Could COV become a profitable company? Read on... Covalon Announces Dramatically Improved Financial Results16 hours ago by CNW Group Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, today announced financial results for its fourth quarter and year ended September 30, 2013.
Revenue for the quarter was $1,554,650, operating expenses were $594,016, and net income for the quarter was $121,308.
Revenue for the quarter increased by $618,968 or 66% over the same period of the prior year.
The net increase was primarily due to the sales of the Company's two new products IV Clear and SurgiClear as well as Covalon's ColActive Plus product which is designed to help heal chronic wounds.
For the twelve months ended September 30, 2013, revenue was $4,134,143. Operating expenses were down year-over-year by $2,036,348 to $3,096,234. Net loss for the year was $993,167 which was significantly reduced from the previous year's loss of $3,991,382
Most significantly, none of these results include any of the US$3,500,000 upfront payment the Company has received, nor any progress payments and royalties, from the licensing of its IV Clear and SurgiClear technologies to Molnlycke Healthcare which was announced on November 4, 2013.
Covalon's President and CEO, Brian Pedlar, said, "I am so delighted with the Covalon's progress this year. We are a transformed company, well on our way to making a significant impact on the healthcare market."