CA Market News
2月前
Covalon Technologies Reports Significant Milestones Spanning Vascular Access, Infection Prevention, and Wound CareApril 15, 2026 5:30 PM
Business Wire
Covalon Technologies Ltd. (TSX: COV; OTCQX: CVALF), an advanced medical technologies company, today announced a series of important milestones reflecting the Company's growing market development and commercial momentum, and deepening engagement across the vascular access, infection prevention, and wound care sectors.
Strong Engagement at Infusion Nurses Society Annual Meeting
Covalon had a strong presence at the Infusion Nurses Society (INS) Annual Meeting this past weekend, and the Company is pleased to report an exceptionally productive event. The Covalon team engaged in high-quality conversations with clinicians from hospitals, clinics and home infusion organizations, generating meaningful new opportunities and advancing discussions with key decision makers across the healthcare continuum.
A highlight of the meeting was a presentation delivered by internationally recognized vascular access expert Dr. Nancy Moureau on the critical topic of contamination of intravenous (IV) connections and access points. Delivered to a highly engaged room, the presentation resonated strongly with clinicians and reinforced what the Covalon team is hearing consistently in the marketplace, that the contamination challenge is a pressing clinical concern, worthy of being addressed with solutions that are proven and purpose-built to protect patients at the point-of-care.
"The energy and enthusiasm we experienced at INS this year was tremendous," said Brent Ashton, CEO of Covalon Technologies. "Clinicians across a broad range of care settings are increasingly focused on solving contamination challenges to improve patient safety, and our conversations made it clear that Covalon's solution is highly regarded, relevant and timely. Engagement at the meeting extended beyond the clinical community, with Covalon advancing discussions with a number of industry participants as the Company continues to evaluate opportunities to accelerate its growth strategy and broaden the impact of its technology platforms."
Contamination Education Selected for Important Upcoming Conferences
Building on the momentum from INS, Covalon is pleased to announce that the topic of IV line connector and access point contamination has also been selected as part of the official education programs at both the Association for Professionals in Infection Control and Epidemiology (APIC) Annual Conference in June and the Association for Vascular Access (AVA) Annual Scientific Meeting in October. Inclusion in the 2026 education programs at three of the most influential gatherings in infection prevention and vascular access with thousands of nurses and infection preventionists in attendance represents an important validation of Covalon as a rapidly emerging leader in the space.
Covalon views this recognition as a meaningful component of the MedTech innovation adoption framework, where unmet clinical challenges are identified, elevated within the professional community, educated to broader clinician groups by key opinion leaders in the field, and addressed through the adoption of innovative solutions such as the Company’s VALGuard® Line Guard and CovaClear® IV Cover dressings. Covalon believes that growing clinical and educational attention to the contamination issue will continue to accelerate awareness and demand for its unique, differentiated solutions.
Accelerated Wound Care Momentum at The Symposium on Advanced Wound Care
Covalon also recently participated in the Symposium on Advanced Wound Care (SAWC), from April 8 – 11, with CEO Brent Ashton and Strategic Accounts Leader Nicola Muzzin representing Covalon. Meetings with commercial leaders and other industry participants were highly productive, further strengthening relationships and opportunities within the wound care space.
SAWC also provided a valuable forum to explore innovation and business development opportunities with potential partners. As Covalon continues to evaluate current and future avenues for growth in wound care, these conversations reflect the Company's commitment to advancing its robust portfolio of existing and new solutions that serve patients and clinicians at the highest level.
"SAWC reinforced the quality of our partner relationships, and opened promising new conversations about where we can collaborate in the future," said Ashton. "These interactions are an important part of how Covalon thinks about long-term value creation."
Those interested in learning about Covalon’s solutions may visit www.covalon.com or follow Covalon on LinkedIn, Facebook, Instagram, or X.
About Covalon
Covalon is a leading MedTech company dedicated to improving patient outcomes through innovative and compassionate medical products and technologies. Our expertise spans advanced wound care, vascular access, and surgical consumables, with a strong focus on enhancing healing, reducing healthcare-associated infections (HAIs), and protecting skin integrity. Our solutions are designed for patients and made for care providers. The Company is listed on the TSX Venture Exchange (COV) and trades on the OTCQX Market (CVALF). To learn more about Covalon, visit our website at www.covalon.com.
