Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX-V: COV), an advanced medical technologies company, today announced the following financial results for its third fiscal quarter ended June 30, 2010:
- Quarterly revenue reached $1,002,394; - Quarterly operating expenses decreased by approximately 40% or $486,624 from the same quarter in 2009; - The Company's cash position increased this quarter by $1,461,331 compared to a decrease in cash reserves of $1,250,451 for the corresponding period in fiscal 2009; - The Company was cash flow positive from operations for both the three and nine months ended June 30, 2010, due to upfront cash payments related to two agreements previously announced by the Company; - Covalon continues to have a strong balance sheet with no debt and $6,931,954 in cash, cash equivalents and short-term investments as of June 30, 2010; - Net loss for the third fiscal quarter of 2010 was $647,223, compared to a net loss of $1,201,228 reported for the corresponding period of fiscal 2009.
Brian Pedlar, Covalon's Chief Executive Officer stated, "I am satisfied that our quarterly results show financial improvement including revenue growth and increased cash position. Just as important, I am extremely pleased with the improvements in the day-to-day operations of Covalon over the past quarter. We have made great strides in working more cohesively as a team. Our talented scientists continue to innovate, creating some truly impressive new technologies in our lab. These new market-driven technologies are attracting a great deal of interest from both existing and potentially new medical industry clients. I am very pleased with our change in focus and very optimistic about seeing the value of these new relationships positively impact our financial results going forward."