MISSISSAUGA, ON, March 1, 2013 /CNW/ - 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, 2012. Revenue for the quarter was $572,006, down 17%,
operating expenses were $1,018,752, down 8% and the net loss for the
first quarter was $794,481 or $0.01 per share compared to $800,054 or
$0.01 per share in the first quarter of the previous year.
During the quarter, the Company continued to invest in the launch of its
two new products cleared by the United States FDA - IV Clear and
SurgiClear - which resulted in additional investment in sales and
marketing expenses to launch the products. In the previous fiscal
year, the Company invested in research and development for outside
testing to provide data for FDA and other regulatory filings for the
two new products.
During the quarter, Covalon consumed $690,752 of cash in operations,
spend $122,924 financing working capital and invested $75,704 in
patents, trademarks and other assets, mainly associated with IV Clear
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 wound care, tissue repair, infection control, disease management,
medical device coatings and biocompatibility. To learn more about
Covalon, visit our website at www.covalon.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which reflect the
Company's current expectations regarding future events. The
forward-looking statements are often, but not always, identified by the
use of words such as "seek", "anticipate", "plan, "estimate", "expect",
"intend" and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar
expressions. These forward-looking statements involve risk and
uncertainties, including the difficulty in predicting product
approvals, acceptance of and demands for new products, the impact of
the products and pricing strategies of competitors, delays in
developing and launching new products, the regulatory environment,
fluctuations in operating results and other risks, any of which could
cause results, performance, or achievements to differ materially from
the results discussed or implied in the forward-looking statements.
Many risks are inherent in the industry; others are more specific to
the Company. Investors should consult the Company's ongoing quarterly
filings for additional information on risks and uncertainties relating
to these forward-looking statements. Investors should not place undue
reliance on any forward-looking statements. The Company assumes no
obligation to update or alter any forward-looking statements whether as
a result of new information, further events or otherwise.
SOURCE Covalon Technologies Ltd.