VALGuard® Line Guard is indicated to cover and protect IV line connections and catheter hubs from sources of gross contamination. VALGuard is not cleared or approved by the U.S. Food and Drug Administration (FDA) for infection prevention or CLABSI reduction.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “estimate”, “expect”, “intend”, or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur”, or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events. Forward-looking statements involve risks and uncertainties, including, but not limited to, the factors described in greater detail in the “Risks and Uncertainties” section of our management’s discussion and analysis of financial condition and results of operations for the year ended September 30, 2025, which is available on the Company’s profile at www.sedarplus.ca, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company assumes no obligation to update or alter any forward-looking statements, whether as a result of new information, further events, or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260415729802/en/
To learn more about Covalon, please contact:
Brent Ashton, Chief Executive Officer, Covalon Technologies Ltd.
Email: investors@covalon.com
Phone: 1.877.711.6055
Website: https://covalon.com/
Original: Covalon Technologies Reports Significant Milestones Spanning Vascular Access, Infection Prevention, and Wound Care
CA Market News
3月前
Covalon to Showcase Clinical Innovation and Infection Prevention Leadership at Infusion Nurses Society 2026 Annual MeetingApril 10, 2026 3:23 PM
Business Wire
Covalon Technologies Ltd. (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, today announced its upcoming presence at the Infusion Nurses Society (INS) 2026 Annual Meeting taking place in Louisville, KY from April 11 – 14, 2026. The event will bring together leading clinicians, researchers, healthcare professionals and industry leaders all dedicated to advancing vascular access and infusion therapy practice. Attendees will have the opportunity to learn more about Covalon’s innovative and unique vascular access and infection prevention solutions and learn why leading hospitals in the United States and beyond are increasingly adopting Covalon products in clinical practice.
A key area of focus for Covalon at this event will be highlighting the Company’s commitment to addressing and advancing progress on one of the most underrecognized risks in vascular access care - contamination of intravenous (IV) connections and access points. Through a combination of clinical education, real-world evidence, and innovative product solutions, Covalon will demonstrate how targeted protection strategies can help reduce the risk of patient complications, including bloodstream infections, and improve patient safety.
The conference's educational program features a podium presentation by Dr. Nancy Moureau, a globally recognized vascular access expert. Her session, titled “A Closer Look at a “Gross” Gap in Protection: What is Missing with CABSI?” addresses the critical yet frequently underrecognized challenge around gross contamination of IV connections and access points and how gaps in protection can lead to Catheter-Associated Blood Stream Infections (CABSIs). The presentation will explore how environmental exposure and routine care events contribute to infection risk, offering practical, evidence-based strategies to protect IV connections and access points and improve patient outcomes.
Covalon’s VALGuard Vascular Access Line Guard is proving to be a strong and rapidly growing solution for many hospitals and other points of care as they focus on protecting IV line connections and access points from contamination and will be featured in Covalon’s booth at the meeting.
Covalon will also showcase the rapidly increasing clinical adoption of its CovaClear® IV Cover dressings. This innovative solution provides coverage to shield primary IV dressings from bodily fluids and other environmental contaminants prevalent in clinical settings. By supporting safe and efficient vascular access care and maintenance practices, Covalon aims to reduces the time, resources, and the risk associated with unplanned primary dressing changes.
“Clinical care staff are on the front lines of patient safety, and they carry the emotional weight of every outcome,” said Brent Ashton, Covalon’s Chief Executive Officer. “Complications such as infections have tragic consequences for patients, clinicians and hospitals or other sites of care, but fortunately, they are largely preventable. Covalon’s goal is to give clinicians the tools and support they need to protect those in their care, so fewer patients and their families experience the devastating consequences of bloodstream infections and other serious complications.”
Attendees of INS 2026 are invited to visit Covalon’s booth (#610) to learn more about its portfolio of vascular access protection solutions, including VALGuard® and CovaClear®. Covalon’s team will be available to discuss our broad portfolio of unique and differentiated vascular access products as well as best practices for integrating contamination protection into everyday care. To schedule time with the Covalon team at AVA, visit Booth 515 or email us at meet.us@covalon.com.
Those interested in learning about Covalon’s solutions may visit www.covalon.com or follow Covalon on LinkedIn, Facebook, Instagram, or X.
