Slide 1: FY'25-Q2 Earnings Presentation
TSX-V: COV OTCQX: CVALF investors@covalon.com FY’25-Q2 Earnings Presentation May 28, 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 Sandy Conn, BSN, RN, CPN, WCC “Maintaining the catheter site while minimizing skin trauma and infection risk is critical and often challenging. IV Clear has become a key component of many vascular access protocols because it offers transparent antimicrobial coverage in a single dressi
Slide 4: Recent Achievements and Highlights
Recent Achievements and Highlights Growth Accelerator - Exciting New Agreement with Paul Pursuing Opportunities to New Clinical Evidence Hartmann USA Maximize Shareholder Value Successful Investor Tariffs as Covalon Conferences Competitive Advantage 4
Slide 5: Financial Results
Financial Results FY’25 Trailing US Product Revenue Advanced Wound Care + Vascular Access and Surgical Consumables FY’25 Q2 Year To Twelve Date Months Revenue $7.5 $15.8 $33.8 -10% +21% +29% Gross Profit $4.1 $9.1 $19.9 (Gross Margin) (54.6%) (58.0%) (58.8%) Operating Expenses $3.9 $7.5 $16.2 (% to
Slide 6: US Vascular Access and Surgical Consumables – Strong Focus Driving Outstanding Growth
US Vascular Access and Surgical Consumables – Strong Focus Driving Outstanding Growth 8 of the 10 best US Children’s Hospitals1 trust Covalon to protect their patients RETAIN GROW EXISTING ADD NEW 100% retention 38% YTD revenue growth Acquired of our Top 50 FY’24 from our Top 50 FY’24 50 new hospita
Slide 7: 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 7
Slide 8: Market Development Acceleration
Market Development Acceleration Clinical & Health Economic Key Opinion Evidence Generation & Leader Strategy and Dissemination Partnership Clinical-level Customer Scientific Organization Engagement Partnership 8
Slide 9: Summary
Summary • Covalon is making a significant impact for patients and the clinicians who treat them • Growth accelerators are generating impactful outcomes • Covalon is in a stronger position than it has ever been • Covalon is situated well for strong multi- year growth opportunity • Clear path for Cova
Slide 10: Q&A
Q&A 10
Slide 11: Investor Relations Contact Information
Investor Relations Contact Information Brent Ashton Katie Martinovich Chief Executive Officer Interim Chief Financial Officer investors@covalon.com 11
Slide 12: Trailing Twelve Months Results
Trailing Twelve Months Results Trailing Twelve Prior Period Months (FY’23 Q3 – FY’24 Delta (FY’24 Q3 – FY’25 Q2) Q2) Revenue $33.8 $26.2 + 29.0% Gross Profit (Gross Margin) $19.9 (58.8%) $14.7 (55.8%) + 35.9% Operating Expenses $16.2 (47.8%) $18.1 (68.9%) - 10.6% (% to Revenue) Adjusted EBITDA (% to
Slide 13: Q2 YTD FY'25 Results
Q2 YTD FY’25 Results Q2 YTD FY’25 Q2 YTD FY’24 Delta Revenue $15.8 $13.1 + 20.5% Gross Profit (Gross Margin) $9.1 (58.0%) $8.2 (62.4%) + 12.0% Operating Expenses $7.5 (47.9%) $8.1 (62.4%) - 7.5% (% to Revenue) Adjusted EBITDA (% to Revenue) $2.1 (13.5%) $1.4 (10.4%) + 57.2% EPS (cents per share) $0.
Slide 14: Q2 FY'25 Results
Q2 FY’25 Results Q2 FY’25 Q2 FY’24 Delta Revenue $7.5 $8.4 -9.8% Gross Profit (Gross Margin) $4.1 (54.6%) $5.3 (63.1%) -22.0% Operating Expenses $3.9 (50.9%) $3.8 (45.5%) +0.8% (% to Revenue) Adjusted EBITDA $0.6 (7.7%) $2.6 (30.8%) - $2.0 (% to Revenue) EPS (cents per share) $0.02 $0.06 - $0.04 All
Slide 15: Past 8 Quarters of Financial Performance
Past 8 Quarters of Financial Performance Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY’23 FY’23 FY’24 FY’24 FY’24 FY’24 FY’25 FY’25 Revenue $6.3 $6.9 $4.7 $8.4 $9.2 $8.9 $8.2 $7.6 Gross Profit $3.6 $2.9 $2.8 $5.3 $5.4 $5.3 $5.0 $4.1 (Gross Margin) (57.5%) (41.9%) (61.1%) (63.1%) (58.9%) (60.2%) (61.2%) (54.6%) Operati