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Covalon Technologies (COV) investor relations material
Covalon Technologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Dec, 2025
Executive summary
Achieved highest quarterly revenue of fiscal 2025 in Q4, with $8.7 million, marking the third consecutive year of revenue growth and essentially flat year-over-year.
Full-year revenue reached $32.8 million, up 5.3% from the prior year, driven by strong growth in U.S. vascular access, surgical, and international channels.
Added 74 new U.S. hospital customers and retained 100% of top 50 hospital accounts, with 25% revenue growth from these key customers.
Issued a special dividend of $0.15 per share, the first in company history, totaling $4.1 million.
Ended the year with $17 million in cash and no debt, maintaining seven consecutive profitable quarters.
Financial highlights
Q4 revenue was $8.7 million, highest of the year but down 2% year-over-year.
Full-year revenue grew 5.3% to $32.8 million; 3-year CAGR of 25.6%.
Gross margin for the year was 53% (56% excluding inventory write-offs), down from 61% prior year.
Operating expenses decreased by 6.4% year-over-year to $15.7 million.
Adjusted EBITDA for the year was $3.7 million, with diluted EPS of $0.07.
Outlook and guidance
Management expects growth acceleration in FY'26 and beyond, focusing on commercial advancement, market development, and innovation.
Recently secured a new U.S. strategic partner with a $1 million order to be delivered in Q2 FY'26.
Gross margins expected to remain in the low-to-high 50% range, potentially reaching low 60% for med tech peers.
Disruption from a U.S. advanced wound care partner's ownership transition is not expected to persist long-term.
New Wound Care partner's expected revenue contribution?
VALGuard's market penetration strategy?
How do ops improvements enhance future margins?
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Next Covalon Technologies earnings date
Q1 202620 Feb, 2026
Next Covalon Technologies earnings date
Q1 202620 Feb, 2026
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Frequently asked questions
Covalon Technologies Ltd. is a medical technology company that develops, manufactures, and markets advanced wound care products, infection prevention solutions, and medical devices. The company's product offerings include antimicrobial dressings, collagen-based wound care products, and adhesive technologies designed to reduce infections and improve patient outcomes. Covalon serves healthcare providers, hospitals, and long-term care facilities, with a focus on providing solutions that promote faster healing and reduce the risk of complications in patients. The company operates primarily in North America and internationally, addressing the needs of the healthcare and medical device industries. The company is headquartered in Mississauga, Ontario, Canada, and its shares are listed on the TSX.
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