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."
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 wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. 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 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.
SOURCE Covalon Technologies Ltd.
For further information: Brian Pedlar, CEO, Covalon Technologies Ltd., Email: [email protected], Phone: 905.568.8400 x 233, Toll free: 1.877.711.6055, Web site: www.covalon.com, Twitter: @covalon