Covalon Technologies Ltd
XTSX:COV
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Covalon Technologies Ltd
Covalon Technologies Ltd. engages in the research, development, manufacturing, and marketing of patent-protected medical products. The company is headquartered in Mississauga, Ontario. The company went IPO on 2004-09-03. The firm uses science and technology to help solve medical challenges associated with prevention, detection and management of areas such as infection, tissue repair and medical devices. Its products include Advanced Wound Care, Vascular Access, Perioperative Care and Urology. Advanced Wound Care is designed for the treatment of a range of wounds and offers CovaWound and ColActive brands. Vascular Access portfolio includes CovaView IV, a transparent film dressing that provides an effective barrier against external contaminants, including fluid, bacteria, and yeast. Perioperative care refers to the three Phases of surgery, including preoperative, intraoperative, and postoperative care and its brands include MediClear and SurgiClear.
Covalon Technologies Ltd. engages in the research, development, manufacturing, and marketing of patent-protected medical products. The company is headquartered in Mississauga, Ontario. The company went IPO on 2004-09-03. The firm uses science and technology to help solve medical challenges associated with prevention, detection and management of areas such as infection, tissue repair and medical devices. Its products include Advanced Wound Care, Vascular Access, Perioperative Care and Urology. Advanced Wound Care is designed for the treatment of a range of wounds and offers CovaWound and ColActive brands. Vascular Access portfolio includes CovaView IV, a transparent film dressing that provides an effective barrier against external contaminants, including fluid, bacteria, and yeast. Perioperative care refers to the three Phases of surgery, including preoperative, intraoperative, and postoperative care and its brands include MediClear and SurgiClear.
Sequential Revenue Growth: Covalon reported Q3 revenue of $8.4 million, up more than 10% from Q2, led by strong sales in the U.S. advanced wound care channel.
Year-Over-Year Decline: Despite the sequential growth, Q3 revenue was 9% below last year's Q3, which was Covalon's highest revenue quarter in 2024.
Margins Impacted by One-Time Charges: Gross profit and margin were down, mainly due to over $800,000 in charges for obsolete or slow-moving inventory. Excluding these, adjusted gross margin improved to over 55%.
International Expansion: The company saw international revenue growth of more than 35% year-to-date and made progress registering products and signing new distribution deals in several countries.
Cash Position: Covalon ended the quarter with over $18 million in cash, up almost $9 million year-over-year and has increased its cash on hand for five consecutive quarters.
Positive Outlook: Management expects sequential revenue growth to continue in Q4 and is bullish about strong growth into next year.
New Indications & Use Cases: Innovation is driving new use cases for existing products, such as the "Mudflap" application for CovaClear IV, which delivers both clinical and economic benefits.
Customer Retention: Covalon retained 100% of its top 50 U.S. hospital customers and achieved 25% year-to-date revenue growth from them.
