Covalon Technologies Ltd. · TSXV:COV
Covalon Technologies — Q4 2025 Earnings Presentation
15 slides from Covalon Technologies's earnings presentation, Dec 11, 2025
Slide 1: FY'25-Q4 Earnings Presentation
TSX-V: COV OTCQX: CVALF investors@covalon.com FY’25-Q4 Earnings Presentation December 11, 2025 Brent Ashton – CEO Katie Martinovich – CFO Kim Crooks – COO Compassionate solutions designed for patients andmade 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 VALGuard® Vascular Access Line Guard “ Despite years of advancement, catheter-associated bloodstream infections remain a major patient harm event globally with high mortality, cost, and unimaginable patient suffering. To truly achieve 'zero harm,' we must address the critical gaps in
Slide 4: Recent Achievements and Highlights: VALGuard Clinical Evidence
Recent Achievements and Highlights VALGuard® Clinical Evidence Highlights - per the authors: - “Implementation of the line guard led to a significant decrease in CLABSI incidence.” - “Since implementing the line guard, the Pediatric Critical Care Unit (PCCU) is CLABSI-free.” 4
Slide 5: Recent Achievements and Highlights
Recent Achievements and Highlights Secured New US Advanced First Ever Dividend Issued Successful Completion of ISO Wound Care Strategic Partner $0.15 special dividend paid out to 13485 Surveillance Audit First purchase order to be delivered shareholders of record as of Completed in November 2025 wit
Slide 6: Recent Achievements and Highlights
Recent Achievements and Highlights Secured First “House Wide” Adoption of Fall Scientific Meeting Results New CovaClear® “Mudflap” Indication “Things are going well with the CovaClear dressing. I know it is a big hit on the units. Lots of utilization on patients. We love the product!” - Nurse at lar
Slide 7: Financial Results – Year-on-Year
Financial Results – Year-on-Year FY’24 Q4 FY’25 Q4 Change Revenue $8.9 $8.7 -2.0% Gross Profit $5.3 $4.4 - 16.8% (Gross Margin) (60.2%) (51.1%) (-910 bps) Operating Expenses $4.7 $4.2 -10.2% Adjusted EBITDA $1.1 $0.7 - 37.1% Earnings Per Share (Diluted) $0.02 $0.01 - $0.01 All $ figures in $CAD mill
Slide 8: Financial Results – Fiscal Year 2025
Financial Results – Fiscal Year 2025 Worldwide Product Revenue (99.3% of FY’25 Revenue) FY’24 FY’25 Change $35 3 Year CAGR = 25.6% Revenue $31.2 $32.8 +5.3% $30 Revenue ($CAD millions) $25 $20 Gross Profit $18.9 $17.5 - 7.7% $15 (Gross Margin) (60.7%) (53.2%) (-750 bps) $10 Operating $5 Expenses $16
Slide 9: Strong Focus Driving Outstanding Growth
Strong Focus Driving Outstanding Growth US Vascular Access and Surgical Consumables Sales Channel 8 of the 10 best US Children’s Hospitals trust Covalon 1 RETAIN GROW EXISTING ADD NEW 100% retention 25% YTD revenue growth Acquired of our Top 50 FY’24 from our Top 50 FY’24 74 new hospital customers h
Slide 10: Covalon 2025 Focus for the Future
Covalon 2025 Focus for the Future Growth-Focused Market Development Commercial Advancement Acceleration Innovation and Business Operational Development Optimization 10
Slide 11: Operational Optimization
Operational Optimization Accelerating Automation Streamlining Processes and Digital Enablement to Drive Cost Efficiency Embedding a Culture of Elevating Capability Through Continuous Improvement Talent Development 11
Slide 12: Summary
Summary • Covalon is making a significant impact in the lives of patients and the clinicians who treat them • Covalon’s visibility is rapidly increasing – with customers, key opinion leaders and key players in the MedTech sector • Recent dividend was a seminal corporate event – reflecting recent suc
Slide 13: Q&A
Q&A 13
Slide 14: Investor Relations Contact Information
Investor Relations Contact Information Brent Ashton Katie Martinovich Chief Executive Chief Financial Officer Officer investors@covalon.com 14
Slide 15: Past 8 Quarters of Financial Performance
Past 8 Quarters of Financial Performance Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY’24 FY’24 FY’24 FY’24 FY’25 FY’25 FY’25 FY’25 Revenue $4.7 $8.4 $9.2 $8.9 $8.2 $7.6 $8.4 $8.7 Gross Profit $2.8 $5.3 $5.4 $5.3 $5.0 $4.1 $3.9 $4.4 (Gross Margin) (61.1%) (63.1%) (58.9%) (60.2%) (61.2%) (54.6%) (46.5%) (51.1%) Operati