Velan Inc. announced financial results for the third quarter and nine months ended November 30, 2015. For the quarter, the company reported sales of $104.0 million against $127.3 million a year ago. Net income attributable to subordinate and multiple voting shares was $3.6 million against $4.8 million a year ago. Basic and diluted income per share was $0.16 against $0.22 a year ago. Adjusted net earnings were $5.2 million.

For the nine months, the company reported sales of $318.7 million against $341.2 million a year ago. Net income attributable to subordinate and multiple voting shares was $11.5 million against $13.9 million a year ago. Basic and diluted income per share was $0.52 against $0.63 a year ago.