Announcement • Apr 10
Evome Medical Technologies Inc. Announces Resignation of Michael Dalsin as Chairman of the Board of Directors Evome Medical Technologies Inc. announced the resignation of Michael Dalsin as Chairman of the Board of Directors. Mr. Chris Heath will remain on the Board and continues to work to capture shareholder value in the various assets held by Evome. Board Change • Mar 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Vice-Chairman Ken Kashkin is the most experienced director on the board, commencing their role in 2020. Independent Director Wayne Anderson was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Mar 18
Evome Medical Technologies Inc. Announces Board Changes Evome Medical Technologies Inc. announced the appointment of Michael Dalsin as Chairman of the Board of Directors. Kenneth Kashkin, MD will take the role of Vice-Chairman. Bill Garbarini will retain his role as COO while stepping off the Board of Directors. Chris Heath was also appointed as a new Director increasing the size of the Board of Directors from five to six. Mr. Dalsin is best known in Canada as the former Chairman of Convalo Health International Corp. and Patient Home Monitoring Corp., which were both listed on the TSX Venture Exchange. After spinning off its VieMed business unit, PHM uplisted to TSX and listed on Nasdaq under its new name Quipt Home Medical Corp. Mr. Heath was CEO of Convalo and was most recently the CEO of MedBright AI Investments Inc., a CSE listed issuer. New Risk • Mar 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-CA$3.4m). Earnings have declined by 47% per year over the past 5 years. Market cap is less than US$10m (CA$7.44m market cap, or US$5.14m). Announcement • Nov 26
Evome Medical Technologies Inc. Launches Wholly Owned Distribution Company, Appoints Bill Garbarini Chief Operating Officer Evome Medical Technologies Inc. announced that In November 2024, the Company launched a wholly owned distribution company called Evome Medical Products Company, with a plan to extend its sales and marketing program to include medical therapeutics to complement the current Biodex brands. The company appointed Bill Garbarini Chief Operating Officer. Announcement • Oct 02
Evome Medical Technologies Inc., Annual General Meeting, Nov 08, 2024 Evome Medical Technologies Inc., Annual General Meeting, Nov 08, 2024. Location: shirley, new york United States New Risk • Aug 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$856k free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-CA$155k). Earnings have declined by 51% per year over the past 5 years. Market cap is less than US$10m (CA$7.28m market cap, or US$5.30m). Minor Risk Shareholders have been diluted in the past year (12% increase in shares outstanding). Board Change • Jul 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Chairman Ken Kashkin is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 03
Riddell Sports Group, Inc. acquired Simbex, LLC from Evome Medical Technologies Inc. (TSXV:EVMT) for $3.6 million. Riddell Sports Group, Inc. signed a membership interest purchase agreement Simbex, LLC from Evome Medical Technologies Inc. (TSXV:EVMT) for $3.6 million on April 1, 2024. The gross proceeds will reduce senior debt of Simbex by $824,441 upon closing and acquisition debt of the Evome associated with its acquisition of Biodex by $2,115,559, with the remainder of funds used for transaction costs and debt reduction to subordinated and unsecured creditors.
