Salona Global Medical Device Corporation (the
“
Company”) (TSXV:SGMD) today announced it has
booked a $837,000 order for its Biodex System Pro4™ and Biodex
System 4 MVP™ Isokinetic dynamometer machines from its
international distributor in Poland which represents an increase
of 157% in revenues over 2022 for that market.
This order follows the Company’s recent
announcement that it expects to report, based on preliminary
results, positive Adjusted EBITDA (defined below) and net income
for its third quarter ending September 30, 2023 and represents
continued improvement for the Company in the fourth quarter ending
December 31, 2023.
The new management team has made international
sales a part of its focus to drive organic growth leveraging the
Biodex brand name and unique technology offering around isokinetic
dynamometers.
The Biodex System 4 machine has established
itself as the dominant player in the isokinetic physical therapy
market, having been utilized in over 2,000 research trials1. The
Biodex System 4 is known for its unmatched performance, accuracy,
and safety, making it highly reliable for both clinicians and
researchers due to its excellent correlation coefficients in terms
of reliability, accuracy, validity, and repeatability2,3,4. It is
the leading product among universities, hospitals, and researchers
worldwide, surpassing all other isokinetic machines in terms of
adoption and usage.
The Company recently announced a reformulated
business plan along with its intention to change its name to
“Evome Medical Technologies Inc.”. The plan is straight forward
and solves the biggest needs in the recovery science market: Next
generation solutions for physical therapy and chiropractic clinic
customers using (1) connectivity, (2) portability, and (3)
artificial intelligence (AI) to increase the amount of patients a
physical therapist can treat in a given hour - improving
profitability, patient care and therapist morale.
The solutions include both products, such as
Biodex and Mio-Guard currently in the portfolio, as well as a new
focus on services, all designed to improve the business performance
for physical therapy clinics, chiropractic businesses and athletic
departments globally.
The new management team plans to debut the new
line of next generation products and services in the coming weeks
culminating with a new investor website and presentation for
investor meetings targeted to launch November 16, 2023 in the U.S.
and Canada.
“I am pleased to see our efforts to drive
international sales are paying off in a big way this quarter,”
said CEO Mike Seckler. “This order will go along way towards an
improved fourth quarter to add to the already announced
expectation of a profitable third quarter in the books. Our focus
will soon turn to 2024 and releasing our next generation products
and services in the coming weeks.”
Full financial results from the third quarter
ending September 30, 2023 will be filed with regulators on or
before November 14, 2023.
For more information please contact:
Mike SecklerChief Executive Officer Tel: 1
(800) 760-6826 Email: Info@Salonaglobal.com
Non-GAAP Measures
This press release refers to "Adjusted EBITDA"
which is a non-GAAP and non-IFRS financial measure that does not
have a standardized meaning prescribed by GAAP or IFRS. The
Company’s presentation of this financial measure may not be
comparable to similarly titled measures used by other companies.
This non-GAAP financial measure assists the Company’s management in
comparing its operating performance over time because certain items
may obscure underlying business trends and make comparisons of
long-term performance difficult, as they are of a nature and/or
size that occur with inconsistent frequency or relate to discrete
acquisition plans that are fundamentally different from the ongoing
operating plans of the Company. The Company’s management also
believes that presenting this measure allows investors to view the
Company’s performance using the same measures that the Company uses
in evaluating its financial and business performance and
trends.
“Adjusted EBITDA” is defined as net loss
excluding interest expense, provision for income taxes,
depreciation of property and equipment, amortization of
right-of-use asset, amortization of intangible asset, foreign
exchange (loss) gain, other income, provision for impairment,
change in fair value of contingent consideration, transaction
costs, and stock-based compensation.
Preliminary Financial Metrics
This press release contains certain pre-released
third quarter financial metrics. The third quarter financial
metrics contained in this press release are preliminary and
represent the most current information available to the Company's
management, as financial closing procedures for the third quarter
ended September 30, 2023 are not yet complete. The Company's actual
consolidated audited financial statements for such period may
result in material changes to the financial metrics summarized in
this press release (including by any one financial metric, or all
of the financial metrics, being below or above the figures
indicated) as a result of the completion of normal quarter and year
end accounting procedures and adjustments, and also what one might
expect to be in the final consolidated financial statements based
on the financial metrics summarized in this press release. Although
the Company believes the expectations reflected in this press
release are based upon reasonable assumptions, the Company can give
no assurance that actual results will not differ materially from
these expectations.
