Hydromer, Inc. Wraps Up a Successful 2023,
Including Restructuring, Contract Extensions, and the Launch of New
Innovations
CONCORD, NC -- January 16, 2024 -- InvestorsHub
NewsWire -- 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
