Covalon Technologies Ltd Stock Price, News & Analysis

Covalon Technologies Ltd. held its Fiscal 2021 Annual and Special Meeting of Shareholders on March 9, 2022, where all proposed items were approved by shareholders. A total of 11,323,626 shares, representing 43.672%, were voted. Key outcomes included the election of directors with high approval rates, the appointment of PricewaterhouseCoopers as auditors, and the approval of the amended stock option plan. The details will be filed on SEDAR for further review, supporting transparency and shareholder engagement.

Covalon Technologies Ltd. announced significant changes to its Board of Directors on March 10, 2022. Dr. Samantha Nutt has been elected as a Director, subject to TSX approval. Renowned for her medical expertise and humanitarian efforts, Dr. Nutt's appointment is expected to enhance Covalon's strategic direction. Meanwhile, Mr. Martin Goldfarb has retired from the Board, having played a crucial role in the company's turnaround, which concluded 2021 with a debt-free status and $25 million in cash. These changes reflect Covalon's ongoing commitment to improving patient outcomes through innovation.

Covalon Technologies Ltd. reported a significant revenue increase of 90% to $4.9 million for Q1 fiscal 2022, driven by enhanced product sales in the U.S. The company ended the quarter with $25 million in cash and positive operating cash flows of $0.5 million. Despite the revenue growth, Covalon incurred a net loss of $1.5 million or $0.06 per share. Adjusted EBITDA improved to a $0.2 million loss compared to $0.8 million loss from the prior year. Operating expenses rose to $3.4 million, influenced by the transition costs from the discontinued AquaGuard business.

Covalon Technologies Ltd. (COV, CVALF) will report its Q1 Fiscal 2022 financial results on March 1, 2022, before the market opens. A conference call to discuss the results is scheduled for the same day at 9:00 am EST. Participants can join via phone or webcast, with a recording available until March 15, 2022. Covalon develops advanced medical products aimed at improving patient outcomes in wound care, infection management, and surgical procedures. For more details, visit www.covalon.com.

Covalon Technologies Ltd. has appointed Jason F. Gorel as its interim Chief Financial Officer while searching for a permanent successor. Gorel brings over 20 years of financial leadership experience from various sectors, including roles at Toronto Community Housing and SmartCentres Real Estate. His qualifications include Chartered Financial Analyst and Certified Public Accountant designations, along with corporate governance training. Covalon specializes in developing patented medical products that enhance patient outcomes across advanced wound care, infection management, and surgical procedures.

Covalon Technologies Ltd. (CVALF) announced the resignation of its CFO, Danny Brannagan, effective January 2022. The company plans to appoint an interim CFO while searching for a permanent successor with strong financial leadership skills. CEO Brian Pedlar expressed gratitude for Brannagan's contributions. Covalon specializes in developing patent-protected medical products aimed at enhancing patient outcomes in areas like wound care and infection management. The company is listed on the TSX Venture Exchange and OTCQX, symbol CVALF.

Covalon Technologies Ltd. reported a net profit of $23.5 million or $0.91 per share for fiscal 2021, largely due to income from the sale of AquaGuard operations. Revenue from continuing operations surged 45% to $19.6 million, driven by a significant increase in product sales.

The fourth quarter net income was $1.0 million or $0.04 per share. Covalon ended the year with $25.5 million in cash and no debt. The company achieved a gross margin of 50%, improved from 34% in the prior year, indicating strong operational performance.

Covalon Technologies Ltd. (CVALF) will report its Q4 and year-end Fiscal 2021 financial results on December 13, 2021, before markets open. A conference call is scheduled for the same day at 9:00 am EST, allowing stakeholders to discuss these results. Participants can join by calling the provided numbers. Covalon specializes in advanced medical technologies and offers patent-protected medical products aimed at improving patient outcomes in wound care and surgical procedures. Detailed financial documents will be available on SEDAR and through Covalon's website.

Covalon Technologies Ltd. (OTCQX:CVALF) will present at the SNN Network Canada Virtual Event 2021 on December 8, 2021, at 3:30 PM EST. CEO Brian Pedlar will host the presentation and answer investor questions. Recently debt-free, Covalon has over $24 million in cash, approximately $0.93 per share, and is poised for growth in its biological and antimicrobial product lines. Interested investors can register for 1-on-1 meetings and access the live presentation via the event link provided.