Covalon Technologies : FY2023 AGM Management Presentation

Management Presentation

Brent Ashton

Chief Executive Officer

TSX-V: COV

OTCQX: CVALF

[e-mail]

Forward-Looking Statements and Non-GAAP Financial Information

Certain statements included in this presentation may be considered forward-looking statements. These forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions. More specifically, this presentation contains forward-looking statements which include, but are not limited to statements regarding: the Company's corporate strategy and strategic objectives; the availability of external financing to fund the Company's ongoing liabilities and commitments; and economic events. These forward-looking statements involve risk and uncertainties, including the impact on the Company given its current liquidity situation, the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results, and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such forward-looking statements should not be taken as guarantees of future performance of Covalon.

All forward-looking statements are based on Covalon's current beliefs as well as assumptions made by and information currently available to Covalon and relate to, among other things, anticipated financial performance, business prospects, partnership opportunities, strategies, regulatory developments, market acceptance and future commitments. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation.

Due to risks and uncertainties, including the risks and uncertainties identified by Covalon in its public securities filings, actual events may differ materially from current expectations. Covalon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Certain financial measures in this presentation - namely earnings before interest, depreciation and amortization ("EBITDA"), adjusted EBITDA, pro-forma EBITDA, free cash flow and enterprise value - are non-GAAP financial measures. While Covalon and certain of its competitors measure and evaluate the performance of their respective consolidated operations and business segments with reference to these and similar measures, non-GAAP measures do not have any standardized or prescribed meaning under IFRS Accounting Standards or otherwise and therefore are unlikely to be comparable to similar measures presented by other companies. These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards. All non-GAAP measures are included because management monitors and uses the information on a regular basis to analyze the performance of the business and therefore may be considered useful information.

For further information about the risks and uncertainties relating to forward-looking statements included in this Memorandum, the recipient should consult the "Risks and Uncertainties" section of Covalon's annual MD&A dated January 26th, 2024, as well as those contained in Covalon's interim MD&As and other public record filings on SEDAR+.

All figures are in Canadian dollars, unless otherwise noted, and Covalon's fiscal year end is September 30th.

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Covalon is a patient-driven medical device company, that provides innovative and cost-effective

healthcare solutions that aim to help reduce pain, prevent infection, and promote healing.

Through a strong portfolio of patented technologies and solutions for advanced wound care,

infection control, and medical device coatings, we offer innovative, gentle and more

compassionate options to aid patients on their healing journey.

Our solutions are designed for patients

and made for care providers.

www.covalon.com I [e-mail]

One Covalon

Brent Ashton	Dr. Val DiTizio	Kim Crooks	Ron Hebert	Greg Leszczynski	Katie Martinovich
CEO	Chief Scientific Officer	SVP - Operations	SVP - Growth	VP - HR	Interim CFO

Dr. Katherine Evely	Christina Mitchell	Thys Muller	Hector Padilla	Teresa Sanelli	Dr. Daryl	Elaine Zhang
Sr. Director, Clinical	Sr. Director,	VP - Marketing &	VP - Strategic	Sr. Manager, Quality	Sivakumaran	VP - Operations
Affairs	Regulatory Affairs	Sales Operations	Markets	Assurance	Principal Scientist

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Covalon Innovation Has Created 3 Focused Business Platforms

Advanced Wound Care	Infection Control*	Medical Device Coatings
Collagen Matrix Dressings	Vascular Access & Post-Operative
	Dressings and Solutions

Market Segment	$10.8B**	$9.9B**	$12.9B**
Size
Market Segment
Revenue CAGR	4.8%	5.3%	8.0%
(2023 - 2028)

*Covalon's solutions can play a role supporting industry guidelines aimed at infection control. Covalon does not make any claims that its products prevent or	14
reduce the incidence of infection or the transmission of disease. For all products, refer to the intended use. Claims may differ depending on region.
** Various Market Research sources including Grand View Research and Market Research Future

Helping Clinicians Solve Healthcare's Biggest Challenges

Healthcare Acquired Infections (HAIs)

Vascular Access-driven Bloodstream Infections (CLABSIs and beyond)

Catheter-Associated Urinary Tract Infections (CAUTIs)

Surgical Site Infections (SSIs)

Chronic Non-Healing Wounds

Pressure Ulcers (PUs), Diabetic Foot Ulcers (DFUs), and Venous Leg Ulcers (VLUs) are common chronic wound types that impact millions of patients annually

DFUs and VLUs lead to more than 300,000 lower extremityamputations per year around the world

Skin Safety and Pain

Medical Adhesive-related Skin Injury (MARSI)

Painful Dressing Changes

Skin Safe Pediatric Friendly Solutions

Covalon's solutions can play a role supporting industry guidelines aimed at infection control. Covalon does not make any claims that its products prevent or reduce	15
the incidence of infection or the transmission of disease. For all products, refer to the intended use. Claims may differ depending on region.

Favorable Trends

Shift from CLABSI to	Medical Adhesive-Related
Hospital-Onset Bacteremia	Skin Injuries (MARSI)
(HOB)

Clinical practice guidelines

driving change

Increasing focus on Supply

Chain Resiliency

Greater focus on preventing blood stream infections from non- central line sources

Expected to increase accuracy of surveillance approaches

Health Care providers are increasing their clinical focus on reducing MARSI

Increased clinical attention around pain during vascular access process

Stronger focus on protecting vascular access devices in home infusion

Driving standardization of peripheral IV care

Reducing sole-source vulnerabilities

Greater understanding of supply chain risks and taking actions to mitigate

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Covalon Leads with Differentiated Solutions

Collagen Matrix Dressing

Available with or

without antimicrobial silver

Unique formulation with EDTA, CMC and Alginate

Covalon is an OEM Collagen Matrix supplier to several organizations in the U.S.

World's only silicone Post-Op dressing with dual antimicrobials

Transparency allows for complete site visibility

Provides antimicrobial protection throughout the entire dressing Acrylic-free adhesive

World's only silicone IV dressing with dual antimicrobials

Acrylic-free adhesive dressing

Transparent dressing allows for complete insertion site visibility Provides antimicrobial protection throughout the entire dressing

*Shown with optional acrylic adhesive securement strips

World's only vascular access line guard with quick-release strip

Protects line connections & hubs from gross contamination Transparent film allows for visual detection of leaks or misconnections

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Covalon's Value is Recognized by Leading Providers

Strong relationships with leading Children's Hospitals

Solid progress made with leading health systems both in the United States and Internationally

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2023 Highlights

Covalon products

utilized by

6 of the top 10

U.S. Children's Hospitals

Impactful Key Opinion Leader (KOL) and Webinar Programs

Expanded

Partnership with AVA

IV Clear named Vascular Access Dressing of Choice in two major influential international facilities

VALGuard Journal Publication in JAVA

Partnered with dEBra of

America by donating dressings for use by Epidermolysis Bullosa (EB) patients

Implemented new

ERP Platform

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