Covalon Releases Second Quarter Financial Results
- 250% growth in revenue for the six months ended March 31, 2017
- Over $1 million in profit on $11.6 million in revenue for the six-month period
Covalon Releases Third Quarter Financial Results
- 200% growth in revenue for the nine months ended June 30, 2017
- Revenue of $17.5 million for the nine-month period and profit of $1.6 million
Mention sur BNN aujourd’hui également: Fabrice Taylor discusses Covalon Technologies Ltd.
Intéressant… est-ce que je devrais viser un prix d’entrée en particulier ? Vu la volatilité, j’imagine que la patience peut être une virtue.
Personnellement je détermine toujours mon prix d’entrée suite à une analyse des fondamentaux et je paye rarement plus de 15x mon estimation des profits des 12 prochains mois.
Je viens de remarquer qu’il n’y a pas eu de mise-à-jour dans ce sujet depuis un bon moment. Il y a eu un développement fondamental assez important du côté de Covalon récemment:
L’entreprise a également publié ses états financiers du T2 ce matin ainsi que quelques initiatives qui seront étudiées au cours des prochaines semaines: Covalon Announces Major Corporate Initiatives and Second Quarter Results
J’ai participé sur l’appel-conférence ce matin et j’ai rarement vu un PDG aussi excité et confiant par rapport au futur de son entreprise! Le titre ne m’apparaît pas nécessairement comme une aubaine au prix actuel mais c’est définitivement à surveiller.
Plusieurs changements chez Covalon dans la dernière semaine. Mon petit doigt me dit que l’entreprise se prépare à faire le passage sur le NASDAQ plus tard cette année.
Covalon Announces Change of Auditors and Amends and Restates Its Rolling Stock Option Plan
Publications des états financiers du Q1 2019. À part pour les perspectives futures ce n’est pas trés positif.
- Q1 Fiscal 2019 revenue in line with expectations at $7.2 million up 13% compared to last year
- Fiscal 2019 contracted Middle East revenue expected to be approximately $30 million, more than double the contracted revenue of fiscal 2018
- Fiscal 2019 revenue in United States on track to exceed $25 million
- Conference call scheduled for February 27th, 2019
MISSISSAUGA, Ontario — Covalon Technologies Ltd. (the “Company” or “Covalon”) (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, today announced its first quarter fiscal 2019 results and updated its plans for fiscal 2019.
Brian Pedlar, Covalon’s President and CEO, said, “We are very much on track in executing on our fiscal 2019 plan that we disclosed previously. I am very pleased that starting Fiscal 2019, Covalon has achieved its strategic objective of revenue diversification so we are not as dependent on a single region for the majority of our revenue. We expect our business to be approximately half from the Middle East and half from the United States and the rest of the World.
“We are delivering to schedule on the $30 million of competitive contracts that we anticipate recognizing in revenue in fiscal 2019 from the three-year series of contracts in the Middle East valued at $100 million. As we previously disclosed, the $30 million in revenue will be more heavily weighted in the second half of fiscal 2019, due to the agreed-upon delivery schedule of products to hospitals.
“I am very pleased with the progress from our acquisition of AquaGuard. 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.”
Mr. Pedlar continued, “We are building on the transformative milestones that we achieved in fiscal 2018, and Covalon today truly is a significantly-improved company compared to one short year ago. I am very pleased with our strong product portfolio and that we have a more diverse business with the addition of AquaGuard. The $100 million of competitive contracts awarded to Covalon doubled our contracted Middle East revenue for fiscal 2019 and secured it for three years. We are highly confident that we have significant opportunities to grow our United States business and a strong committed base of Middle East business in fiscal 2019 that will secure our presence in this market for the foreseeable future. The milestones we achieved will ensure our accelerated success not just for fiscal 2019, but for many years to come. Our unique suite of life-saving products are beginning to demonstrate real commercialization success, in large part due to the efforts of our dedicated and driven staff.”
Q1 Fiscal 2019 Financial Results
Revenue for the three months ended December 31, 2018, was $7.2 million, 13% or $856,701 more than the prior year. Gross profit was 63% in Q1 fiscal 2019, compared to 71% in Q1 fiscal 2018. Net loss was $1.9 million or $0.09 per share, compared to a profit of $0.5 million or $0.02 per share (diluted) in Q1 fiscal 2018. Net income for Q1 fiscal 2019 included approximately $1.0 million of acquisition costs, accretion, interest, and purchase accounting expenses associated with the acquisition of AquaGuard that were incurred during the quarter. No similar costs were incurred in the previous year’s Q1.
