Covalon Reports Annual Financial Results

Covalon Technologies Ltd. (TSXV:COV) announced financial results for its fourth quarter and year ended September 30, 2015.
According to the press release:

For the twelve months ended September 30, 2015, revenue was $7,588,721, operating expenses were $5,514,473 and net loss was$941,990 or $0.10 per share.  These results compare to the prior year which saw revenue of $9,061,329, which included aUS$3,500,000 license fee, operating expenses of $4,139,669 and net income of $2,401,769 or $0.13 fully diluted.
Revenue for the year ended September 30, 2015 included $6,241,661 of product revenue, a 55% increase compared to the prior year.  Operating expenses included approximately $740,000 of non-recurring legal fees and costs.  The prior year’s results included theUS$3,500,000 upfront payment that the Company has received from the licensing of its IV Clear and SurgiClear technologies to Molnlycke Health Care which was announced on November 4, 2013.
Revenue for the quarter was $2,097,421, up 74% year-over-year, operating expenses were $1,992,607, and net loss for the quarter was $847,033 or $0.09 per share.  Operating expenses included approximately $575,000 of non-recurring legal fees and costs.

Covalon’s President and CEO, Brian Pedlar, said:

I am very pleased with Covalon’s financial and operational progress this past year. Covalon has ended the year with strong product distribution revenue, over 12 new products in our portfolio and strengthened international brand recognition of Covalon and its products.  We have been successful in winning business in approximately 14 tenders in the Middle East, and established our first international sales office in Shanghai, China. We have expanded our new product pipeline as we continue to actively engage in negotiations on new licences and new distribution relationships that have the potential to add significant additional shareholder value.

Click here to view the full press release.