Riddell Sports Group, Inc. completed the acquisition of Simbex, LLC from Evome Medical Technologies Inc. (TSXV:EVMT) on April 2, 2024. Announcement • Apr 02
Evome Medical Technologies Inc. announced delayed annual 10-K filing On 04/01/2024, Evome Medical Technologies Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. New Risk • Mar 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.2m (US$9.74m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 33% per year for the foreseeable future. Market cap is less than US$10m (CA$13.2m market cap, or US$9.74m). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$3.9m net loss next year). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (34% increase in shares outstanding). Announcement • Feb 15
Evome Medical Technologies Inc. Announces Board Changes Evome Medical Technologies Inc. announced the appointment of two senior healthcare executives to its Board of Directors.? Mr. Wayne Anderson, former President and CEO of Ferring Pharmaceuticals USA, has joined as a non-executive ?member of the Board of Directors.? Mr. Bill Garbarini, a former Ferring Pharmaceuticals USA executive and current COO of Conceivable Life Sciences, a venture backed in-vitro fertilization company, will also join as a non-executive member of the Board of Directors. In addition, Kenneth Kashkin, MD, has been appointed Chairman of the Board of Directors. Dr. Kashkin is Board Certified in Internal Medicine, Neurology & Psychiatry with training at, and serving on, the faculties of the University of California, Los Angeles (UCLA) and Yale University Schools of Medicine. He has led development at divisions of Bayer, Abbott, Knoll/BASF Pharma and Baxter. Announcement • Feb 03
Evome Medical Technologies Inc. Announces Change of Principal Accounting Officer January 22, 2024, Natalia Vakhitova notified the Board of Directors of Evome Medical Technologies Inc. of her intention to resign as the company's Principal Accounting Officer and Chief Financial Officer effective on January 22, 2024. Ms. Vakhitova did not advise the Company of any disagreement with the company on any matter relating to its operations, policies or practices, including accounting principles and practices. On January 30, 2024, the Board appointed Cherine Pottinger-Harris as the company's Principal Accounting Officer and interim Chief Financial Officer. Prior to joining the Company, from March 2017 to December 2023, Ms. Pottinger-Harris, 43 years old, held the position of Financial Controller at iNECTA, LLC. Ms. Pottinger-Harris was Accounting Manager at D-VAC Sales Inc., from November 2017 to May 2020. Overall, Ms. Pottinger-Harris has over 20 years' experience in accounting and tax. New Risk • Jan 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 33% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 33% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$3.9m net loss next year). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (37% increase in shares outstanding). Market cap is less than US$100m (CA$18.0m market cap, or US$13.4m). Announcement • Jan 18
Salona Global Medical Device Corporation Announces Leslie Cross Retires from its Board of Directors Salona Global Medical Device Corporation announced Leslie Cross retiring from the Board of Directors. Announcement • Jan 11
Salona Global Medical Device Corporation Announces Resignation of Kyle L. Wilks as Board of Directors Salona Global Medical Device Corporation announced resignation of Kyle L. Wilks as Board of Directors of the company. Announcement • Dec 19
Salona Global Medical Device Corporafion Announces the Debut of the Biodex Reac Five Step Trainer Salona Global Medical Device Corporafion announced the debut of the Biodex Reacfive Step Trainer ("RST"): A revolufionary medical device that combines Biodex Rehab's industry leading gait trainer plafform with a clinically proven perturbafion training system. There is a crifical need for a proacfive approach to fall prevenfion as the world's populafion is aging1. One in three people over the age of 65 experience at least one fall each year and those falls are the leading cause of fatal and nonfatal injuries in older adults2. The RST can help by retraining the neuromuscular system to respond when a person becomes off balance, with the aim of creafing muscle memory when recovering from a trip or slip in a controlled environment. The Company plans to launch the product in the United States at the American Physical Therapy Associafion, Combined Secfions Meefing in Boston on February 15th - 17th, 2024. Available for shipment to customers globally in 2024, the RST medical device further extends the Biodex insfitufional grade technology and intellectual property to the 48,000+ physical therapy rehabilitafion centers and the approximately 30,600+ independent living communifies in the United States alone. Addifionally, the Company is engaging Limmi, a healthcare arfificial intelligence plafform company, to develop predicfive capabilifies for the RST using machine learning from data collected by the device for each individual pafient. Announcement • Nov 21
