Covalon Announces Third Quarter Financial Results

About this update from Covalon Technologies Ltd.

[{"type":"text","content":"\n\n\nMISSISSAUGA, ON, Aug. 7, 2013 /CNW/ - Covalon Technologies Ltd. (the\n \"Company\" or \"Covalon\") (TSXV: COV), an advanced medical technologies\n company, today announced financial results for its third quarter ended\n June 30, 2013. Revenue for the quarter was $1,477,632, operating\n expenses were $694,146, and the net income for the quarter was $238,826\n or $0.003 per share.  For the nine months ended June 30, 2013, revenue\n was $2,579,492 and net loss was $1,114,475 or $0.02 per share.\n\n\nRevenue for the three months ended June 30, 2013 increased by $399,069\n or 37% over the same period of the prior year. The net increase was\n primarily due to the sales of the Company's two new products IV Clear\n and SurgiClear in addition to the Company's ColActive Plus product,\n which is designed to help heal chronic wounds. Revenue in the three\n months ended June 30th of the previous year included $392,333 from medical coatings services\n in addition to advanced wound care product sales.\n\n\nDuring the quarter, Covalon generated positive cash flow of $33,517 from\n operations, and invested $15,698 in patents, trademarks and other\n manufacturing assets, mainly associated with the launch of IV Clear and\n SurgiClear. This compares to operating cash outflows of $1,180,387 and\n investing outflows of $81,733 last year at the same time.\n\n\nAbout Covalon\n\n\nCovalon Technologies Ltd. researches, develops and commercializes new\n healthcare technologies that help save lives around the world.\n Covalon's patented technologies, products and services address the\n advanced healthcare needs of medical device companies, healthcare\n providers and individual consumers. Covalon's technologies are used to\n prevent, detect and manage medical conditions in specialty areas such\n as wound care, tissue repair, infection control, disease management,\n medical device coatings and biocompatibility. To learn more about\n Covalon, visit our website at www.covalon.com\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of this release. \n\n\nThis news release contains forward-looking statements which reflect the\n Company's current expectations regarding future events. The\n forward-looking stat...

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