Hydromer Inc., a global supplier of specialty coatings and biopolymers for medical devices and industrial applications, has unveiled its strategy to bolster financial performance and stimulate product growth. In a message to shareholders from recently appointed CEO Michael E. Torti, the company acknowledges the need to regain investor confidence and outlines key initiatives to achieve this goal.
One of the main areas of focus for Hydromer is improving financial performance and enhancing reporting transparency. Efforts have already resulted in significant progress, including the reduction of past due receivables and the restoration of favorable terms with vendors. Invoicing is now up to date, including royalties, and the company’s QuickBooks accounts have become substantially more accurate.
To further strengthen its financial standing, Hydromer intends to hire a new Controller who will concentrate on lowering operating costs and increasing operating margin. This move aims to improve the company’s Over-The-Counter (OTC) reporting and eliminate the yield sign associated with its financial status.
In addition to financial improvements, Hydromer plans to implement new sales and marketing initiatives to drive long-term revenue growth and enhance profit margins. The company will invest in Google Ad Words and lead generation campaigns and is in the process of refreshing its brand with the launch of a new logo and website.
To expand its product offering and boost sales, significant investment in research and development (R&D) is paramount. Hydromer has enlisted the expertise of a chemist to strengthen its R&D team. The company’s commitment to innovation has already been validated by a recent guidewire friction durability test, in which Hydromer outperformed six other companies. This success positions Hydromer favorably to collaborate with the global leader in medical device manufacturing and bring advanced devices to the market.
CEO Michael E. Torti expresses gratitude for the opportunity to lead Hydromer and emphasizes his intention to cultivate a high-performing and winning organizational culture. This includes ongoing organizational restructuring efforts to optimize operations within the company.
Hydromer is currently finalizing its financials for the fiscal year ending in June 2023, preparing its 2023 Annual Report, and completing the necessary filings with OTC. Following these tasks, the company plans to issue a proxy calling for a shareholder meeting to provide up-to-date information and address any concerns. CEO Michael E. Torti encourages shareholders to reach out and provide feedback on the company’s progress.
With its comprehensive strategy to enhance financial performance, drive product growth, and strengthen internal operations, Hydromer Inc. aims to regain shareholder confidence and continue its legacy as a leading supplier in the specialty coatings and biopolymers industry.
