Salona Global Closes The Biodex Acquisition, Adding $26 Million In Projected Annual Revenue; Posts Audited Year-End Financial Statements With 167% Revenue Growth
Salona Global Closes The Biodex Acquisition, Adding $26 Million In Projected Annual Revenue; Posts Audited Year-End Financial Statements With 167% Revenue Growth
04/03/23, 11:37 AM
Salona Global Medical Device Corporation (“Salona Global”, “SGMD” or the “Company”) (TSXV:SGMD) today announced it has closed the acquisition of all of the capital stock of Biodex Medical Systems, Inc., which consists principally of the Biodex Physical Medicine (Rehabilitation) business (“Biodex”), expected to add $26 million in annual revenue to the Company, with an estimated 30% gross margin. The Company also posted its audited year-end financial statements for the ten month transition period ended December 31, 2022, with a total of $33.6 million in revenue with 31.4% gross margins for the period. As previously announced, the Company changed its fiscal year from a February 28 year-end to a December 31 year-end, thereby creating this initial ten month transition period.