COVALON TECHS LTD - CVALF STOCK NEWS

Covalon Technologies Ltd. (CVALF) announced its participation in the 46th Annual APHON Conference in West Palm Beach from September 15-17, 2022. The company focuses on advanced wound care and infection prevention solutions for pediatric patients. Covalon's VALGuard product, now used by over 25 leading children's hospitals, aims to reduce central line-associated bloodstream infections, which have increased by 65% in ICUs. Covalon will showcase its innovative products at booth 307, emphasizing the importance of effective infection prevention strategies.

Covalon Technologies Ltd. announced significant growth in its pediatric hospital client base, now serving over 40 hospitals, which is more than 17% of U.S. pediatric hospitals. Covalon's patented infection prevention products are becoming standard practice in these facilities, aimed at reducing bloodstream and surgical site infections. The company highlights that its products, including SurgiClear and IV Clear, are specifically designed for pediatric patients, improving healing and care. As a result, Covalon is poised for further expansion in this sector.

Covalon Technologies Ltd. has announced the grant of stock options for 437,500 common shares to select employees, approved by the Board of Directors. These options, exercisable at $2.50, reflect the volume weighted average trading price for the five days prior to the grant. Vesting occurs over three years, with 34% on the first anniversary and 33% on the second and third anniversaries, and options expire after five years. Covalon specializes in patented medical products enhancing patient outcomes, focusing on wound care, infection management, and surgical procedures.

Covalon Technologies Ltd. reported a significant 25% drop in Q3 revenue to $4.5 million and a net loss of $1.6 million, compared to a profit of $0.7 million in Q3 2021. Despite a 10% rise in U.S. product revenue over nine months, total revenue was consistent at $12.8 million year-to-date. Operating expenses increased by $1.3 million as the company invests in sales and marketing. The company remains financially strong with no debt, and has initiated a share buyback program to enhance shareholder value.

Covalon Technologies Ltd. will release its Q3 Fiscal 2022 financial results on August 29, 2022, before market opening. A conference call and webcast to discuss these results will take place at 9:00am EST on the same day. Participants can join the call by dialing 1-888-664-6392 for North American toll-free access. A recording will be available following the call and can be accessed through Covalon's website and SEDAR. Covalon focuses on advanced medical technologies in wound care and surgical procedures, trading under the symbols COV and CVALF.

Covalon Technologies Ltd. (OTCQX: CVALF) has entered into an automatic share purchase plan with PI Financial Corp. to facilitate the repurchase of its common shares under its normal course issuer bid, effective June 29, 2022. This plan allows share buybacks during blackout periods when the company is usually restricted from purchasing shares. The NCIB commenced on June 1, 2022, allowing the company to buy back up to 1,296,433 shares until May 31, 2023, or when the maximum number is acquired.

Covalon Technologies Ltd. reported Q2 fiscal 2022 results with revenue of $3.3 million, down from $4.3 million last year, primarily due to COVID-related shipping delays in Shanghai. However, total revenue for the six months ended March 31, 2022, grew by 19% year-over-year to $8.2 million. The company has a strong cash position of $22 million and no debt, allowing it to withstand supply chain disruptions. Despite a net loss of $2.5 million this quarter, management remains optimistic about growth opportunities in the coming year and plans to buy back up to 5% of shares.

Covalon Technologies Ltd. (CVALF) will release its Q2 Fiscal 2022 financial results on May 30, 2022, before market opening. A conference call and webcast to discuss these results is scheduled for the same day at 9:00 AM EST. Participants can join via a toll-free number or online. Recordings will be made available for future access. Covalon develops patented medical products aimed at enhancing patient care in advanced wound care and infection management. Investors can find financial statements and further information on the company's website or SEDAR.

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.