Source: Salona Global Medical Device Corp.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Salona Global Medical Device Corporation (SGMD) has announced financial results for the first fiscal quarter of 2022, ending May 31, 2022
  • The company grew its annual and quarterly revenue and gross profit
  • The company also lifted its gross margins for the quarter to 36 per cent
  • Luke Faulstick will also assume the role of Chief Executive Officer
  • Salona Global Medical Device Corp is a US-based, acquisition-focused medical device company
  • Salona Global Medical Device Corporation was up 1.266 per cent, trading at $0.80 at 12:53 PM ET

Salona Global Medical Device Corporation (SGMD) has announced financial results for the first fiscal quarter of 2022, ending May 31, 2022.

The company grew its annual and quarterly revenue and gross profit. The company also lifted its gross margins for the quarter to 36 per cent.

This represents the fifth consecutive quarter of record revenue and gross profits under the leadership team led by Les Cross and Luke Faulstick.

Salona Global also announced that Les Cross would continue as a full-time Executive Chairman, focusing more on communication and deal sourcing in capital markets.

From 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.

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).

Highlights of the result show gross revenue growth of 152 per cent in less than a year. Revenues grew from $3,973,773 in fiscal Q2 2021-2022 to $10,048,548 in fiscal Q1 2022-2023.

Quarterly revenues rose by 19 per cent from $8,461,354 in fiscal Q4 2021-2022 to $10,048,548 in fiscal Q1 2022-2023.

Similarly, revenue growth continued through fiscal Q1 2022 with $3,993,509 of revenue for the month of May 2022 or annualized run-rate of $47,900,000.

“We had another solid quarter of growth with several notable highlights,” said Executive Chairman Les Cross.

“Our annual revenue and profit growth exceeded our expectations, especially our organic growth figures,” he added.

Salona Global Medical Device Corp is a US-based, acquisition-focused medical device company.

Salona Global Medical Device Corporation was up 1.266 per cent, trading at $0.80 at 12:53 PM ET.

More From The Market Herald

" MCI Onehealth (TSX:DRDR) and Euclid Telehealth work to improve patient vision

MCI Onehealth (DRDR) and Euclid Telehealth are collaborating to increase access to care that can potentially prevent vision loss among Ontario patients.

" Spectral Medical (TSX:EDT) reports Q2 2022 results

Spectral Medical (EDT) released its financial results for the second quarter ended June 30, 2022.

" Hemostemix (TSXV:HEM) closes second tranche of non-brokered private placement

Hemostemix (HEM) has closed the second tranche of a non-brokered private placement of units for gross proceeds of $1,364,710.10.

" Nova Leap Health (TSXV:NLH) posts 2nd highest Q2 results in its history

Nova Leap Health (NLH) released its financial results for the quarter ended June 30, 2022.