Additional Information
Unless otherwise specified, all dollar amounts
in this press release are expressed in Canadian dollars.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
Certain statements contained in this press
release constitute "forward-looking information" within the meaning
of the Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws. These statements can be
identified by the use of forward-looking terminology such as
“expects” “believes”, “estimates”, "may", "would",
"could", "should",
"potential", "will", "seek", "intend", "plan", and
"anticipate", and similar expressions as they
relate to the Company, including: the proposed name
change; the Company’s new direction and its expectations of the
results of its new direction; the Company expecting to generate
positive Adjusted EBITDA and net income for its third quarter
ending September 30, 2023; the plan to debut a new line of next
generation products and services in the coming weeks culminating
with a new investor website and presentation for investor meetings
targeted to launch November 16, 2023 in the U.S. and Canada; and
the Company believing that the line-up of products and services it
intends to roll out to customers in 2024 will drive revenue and
profit growth.
All statements other
than statements of historical fact may be
forward-looking information. Such statements reflect
the Company's current views and intentions with respect to
future events, and current information available to the
Company, and are subject to certain risks, uncertainties and
assumptions, including: the Company receiving the necessary
approvals to change its name; the Company generating profits based
on cost cutting activities during Q3 2023, and adjusted pricing
already agreed to with certain contract manufacturing customers
being reflected in the financial statements for the third quarter
ending September 30, 2023. The Company cautions that the
forward-looking statements contained herein are qualified by
important factors that could cause actual results to differ
materially from those reflected by such statements. Such factors
include but are not limited to the general business
and economic conditions in the regions
in which the Company operates; the ability of the
Company to execute on
key priorities, including the successful
completion of acquisitions, business retention,
and strategic plans and to attract,
develop and retain key executives; difficulty
integrating newly acquired businesses; ongoing or new
disruptions in the supply chain, the extent and scope of such
supply chain disruptions, and the timing or extent of the
resolution or improvement of such disruptions; the ability
to implement business strategies and
pursue business opportunities; disruptions in
or attacks (including cyber-attacks) on
the Company’s information technology, internet,
network access or other voice or
data communications systems or services; the evolution
of various types of fraud or
other criminal behavior to
which the Company is exposed; the failure of third
parties to comply with their obligations to the
Company or its affiliates; the impact of
new and changes to, or application of, current laws and
regulations; granting of permits and licenses in a highly
regulated business; the overall
difficult litigation environment, including in the
United States; increased competition; changes in foreign currency
rates; increased funding costs
and market volatility due to market illiquidity and competition for
funding; the availability of funds and
resources to pursue operations; critical accounting
estimates and changes to accounting standards,
policies, and methods used by the Company; the
occurrence of natural and
unnatural catastrophic events and
claims resulting from such events; as well as those
risk factors discussed or referred to in the Company’s
disclosure documents filed with United States Securities and
Exchange Commission and available at www.sec.gov, and with the
securities regulatory authorities in certain provinces of Canada
and available at www.sedarplus.ca. Should any factor affect the
Company in an unexpected manner, or should assumptions underlying
the forward-looking information prove incorrect, the actual
results or events may differ materially from the results or
events predicted. Any such forward-looking information is
expressly qualified in its entirety by this cautionary
statement. Moreover, the Company does not assume responsibility
for the accuracy or completeness of such forward-looking
information. The forward-looking information included in this
press release is made as of the date of this press release and
the Company undertakes no obligation to publicly update or revise
any forward-looking information, other than as required by
applicable law.
- biodex isokinetic bibliography" - Google Scholar
- Frontiers | Reliability of Isokinetic Strength Assessments of
Knee and Hip Using the Biodex System 4 Dynamometer and Associations
With Functional Strength in Healthy Children (frontiersin.org)
- Test–Retest Reliability of Biodex System 4 Pro for Isometric
Ankle-Eversion and -Inversion Measurement in: Journal of Sport
Rehabilitation Volume 22 Issue 3 (2013) (humankinetics.com)
- https://www.mdpi.com/2409-9279/6/2/26
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