Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, is delighted to announce its financial results for its second quarter ended March 31, 2015, which includes revenue for three months of $2,180,276 and net income for the quarter of $264,340. Revenue from advanced wound care product sales for the three month period ended March 31, 2015 increased 24% to $1,742,672 compared to $1,400,065 for the same period last year. Revenue from specialized medical device coatings for the three month period ended March 31, 2015 was $312,519 compared to $462,000 for the same period of the prior year.
Covalon's President and CEO, Brian Pedlar, said:
"This quarter saw Covalon recognize sales on approximately seven new products in addition to our existing advanced wound care offering, bringing our total product offering to 16 products. The new products included initial sales of the Company's SilverCoat antimicrobial Foley catheter, and some early initial sales of six new CovaWound advanced wound care dressings, designed to complement our ColActive Plus wound balancing matrix dressing. We expect sales of our new products to grow modestly over the next several quarters to be in a position to contribute more significantly to revenue in 2016.
We continue to build distribution relationships through established networks of distributors in the United States, Middle East, Asia and Latin America. As we continue to gain regulatory approval for our products within individual countries in these markets, we anticipate introducing our full lineup of products through our distribution partners. Interest from medium and large medical companies in licensing and private-labeling our existing and new advanced wound care products continues to grow as we launch new exciting products in the market.
Operationally, we continue to focus on controlling our costs so Covalon can continue to remain profitable, with strong working capital. Our ability to leverage our cost-effective sales channels and third party contract manufacturers to make our advanced wound care products and antimicrobial catheters allows Covalon to grow revenue and profits without significant operational investments of cash. I am encouraged by our results this quarter and look forward to updating our shareholders in the coming months."
Non-Hispanic Black children and low-income youth disadvantaged in concussion care