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