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Wednesday, June 29th, 2022 9:39 am EDT
Salona Global Medical Device Corp. has expanded its product line with an agreement to distribute the Hyperice suite of products. Additionally, Salona Global also announced receipt of its first orders of 600 units for the recently launched Mio-Guard(TM) premium reusable electrode based on the acquisition of intellectual property (“IP”) previously announced on April 14, 2022.
The Hyperice product line includes products that provide high frequency hand-held massage technology to relieve muscle pain, tension, and soreness from patients recovering from injuries. The Hyperice products add to Mio-Guard’s existing product line, further expanding the offerings to athletic trainers and physical therapy clinics that improve patient recovery outcomes, while also improving the financial performance of the clinic. SGMD is now offering over a dozen new Hyperice products ranging from $50 to $500 to its growing list of customers.
Salona Global also announced it has received the first sales orders for products generated from the IP portfolio acquisition announced in April and closed in late May. Upon acquiring the IP, the design of the new products was initiated, a production line was built, and the sales team secured its first sales order with delivery expected July 2022. The process, which took less than two months, was an important step for the Company to understand how quickly it can generate revenue from an acquired IP. The electrode margins are consistent with Salona Global’s existing supply chain business.
“I am proud of the way the Salona Global team worked seamlessly to acquire, design, test, and bring to market new products in less than two months. This is exactly the advantage of vertical integration that has been a key to our strategy. We believe we can replicate this success many times,” said Les Cross, Chairman of the Board.
Mio-Guard currently works with over 30 sales representatives to distribute over 400 products to athletic trainers and physical therapists in over 30 states. The global medical electrode market size is projected to reach over USD $1.7B by 2028.1
To kick-off these new product offerings, representatives from Salona Global’s Mio-Guard are attending the National Athletic Trainers’ Association Convention now through July 1, 2022 at the Pennsylvania Convention Center in Philadelphia
“We continue to find methods to drive revenue growth by expanding the products we offer to patients, athletic trainers, and physical therapists, bringing more momentum to our newly listed and growing company,” said Les Cross. “We continue to expand our sales distribution footprint with these most recent products. We expect to generate revenues from these new products in the current quarter. Our ability to expand our product lines rapidly also makes us a better distribution partner. We expect to execute more distribution agreements as we grow both our customer list and sales channels. We continue to make progress finalizing due diligence and moving to a binding agreement on the acquisitions we recently announced.”
Salona Global is a vertically integrated, acquisition-focused medical device company serving the global injury and surgery recovery (known as recovery science) market. Learn more about Salona Global at https://www.salonaglobal.com. Sign up at http://tinyurl.com/salonaglobalnewsletter for updates on Salona Global delivered directly to your inbox.
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