About Covalon
Covalon is a leading MedTech company dedicated to improving patient outcomes through innovative and compassionate medical products and technologies. Our expertise spans advanced wound care, vascular access, and surgical consumables, with a strong focus on enhancing healing, reducing healthcare-associated infections (HAIs), and protecting skin integrity. Our solutions are designed for patients and made for care providers. The Company is listed on the TSX Venture Exchange (COV) and trades on the OTCQX Market (CVALF). To learn more about Covalon, visit our website at www.covalon.com.
VALGuard® Line Guard is indicated to cover and protect IV line connections and catheter hubs from sources of gross contamination. VALGuard is not cleared or approved by the U.S. Food and Drug Administration (FDA) for infection prevention or CLABSI reduction.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “estimate”, “expect”, “intend”, or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur”, or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events. Forward-looking statements involve risks and uncertainties, including, but not limited to, the factors described in greater detail in the “Risks and Uncertainties” section of our management’s discussion and analysis of financial condition and results of operations for the year ended September 30, 2025, which is available on the Company’s profile at www.sedarplus.ca, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company assumes no obligation to update or alter any forward-looking statements, whether as a result of new information, further events, or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260410158899/en/
To learn more about Covalon, please contact:
Brent Ashton, Chief Executive Officer, Covalon Technologies Ltd.
Email: investors@covalon.com
Phone: 1.877.711.6055
Website: https://covalon.com/
Original: Covalon to Showcase Clinical Innovation and Infection Prevention Leadership at Infusion Nurses Society 2026 Annual Meeting
CA Market News
4月前
Covalon Honoured to Partner with the Association for Vascular Access and Global Expert Dr. Nancy Moureau to Tackle Critical IV Therapy ComplicationsFebruary 19, 2026 4:15 PM
Business Wire
Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company focused on improving patient safety and clinical outcomes, today announced an upcoming Continuing Education webinar to be presented by internationally recognized vascular access expert Dr. Nancy Moureau and hosted by the distinguished Association for Vascular Access (AVA), a leading global authority on vascular access.
The webinar will focus on the persistent clinical challenge of IV line contamination and its contribution to Catheter-Associated Blood Stream Infection (CABSI) risk - an important patient safety issue across care settings.
“Life-threatening complications stemming from IV line contamination are not inevitable, they are preventable,” said Dr. Nancy Moureau, PhD, RN, CRNI, CPUI, VA-BC. “When we address contamination at its source, we directly strengthen patient safety. This session challenges clinicians to examine and refine the everyday practices that protect our patients from serious harm, improve outcomes, and creates consistent, evidence-based care that meaningfully reduces infection risk.”
"IV lines are a literal lifeline for millions of patients each year, and simple, easy-to-implement improvements in everyday practice can have a significant positive impact on patient outcomes," said Dr. Katherine Evely, PhD, Vice President of Clinical Affairs for Covalon. "We are proud to support clinician education in close collaboration with AVA and Dr. Moureau. Our goal is to advance practical approaches that strengthen vascular access care, helping patients heal with fewer disruptions and helping clinicians and hospitals to deliver outstanding care.”
Webinar Details
Title: What Are We Missing? Closing an Overlooked Gap in Infection Prevention
Presenter: Dr. Nancy Moureau, RN, PhD, CRNI, CPUI, VA-BC
Host: Association for Vascular Access (AVA)
Date/Time: Tuesday, February 24th, 2026 at 2PM EST [Rebroadcast 7PM EST]
Registration: Click Here to Register
Continuing Education: The Association for Vascular Access is an accredited continuing-education provider through the California Board of Registered Nurses. Provider #: CEP12371
Covalon develops solutions designed for patients and made for care providers, with a strong focus on enhancing healing, reducing life-threatening healthcare-associated infections (HAIs), and protecting skin integrity.
For additional information about Covalon and its solutions, visit www.covalon.com or follow Covalon on LinkedIn, Facebook, or Instagram.