Salona Global Medical Device Corporation Showcases Biodex Products at Medica Trade Fair in Dusseldorf, Germany; Expanding Access to International Markets Salona Global Medical Device Corporation announced its attendance at Medica 2023 which is held annually in Dusseldorf, Germany. Being one of the premier events in the medical industry around the globe it allows the Company to showcase its products to the industry professionals and connect with potential customers and distributors/strategic partners abroad. CEO Mike Seckler will host a series of events and meetings with the aim of increasing access to untapped international markets for the Company's Biodex Rehab line of medical devices and its Mio-Guard line of medical and athletic supplies. The Company's Biodex Rehab and Mio-Guard divisions are moving forward with collaborating in providing comprehensive services to physical therapy and sports rehabilitation clinics. While Biodex Rehab continues its focus on delivering science-based solutions for rehabilitation exercise and injury recovery segment, Mio-Guard serves as a reliable supplier of sports medicine supplies. Together, they will excel in offering an integrated approach to support the diverse needs of clinics in the field of Physical Medicine. Announcement • Nov 18
Salona Global Medical Device Corporation to Debut an Entire Next Generation Line of Products Salona Global Medical Device Corporafion announced the debut of the Biodex SpaceTek Knee Device: A revolutionary, portable medical device for treating patients with knee replacements and knee injuries. The Company's intention is to submit an application for approval of the SpaceTek Knee Device with the U.S. Food and Drug Administration (the "FDA") in early 2024. The SpaceTek Knee Device is to be offered exclusively by Biodex Medical Systems Inc. (Biodex), and its price point is meant to democratize the Biodex institutional grade technology and intellectual property to physical therapy chiropractic centers in the United States. Because of its compact size and price point, this product is designed to expand the current market for Biodex products. The SpaceTek Knee Device is portable, affordable and can be used in several locations depending on demand within a small clinic with the entire dynamometer and electronics packaged in a case weighing less than 70lbs. The SpaceTek Knee Device was co-developed in collaboration with the National Aeronautics and Space Administration (NASA) for use in outer space based on market leading technology available on the Biodex S4 (S4) isokinetic machine with dynamometers. As the flagship product for Biodex, the S4 was created to treat knees, shoulders and other joints. However, because of its complexity and size, it has a large price tag and requires a trained expert to operate, historically limiting Biodex sales primarily to hospitals, universities, research centers, and sports teams. The company has built four prototypes which are expected to be available to the public in 2024 and are being used by Japanese, European and American distributors to finalize marketing and sales plans for 2024. New Risk • Nov 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.3m (US$9.62m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$3.8m free cash flow). Market cap is less than US$10m (CA$13.3m market cap, or US$9.62m). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$5.8m net loss next year). Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (42% increase in shares outstanding). Announcement • Oct 26
Salona Global Medical Device Corporation Announces Resignation of Dennis Nelson as Chief Accounting Officer and Treasurer Salona Global Medical Device Corporation announced On October 17, 2023, Dennis Nelson, the Company's Chief Financial Officer, Chief Accounting Officer and Treasurer, informed the Company of his resignation effective on October 17, 2023. New Risk • Aug 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$3.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-CA$3.8m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$1.7m net loss next year). Shareholders have been diluted in the past year (32% increase in shares outstanding). Market cap is less than US$100m (CA$15.9m market cap, or US$11.8m). Announcement • Jul 26
Salona Global Medical Device Corporation Appoints Mike Seckler as Permanent CEO Salona Global Medical Device Corporation announced Mr. Mike Seckler has moved from interim CEO to permanent CEO. Announcement • Jun 27
Salona Global Medical Device Corporation, Annual General Meeting, Aug 11, 2023 Salona Global Medical Device Corporation, Annual General Meeting, Aug 11, 2023. Announcement • Jun 15
