Slide 1: FY’26-Q1 Earnings Presentation
TSX-V: COV OTCQX: CVALF investors@covalon.com FY’26-Q1 Earnings Presentation February 25, 2026 Brent Ashton – CEO Katie Martinovich – CFO 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: Q1 FY’26 Financial Results
Q1 FY’26 Financial Results FY’25 Q1 FY’26 Q1 Change Revenue $8.2 $6.9 -15.6% Strong FY’26-Q2 Gross Profit (Gross Margin) $5.0 $4.0 - 19.7% Halfway through Q2, already had sales and confirmed (61.2%) (58.2%) (-300 bps) Operating Expenses $3.7 $4.0 +7.5% orders to ship with value exceeding all of Q1 A
Slide 4: Covalon Addressing One of Healthcare’s Biggest Challenges
Covalon Addressing One of Healthcare’s Biggest Challenges • IV therapy is extremely common – over 1 billion IV lines placed per year • Both a lifeline and a significant risk • Serious complications such as infections have catastrophic consequences to the patient, their family and clinicians • Covalo
Slide 5: Breakthrough Covalon Solution Gaining Significant Recent Adoption From World-Class Medical Centers
Breakthrough Covalon Solution Gaining Significant Recent Adoption From World-Class Medical Centers 5
Slide 6: Recent Highlights and Achievements – Advanced Wound Care
Recent Highlights and Achievements – Advanced Wound Care • New Vizient Group Purchasing Organization (“GPO”) contract award includes Covalon-made collagen dressings – revenue accelerator • Covalon’s collagen dressings will be featured in a poster presentation at the 2026 Symposium on Advanced Wound
Slide 7: Recent Highlights and Achievements – Vascular Access and Surgical Consumables
Recent Highlights and Achievements – Vascular Access and Surgical Consumables • Market development partnership with Dr. Nancy Moureau – in the spotlight and on the podium – rapidly gaining mindshare and traction • Landed dozens of new customers from prestigious, world-renowned medical centers for ou
Slide 8: Financial Markets Have Not Yet Recognized Covalon’s Value Whereas The Healthcare Industry Has
Financial Markets Have Not Yet Recognized Covalon’s Value Whereas The Healthcare Industry Has • Extensive past experience looking at healthcare companies • Acceleration in engagement from companies who are seeing the significant progress that Covalon is making • Strong interest in potential partners
Slide 9: Summary - Covalon Is On The Cusp Of A Meaningful Inflection Point
Summary - Covalon Is On The Cusp Of A Meaningful Inflection Point • Revenue acceleration in second quarter, rest of year and beyond • Rapid progress with contamination prevention solutions in pediatric and acute care hospitals – huge upside opportunity • Strong recent achievements across the company
Slide 10: Q&A
Q&A 10
Slide 11: Investor Relations Contact Information
Investor Relations Contact Information Brent Ashton Katie Martinovich Chief Executive Chief Financial Officer Officer investors@covalon.com 11