Velan Inc. SV (TSE:VLN) has released an update.
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Velan Inc. has announced a strong finish to fiscal 2024, with a significant increase in new orders and sales, resulting in a year-end backlog surge to $491.5 million. Despite a net loss, the company experienced improved execution quality and healthy profit margins, with a positive outlook for sales growth in fiscal 2025. The firm’s robust balance sheet and cash position are expected to support ongoing operations and global expansion initiatives.
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