About Covalon
Covalon is a leading MedTech company dedicated to improving patient outcomes through innovative and compassionate medical products and technologies. Our expertise spans advanced wound care, vascular access, and surgical consumables, with a strong focus on enhancing healing, reducing healthcare-associated infections (HAIs), and protecting skin integrity. Our solutions are designed for patients and made for care providers. The Company is listed on the TSX Venture Exchange (COV) and trades on the OTCQX Market (CVALF). To learn more about Covalon, visit www.covalon.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “estimate”, “expect”, “intend”, or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur”, or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events. Forward-looking statements involve risks and uncertainties, including, but not limited to, the factors described in greater detail in the “Risks and Uncertainties” section of our management’s discussion and analysis of financial condition and results of operations for the year ended September 30, 2025, which is available on the Company’s profile at www.sedarplus.ca, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company assumes no obligation to update or alter any forward-looking statements, whether as a result of new information, further events, or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260219851392/en/
To learn more about Covalon, please contact:
Brent Ashton, Chief Executive Officer, Covalon Technologies Ltd.
Email: investors@covalon.com
Phone: 1.877.711.6055
Website: https://covalon.com/
Original: Covalon Honoured to Partner with the Association for Vascular Access and Global Expert Dr. Nancy Moureau to Tackle Critical IV Therapy Complications
zenvesting
6年前
Covalon has something to add in the battle against COVID-19. As a long-term owner with a high level of confidence in the company's technical capabilities, I can't wait to see what it is....and may add back some shares I had peeled off my position the last time it was over $5.
COVALON ANNOUNCES FIRST QUARTER FISCAL 2020 RESULTS
MISSISSAUGA, Ontario--(BUSINESS WIRE)-- Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, today announces its first quarter fiscal 2020 results.
Brian Pedlar, Covalon’s President and CEO, said, “I am pleased that Covalon’s first quarter performance is very much on track in executing on our fiscal 2020 plan. The entire Covalon team is working diligently to achieve increased sales, operational efficiencies, and technological advances in response to changes that occurred to our Middle East business in 2019. We are adapting as quickly as possible and are making progress. Our lifesaving products continue to be well received by medical practitioners and patients alike. At the same time, we continue to advance our technology portfolio. I plan to make our shareholders more aware of these achievements during 2020.
“This quarter’s revenue was heavily influenced by our success in the United States, which accounted for 81% of our revenue in the first quarter of 2020, compared to 76% last year in the same quarter. Our revenue in the United States was up 17% compared to last year and represents growth in both our sales to hospitals and our advanced wound care distribution channel. We are continuing to build awareness of our infection prevention products in our new 1,900 United States hospital and medical centre customer base.
“Our Middle East business, at $0.9 million, was down in the first quarter by $0.7 million compared to last year. It is still very difficult to predict the volume and timing of business in Saudi Arabia, particularly in light of the current regional uncertainty. We continue to plan as if all shipments to Saudi Arabia are upsides and not part of our base operating plan. We are taking steps to strengthen our business in the region and I look forward to providing further updates as they occur.
“Many companies have recently announced that they have been, or expect to be, negatively impacted by the effects of coronavirus COVID19 on their supply chain, workforce, and customers. Fortunately, the majority of our infection prevention products, including IV Clear, AquaGuard, and our ColActive Plus family of advanced wound care products, are manufactured in the United States, and the supply chains for these products are not anticipated to be adversely affected by COVID-19. Some of our CovaWound line of advanced wound care products are manufactured in China, and we have experienced some delays in shipments. In fiscal 2019, approximately 8% of our revenue was derived from products manufactured in China. Covalon continues to assess the impact that a prolonged pandemic outbreak may have on our business.”
Mr. Pedlar continued, “COVID-19 also provides Covalon with an opportunity to help protect healthcare workers and the public from contracting COVID-19 and other viral and bacterial infections. We are actively working on a technology to help reduce the spread of COVID-19 and other viruses. Our technology has been shown to be highly effective at killing and deactivating similar viruses to COVID-19, as well as antibiotic resistant bacteria and other pathogens. I look forward to discussing this technology further in the next several weeks.”
Q1 Fiscal 2020 Financial Results
Revenue for the three months ended December 31, 2019 was $7.9 million, 9% or $687,073 more than the prior year. Gross profit was 61% in Q1 fiscal 2020, compared to 63% in Q1 fiscal 2019. Net loss was $1.2 million or $0.05 per share (diluted), compared to a loss of $1.9 million or $0.09 per share (diluted) in Q1 fiscal 2019.
