Covalon Technologies Ltd. (Covalon), a wound care management company, has reported total revenues of $0.46 million for the first quarter of fiscal 2009, compared with the total revenues of 0.93 million, in the year-ago quarter. It has also reported net loss of $1.3 million, or $0.02 per share, for the first quarter of fiscal 2009, compared with net loss of $0.67 million, or $0.01 per share, in the year-ago quarter.
As at December 31, 2008, Covalon reported cash equivalents held to support operations of $10.8 million and a working capital balance of $10.0 million.
Peter Hobbes, Covalon’s chief financial officer said, “Sales of our wound care products did not materialize as expected in this quarter while sales of our antimicrobial coatings saw some significant increase. We remain confident that investments in these two product lines as well as new business development projects we are working on will yield increased revenues in the future.”
Frank DiCosmo, Covalon’s president and chief executive officer said, “We are working hard with our existing partners to grow our technology base already in the market. At the same time, we are diligently working on developing a number of new partnerships to significantly expand our technology offerings in the marketplace.”