Salona Global Appoints Michael Seckler, as Interim CEO Salona Global Medical Device Corporation announced the appointment of Michael Seckler as interim CEO, effective June 13, 2023. Mr. Seckler has a long and successful track record as a senior executive of Ferring Pharmaceuticals, a multi-billion dollar company based in Switzerland, where he was the General Manager of its Canadian subsidiary before being promoted to Vice President of Global Marketing and Corporate Communications. He was most recently a senior executive of FerGene, a Ferring subsidiary focused on gene therapy. With the addition of Lana Newishy as Vice Chair of the Board, the Company has completed its goal of adjusting the management team with a focus on cash flow and debt service as a priority. Mr. Faulstick remains a non-executive director of the Board. In connection with his appointment as interim CEO, Mr. Seckler has been granted options under the Company’s Stock Option Plan to purchase up to 250,000 common shares, vesting equally over a three year period, with a term of five years and an exercise price of $0.25. The options and underlying common shares are subject to a four month and one day hold period pursuant to the TSX Venture Exchange. Announcement • May 26
Salona Global Announces Appointment of Lana Newishy to Its Board of Directors as Executive Vice Chair Salona Global Medical Device Corporation announced the appointment of Lana Newishy to its Board of Directors as Executive Vice Chair, effective May 24, 2023. Ms. Newishy is the former CFO of American Express Corporate Card Canada and most recently served as a senior executive in the Chief of Staff Office for the Global Supply Chain Strategy & Transformation group of The Estee Lauder Companies Inc. Announcement • May 17
Salona Global Medical Device Corporation (TSXV:SGMD) acquired Arrowhead Medical, LLC for $0.85 million. Salona Global Medical Device Corporation (TSXV:SGMD) acquired Arrowhead Medical, LLC for $0.85 million on May 15, 2023. Pursuant to the agreement, the purchase price for the ownership interests in Arrowhead Medical, LLC consisted of the issuance of 1 million shares of its Class A common stock to the seller, the assumption of approximately $250,000 in bank debt under Arrowhead’s existing asset based line of credit, and an agreement to pay the seller a contingent earn-out equal to one share of Class A common stock for each $1 of EBITDA generated by the Arrowhead business over the two year period following the closing date, not to exceed a maximum of 2 million Class A shares. Based on its unaudited financial results, Arrowhead’s sales in calendar year 2022 were approximately $3.5 million, with gross profit of approximately 32%.
Salona Global Medical Device Corporation (TSXV:SGMD) completed the acquisition of Arrowhead Medical, LLC on May 15, 2023. Announcement • May 12
Salona Global Medical Device Corporation to Report Q1, 2023 Results on May 16, 2023 Salona Global Medical Device Corporation announced that they will report Q1, 2023 results on May 16, 2023 Price Target Changed • Feb 14
Price target decreased by 10.0% to CA$2.25 Down from CA$2.50, the current price target is provided by 1 analyst. New target price is 389% above last closing price of CA$0.46. Stock is down 12% over the past year. The company is forecast to post earnings per share of CA$0.07 next year compared to a net loss per share of CA$0.10 last year. Announcement • Jan 13
Salona Global Medical Device Corporation to Report Q3, 2023 Results on Jan 17, 2023 Salona Global Medical Device Corporation announced that they will report Q3, 2023 results on Jan 17, 2023 Announcement • Nov 30
Salona Global Medical Device Corporation (TSXV:SGMD) entered into a binding agreement to acquire Physical medicine assets from Biodex Medical Systems, Inc for $8 million. Salona Global Medical Device Corporation (TSXV:SGMD) entered into a binding agreement to acquire Physical medicine assets from Biodex Medical Systems, Inc for $8 million on November 29, 2022. The consideration for the Acquired Assets is $5 million in cash at closing and up to an additional $3 million in deferred cash payments contingent on performance of the Acquired Assets during the 12 -month period following closing. The assets reported a revenue of $18 million. As part of the acquisition, at the closing the parties will execute a two-year contract manufacturing agreement with Biodex, which together with the Acquired Assets are expected to generate $26 million annually. The acquisition is subject to customary closing conditions. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Kyle Wilks is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Kyle Wilks is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 04
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Kyle Wilks is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 30