Revenue in the United States for the quarter was up 17% year-over-year in Q1 to $6.4 million, which included increases in product revenue, including AquaGuard product sales and development services, licenses, and royalties.
Middle East first quarter revenue of $0.9 million was down by $0.7 million compared to last year.
Latin American, European, and other international regions revenue was $0.6 million compared to $0.2 million last year.
Product revenue increased $.8 million or 13% while services revenue was down slightly to $ .8 million from $0.9 million last year as a result of the timing of revenue recorded under our development contracts.
Operating expenses were down by $390,550 or 6% compared to last year in the first quarter.
Conference Call Scheduled
A conference call to discuss Covalon’s Fiscal 2020 Q1 Financial Results will be held Tuesday March 3rd 2020 at 9:00am EST. To participate in the call, please dial:
Toll-Free: 833.299.8117
International: 647.689.4535
Conference ID Code: 1181198
A recording of the call will be available from March 3rd, 2020, at 12:00pm EST until March 17th, 2020, at 11:59pm EST by calling 855.859.2056 or 404.537.3406 and entering the conference ID code 1181198.
About Covalon
Covalon Technologies Ltd. researches, develops, and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products, and services address the advanced healthcare needs of medical device companies, healthcare providers, and individual consumers. Covalon's technologies are used to prevent, detect, and manage medical conditions in specialty areas such as infection control, vascular access, surgical procedures, advanced wound care, and medical device coatings. To learn more about Covalon, visit our website at www.covalon.com
zenvesting
6年前
Covalon Announces Fiscal 2019 Year-End Results and Plans for Fiscal 2020
• Fiscal 2019 revenue growth of 27% to $34 million of revenue.
• Fiscal 2019 United States revenue of $24 million, double the Company’s fiscal 2018 United States revenue.
• Fiscal 2019 Middle East revenue of $8.8 million impacted by delayed shipments and regional uncertainty.
• Latin America and Europe to provide some additional revenue upside in fiscal 2020 and beyond.
MISSISSAUGA, Ontario – January 28, 2020 – /Business Wire/ - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, today announces
its fiscal 2019 year-end results and plans for fiscal 2020.
Brian Pedlar, Covalon’s President and CEO, said, “Fiscal 2019 saw Covalon undergo significant changes as an organization, which have strengthened our business model and provided us with a very strong platform for future growth. Our major achievements during fiscal 2019 included:
• Completing the acquisition of U.S.-based AquaGuard, which provides Covalon with almost 2,000 new hospital and medical institutions as customers in the United States and a talented and experienced sales force selling infection prevention products directly into hospitals;
• Strong growth in our development and consulting services revenue following the signing of the previously announced major contract with one of the world’s largest medical device companies that licensed Covalon’s proprietary medical coating technologies; and
• Completion of product registration for Covalon’s flagship products in most Latin American countries, including Mexico, Argentina and Chile, enabling Covalon to compete for business in these markets in fiscal 2020 and beyond.”
Mr. Pedlar continued, “Over the past two years, Covalon has become a significantly stronger and more diverse company:
• We added 35 people to our sales and marketing teams, which means more people selling our products;
• We now have nearly 2,000 new hospital, clinic, group purchasing organizations, and integrated delivery network customers in the United States that provide a new customer base for our existing products;
• We have begun to distribute our products in 16 new countries that will begin to materially contribute to revenue;
• We now have four product families that each account for 20% or more of our annual revenue, which provides stability and diversification for our business;
• We have four new products that we have yet to launch in our key markets;
• We have exciting new products in our pipeline that we intend to launch this year, including a significantly improved version of our flagship IV Clear product; and
• We engaged in over 60 customer development projects of various sizes with approximately 22 medical product companies this past year in our OEM business, which includes the various projects underway associated with the previously announced major contract with one of the world’s largest medical device companies that licensed Covalon’s proprietary medical coating technologies.
“We are just at the beginning of our growth as a result of these key changes to Covalon and are at the early stages of introducing our expanded product portfolio to our new hospital customers in the United States.
