Business & Finance
Covalon dips to net loss of USD9.1m in fiscal 2019
29 January 2020 -

Medical technology company Covalon Technologies Ltd (TSXV:COV) (OTCQX:CVALF) disclosed on Tuesday that it recorded a net loss of USD9.1m (USD0.41 per share, diluted) for fiscal 2019.

This reflects a decline in earnings when compared with a net income of USD1.6m (USD0.07 per share, diluted) in fiscal 2018.

Revenues of USD34m were generated in for fiscal 2019, up by 27% or USD7.28m over the prior year. In fiscal 2019, approximately 71% of revenue was from sales in the US and 26% of revenue was from sales in the ME. Last year was 48% in the US and 49% in the ME.

Gross profit of USD21.8m was reported in fiscal 2019, a rise from gross profit of USD19.7m in fiscal 2018.

The gross margin was 64% for fiscal 2019, versus 74% for the prior year.

Covalon said its technologies are used to prevent, detect, and manage medical conditions in specialty areas such as infection control, vascular access, surgical procedures, advanced wound care and medical device coatings.