Covalon Technologies Ltd. · TSXV:COV
Covalon Technologies — Q3 2025 Earnings Presentation
18 slides from Covalon Technologies's earnings presentation, Aug 21, 2025
Slide 1: FY'25-Q3 Earnings Presentation
TSX-V: COV OTCQX: CVALF investors@covalon.com FY’25-Q3 Earnings Presentation August 21, 2025 Brent Ashton – CEO Katie Martinovich – Interim CFO Kim Crooks – COO Compassionate solutions designed for patients and made for care providers 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements and Non-GAAP Financial Information Certain statements included in this presentation may be considered forward-looking statements. These forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “estimate”, “e
Slide 3: Covalon Impact
Covalon Impact “ Before I tried the Covalon IV Clear® dressing my skin was always red and irritated and would welt/tear. Dressing changes were painful and it seemed like no matter what dressing I tried, my skin would still react. I was told, ‘it is what it is’ and this was something I had to live wi
Slide 4: Recent Achievements and Highlights
Recent Achievements and Highlights Covalon Clinical Evidence Generation is Gaining Expanded Exposure FINALIZED FOR PUBLICATION VALGUARD® POSTER ELEVATED TO PODIUM VALGuard® Line Guard study focused on Central Line- PRESENTATION Associated Bloodstream Infection reduction conducted by The “Evaluation
Slide 5: Recent Achievements and Highlights
Recent Achievements and Highlights New Use Case and Indication DTC Eligibility for Covalon for CovaClear Dressing International Advancement Stock Canada Brazil Panama Israel India Clinical and economic benefit for New products registered, new Makes buying or selling Covalon stock customers, unlocks
Slide 6: Financial Results – Sequential Quarter on Quarter
Financial Results – Sequential Quarter on Quarter Strong Revenue and Adjusted EBITDA Growth Over FY’25-Q2 FY’25 Q2 FY’25 Q3 Delta Revenue $7.6 $8.4 + 10.4% Gross Profit $4.1 $3.9 - 6.0% Q3 Gross Profit was impacted by (Gross Margin) (54.6%) (46.5%) (-810 bps) $830,000 of expenses related to Adjusted
Slide 7: Financial Results – TTM, YTD, Quarter
Financial Results – TTM, YTD, Quarter FY’25 Trailing Worldwide Product Revenue (Q1 – Q3) (Advanced Wound Care + Vascular Access and Surgical FY’25 Q3 Year To Twelve Consumables) Date Months $30 3 Year CAGR = 27% $25 Revenue ($CAD millions) Revenue (% Increase / $8.4 $24.1 $33.0 $20 Decrease) -9% +8%
Slide 8: Strong Focus Driving Outstanding Growth
Strong Focus Driving Outstanding Growth US Vascular Access and Surgical Consumables 8 of the 10 best US Children’s Hospitals1 trust Covalon RETAIN GROW EXISTING ADD NEW 100% retention 25% YTD revenue growth Acquired of our Top 50 FY’24 from our Top 50 FY’24 65 new hospital customers hospital custome
Slide 9: Covalon 2025 Focus for the Future
Covalon 2025 Focus for the Future Growth-Focused Commercial Advancement Market Development Acceleration Innovation and Business Development Operational Optimization 9
Slide 10: Innovation and Business Development Acceleration
Innovation and Business Development Acceleration • Shifted from sustaining-focused to growth-focused • Tripled the total innovation pipeline across three stages: • Prioritized and advancing • Early-stage work • Ideas and concepts • Increased emphasis on: • New products • Expanding IP • New use cases
Slide 11: CovaClear IV – New Use Case and Indication
CovaClear® IV – New Use Case and Indication Standard Use Case: New Use Case: Benefits IV Securement Dressing “Mudflap” – Cover Dressing Clinical / Economic Benefits to Customer • Significant savings on supplies costs and nursing time • Helps to prevent catheter movement / dislodgement and blood stre
Slide 12: Summary
Summary • Covalon is making a world of difference to patients and enabling our customers to significantly improve clinical and economic outcomes • Covalon is driving strong shareholder value creation • Clear path for an exciting future – a multi- year growth opportunity 12
Slide 13: Q&A
Q&A 13
Slide 14: Investor Relations Contact Information
Investor Relations Contact Information Brent Ashton Katie Martinovich Chief Executive Officer Interim Chief Financial Officer investors@covalon.com 14
Slide 15: Q3 FY'25 Results
Q3 FY’25 Results Q3 FY’25 Q3 FY’24 Delta Revenue $8.4 $9.2 -9.2% Gross Profit (Gross Margin) $3.9 (46.5%) $5.4 (58.9%) -28.3% Operating Expenses $4.0 (47.4%) $4.0 (42.9%) +0.4% (% to Revenue) Adjusted EBITDA (% to Revenue) $0.9 (10.6%) $2.4 (25.8%) - $1.5 EPS (cents per share) $0.00 $0.06 - $0.06 Al
Slide 16: Q3 YTD FY'25 Results
Q3 YTD FY’25 Results Q3 YTD FY’25 Q3 YTD FY’24 Delta Revenue $24.1 $22.3 + 8.2% Gross Profit $13.0 $13.6 - 4.2% (Gross Margin) (54.0%) (60.9%) Operating Expenses $11.5 $12.1 - 4.9% (% to Revenue) (47.7%) (54.3%) Adjusted EBITDA $3.0 $3.7 - 19.3% (% to Revenue) (12.5%) (16.8%) EPS (cents per share) $
Slide 17: Trailing Twelve Months Results
Trailing Twelve Months Results Current TTM Prior TTM Delta (FY’24 Q4 – FY’25 Q3) (FY’23 Q4 – FY’24 Q3) Revenue $33.0 $29.2 + 13.0% Gross Profit $18.4 $16.5 + 11.5% (Gross Margin) (55.7%) (56.4%) Operating Expenses $16.2 $17.9 - 9.4% (% to Revenue) (49.1%) (61.2%) Adjusted EBITDA $4.1 $1.9 + $2.2M (%
Slide 18: Past 8 Quarters of Financial Performance
Past 8 Quarters of Financial Performance Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY’23 FY’24 FY’24 FY’24 FY’24 FY’25 FY’25 FY’25 Revenue $6.9 $4.7 $8.4 $9.2 $8.9 $8.2 $7.6 $8.4 Gross Profit $2.9 $2.8 $5.3 $5.4 $5.3 $5.0 $4.1 $3.9 (Gross Margin) (41.9%) (61.1%) (63.1%) (58.9%) (60.2%) (61.2%) (54.6%) (46.5%) Operati