EVOME MEDICAL TECHNOLOGIES INC.: M&A transaction — Salona Global closes Biodex acquisition for $8M; reports 167% revenue growth to $33.6M

EVOME MEDICAL TECHNOLOGIES INC.

Acquired Biodex for $1M cash + $7M in installments; adds projected $26M annual revenue at ~30% gross margin.
Transition period revenue $33.6M (167% YoY growth); gross margin $10.6M (31.4% of revenue).
Adjusted EBITDA $435,948 (17% YoY growth); preliminary Feb 2023 revenue ~$6.7M, EBITDA ~$200K.
Combined annualized revenue estimated at ~$65M with ~34% gross margin; order backlog ~$20M.
Appointed Joe Martinez as SVP, Legal & Compliance, General Counsel effective March 31, 2023.

item 2.01 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

EVOME MEDICAL TECHNOLOGIES INC. reported next 12 months results: revenue $65 million. Guidance initiated.

Period: next 12 months
Revenue: $65 million
Guidance: initiated
Result: guidance update

Exact text from the filing

With the addition of our new Biodex Physical Medicine business, the Company estimates that it will generate Annualized Revenue (defined below) of approximately $65 million, with a gross margins of approximately 34%.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

EVOME MEDICAL TECHNOLOGIES INC. reported ten months ended December 31, 2022 results: revenue $33.6 million.

Period: ten months ended December 31, 2022
Revenue: $33.6 million
Result: reported results

Exact text from the filing

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.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

EVOME MEDICAL TECHNOLOGIES INC. reported two months ended February 28, 2023 results: revenue $6.7 million.

Period: two months ended February 28, 2023
Revenue: $6.7 million
Result: preliminary results

Exact text from the filing

Through February 2023, the Company estimates on a preliminary basis that it is has generated revenues of approximately $6.7 million with gross profit exceeding 35% and EBITDA of approximately $200,000.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

EVOME MEDICAL TECHNOLOGIES INC. completed an acquisition involving Mirion Technologies (US), Inc. for $1,000,000 in cash paid at the closing, and three installment payments to the Seller totaling $7 million (closed 2023-04-03).

Action: acquisition
Counterparty: Mirion Technologies (US), Inc.
Consideration: $1,000,000 in cash paid at the closing, and three installment payments to the Seller totaling $7 million
Closing: 2023-04-03

Exact text from the filing

corporation ( "Biodex" ), which consists principally of the Biodex Physical Medicine (Rehabilitation) business (the "Acquisition" ). The consideration for the Acquisition was $1,000,000 in cash paid at the closing, and three installment payments to the Seller totaling $7 million, plus or minus a post-closing adjustment, as follows: $2 million on July 1, 2023, $3

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Source: SEC EDGAR

accession 0001062993-23-008942

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