Our Middle East business declined in fiscal 2019 compared to 2018 as a result of significant delays in shipments under the contracts we secured in Saudi Arabia. Though it is still very difficult to predict the
volume and timing of business in Saudi Arabia, particularly in light of the current regional uncertainty, our business in the region has continued, and we are working to grow it further. We have made changes to our operations during the second half of fiscal 2019 and first quarter 2020 that I believe will see Covalon reduce its operating expenses by up to $7 million in fiscal 2020 compared to fiscal 2019. We are also well-positioned for growth in the United States, Latin America, and Europe, and we are optimistic about our potential for significant growth in fiscal 2020 and 2021.
“I am extremely confident in Covalon’s present commercialization position and its upside potential. Our unique suite of life-saving products and our dedicated and driven staff have always set us apart from the competition, and we continue to leverage those strengths as we grow our business. Our share price declined this past year due to uncertainty in our Middle East business. Many shareholders, who saw the
challenges we experienced in the Middle East as temporary headwinds, took the opportunity to invest more in Covalon either in the public markets or by participating in the private placement we closed in
September 2019. I am confident that they will be rewarded when Covalon’s underlying value gets reflected in its share price.”
Fiscal 2019 Financial Results
Revenue for the year ended September 30, 2019 was $34 million, 27% or $7,281,280 more than the prior year. Gross profit was $21.8 million in fiscal 2019, compared to $19.7 million in fiscal 2018. Net loss was
$9.1 million or $0.41 per share (diluted), compared to a net income of $1.6 million or $0.07 per share (diluted) in fiscal 2018.
Product revenue for fiscal 2019 increased to $30 million, compared to $19.9 million in the previous year.
This increase relates to the inclusion of revenue from the acquisition of AquaGuard and the timing of major shipments.
Gross margin was 64% for fiscal 2019, compared to 74% for the prior year. Gross margin is highly influenced by the mix of collagen-based dressings, silicone-based dressings, medical coated devices, passive dressings, moisture barriers, and related service revenues generated in the periods. Gross margin fluctuates as a result of the mix of products sold in any given quarter, or year, by product type or geography.
Operating expenses increased $12 million to $30 million, compared to $18 million for the prior year. The increase in operating expenses is primarily related to increases in sales and marketing costs and general
and administrative expenses as a result of acquiring AquaGuard on October 1, 2018. The Company also increased headcount in operations, sales and marketing, and administration as a result of the Company’s
efforts to expand its penetration of new markets, including Europe and the United States.
Fiscal 2019 saw the Company end the year with a strengthened and more diversified revenue base. In fiscal 2019, approximately 71% of revenue was from sales in the United States and 26% of revenue was
from sales in the Middle East. Last year was 48% in the United States and 49% in the Middle East.
Conference Call Scheduled
A conference call to discuss Covalon’s Fiscal 2019 Year-End Financial Results will be held Wednesday, January 29th, 2020 at 9:00am EST. To participate in the call, please dial:
Toll-Free: 833.299.8117
Canada: 647.689.4535
Conference ID Code: 5092807
A recording of the call will be available by calling 855.859.2056 or 404.537.3406 and entering the
conference ID code 5092807 from January 29th, 2020, at 12:00pm EST to February 12th, 2020, at 11:59pm EST.
To learn more about Covalon, please contact:
Brian Pedlar, CEO, Covalon Technologies Ltd.
Email: bpedlar@covalon.com
Phone: 905.568.8400 x 233
Toll free: 1.877.711.6055
Web site: www.covalon.com
Twitter: @covalon
About Covalon
Covalon Technologies Ltd. researches, develops, and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products, and services address the
advanced healthcare needs of medical device companies, healthcare providers, and individual consumers. Covalon's technologies are used to prevent, detect, and manage medical conditions in specialty areas such as infection control, vascular access, surgical procedures, advanced wound care, and medical device coatings. To learn more about Covalon, visit our website at www.covalon.com
zenvesting
7年前
Covalon Announces Second Quarter Fiscal 2019 Results
Business Wire Business Wire•May 28, 2019
MISSISSAUGA, Ontario--(BUSINESS WIRE)--
Revenue for the three months ended March 31st, 2019, was $13.3 million, up 132%
Gross margin for the quarter ended March 31st, 2019, was 69%
Net loss for the quarter was $0.2 million or $0.01 per share, compared to a loss of $0.4 million or $0.02 per share last year
Conference call scheduled for Wednesday May 29th, 2019
Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV:COV; OTCQX:CVALF), an advanced medical technologies company, today announced its second quarter fiscal 2019 results.
