Below is our recent interview with Brian Pedlar, CEO at Covalon Technologies Ltd:
Q:Could you provide our readers with a brief introduction to your company
A: Covalon was founded by a group of scientists out of the Univ of Toronto in 1999.
Covalon went public on the Toronto Venture Exchange in 2004.
Three key platforms of technology:
Biologic-based collagen dressings that help with wound care.
Developed a number of unique and innovative products that have a silicone based adhesive technology that works well on human skin and developed process to include an antimicrobial agent
Novel coating technologies that help prevent infection on such products as catheters and other medical devices.
We are in multiple areas and including wound care, vascular access, and infection prevention and spanning areas that include hospitals, long-term care facilities, home health as well as large, multi-national medical device companies
In 2014, we launched more commercially with our collagen and antimicrobial dressings worldwide, achieving a large, dominant position within the Middle East while competing with the likes of JnJ and 3M.
In 2017, acquired the US company, AquaGuard, to gain access and begin more focused growth within the US Hospital Market
In 2022, we continued with growth expansion and focus within US Hospitals by recruiting and adding senior commercial leadership.
Focus of growth is on expanding and building upon our strong positions within the top US Pediatric Hospitals
Q:Any highlights on your recent announcement?
A: We announced another strong financial quarter with revenue for the three months ended June 30, 2023, up 39% to $6.3 million versus prior year and we’ve also seen improvements to our gross margins during the quarter.
Our efforts to grow our customer base in the United States and strengthening our brand world-wide have led to significant growth in revenue over the first nine months of this fiscal year. Revenue for the nine months was up 54% to $19.7 million compared to 2022.
We are in a much stronger position in our key markets compared to last year, and we are seeing the results of investments made in 2022 continue to positively impact us in 2023.
The Company has decided to transition away from its medical coating line of business which is project and services based and instead focus its business strategy on the Company’s core business verticals that contribute the vast majority of the company’s revenue and growth. During the quarter ended June 30, 2023 the medical coating business made up 3% of the company’s total revenue.
Q:Can you give us more insights into your offering?
A: We are not just a Compassionate Care organization through messaging. It’s something that we truly embrace and live. When we say healing shouldn’t hurt, we mean it, and we aim to make something as simple as a dressing change just that – simple. Patients have enough worries already – a dressing change shouldn’t be another burden.
We offer innovative, gentler, and more compassionate options for patients to heal with less infections, less pain, and better outcomes because we care.
We’re a vascular access and advanced wound care dressing manufacturer and supplier that not only focuses on compassionate care, but we also have an obvious heavy focus on what we see as a table stake – preventing infections.
Our vascular access dressings (IV Clear and CovaClear IV) are made from soft clear silicone adhesive and has been developed for patients who may not react well to acrylic dressings, or patients with sensitive skin. IV Clear is a dual-antimicrobial dressing with Chlorhexidine and Silver embedded throughout the entire dressing, facilitating a gentle but effective exposure to active ingredients, especially for patients with sensitive skin.
As part of our infection prevention focus, we developed a Vascular Access Line Guard (VALGuard) in conjunction with the nursing staff at Seattle Children’s Hospital. VALGuard is not only used in adult and acute care facilities, but it is currently being utilized by 7 out of the top 10 Children’s Hospitals for pediatric cancer treatment in the US.
Q:What can we expect from your company in the next 12 months? What are your plans?
A: We will continue to execute on our mission that innovative, compassionate care products when delivered efficiently, will displace the current standards of care because they result in better clinical outcomes and better clinician-patient interactions at a lower cost of care.
We intend to continue to grow our hospital customer base, continue to expand our wound care business in the United States, and drive growth in our key international markets.
We have several new product extensions launching in the United States this year that we expect to protect patients and help them heal without further injuries to their skin.
Q:What is the best thing about your company that people might not know about?
A: We are not just a Compassionate Care organization through messaging. It’s something that we are passionate about and truly embrace and live. When we say healing shouldn’t hurt, we mean it, and we aim to make something as simple as a dressing change just that – simple. Patients have enough worries already – a dressing change shouldn’t be another burden.
We focus not only on the patient, but the clinicians, staff, parents, and family members and those who help support and provide care for patients and loved ones. Our compassionate care passion is taken into consideration in everything we do, including the design and use of our products. The patient/care giver experience is a key portion of our strategy and are interconnected. Hence, we like to say our “products are made for patients but are designed for care providers”.
Although we are a smaller company, we have industry-leading expertise in the areas of our core technologies, such as collagen, medical coatings, and silicone chemistry.
The largest medtech companies in the world come to us for services and advice.
Our products and technologies have been used all over the world on millions of patients.
Despite a large portfolio of products marketed to various areas and maintenance of direct to hospital and OEM business models, we remain innovative and agile prioritizing research & development of new technologies.
Covalon’s team values input from key customers and clinical leaders in the design, development, and continual improvement of our vascular access solutions. So much so, that our team of Key Opinion Leader’s hail from the top Pediatric and Children’s Hospitals in the World, some of which include top US Hospital’s of Boston Children’s, Cincinnati Children’s, and Sick Kids Hospital in Toronto.