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 Q1 fiscal 2019 was expected and simply due to the timing of the shipments under the contracts. Revenue from the series of Middle East contracts previously awarded to the Company is expected to be approximately $30 million in fiscal 2019, more than double the contracted revenue of fiscal 2018. As previously disclosed, the majority of contracted deliveries will be recognized in revenue in the last six months of the fiscal year ending 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.
Revenue in the United States for the quarter was up 147% year-over-year in Q1 to $5.5 million, which included increases in product revenue, including AquaGuard product sales and development services, licenses, and royalties. Fiscal 2019 revenue in the United States is on track to exceed $25 million.
Conference Call Scheduled
A conference call to discuss Covalon’s Fiscal 2018 Year-End Financial Results will be held Wednesday February 27th, 2019, at 9:00am EST. To participate in the call, please dial:
Toll-Free: 833.299.8117
International: 647.689.4535
Conference ID Code: 9088509
A recording of the call will be available by calling 855.859.2056 or 404.537.3406 and entering the conference ID code 9088509 from February 27th, 2019, at 12:00pm EST to March 6th, 2019, at 11:59pm EST.
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.
BUSINESSWIRE
Mr. Ron Smith Joins Covalon’s Board of Directors and is Appointed Chair of the Audit Committee
3/18/2019 8:00 AM ET
MISSISSAUGA, Ontario–(BUSINESS WIRE)–Mar. 18, 2019-- Covalon Technologies Ltd. (the “Company” or “Covalon”) (TSXV:COV; OTCQX:CVALF), an advanced medical technologies company, today announced that Mr. Ron Smith has joined Covalon’s Board of Directors and has been appointed Chair of Covalon’s Audit Committee.
Mr. Smith (FCPA, FCA, ICD.D) is an experienced independent director with years of Board experience in the private, not-for-profit, and public sectors. He is the Chair of the Board of the Nova Scotia Public Service Superannuation Fund and of the Western Regional Enterprise Network. He also serves on the boards of Alamos Gold Inc., PROREIT, the IWK Health Centre, Ombudsman for Banking Services and Investments (OBSI), and Engage Nova Scotia. Over his remarkable career, Mr. Smith has held numerous high-profile executive positions. He served as Interim CEO of Nova Scotia Business Inc. concurrently with his work as a Director thereof. He was CFO of Nova Scotia Power and Emera prior to his retirement in 2005, and CFO of MT&T prior to the merger that created Bell Aliant. He has also served on the Board of the Canada Pension Plan Investment Board, was Chair of the Board of Governors of Acadia Universityfrom 2004 to 2009, and was the Chair of the National Board of The Arthritis Society from 2016 to 2018. Mr. Smith has the prestigious designation of Fellow of the Chartered Professional Accountants and holds the ICD.D designation from the Rotman School of Business.
“I am deeply honoured to serve on Covalon’s Board and Audit Committee,” said Mr. Smith. “I am very impressed with Covalon’s incredible growth over the course of its history, and its recent acquisition and lucrative contracts. I look forward to contributing to Covalon’s continued success.”
“I am thrilled to have Mr. Smith join our Board and Audit Committee,” said Mr. Brian Pedlar, Chief Executive Officer. “Mr. Smith’s vast experience in finance, directorships, and executive leadership would be extremely valuable on any Board, and we are certain that his insights and experience will be a major contribution to Covalon’s continued success.”
Mr. Smith’s appointment to Covalon’s Board of Directors is subject to TSX approval.
Covalon also announces today the issuance of an aggregate of 182,500 stock options to certain Directors and staff of the Company. The stock options will vest over three years and will be exercisable for a period of five years at an exercise price of $5.03 per stock option.
Quelqu’un a écouté l’appel conférence? Il y a sûrement quelque chose que les investisseurs ont pas aimé? Opportunité d’achat? Vont-ils amender les termes du PP?
Est-ce qu’il y a quelque chose que les investisseurs auraient pu aimer dans ces résultats? 
C’est un trimestre assez désastreux. L’entreprise brule du capital, aucune certitude quant aux contrats au Moyen-Orient, bilan sous pression, en défaut sur leur dette à long terme, etc.
Semblerait-il qu’il est hors de question d’amender les termes du placement privé. J’ai bien hâte de voir comment il vont recapitaliser le bilan.