Salona Global Medical Device Corporation Appoints Jane Kiernan as Director On September 23, 2020, the Board of Directors of the Salona Global Medical Device Corporation filled a vacancy left on the Board from the January 2022 resignation of Jane Kiernan and appointed Luke Faulstick as a director effective immediately. As with all directors, Mr. Faulstick is subject to annual election at the next annual meeting of shareholders. Mr. Faulstick, age 59, served as the Chief Operating Officer of the Company from September 2020 until July 18, 2022, when he was appointed as Chief Executive Officer of the Company. In addition, since 2012, Mr. Faulstick has been the President and Chief Executive Officer of the Company's subsidiary South Dakota Partners Inc., acquired by the Company in May 2021, which produces proprietary and white label medical devices for pain management, cold and hot therapy, NMES, PEMF and ultrasound. In his executive career, Mr. Faulstick has held leadership positions at DJO Global Inc. (EVP/COO); Tyco Healthcare (General Manager); Graphic Controls (General Manager); Mitsubishi Consumer Electronics (Plant Manager); and Eastman Kodak. He previously served on the boards of Alphatec Spine and Orthofix. Mr. Faulstick studied at both Michigan State University and Rochester Institute of Technology. Announcement • Aug 23
Salona Global Medical Device Corporation Appoints Dennis Nelson as CFO Salona Global Medical Device Corporation announced that Dennis Nelson has been appointed CFO of Salona Global, effective August 29, 2022. Most recently he was Corporate Controller of Manscaped Holdings, LLC based in San Diego, California. Mr. Nelson was previously Principal Financial Officer of Alphatec Spine Inc., a medical technology company trading on the NASDAQ. Mr. Nelson is a CPA with a BA in Business Economics from University of California, Santa Barbara. Announcement • Jul 16
Salona Global Medical Device Corporation Announces Chief Executive Officer Changes Salona Global Medical Device Corporation announced that Les Cross will continue as a full-time Executive Chairman turning his focus more to capital markets communication and deal sourcing. s of July 18, 2022, Luke Faulstick will assume the role of Chief Executive Officer with the responsibility of acquisition integration, execution of product development, and driving organic growth. Mr. Faulstick had most recently served as Chief Operating and Integration Officer of Salona Global, and since Salona Global's public listing last year has been President of Salona Global's wholly owned subsidiary and manufacturing unit, South Dakota Partners Inc. ("SDP"). He was previously the Chief Operations Officer and Operations Vice President for DJO Global from 2000-2012. Announcement • Jul 15
Salona Global Medical Device Corporation Appoints Luke Faulstick as CEO Salona Global Medical Device Corporation announced that Luke Faulstick will assume the roleof Chief Executive Officer with the responsibility of acquisition integration, execution of product development, and driving organic growth. Mr. Faulstick had most recently served as Chief Operating and Integration? Officer ?of Salona Global, and since Salona Global’s public listing last year has been President of Salona Global’s wholly owned subsidiary and manufacturing unit, South Dakota Partners Inc. (“SDP”). He was previously the Chief Operations Officer and Operations Vice President for DJO Global from 2000-2012. Reported Earnings • Jun 02
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: CA$0.10 loss per share (down from CA$0.079 loss in FY 2021). Net loss: CA$4.37m (loss widened 64% from FY 2021). Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) missed analyst estimates by 122%. Over the next year, revenue is forecast to grow 312%, compared to a 315% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 72% per year, which means it is well ahead of earnings. Announcement • Jun 02
Salona Global Medical Device Corporation to Report Fiscal Year 2022 Results on May 31, 2022 Salona Global Medical Device Corporation announced that they will report fiscal year 2022 results After-Market on May 31, 2022 Breakeven Date Change • May 04
Forecast to breakeven in 2023 The 2 analysts covering Salona Global Medical Device expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CA$3.17m in 2023. Average annual earnings growth of 109% is required to achieve expected profit on schedule. Board Change • Apr 27
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Kyle Wilks is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 27
Salona Global Medical Device Corporation Announces Expansion of Mio-Guard Product Lines Salona Global Medical Device Corporation announced an expansion of product lines under its Mio-Guard® brand with its first premium grade electrode, which it plans to make available to customers in June 2022. The Company also provided highlights of its existing technology portfolio it is using to expand its product line. Mio-Guard Premium Grade Electrodes: With the recently announced (April 5, 2022) acquisition of its intellectual property portfolio, Salona Global introduces the Mio-Guard Premium Grade Electrode to the recovery science market. The electrode is a multiple layer gel electrode used for transcutaneous electrical nerve stimulation and Neuromuscular Electrical Stimulation electrostimulation treatments. Manufactured in Salona Global’s FDA-approved facility, the premium grade electrode provides adhesion and comfort enabling it to be used multiple times without risk of injury. The