11:50 AM EDT, 05/22/2025 (MT Newswires) -- (Updates shares.)

Velan ( VLNSF ) late on Wednesday said it swung to a fiscal fourth-quarter adjusted loss.

The industrial valve manufacturer said its adjusted loss, excluding most one-time items, was US$4.9 million, or US$0.23 per share, in the quarter ended Feb. 28, compared with an adjusted profit of US$3.7 million, or US$0.17, in the year-earlier period. Adjusted EBITDA was US$3.6 million, down from US$9.3 million.

Sales rose to US$83.2 million, up from US$80.8 million.

As of Feb. 28, the company had a backlog from continuing operations of US$274.9 million, down 3.1% from US$283.6 million. As of Feb. 28, orders amounting to US$225.7 million, representing 82.1% of the total backlog, are expected to be delivered in the next 12 months.

Velan's ( VLNSF ) board declared a dividend of C$0.33 per common share, payable June 30 to shareholders of record on June 16.

Velan ( VLNSF ) shares were last seen down $1.40 to $16.00 on the Toronto Stock Exchange.

Price: 15.95, Change: -1.45, Percent Change: -8.33