News

Strong sales, margin and profitability gains year-over-year combined with growing order backlog 

MONTREAL, Quebec, July 11, 2024 – Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading manufacturer of industrial valves, announced today financial results for its first quarter ended May 31, 2024. All amounts are expressed in U.S. dollars unless indicated otherwise.
 

First-quarter highlights and recent events

• Order backlog of $528.3 million, up $36.8 million from the beginning of the year.
• Bookings of $109.8 million compared to $91.8 million in the first quarter of fiscal 2024.
• Book-to-bill ratio of 1.42 versus 1.36 in the same period last year.
• Sales of $77.5 million, up 14.5% from $67.7 million in the first quarter of fiscal 2024.
• Gross profit of $23.8 million, or 30.7% of sales, versus $15.1 million, or 22.2% of sales, in the same period last year.
• Net loss of $1.1 million compared to a net loss of $8.3 million in the first quarter of 2024.
• Net cash and cash equivalents of $34.0 million.
• On July 8, Velan announced a CA$50-million alliance agreement with Bruce Power to provide valve and valve support over the next 10 years.