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Velan Inc. reports its third quarter 2019/20 financial results

Montreal, Quebec

Velan Inc. (TSX: VLN) (the “Company”), a world-leading manufacturer of industrial valves, announced today its financial results for its third quarter ended November 30, 2019.

  • Sales of US$88.7 million for the quarter
  • Gross profit percentage of 25.0% for the quarter
  • Net loss of US$0.8 million for the quarter
  • Operating profit before restructuring and transformation costs of US$1.0 million for the quarter
  • Adjusted EBITDA of US$4.3 million for the quarter
  • Net new orders (“Bookings”) of US$97.2 million for the quarter
  • Order backlog of US$432.1 million at the end of the quarter, of which US$145.1 million is scheduled for delivery beyond the next 12 months
  • Net cash of US$39.0 million at the end of the quarter

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