Comme plusieurs autre compagnies dernièrement, Covalon ne fait pas exception à la règle et profite de l’engouement du Covid-19
Covalon Announces New Breakthrough Antimicrobial Technology Formulated to Kill The COVID-19 Virus
J’ai vu beaucoup de communiqués de presse avec peu de substance et peu de chances de générer des revenus éventuels de la part de plusieurs compagnies.
Cependant, dans le cas de Covalon, il semble que c’est une opportunité de contribuer immédiatement à enrayer la propagation du virus, et à générer des revenus par le fait même. Ça me semble très positif a court et long terme!
Covalon est Halt, je crois que la compagnie devra modifié sont communiqué comme la fait IPA.V
Le fait que leur produit permet de desinfecter et reutiliser les items de protection est tres positif a mon avis.
François Legault a mentionné dans sa conférence de presse cet après-midi qu’il reste entre 3 et 7 jours d’inventaire d’équipements de protection dans les hopitaux actuellement.
Si les commandes qui sont attendues n’arrivent pas, il va falloir trouver une façon de réutiliser les masques. Et je suis certain que le Québec n’est pas le seul endroit dans cette situation.
La nouvelle de Covalon ce matin me laisse croire que l’entreprise est très bien positionnée pour répondre à un problème urgent qui est en train de se créer.
Voila la nouvelle reformulé.
Covalon retracts « overly promotional » headline
2020-03-31 17:48 ET - News Release
Mr. Brian Pedlar reports
COVALON CLARIFIES PREVIOUS PRESS RELEASE
At the request of the Investment Industry Regulatory Organization of Canada (IIROC), Covalon Technologies Ltd. is clarifying its press release issued earlier today. At IIROC’s request, the Company retracts the title to its last press release because IIROC has deemed the title overly promotional. At IIROC’s request, the Company modifies the title to « Covalon Announces New Antimicrobial Technology ».
The Company clarifies that the testing to date on the CovaGuard technology has been based on industry standard ASTM International and CLSI test methods for antimicrobial testing and was performed on surgical masks in the Company’s ISO 13485:2016 compliant medical labs. Covalon has extensively tested the CovaGuard technology using surrogate pathogens that mimic the responses of coronaviruses to antimicrobials because the live COVID-19 virus was not available. The Company is in the process of working with specialized third-party labs licensed to test CovaGuard on live COVID-19 viruses. All testing was performed in a similar manner to the thousands of antimicrobial tests that the Covalon R&D team has performed over the past 20 years and reviewed under the Company’s extensive quality control system. Independent verification is not required and as a result was not obtained. At IIROC’s request, the Company states that it is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 virus.
The research and development team was staffed with experts in antimicrobial technology development and supervised by Dr. Val DiTizio, PhD, who is a co-founder and Chief Scientific Officer of Covalon, and who is a recognized expert in antimicrobial technology. Dr. DiTizio and his team have developed and patented numerous novel antimicrobial technologies and products, tissue viability and repair products and innovations in drug delivery systems over the past 25 years, for Covalon’s own products and under engagements with dozens of globally recognized medical companies. The CovaGuard technology was based in part on several of Covalon’s proprietary antimicrobial delivery systems and expertise. The Company intends to continue testing the efficacy of the CovaGuard technology and the resulting products that are intended to be released that are based on the CovaGuard technology.
Covalon has identified and formulated several initial products from the CovaGuard technology, including a hand sanitizer and a medical mask spray that comply with current United States Food and Drug Administration (« FDA ») and Health Canada Regulations. These products have been formulated to meet the current regulatory rules in Canada under the monograph for a Class I Drug Identification Number - Disinfectant Product and in the United States under 21 CFR Part 330.1 as an OTC Drug and Class I Exemption status with Product Code LRJ under Covalon’s FDA Registration and can be legally marketed in Canada and the United States immediately. The Company is in the process of sourcing raw materials in order to commence manufacturing of these products in its facility in Mississauga, Ontario. The Company intends to fund the initial production of these products derived from the CovaGuard technology with the Company’s current working capital and is not anticipating the need to materially hire additional personnel or acquire additional equipment to commence production. The supply of raw materials are intended to be sourced from the Company’s existing supplier relationships. Contemporaneously, the Company is in the process of seeking partnerships with large medical companies and other manufacturers to satisfy demand.
The Company has not paid, nor engaged any investor relations firm or promotion services at this time.
Pas besoin avec Brian aux commandes!
Il s’est bien fait chicaner par IIROC, mais nouvelle bullish imo.
Covalon Provides Business Update
Pour ceux qui voudraient essayer le nouveau désinfectant pour les mains, la compagnie m’a envoyé un code promo par courriel ce matin: PEDL40OFF