Brian Pedlar, Covalon’s President and CEO, said, “Our second quarter financial performance is on track in executing on our fiscal 2019 plan. Revenue is more than double last year’s second quarter, with growth of 132% and business in the United States accounting for 60% of our revenue in the first half of the year. I am very pleased that Covalon is achieving its strategic objective of increasing our North American business and diversifying away from the Middle East. Combined revenue in the United States is on track to exceed $25 million in fiscal 2019. Sales of the recently acquired AquaGuard product line are growing according to plan and our United States sales force has been engaged in the process of educating our new customer base of 1,500 hospitals on Covalon’s infection prevention products. During the quarter, there were several unplanned items that impacted our overall profitability and a main focus going forward is growing profits in line with our revenue growth.
“During Q2, we continued our deliveries to schedule on the Middle East competitive contracts that we previously announced. We expect deliveries to be more heavily weighted to our fourth quarter ending September 30, 2019, for the remainder of this fiscal year.”
Q2 Fiscal 2019 Financial Results
Revenue for the three months ended March 31, 2019, increased 132% to $13,312,543 compared to $5,727,275 for the same period of the prior year. Gross margin for the three-month period ended March 31, 2019, was 69% compared to 76% for the same period of the prior year. Net loss for the three months ended March 31, 2019, was $232,227 or $0.01 per share, compared to a net loss of $479,082 or $0.02 per share for the three months ended March 31, 2018.
Revenue for the six months ended March 31, 2019, increased 70% to $20,574,029, compared to $12,131,980 for the same period of the prior year. Gross margin for the six-month period ended March 31, 2019, was 67%, compared to 73% for the same period of the prior year. Net loss for the six months ended March 31, 2019, was $2,141,638 or $0.10 per share, compared to a net income of $44,263 or $0.00 per share for the six months ended March 31, 2018.
Conference Call Scheduled
A conference call to discuss Covalon’s Q2 Fiscal 2019 Financial Results will be held Wednesday May 29th, 2019, at 9:00am EDT. To participate in the call, please dial:
Toll-Free: 833.299.8117
International: 647.689.4535
Conference ID Code: 1599884
A recording of the call will be available by calling 855.859.2056 or 404.537.3406 and entering the conference ID code 1599884 from May 29th, 2019, at 12:00pm EDT to June 12th, 2019, at 11:59pm EDT.
Copies of Covalon’s financial statements and MD&A can be obtained on SEDAR at www.sedar.com, as well as the Investor Relations tab of the Company’s website at www.covalon.com.
About Covalon
Covalon Technologies Ltd. researches, develops, and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products, and services address the advanced healthcare needs of medical device companies, healthcare providers, and individual consumers. Covalon's technologies are used to prevent, detect, and manage medical conditions in specialty areas such as infection control, vascular access, surgical procedures, advanced wound care, and medical device coatings. To learn more about Covalon, visit our website at www.covalon.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including completion of integration of the AquaGuard acquisition, the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors should consult the Company's ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
zenvesting
8年前
Comments in today's earnings PR about the new middle east contracts delivery schedule being weighted toward the second half of 2019 isn't exactly the affirmation the market was looking for either IMO.
Covalon Announces Fiscal 2018 Year-End Results and Plans for Fiscal 2019
Business Wire
December 17, 2018
MISSISSAUGA, Ontario--(BUSINESS WIRE)--
- Fiscal 2018 profitable with $0.07 EPS on $26.7 million of revenue.
- Fiscal 2019 contracted Middle East revenue expected to be approximately $30 million, more than double the contracted revenue of fiscal 2018.
- Fiscal 2019 acquisition of AquaGuard more than doubles United States revenue to approximately $25 million before internal growth.
- Europe and Latin America has the potential to provide some additional revenue upside in fiscal 2019 and beyond.
Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, today announces its fiscal 2018 year-end results and plans for fiscal 2019.