product will be sold as four individual electrodes per pack with a carbon film layer for optimum distribution of electrical current and electrode pads that do not sacrifice performance or adhesion. Incorporating the latest in electrode manufacturing technology, Mio-Guard combines a proprietary bonding and moisture barrier providing greater comfort and relief and accelerating the healing process. Leveraging the Existing Technology Portfolio for Product Expansion: The Simbex® Innovation Business Unit, located in Lebanon, New Hampshire, has a long and strong track record of innovating products with a patent protected competitive advantage in several markets. As a wholly-owned-subsidiary of Salona Global, Simbex is focused on developing novel and advanced products for the recovery science market that can be produced at Salona Global’s FDA-approved facility and marketed under brands owned by Salona Global, such as Mio-Guard. The portfolio of products created include: Riddell InSite Smart Football Helmet: https://simbex.com/work/riddell/; BionX Powerfoot Powered Ankle: https://simbex.com/work/bionx/; Hollywog Pain Relief Device: https://simbex.com/work/hollywog/; MedRythyms Sensor: https://simbex.com/work/medrhythms/. Announcement • Feb 24
Salona Global Medical Device Corporation (TSXV:SGMD) executed a binding definitive agreement to acquire Mio-Guard LLC from Ken Zisholz for $1.7 million. Salona Global Medical Device Corporation (TSXV:SGMD) executed a binding definitive agreement to acquire Mio-Guard LLC from Ken Zisholz for $1.7 million on February 22, 2022. Under the terms of the Purchase Agreement, Salona will acquire all of the units of Mio-Guard in consideration for (i) 1,300,000 Class B units of the Salona Global on closing, (ii) up to 125,000 Class B Units per quarter for eight consecutive quarters immediately following closing (subject to adjustment pursuant to customary closing adjustments), and (iii) two Class B Units for each dollar of EBITDA Mio-Guard generates during the eight quarters, subject to customary closing adjustments and subject to a maximum of 4,000,000 Class B Units to be issued. Mio-Guard and its predecessors had 2021 unaudited annual revenues of approximately $3.6 million with 25% gross margins. Salona Global’s acquisition of Mio-Guard is subject to customary closing conditions. Announcement • Feb 17
Salona Global Medical Device Corporation announced that it has received CAD 4.26195 million in funding On February 16, 2022, Salona Global Medical Device Corporation closed the transaction. The company has issued 7,749,000 units were sold at a price of CAD 0.55 per unit for aggregate gross proceeds of approximately CAD 4.26 million. All securities issued pursuant to the offering are subject to a four-month and one day hold period under applicable securities laws in Canada. The offering remains subject to the final approval of the TSX Venture Exchange. Announcement • Jan 28
Salona Global Medical Device Corporation announced that it expects to receive CAD 4.004 million in funding Salona Global Medical Device Corporation announced a bought deal private placement of 7,280,000 units at a price of CAD 0.55 per unit for gross proceeds of CAD 4,004,000 on January 27, 2022. The transaction will involve participation primarily from established institutional investors. The company has entered into an agreement with a syndicate of underwriters for the transaction. Each unit will consist of one common share and one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share at an exercise price of CAD 0.70 per share for a period of 36 months from the closing date. The company will grant the underwriters an option to increase the size of the transaction by up to an additional 1,092,000 units, for additional gross proceeds of up to CAD 600,600, exercisable in whole or in part at any time up to 48 hours prior to the closing date of the offering. The transaction is expected to close on or about February 15, 2022, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. Reported Earnings • Jan 16
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: CA$0.034 loss per share (down from CA$0.011 loss in 3Q 2021). Net loss: CA$1.50m (loss widened 316% from 3Q 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 298%, compared to a 676% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 57% per year, which means it is well ahead of earnings. Announcement • Dec 11
Salona Global Medical Device Corporation Provides Earnings Guidance for the Fiscal Year End February 28, 2022 Salona Global Medical Device Corporation provided earnings guidance for the fiscal year end February 28, 2022. The company anticipates generating annual run-rate revenues of $40 million, with estimated gross margins of approximately 30-40%, by fiscal year end (February 28, 2022). Reported Earnings • Oct 17
Second quarter 2022 earnings released: CA$0.024 loss per share (vs CA$0.008 loss in 2Q 2021) Second quarter 2022 results: Net loss: CA$1.08m (loss widened 286% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. 
