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MONTREAL, May 17, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline on Thursday, May 16, 2024 by Velan Inc. (TSX: VLN), please note that the conference call access information has been updated. The toll-free call-in number should be 1-800-836-8184, not 1-888-660-6345 or 1-289-819-1450. The corrected release is as follows:

Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading manufacturer of industrial valves, announced today its financial results for its fourth quarter and fiscal year ended February 29, 2024. All amounts are expressed in U.S. dollars unless indicated otherwise.

FOURTH QUARTER HIGHLIGHTS:

• Bookings of $132.8 million, up sharply from $87.1 million last year and $78.3 million in the third quarter.
• Book-to-bill ratio of 1.13, versus 0.76 for the same period a year ago and 0.97 in the third quarter.
• Sales of $117.9 million, up from $115.1 million last year and up from $80.9 million in the third quarter.
• Gross profit of $38.4 million, or 32.6% of sales, compared to $39.9 million, or 30.4% of sales, last year.
• Net loss of $2.1 million compared to a net loss of $47.2 million last year.

YEAR-END HIGHLIGHTS:

• Order backlog of $491.5 million, up $27.1 million from last year.
• Bookings of $374.5 million, compared to $353.2 million in fiscal 2023.
• Book-to-bill ratio of 1.08, versus 0.95 last year.
• Sales of $346.8 million, compared to $370.4 million in fiscal 2023.
• Gross profit of $93.2 million, or 26.9% of sales, versus $112.5 million, or 30.4% of sales, last year.
• Net loss of $19.7 million, versus a net loss of $55.5 million in the prior year.
• Cash and cash equivalents of $36.4 million.