09:58 AM EDT, 07/11/2025 (MT Newswires) -- Velan ( VLNSF ) after markets closed on Thursday reported a swing to profit in the first quarter of fiscal 2026 and approved an increase in its quarterly dividend to C$0.10. The shares rose 3.2%.

The company reported consolidated net income of US$77.2 million, or US$3.58 per share, for the three months ended May 31, compared with a net loss of US$1.2 million, or US$0.05 per share, a year earlier.

Sales for the quarter increased to US$72.2 million, compared with US$60.9 million in the same period last year.

"Over the longer term, Velan ( VLNSF ) is well-positioned to benefit from rising momentum in its key markets, while our strong financial position allows us to invest in the future, including strategic acquisitions, to broaden our reach and sustain profitable growth," said Velan ( VLNSF ) Chief Executive James A. Mannebach.

The company said the increase of its recurring quarterly dividend payment to C$0.10 from C$0.03 per common share reflects its growing backlog and its "confidence" in its future financial performance.

Shares of the company were last seen up $0.44 at $14.41 on the Toronto Stock Exchange.

Price: 14.41, Change: +0.44, Percent Change: +3.15