Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, today announced financial results for its first quarter ended December 31, 2014.
For the three months ended December 31, 2014, revenue was $1,336,685. Operating expenses were $1,063,393. Net loss for the quarter was $229,820 or $0.02 per share.
Covalon's President and CEO, Brian Pedlar, said "I am very pleased with the significant progress we have made over the past several quarters building Covalon's distribution network for our products in the United States and internationally. While our first quarter results reflect a modest loss, I do not believe they are in any way indicative of what to expect for the rest of the year, based on what I see in the current sales pipeline and based on historical experience. Covalon's OEM technology licensing model and wholesale distribution sales channels do result in quarterly fluctuations in reported revenue and profits.
We continue to engage with medium and large medical companies who have expressed interest in licensing our existing and new advanced wound care products. We have also launched a Covalon branded version of our antimicrobial urinary catheters this year, which previously was only available through a large United States medical products distributor. Operationally we continue to focus on keeping our costs under control by utilizing cost-effective sales channels and leveraging third party contract manufacturers to make our advanced wound care products and antimicrobial catheters.
Going forward, I am pleased to report we have received increased orders for our advanced wound care products which we expect to fill over the next several quarters. In addition, we expect to launch new products this year, which we expect to begin contributing to revenue in the latter half of 2015. This is an exciting time for Covalon and I look forward to report the results of our licensing and distribution wins in the coming months."
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