Covalon Technologies Ltd Stock Price, News & Analysis

Covalon Technologies Ltd. has appointed Mark Doolittle as Senior Vice President of Commercial Sales.

Doolittle, with over 20 years in medical and B2B sales, previously served at Cantel Medical, driving its growth from $30M to $350M and contributing to its $3.6B acquisition in 2021. CEO Brian Pedlar expressed optimism about Doolittle’s expertise enhancing Covalon’s efforts in infection prevention and biological collagen solutions.

Covalon Technologies Ltd. (CVALF) announced its participation at the Planet MicroCap Showcase 2022 in Las Vegas. The presentation is scheduled for May 4, 2022, at 5:00 PM EST, hosted by CEO Brian Pedlar. This event will include 1-on-1 investor meetings over two days. Covalon is recognized for its innovative medical technology aimed at enhancing patient care, particularly in wound care and infection management. Interested investors can access the webcast and register for meetings to learn more about Covalon's ongoing developments.

Covalon Technologies Ltd. announced the appointment of Ron Hebert as Senior Vice President of Marketing on April 26, 2022. Hebert brings nearly 30 years of healthcare experience, having held senior marketing roles at firms like Bayer Diagnostics and VIVEX Biologics. His expertise in growth-focused marketing will support Covalon's mission in infection prevention and advanced wound care. CEO Brian Pedlar expressed confidence in Hebert's ability to drive the Company’s growth strategies.

Covalon Technologies Ltd. (CVALF) announced on March 29, 2022, the approval of stock options for 507,500 common shares to various stakeholders including directors and employees. The options have an exercise price of $2.19, aligning with the average trading price over the preceding five days. They will vest over three years (34% after year one, 33% after year two, and 33% after year three) and expire five years from the grant date. The company continues to focus on advanced medical technologies aimed at improving patient outcomes.

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.