10:07 AM EST, 02/21/2025 (MT Newswires) -- Covalon Technologies ( CVALF ) , an advanced medical technologies company, on Friday reported a swing to profit and an increase in revenue for the first quarter of fiscal 2025 due to strong demand in its U.S. medical consumables business.

The company reported net income of $1.2 million for the three months ended Dec. 31, compared with a year-ago net loss figure of $851,543. Earnings per share basic and diluted for the quarter was $0.04, versus loss per share of $0.03 for both, a year earlier.

Total revenue increased to near $8.2 million compared to near $4.7 million in the same period of the prior year. Overall revenue grew 75%, including 73% growth in the US Medical Consumables business, which "remains our primary focus".

However, Covalon ( CVALF ) Chief Executive Brent Ashton said the company experienced a "slight sequential slowdown" in its US Collagen business due to some normalization in channel inventory. "We expect this slowdown to reverse in the second half of fiscal 2025, supported by ongoing conversations and forecasts received from our customers."

Shares were last seen down more than 5%, amid losses for the broader market.

Price: 3.00, Change: -0.18, Percent Change: -5.66