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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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Covalon (COV) investor relations material
Covalon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Aug, 2025
Executive summary
Achieved over 10% sequential revenue growth in Q3 FY2025, with adjusted EBITDA up over 50% and strong cash position exceeding $18M, supporting future growth initiatives.
Trailing twelve months revenue grew 13%, with adjusted EBITDA more than doubling and outpacing market growth.
International business expanded over 35% year-to-date, with new registrations, distribution agreements, and tender wins in multiple countries.
Strong customer retention and expansion in U.S. hospital segment, with 100% retention of top 50 customers and 25% revenue growth from this group.
Innovation pipeline and new product indications, including CovaClear IV and VALGuard, are driving future growth and market opportunities.
Financial highlights
Q3 FY2025 revenue was $8.4M, up 10.4% sequentially but down 9% year-over-year; gross margin was 46.5% (down from 58.9% YoY) due to $800K+ in inventory charges.
Adjusted EBITDA for Q3 was $0.9M, up over 50% sequentially but down year-over-year; TTM adjusted EBITDA reached $4.1M.
Year-to-date revenue grew 8%, with $3M adjusted EBITDA; nine-month revenue was $24.1M, gross margin 54%.
Operating expenses remained stable at about 47% of revenue.
Cash on hand increased by $8.7M year-over-year, reaching over $18M.
Outlook and guidance
Expecting sequential revenue growth in Q4 over Q3, with a bullish multi-year growth outlook driven by innovation and market development.
Margins anticipated to stabilize as one-time inventory events subside.
Strong visibility into second half performance and positive sellout trends in key segments.
Anticipates strong acceleration in product adoption from new clinical evidence and scientific meetings.
Q3 inventory write-off impact
CovaClear Mudflap application market potential
US trade tariffs impact on competitors
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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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