Covalon Announces First Quarter Fiscal 2020 Results - Seite 2

Mr. Pedlar continued, “COVID-19 also provides Covalon with an opportunity to help protect healthcare workers and the public from contracting COVID-19 and other viral and bacterial infections. We are actively working on a technology to help reduce the spread of COVID-19 and other viruses. Our technology has been shown to be highly effective at killing and deactivating similar viruses to COVID-19, as well as antibiotic resistant bacteria and other pathogens. I look forward to discussing this technology further in the next several weeks.”

Q1 Fiscal 2020 Financial Results

Revenue for the three months ended December 31, 2019 was $7.9 million, 9% or $687,073 more than the prior year. Gross profit was 61% in Q1 fiscal 2020, compared to 63% in Q1 fiscal 2019. Net loss was $1.2 million or $0.05 per share (diluted), compared to a loss of $1.9 million or $0.09 per share (diluted) in Q1 fiscal 2019.

Revenue in the United States for the quarter was up 17% year-over-year in Q1 to $6.4 million, which included increases in product revenue, including AquaGuard product sales and development services, licenses, and royalties.

Middle East first quarter revenue of $0.9 million was down by $0.7 million compared to last year.

Latin American, European, and other international regions revenue was $0.6 million compared to $0.2 million last year.

Product revenue increased $.8 million or 13% while services revenue was down slightly to $ .8 million from $0.9 million last year as a result of the timing of revenue recorded under our development contracts.

Operating expenses were down by $390,550 or 6% compared to last year in the first quarter.

Conference Call Scheduled

A conference call to discuss Covalon’s Fiscal 2020 Q1 Financial Results will be held Tuesday March 3^rd 2020 at 9:00am EST. To participate in the call, please dial:

Toll-Free: 833.299.8117
International: 647.689.4535
Conference ID Code: 1181198

A recording of the call will be available from March 3^rd, 2020, at 12:00pm EST until March 17^th, 2020, at 11:59pm EST by calling 855.859.2056 or 404.537.3406 and entering the conference ID code 1181198.

About Covalon

Covalon Technologies Ltd. researches, develops, and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products, and services address the advanced healthcare needs of medical device companies, healthcare providers, and individual consumers. Covalon's 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. To learn more about Covalon, visit our website at www.covalon.com