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Velan Inc. reports its first quarter 2020/21 financial results

2020/07/10
MONTREAL, QUEBEC
 
Velan Inc. (TSX: VLN) (the “Company”), a world-leading manufacturer of industrial valves, announced today its financial results for its first quarter ended May 31, 2020.
 

Highlights

  • Sales of US$76.7 million for the quarter
  • Net loss of US$1.9 million for the quarter
  • Operating profit before restructuring and transformation costs2 of US$0.7 million for the quarter
  • Adjusted EBITDA of US$3.8 million for the quarter
  • Net new orders (“Bookings”) of US$76.7 million for the quarter
  • Order backlog of US$410.3 million at the end of the quarter, of which US$149.3 million is scheduled for delivery beyond the next 12 months
  • Net cash of US$44.6 million at the end of the quarter

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