Brian Pedlar, Covalon’s President and CEO, said, “I am so incredibly pleased with our major achievements during fiscal 2018, which included:
Winning competitive contracts worth $100 million dollars to provide Covalon products over a three-year period;
Working on and completing the acquisition of U.S.-based AquaGuard, with its complementary products and experienced sales force capable of selling Covalon’s products directly into their network of hospitals;
Signing a major contract with one of the world’s largest medical device companies to license Covalon’s proprietary medical coating technologies, which resulted in a $4.5 million upfront license payment followed by the additional payment of many millions more for product development fees, milestone payments, and royalties; and
Entering new banking and credit facilities in the amount of $17 million with HSBC Bank Canada, which are anticipated to allow the Company to achieve its near-term acquisition and growth strategies.”
Mr. Pedlar continued, “Covalon today is a significantly improved company compared to one short year ago. The milestones we achieved this year will ensure our accelerated success not just for fiscal 2019, but for many years to come. Our unique suite of life-saving products is beginning to demonstrate real commercialization success, in large part due to the efforts of our dedicated and driven staff.”
Fiscal 2018 Financial Results
Revenue for the year ended September 30, 2018 was $26.7 million, 2% or $586,415 less than the prior year. Gross profit was 74% in fiscal 2018, compared to 77% in fiscal 2017. Net income was $1.6 million or $0.07 per share (diluted), compared to $1.8 million or $0.09 per share (diluted) in fiscal 2017. However, net income for fiscal 2018 included approximately $1.1 million of one-time costs for the acquisition of AquaGuard that were expensed as incurred during the year. No similar costs were incurred in fiscal 2017.
Contracted revenue in the Middle East is derived from bulk purchases throughout the year which are not equally recognized in each of the Company’s quarterly results. The decline in revenue from the Middle East in fiscal 2018 was simply due to the timing of the shipments under contracts. Revenue from the $100 million series of Middle East contracts will begin to materially impact revenue in fiscal 2019 and beyond.
Fiscal 2018 saw the Company end the year with a strengthened and more diversified revenue base. In fiscal 2018, approximately 49% of revenue was from the Middle East, compared to 80% in fiscal 2017. By comparison, revenue in the United States for the year was up 175% year-over-year to $12.8 million, which included increases in product revenue and development services, licenses, and royalties.
Product revenue in the United States was up over 80% in fiscal 2018, compared to the previous year. This increase mostly offset the lumpy year-to-year shipment fluctuations from the Middle East contracts. No revenue from the acquisition of AquaGuard was recognized in fiscal 2018.
Fiscal 2019 Plans
Middle East contracted revenue in fiscal 2019 is expected to be $30 million, more than double the contracted Middle East revenue in fiscal 2018. Covalon has received the delivery schedule for the Middle East contracts; under this schedule, Management anticipates that the majority of contracted deliveries will be recognized in revenue in the last six months of the fiscal year ended September 30, 2019. These contract awards in the Middle East have resulted in additional potentially accretive opportunities for consideration by the Company, and Management is pursuing these additional revenue opportunities.
Fiscal 2019’s acquisition of AquaGuard more than doubles United States revenue to approximately $25 million before internal growth. AquaGuard specializes in infection protection products that protect surgical incisions, intravenous (IV) sites, catheters, PICC lines, and other dressings from water and other moisture while a patient showers. The acquisition transforms Covalon’s United States market access by adding a United States-based sales force with the capability to sell many of Covalon’s products into over 1,500 hospitals and clinics in the United States.
Covalon’s efforts to enter the European and Latin American markets are expected to begin to contribute to the Company’s revenue in fiscal 2019. The Company has a small direct sales team in the United Kingdom that has begun to convert acute care facilities and primary care Clinical Commissioning Groups (“CCGs”) to using Covalon’s advanced wound care products. As well, Covalon’s European team is entering selected other countries in Europe and beginning to compete for advanced wound care business. Covalon is currently selling into seven countries in Latin America and anticipates that key markets like Mexico, Chile, and Argentina will grow as the Company’s products begin to compete and win business in these regions.
Conference Call Scheduled
A conference call to discuss Covalon’s Fiscal 2018 Year-End Financial Results will be held Tuesday December 18, 2018 at 9:00am EST. To participate in the call, please dial:
Toll-Free: 833.299.8117
International: 647.689.4535
Conference ID Code: 4481616
A recording of the call will be available by calling 855.859.2056 or 404.537.3406 and entering the conference ID code 4481616 from December 18,2018 at 12:00pm EST to December 25, 2018 at 11:59pm EST.
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