Covalon Technologies (TSE:COV) has released an update.
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Covalon Technologies Ltd. reported a 36% growth in U.S. product revenue for the first quarter of fiscal 2024, despite a 25% overall revenue drop to $4.7M due to decreased international sales and a decline in development and consulting services. The company’s gross margin slightly improved to 61%, and with the new CEO’s focus on operational efficiency and growth, Covalon is aiming for EBITDA profitability within the fiscal year.
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