Business
Covalon Announces Annual Financial Results
Covalon Announces Annual Financial Results Covalon Announces Annual Financial Resu...
About this update from Covalon Technologies Ltd.
[{"type":"text","content":"\n\n\n\nCovalon Announces Annual Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCovalon Announces Annual Financial Results\nCanada NewsWire\nMISSISSAUGA, ON, Jan. 27, 2016\n\n\n\nMISSISSAUGA, ON, Jan. 27, 2016 /CNW/ - Covalon Technologies Ltd. (the \"Company\" or \"Covalon\") (TSXV: COV), an advanced medical technologies company, today announced financial results for its fourth quarter and year ended September 30, 2015. \n\nFor the twelve months ended September 30, 2015, revenue was $7,588,721, operating expenses were $5,514,473 and net loss was $941,990 or $0.10 per share.  These results compare to the prior year which saw revenue of $9,061,329, which included a US$3,500,000 license fee, operating expenses of $4,139,669 and net income of $2,401,769 or $0.13 fully diluted. \n\nRevenue for the year ended September 30, 2015 included $6,241,661 of product revenue, a 55% increase compared to the prior year.  Operating expenses included approximately $740,000 of non-recurring legal fees and costs.  The prior year's results included the US$3,500,000 upfront payment that the Company has received from the licensing of its IV Clear and SurgiClear technologies to Molnlycke Health Care which was announced on November 4, 2013.\n\nRevenue for the quarter was $2,097,421, up 74% year-over-year, operating expenses were $1,992,607, and net loss for the quarter was $847,033 or $0.09 per share.  Operating expenses included approximately $575,000 of non-recurring legal fees and costs.  \n\nCovalon's President and CEO, Brian Pedlar, said, \"I am very pleased with Covalon's financial and operational progress this past year. Covalon has ended the year with strong product distribution revenue, over 12 new products in our portfolio and strengthened international brand recognition of Covalon and its products.  We have been successful in winning business in approximately 14 tenders in the Middle East, and established our first international sales office in Shanghai, China. We have expanded our new product pipeline as we continue to actively engage i...