Covalon Announces Strong Third Quarter Results
08:00 EDT Friday, August 28, 2015
MISSISSAUGA, ON, Aug. 28, 2015 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, announces its financial results for its third quarter ended June 30, 2015, which includes revenue for three months of $1,974,337 and net loss for the quarter of $129,272. Revenue from advanced wound care product sales for the three month period ended June 30, 2015 increased 56% to $1,741,133 compared to $1,119,559 for the same period last year. Revenue from specialized medical device coatings for the three month period ended March 31, 2015 was $164,215 compared to $14,100 for the same period of the prior year.
Covalon's President and CEO, Brian Pedlar, said:
"Covalon continues to strengthen its business fundamentals every quarter. We are growing, we are developing new products and technologies, and we are expanding our relationships with large medical companies and our distribution networks. Our advanced wound care product sales have increased over 30% year to date and 56% this quarter compared to last year. We continue to be encouraged with our distribution efforts in international markets and with the introduction of our new products in advanced wound care.
We are increasing the number of countries where are products have regulatory clearance every quarter, which has contributed to the growth in quarterly revenue. A major focus for the next several quarters continues to be expanding distribution of our established and newly released products through existing distribution networks of large multinational medical companies under licensing and distribution relationships. We also have a strong focus to sell our products by engaging regional sales and marketing organizations that have proven track records of introducing wound care, urology, surgical and infection management products.
Operationally, we invested in additional sales and marketing resources this quarter to support new products we launched this year and additional research and development personnel to support our new product development pipeline. We expect to introduce additional new products over the next twelve months that will be distributed through our established networks of distributors in the United States, Middle East, Asia and Latin America. We have a strong team of dedicated staff and I am encouraged by their efforts this quarter in managing our growth and look forward to updating our shareholders in the coming months."
Copies of Covalon's financial statements, MD&A and additional information on Covalon Technologies Ltd. can be obtained on SEDAR at www.sedar.com, as well as the Company's website at www.covalon.com.
"Our houses are such unwieldy property that we are often imprisoned rather than housed in them." - Henry David Thoreau, Walden: Economy, 1854
