, incentive plans, aligned with new account attainment, have been put in place for all sales personnel. All employees have made an increased commitment to supporting the Company's needs while adhering to its revised time and attendance policies. Indeed, the Company can brag about its highly motivated and committed team members.
The Company is at all times committed to the safety and security of its employees. During 2023 we identified areas of improvement in our ventilation system and retained a third-party expert to conduct an air quality review and make recommendations for improvements. We will allocate sufficient resources to close all gaps and anticipate full implementation in 2024.
Together with its new Chairman, Braeden Lichti, Director, George Kovalyov, and CEO Michael Torti, the Company has a cohesive Board of Directors, working closely together to deliver positive results for its shareholders and employees.
About Hydromer, Inc.
Hydromer® has been a leader in hydrophilic, thromboresistant, and antimicrobial coating technologies for medical devices for over 40 years. As a trusted partner to large and small companies worldwide, the Company's coating solutions add value to our clients' products so that they can stand out in the marketplace. We are an innovation-driven, customer-centered organization with a focus on meeting our clients' needs. The Company operates an FDA, GMP/ISO 13485, and ISO 9001 production facility located in Concord, North Carolina.
Forward Looking Statements
This press release contains forward-looking statements that are based on Hydromer inc.'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 that 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, Inc. 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.
Contact:
Hydromer, Inc.
800-326-5976 ext 214
info@hydromer.com
